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Patient Safety Technologies Reports Fourth Quarter and Year End 2008 Results
Date:4/20/2009

Fourth Quarter 2008 Revenues more than tripled to $843 thousand

2008 Annual Revenues Increased 155% to $2.8 million

TEMECULA, Calif., April 20 /PRNewswire-FirstCall/ -- Patient Safety Technologies (OTC Bulletin Board: PSTX) today announced record quarterly and annual revenues for the quarter and year ended December 31, 2008.

"We are pleased to announce record fourth quarter and fiscal year end revenues for our SurgiCount Safety-Sponge System. We believe this is evidence that our customer value proposition, reducing avoidable surgical complications resulting in reduced hospital expenses, is enjoying acceptance. With over 300,000 procedures performed through 2008 and key peer-reviewed papers demonstrating its effectiveness, the Safety-Sponge has been shown to virtually eliminate retained surgical sponge events. With penetration of approximately 1% of surgical procedures in the US, the opportunity for continued growth is substantial," stated David Bruce, Chief Executive Officer of Patient Safety Technologies.

Fourth Quarter Results

Revenues for the fourth quarter 2008 were $843 thousand, an increase of 231% from the $255 thousand reported for fourth quarter 2007. Fourth quarter 2008 gross margin of 45% increased over fourth quarter 2007 gross margin of 21%. Loss from continuing operations for the fourth quarter 2008 was $630 thousand compared a loss of $2.1 million for the 4th quarter of 2007.

Fiscal Year End 2008

Revenues for the full year in 2008 were $2.8 million, an increase of 155% from the $1.1 million reported for fiscal year 2007. Gross profit for 2008 was $978 thousand, an increase of $605 thousand over the $373 thousand reported for 2007. Loss from continuing operations for the full year 2008 was $4.4 million compared a loss of $7.0 million in 2007. Loss per share dropped from ($0.72) in 2007 to ($0.31) in 2008.


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SOURCE Patient Safety Technologies, Inc.
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