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Patient Safety Technologies Reports Second Quarter 2011 Results
Date:8/16/2011

IRVINE, Calif., Aug. 16, 2011 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCBB: PSTX, OTCQB: PSTX) today announced financial results for its second quarter of 2011 ended June 30, 2011.

Financial HighlightsDuring the second quarter of 2011, the number of institutions using the Company's SurgiCount Safety-Sponge® System surpassed 70 and the Company lost no customers.  This compares to approximately 52 institutions using the solution at the end of the second quarter of 2010.  Although not necessarily proportional to reported revenue, the number of hospitals using the Company's products is a good indicator of our underlying business.

Total revenue for the quarter ended June 30, 2011 was $2.6 million, which included $0.5 million of revenue from the delivery to the Company's exclusive distributor as part of a $10.0 million inventory stocking order.  Excluding the effect of this inventory stocking order, revenue for the quarter ended June 30, 2011 was $2.1 million.  This compares with total revenue for the quarter ended June 30, 2010 of $3.8 million, which included $2.3 million of revenue from the delivery under the same $10 million inventory stocking order.  Excluding the effect of this inventory stocking order, revenue for the second quarter of 2010 would have been $1.4 million.  Accordingly, excluding the effects of this inventory stocking order, revenue for the three months ended June 30, 2011 of $2.1 million represents approximately 50% growth over the $1.4 million generated for the three months ended June 30, 2010.
This growth in revenue excluding the effects of the stocking order is primarily the result of the significant growth in the number of hospitals using the Safety-Sponge® System at the end of the second quarter of 2011 as compared to the second quarter of 2010.  Additionally, during the second quarter 2011, the Company successfully completed the delivery of the last of
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SOURCE Patient Safety Technologies, Inc.
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