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Patient Safety Technologies Reports Second Quarter 2010 Results

TEMECULA, Calif., Aug. 17 /PRNewswire-FirstCall/ -- Patient Safety Technologies, Inc. (OTC Bulletin Board: PSTX) today announced financial results for its second quarter of fiscal year 2010, which ended June 30, 2010.

The company reported second quarter revenues of $3.77 million compared to $1.03 million reported in the second quarter of fiscal year 2009.  Reported second quarter revenues included $2.33 million shipped to the Company's distributor under a stocking purchase order.  Excluding the effect of this order, second quarter revenues were $1.44 million.

Reported gross profit was $1.98 million in the second quarter compared to $409 thousand reported in the second quarter of fiscal year 2009.  Reported gross margins were 52.4% in the second quarter, compared to 39.8% for the same period in 2009.    

"I am pleased with our revenue growth and margin expansion and the progress it represents.  I believe it is evidence of increasing industry awareness as to the frequency of retained surgical sponges as well as a growing intolerance for accepting any occurrences of this preventable surgical error," stated Brian E. Stewart, President and Chief Executive Officer.

The company now estimates that over 32.5 million of its Safety-Sponges® have been used in more than 1.3 million cumulative procedures using the SurgiCount Safety-Sponge® System, all without a single undetected Safety-Sponge® being left unintentionally inside a patient.  "The clinical evidence as to the efficacy of our solution is overwhelming.  For the hospitals using our system, we have taken what is estimated at a one in every 5,000 to 8,000 general surgeries event to zero in 1.3 million," stated Mr. Stewart.

Current contracted users of the SurgiCount Safety-Sponge® System now include over 50 hospitals across the U.S., including five of the 14 hospitals named to the U.S. News and World Report 2010-11 Honor Roll.

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