Despite recording an increase in net income in the 2009 fourth quarter compared to the same quarter in the previous year, teleradiology services provider Virtual Radiologic still saw its net income drop by more than $500,000 in 2009.
The company reported that its GAAP [generally accepted accounting principles] net income was $1.1 million and $7.9 million for the three and twelve months ended Dec. 31, 2009, compared to $890,000 and $8.5 million for the three and twelve months ended Dec. 31, 2008.
Total revenue increased 6 percent to $29.9 million and 13 percent to $120.7 million for the three and 12 months ended Dec. 31, 2009, compared to $28.3 million and $106.6 million for the three and 12 months ended Dec. 31, 2008. The Minneapolis-based Virtual Radiologic said the increase in revenue over the fourth quarter and full year of 2008 resulted primarily from a 14 percent year-over-year increase in the number of hospitals and medical facilities served to 1,173 as of Dec. 31, 2009, representing approximately 19 percent of U.S. hospitals.
“We are pleased with our full year financial performance despite the challenging economic environment that existed throughout 2009,” said Rob Kill, Virtual Radiologic’s president and CEO.
The company estimated its 2010 revenue would range from $127 million to $131 million.