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

S, INC.Consolidated Balance SheetsMarch 31, 2011(unaudited)December 31, 2010AssetsCurrent assetsCash and cash equivalents$

6,089,395$

1,896,034Restricted cash223,630223,630Accounts receivable457,153772,381Inventory, net927,6771,110,832Prepaid expenses62,404104,628Total current assets7,760,2594,107,505Property and equipment, net930,474979,833Goodwill1,832,0271,832,027Patents, net2,707,8472,789,083Other assets43,98839,038Total assets$

13,274,595$

9,747,486Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payable$

618,252$

2,605,669Warrant derivative liability781,420991,682Deferred revenue869,1631,477,720Accrued liabilities864,679942,472Total current liabilities3,133,5146,017,543Stockholders' equity Total stockholders' equity10,141,0813,729,943Total liabilities and stockholders' equity $

13,274,595$

9,747,486PATIENT SAFETY TECHNOLOGIES, INC.Consolidated Statements of OperationsFor the Three months Ended March 31,2011 (unaudited)2010 (unaudited)Revenues$

1,970,656$

2,364,819Cost of revenue1,041,1011,088,887Gross profit929,5551,275,932Operating expenses:Research and development29,46233,331Sales and marketing659,036994,116General and administrative1,071,8961,651,861Total operating expenses1,760,3942,679,308Operating loss(830,839)(1,403,376)Other incomeInterest expense(4,192)(6,333)Gain on change in fair value of warrant derivative liability210,2621,718,738Other income—51,944Total other income206,0701,764,349Income (loss) before income taxes(624,769)360,973Income tax (provision) benefit(3,773)32,573Net income (loss)(628,542)393,546Preferred dividends(123,959)(19,163)Net income (loss) applicable to common shareholders$

(752,501)$

374,383Income (loss) per common shareBasic$

(0.03)$

0.02Diluted$

(0.03)$

0.01Weighted average common shares outstanding:Basic 24,200,78523,456,063Diluted24,200,78525,199,632
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SOURCE Patient Safety Technologies, Inc.
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