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Patient Safety Technologies Reports Second Quarter 2012 Results
Date:8/10/2012

revenue from filling a $10 million Forward Order to our exclusive distributor, Cardinal Health.  There was no revenue reported from the delivery of Forward Order inventory during the second quarter of 2012.  Excluding the effect of the Forward Order on reported second quarter 2011 revenue, second quarter 2012 Normalized Revenue (a non-GAAP measure defined below) year over year growth was 108%.

Reported operating expenses totaled $2.4 million for the second quarter of 2012, an increase of $0.7 million compared to $1.7 million of operating expenses during the same period in 2011. The increase in operating expenses was primarily due to higher one-time costs associated with the 65 successful new customer implementations during the second quarter of 2012 as compared to 3 implementations during the second quarter of 2011.  Total estimated one-time implementation costs in the second quarter of 2012 were approximately $0.5 million, as compared to a relatively negligible amount during the second quarter of 2011.During the second quarter of 2012 the Company generated positive Adjusted Operating Income (a non-GAAP measure defined below) of $0.2 million and a GAAP operating loss of $0.5 million.  This compares with an Adjusted Operating Loss of $0.3 million and a GAAP operating loss of $0.4 million generated during the second quarter of 2011.  The primary reasons for reporting positive Adjusted Operating Income during the second quarter of 2012 as compared to an Adjusted Operating Loss during the comparable prior year period was higher reported revenues associated with the significantly larger number of customer facilities during the second quarter of 2012 versus the prior year quarter, partially offset by the higher one-time implementation expenses.

"During the second quarter of 2012 we further accelerated the strong growth we began during the first quarter, once again implementing our solution in more new facilities than in any p
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SOURCE Patient Safety Technologies, Inc.
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