Patient Safety Technologies Reports Second Quart...(t operations plus $2.2 million in non-ca...),Health

Date:8/6/2009

t operations plus $2.2 million in non-cash warrant expense, totaling $4.0 million. This compares to a loss before income taxes of $2.4 million for second quarter of 2008. Warrant expense is based on derivative liability from our outstanding stock warrants, due to the appreciation in our stock price during the quarter.

Revenues for the six months ended June 30, 2009 were $2.0 million, an increase of 86% over the $1.1 million for the six months ended June 30, 2008. Gross margin for the six months ended June 30, 2009 was 41%, an increase over the 32% gross margin for the six months ended June 30, 2008. The increase in gross margin was primarily the result of increased sales of our core Safety-Sponge((TM)) products, which have a higher gross margin than other products.

Loss from operations before income taxes for the six months ended June 30, 2009 was $7.5 million compared to a loss of $4.0 million for the six months ended June 30, 2008. The increase in our loss from operations was primarily the result of non-cash warrant expense. Warrant expense is based on derivative liability from our outstanding stock warrants, due to the appreciation in our stock price during the six months ended June 30, 2009.

About Patient Safety Technologies, Inc. and SurgiCount Medical, Inc.

Patient Safety Technologies, Inc., through its wholly-owned operating subsidiary, SurgiCount Medical, Inc., provides the Safety-Sponge((TM)) System, a system designed to improve the standard of patient care while reducing healthcare costs by preventing the occurrence of retained surgical sponges and towels, one of the most common errors in surgery. For more information, contact Patient Safety Technologies at (951) 587-6201, or visit www.surgicountmedical.com.

Forward Looking Statements: This press release contains forward
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SOURCE Patient Safety Technologies, Inc. Copyright©2009 PR Newswire. All rights reserved

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