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Patient Safety Technologies Reports Second Quarter 2013 Results
Date:8/12/2013

IRVINE, Calif., Aug. 12, 2013 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCBB: PSTX, OTCQB: PSTX) today announced results for its second quarter ended June 30, 2013.

Expanded Customer Base and Financial Highlights
During the second quarter of 2013 the Company grew its installed customer base of facilities using its SurgiCount Safety-Sponge® System to 294. This compares to 215 facilities as of the end of the second quarter of 2012 and represents year over year growth in the Company's installed customer base of 37%. Additionally, as of the date of this release the Company has implemented or signed contracts and scheduled implementations for additional facilities, collectively growing the number of facilities currently installed and those with signed agreements and scheduled implementations to 320.  Although not necessarily proportional to reported revenues, the number of facilities using the Company's products is a good indicator of our underlying business.

Total revenue for the second quarter of 2013 was $5.0 million. This compares to total revenue of $4.4 million for the second quarter of 2012. The higher revenue for the second quarter of 2013 as compared to the same period in 2012 was primarily related to the larger customer installed base during the second quarter of 2013, partially offset by a number of factors including the impact of a number of our larger existing customers switching the distributors they choose to fulfill our products.  We believe the effects of such distributor switchings are temporary, as the existing distributor typically discontinues ordering our products in advance of when the newly selected distributor begins initiating orders to build up its inventory to fulfill our products for the end user facilities, however our end user facility customers will continue their consume our products at their normal consumption levels.Reported GAAP gross margins were 43% for
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SOURCE Patient Safety Technologies, Inc.
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