A slowdown in new project awards and delays in new studies contributed to a slower fourth quarter and 2012 for computerized image analysis developer VirtualScopics.
For the fourth quarter (end-December 31, 2012), the company had total revenues of $2.6 million, down 25.8% from the $3.5 million reported in the fourth quarter of 2011. VirtualScopics had a quarterly net loss of $773,000, compared with net income of $13,100 a year ago.
For the year, VirtualScopics had revenues of $13 million, down 9.2% from the $14.3 million reported in 2011. The company had a net loss of $1.5 million for the 2012 fiscal year, compared with net income of $703,000 in 2011.
In good news, VirtualScopics said that the company won more projects in the fourth quarter of last year than in any other quarter. The company remains encouraged about opportunities heading into 2013 as request-for-proposal activity remains strong, said president and CEO Jeff Markin in a statement.
