VirtualScopics Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported revenues of $2,797,680, operating income of $189,326, net loss attributable to common stockholders of $291,383 or basic and diluted net loss per common share of $0.01 against revenues of $1,815,616, operating loss of $553,968, net loss attributable to common stockholders of $633,132 or basic and diluted net loss per common share of $0.03 for the same period last year. Earnings before interest, taxes, depreciation and amortization, and excluding stock compensation expense and a loss from derivative financial instrument ('Adjusted EBITDA') was $581,862 for the quarter ended September 30, 2009 compared to Adjusted LBITDA of $201,134 for the comparable period in 2008. For the nine months, the company reported revenues of $7,473,366, operating loss of $371,790, net loss attributable to common stockholders of $1,629,659 or basic and diluted net loss per common share of $0.07 against revenues of $5,183,017, operating loss of $2,372,350, net loss attributable to common stockholders of $2,578,515 or basic and diluted net loss per common share of $0.11 for the same period last year. Net cash flows provided by operating activities was $1,019,024 against net cash used in operating activities of $950,434 for the same period last year. For the nine months ended September 30, 2009, Adjusted LBITDA was $803,655 compared to $1,097,894 for the first nine months of 2008. The company provided guidance at the beginning of this year to generate between $9 million and $10 million in revenues. The company well on its way to achieve its high estimate of $10 million.

VirtualScopics Inc., Q3 2009 Earnings Call, Nov-12-2009

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