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.