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Patient Safety Technologies Reports Third Quarter 2011 Results
Date:11/15/2011

IRVINE, Calif., Nov. 15, 2011 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCBB: PSTX, OTCQB: PSTX) today announced financial results for its third quarter of 2011 ended September 30th, 2011.

Expanded Customer Base and Financial HighlightsDuring the third quarter of 2011, the number of institutions using the Company's SurgiCount Safety-Sponge® System surpassed 78 and the Company lost no customers.  This compares to approximately 57 institutions using the solution at the end of the third quarter of 2010.  To date in the fourth quarter of 2011, the Company has already implemented 9 additional facilities with 12 additional facilities scheduled during the remainder of the fourth quarter.   In addition, there are an incremental 130 facilities with which an agreement has been signed and an implementation expected beginning in the first quarter of 2012.  In total, the number of facilities currently using the Safety-Sponge® System and those with signed agreements and scheduled implementations is over 230.  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 September 30, 2011 was $2.2 million.  This compares with total revenue for the quarter ended September 30, 2010 of $4.1 million, which included $2.5 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 September 30, 2010 was $1.6 million.  There were no revenues from this stocking order during the quarter ended September 30, 2011 as fulfillment of the stocking order was completed in the second quarter 2011.  Accordingly, after excluding the effect this inventory stocking order had on reported revenues during the quarter ended
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SOURCE Patient Safety Technologies, Inc.
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