VirtualScopics, Inc. provides imaging services used in clinical trials of medical devices and products. The company is active in all stages of a clinical trial, from early design to Phase 3. The companyâ€™s products are used in many different therapeutic areas including Oncology (Cancer), Musculoskeletal, Neurology, and Cardiology. The products are used by pharmaceutical, medical device and biotechnology companies.
On July 8, the company pre-announced second quarter earnings for the period ending June 30, 2009. VirtualScopics said that revenues in the quarter would be more than $2.5 million. This is a record amount for the company and represents an increase of 45% over the same quarter in 2008. The company reported revenue of $2.1 million in the first quarter of 2009, so revenue increased on a sequential basis as well. VirtualScopics will release its full second quarter results on August 12, 2009.
Some other issues that were impacting the stock have been settled as well. VirtualScopics recently received notice from the NASDAQ Stock Market that its stock price was no longer in violation with the minimum $1.00 per share bid price requirement that the exchange has for stocks to be listed. The stock must trade above $1.00 per share for at least ten consecutive days, and VirtualScopics did beginning in May 2009. The stock has stayed above $1.00 per share for most of the last two months and now trades at $1.05.