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Patient Safety Technologies Reports Fiscal 2010 Fourth Quarter and Full Year Results
Date:4/14/2011

IRVINE, Calif., April 14, 2011 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCQB: PSTX) today announced financial results for its fourth quarter and full fiscal year end 2010.

Financial HighlightsDuring the full year 2010 the total number of hospitals using the Company's SurgiCount Safety-Sponge® System more than doubled and no customers were lost.  Although not necessarily proportional to future revenues, the number of hospitals using our system is a good indicator of our underlying business.  The Company reported fourth quarter revenues of $4.5 million compared to $1.6 million in the fourth quarter of 2009.  For the full year 2010, revenues increased 229% to $14.8 million from $4.5 million during the full year 2009.  Fourth quarter and full year revenues in 2010 included $3.1 million and $8.9 million, respectively, of revenue from shipments to the Company's distributor under a $10.0 million inventory stocking arrangement entered into in late 2009.  Excluding the effect of this inventory stocking arrangement, revenue for the full year 2010 would have been $5.9 million, or an increase of 31% from 2009 revenue.

Reported gross profit was $2.0 million in the fourth quarter as compared to $565 thousand in the fourth quarter of 2009.  Gross margins were 44.9% for the fourth quarter, as compared to 36.2% for the same period in 2009.  For the full year 2010, reported gross profit was $7.5 million, an increase of 315% as compared to the full year 2009, and included $4.5 million of gross profit from the inventory stocking arrangement with our distributor.  Excluding the effect of the inventory stocking arrangement, gross profit for the fourth quarter and full year of 2010 would have been $665 thousand and $3.0 million.  Reported gross margins were 50.4% for the full year 2010 compared to 40.0% for the full year 2009.  The increase in gross margin during 2010 reflects improved pri
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SOURCE Patient Safety Technologies, Inc.
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