A slowdown in new project awards and delays in new studies led to a decline in revenue and a net loss for computerized image analysis developer VirtualScopics in its second quarter.
For the period (end-June 30), the company had revenues of $3.3 million, down 13.4% from the $3.9 million turned in during the second quarter last year. VirtualScopics had a net loss of $1.9 million, compared with net income of $316,000 a year ago.
The company believes it will see an increase in business activity due to changes it is making to its sales team and overall sales process, coupled with increases in requests for proposals and its strategic alliance with contract research organization PPD, according to President and CEO Jeff Markin.
