Patient Safety Technologies Reports Third Quarter 20... ( IRVINE Calif. Nov. 5 2012 /- Patient ...)

Patient Safety Technologies Reports Third Quarter 2012 Results

Date:11/5/2012

IRVINE, Calif., Nov. 5, 2012 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCBB: PSTX, OTCQB: PSTX) today announced results for its third quarter of 2012 ended September 30^th, 2012.

Expanded Customer Base and Financial Highlights
During the third quarter of 2012 the Company successfully implemented its SurgiCount Safety-Sponge^® System in an additional 50 facilities, growing its total installed customer base to 265 as of September 30^th, 2012. This compares to 79 facilities as of the end of the third quarter of 2011 and 99 as of the end of the fourth quarter of 2011, representing year-to-date and year-over-year growth of 168% and 235%, respectively. Additionally, subsequent to the end of the third quarter 2012 the Company has successfully implemented the Safety-Sponge^® System in an additional 4 facilities through the date of this press release and has signed agreements with additional stand-alone hospitals and hospital systems representing an additional 17 facilities. This expanded user base brings the total facilities currently using the Safety-Sponge^® System and those covered with signed agreements and expected implementations to 286. Although not necessarily proportional to reported revenues, the number of hospitals using the Company's products is a good indicator of its underlying business.

Total revenue for the third quarter of 2012 was $5.0 million. This compares with total revenue for the third quarter of 2011 of $2.2 million, representing year-over-year growth in reported quarterly revenue of 127%.

Reported operating expenses totaled $2.4 million for the third quarter of 2012, an increase of $0.9 million compared to $1.5 million of operating expenses during the same period in 2011. The increase in operating expenses was primarily due to higher one-time costs associated with the 50 successful new customer impl
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SOURCE Patient Safety Technologies, Inc.
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