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Patient Safety Technologies Reports First Quarter 2011 Results
Date:5/23/2011

IRVINE, Calif., May 23, 2011 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCQB:PSTX) today announced financial results for its first quarter of 2011 ended March 31, 2011.

Financial HighlightsDuring the first quarter of 2011 the number of institutions using the Company's SurgiCount Safety-Sponge® System surpassed 65 and the Company lost no customers.  This compares to approximately 49 institutions using the solution at the end of the first quarter of 2010.  Although not necessarily proportional to reported revenue, the number of hospitals using our products is a good indicator of our underlying business.

Total revenue for the quarter ended March 31, 2011 was $2.0 million, which included $0.6 million of revenue from the delivery to the Company's exclusive distributor as part of a $10.0 million inventory stocking order.  Excluding the effect of this inventory stocking arrangement, revenue for the quarter ended March 31, 2011 would have been $1.3 million.  This compares with total revenue for the quarter ended March 31, 2010 of $2.4 million, which included approximately $1.0 million of revenue from the delivery under the same inventory stocking order.  Excluding the effect of this inventory stocking order, revenue for the first quarter of 2010 would have been $1.3 million.  Despite the considerable growth in the number of hospitals using the Safety-Sponge® System at the end of the first quarter of 2011 as compared to the first quarter of 2010, and losing no customers during that time period, total reported revenue did not grow proportionally for a number of factors, including: 1) the larger amount of revenue from the inventory stocking order in the first quarter of 2010 as compared to the first quarter of 2011, 2) the negative effect on our reported revenue during the first quarter of 2011 caused by the temporary shutdown of our contract manufacturer during the end of the quarter to accomm
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SOURCE Patient Safety Technologies, Inc.
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