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Patient Safety Technologies Reports Third Quarter 2008 Results
Date:11/24/2008

TEMECULA, Calif., Nov. 24 /PRNewswire-FirstCall/ -- Patient Safety Technologies (OTC Bulletin Board: PSTX) today announced record quarterly revenues for the quarter ended September 30, 2008.

"We are pleased to see the significant traction we are getting at healthcare institutions across the U.S. translate into increasing adoption of our Safety-Sponge(TM) System. With over six million Safety-Sponges(TM) having been used in over 200,000 procedures with no known incidents of retained sponges, current and potential customers are increasingly seeing both the clinical and economic validation of using our solution. We believe we are well positioned to continue to expand our market leadership position and drive continued strong revenue growth," stated Bill Adams, Chief Executive Officer of Patient Safety Technologies.

Third Quarter Results

Revenues for the third quarter of 2008 were $880 thousand, an increase of 313% over the prior year third quarter revenues of $213 thousand.

Gross profit for the third quarter of 2008 was $258 thousand, or 29% of revenues, an increase of 155% over the prior year third quarter gross profit of $101 thousand, or 47% of revenues. The gross margin decrease in the third quarter of 2008 was primarily attributable to an inventory write-down and higher proportional sales of lower margin hardware products. The Company believes the inventory write-down is one-time in nature, as it relates primarily to remaining Safety-Sponge(TM) inventory that did not include the Company's "Master Tag" product improvement. The higher proportional sales of lower margin hardware products results from the increased first time product adoptions by healthcare institutions.

"We are excited about the response to our Master Tag concept, a product improvement that has significantly increased the ease of use of the Safety-Sponge(TM) System," stated Mr. Adams. "As we execute on
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SOURCE Patient Safety Technologies
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