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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 30th, 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 30th, 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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