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Patient Safety Technologies Reports First Quarter 2012 Results
Date:5/16/2012

IRVINE, Calif., May 16, 2012 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company," OTCBB:PSTX, OTCQB:PSTX) today announced results for its first quarter of 2012 ended March 31st, 2012.

Expanded Customer Base and Financial Highlights
During the first quarter of 2012 the Company successfully implemented its SurgiCount Safety-Sponge® System in an additional 51 facilities, more than in any previous quarter, growing its total installed customer base to 149.  This compares to 74 facilities as of the end of the first quarter of 2011 and 98 as of the end of the fourth quarter of 2011.  Additionally, subsequent to the end of the first quarter 2012, the Company has successfully implemented the Safety-Sponge® System in an additional 26 facilities through the date of this press release, bringing the Company's current installed base to more than 175, representing growth of 79% since the end of 2011.  Additionally, the Company currently has signed agreements with additional stand-alone hospitals and hospital systems representing an additional 89 facilities, the majority of which are currently expected to complete their implementation by approximately the late summer of 2012.  This expanded user base brings the total facilities currently using the Safety-Sponge® System and those covered with signed agreements and expected implementations to over 264.  Although not necessarily proportional to reported revenues, the number of hospitals using the Company's products is a good indicator of its underlying business.

Total revenue for the first quarter of 2012 was $3.1 million. This compares with total revenue for the first quarter of 2011 of $2.0 million, representing year over year growth in reported quarterly revenue of 57%.  First quarter of 2011 revenue of $2.0 million included approximately $0.6 million of revenue from filling a $10 million Forward Order to our exclusive distributor, Cardinal He
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SOURCE Patient Safety Technologies, Inc.
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