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

justed to exclude certain non-cash expenses) of $0.6 million and $0.9 million during the first quarter of 2011 and 2010, respectively, a decrease of 39%.  

The Company ended the first quarter of 2011 with $6.3 million of cash and cash equivalents.

Expanded customer base, competitive conversionsCurrent users of the SurgiCount Safety-Sponge® System include over 65 hospitals, including five of the 14 hospitals named to the U.S. News and World Report 2010-11 Honor Roll.  Further, during the first quarter of 2011 the Company continued to add to the hospitals now using the Safety-Sponge® System who converted from competitive products.

"I am pleased to see the continued growth of our user base, especially additional competitive conversions, while maintaining our lowered cost structure.  We will continue to keep a focus on our spend levels while also opportunistically putting the capital we recently raised to work in high expected return areas," said Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies.

The Company's first quarter 2011 financial statements are included in its Quarterly Report on Form 10-Q filed by the company on May 23rd, 2011 and available at the SEC's website at www.sec.govReconciliation of GAAP to Non-GAAP Results (Unaudited)Non-GAAP Measures($ in 000's)Q1 2010Q1 2011Reported Operating Income / (Loss)$ (1,403.4)$ (830.8)Plus:Stock based compensation

324.2

149.7Depreciation and amortization

162.3

122.3Adjusted Operating Income / (Loss)$
(916.9)$ (558.9)To supplement the Company's presentation of operating income measured in accordance with GAAP, we also use a non-GAAP measure of operating income, herein defined as Adjusted Operating Income. Reconciliation to GAAP operating income from Adjusted Operating Income is included immediately above in this press release.

Non-GAAP measures are p
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SOURCE Patient Safety Technologies, Inc.
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