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

payable through the previously disclosed three way settlement between the Company, the holder of the Company's indebtedness and a creditor of the holder.  

The Company also removed all previously identified material weaknesses in its internal controls, resulting in no material weaknesses identified in its 2010 annual report.

Additional Achievements

  • SurgiCount Safety-Sponge® System surpasses 2 million procedures milestone – To date over 45 million Safety-Sponges® have been successfully used in over 2 million procedures at a growing number of community, teaching and government hospitals across the U.S..

  • Expanded customer base, competitive conversions – Current users of the SurgiCount Safety-Sponge® System include over 60 hospitals, including five of the 14 hospitals named to the U.S. News and World Report 2010-11 Honor Roll.  Further, a number of the Company's recent implementations include hospitals that converted to the SurgiCount Safety-Sponge® System from competitive products.  

    • "I am pleased with the financial and operational improvements we have made, the growth of our customer base and the strides we have taken to improve our balance sheet, all of which better position us to more successfully capitalize on the growth opportunities ahead of us," said Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies.

    The Company's fiscal 2010 full year financial statements are included in its Annual Report on Form 10-K filed by the company on April 14th, 2011 and available at the SEC's website at www.sec.gov

    Reconciliation of GAAP to Non-GAAP Results (Unaudited)Non-GAAP Measures 1st Half2nd HalfFull Year($ in 000's)Q1 2010Q2 20102010Q3 2010Q4 201020102010Reported Operating Income / (Loss)$ (1,403)$ (1,456)$ (2,859)$
    925$  (250)$
    75$ (2,184)Plus:   Stock C
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    SOURCE Patient Safety Technologies, Inc.
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