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Patient Safety Technologies Reports Fourth Quarter And Fiscal 2012 Results
Date:3/18/2013

IRVINE, Calif., March 18, 2013 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCBB:PSTX, OTCQB:PSTX) today announced results for its fourth quarter and fiscal year ended December 31st, 2012.

Expanded Customer Base and Financial Highlights
During the fiscal year 2012 the Company implemented the SurgiCount Safety-Sponge® System in 179 new facilities, representing year over year growth of 181% in the number of facilities using the system.  Additionally, as of the date of this release the Company has either implemented in or signed an agreement with and scheduled an implementation in an additional 17 facilities.  This expanded customer base brings the total number of facilities currently using the Safety-Sponge® System and those covered by a signed agreement and with an expected implementation to 295, representing growth of 198% since the end of the fiscal year 2011. 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 revenues for the fourth quarter of 2012 were $5.1 million, representing year over year growth of 87% as compared to total revenues of $2.7 million for the fourth quarter of 2011.  Total revenues for the fiscal year 2012 were $17.6 million. This compares with total revenue for the fiscal year 2011 of $9.5 million, which included $1.1 million of revenues for the delivery to the Company's exclusive distributor as part of a $10.0 million inventory stocking order. There was no effect on total revenues for the fiscal year 2012 from this stocking order. Excluding the $1.1 million effect on total revenues for the fiscal year 2011, total revenues for the fiscal year 2012 grew 110% year over year. 

Reported GAAP gross margins were 43% for the fourth quarter of 2012, as compared to 42% for the same period in 2011. Because the Company's reported
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SOURCE Patient Safety Technologies, Inc.
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