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

in our other public filings. These documents are available online through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and we have not assumed any duty to update any forward-looking statements.

 

PATIENT SAFETY TECHNOLOGIES, INC.Consolidated Balance SheetsDecember 31,2012December 31,2011AssetsCurrent assets:Cash and cash equivalents$

5,177,082$

3,668,524Accounts receivable1,415,6341,307,510Inventories, net3,968,4362,772,117Prepaid expenses308,285180,802Total current assets10,869,4377,928,953Property and equipment, net4,833,7541,691,961Goodwill1,832,0271,832,027Patents, net2,139,2022,464,142Other assets37,46240,463Total assets$

19,711,882$

13,957,546Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payable$

4,499,002$

2,808,524Accrued liabilities960,062574,917Deferred revenue – current portion846,395278,002Total current liabilities6,305,4593,661,443Deferred revenue969,395267,025Total liabilities7,274,8543,928,468Stockholders' equity Total stockholders' equity12,437,02810,029,078Total liabilities and stockholders' equity$

19,711,882$

13,957,546 

PATIENT SAFETY TECHNOLOGIES, INC.Consolidated Statements of OperationsFor the Years Ended December 31,20122011Revenues$

17,589,391$

9,463,479Cost of revenue10,038,0465,115,946Gross profit7,551,3454,347,533Operating expensesResearch and development580,254107,397Sales and marketing4,912,5082,971,525General and administrative4,076,5323,931,049Total operating expenses9,569,2947,009,971Operating loss(2,017,949)(2,662,438)Other income (expense)Gain on change in fair value of warrant derivative liability—567,573Interest expense to related party(106,182)—Other income (expense), net(2,095)221,201Total other income (expense)(108,277)788,774Loss
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SOURCE Patient Safety Technologies, Inc.
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