Virtual Radiologic sees 40% increase in Q1 income

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Virtual Radiologic, a developer of radiologist workflow technology, has reported financial results for the 2010 first quarter. According to the Eden Prairie, Minn.-based company, its net income was $2 million for the 2010 first quarter, which ended March 31, compared with $1.4 million for the quarter that ended March 31, 2009.

Total revenue increased 8 percent to $30.8 million for the 2010 first quarter, compared with $28.6 million for the comparable year-over-year quarter. The increase in revenue over the first quarter of 2009 resulted primarily from a 15 percent increase in the number of hospitals and medical facilities served to 1,205 as of March 31, representing approximately 21 percent of all hospitals in the U.S., reported Virtual Radiologic.

The company also noted that it had no debt, as of the quarter’s conclusion.