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

September 30, 2010, our year over year third quarter 2011 revenue growth was 38%.

Reported operating expenses for the third quarter of 2011 were $1.5 million as compared to $1.2 million during the third quarter of 2010.  Total non-GAAP cash expenses for the third quarter of 2011 were $1.2 million as compared to $1.3 million for the third quarter of 2010.

During the third quarter of 2011, the Company generated an Adjusted Operating Loss (as defined below) of $127 thousand and a GAAP operating loss of $529 thousand.  This compares with an Adjusted Operating Loss of $259 thousand for the third quarter of 2010 and GAAP operating income of $925 thousand.  

The Company ended the third quarter of 2011 with $5.0 million of cash and cash equivalents and no debt.  

Landmark Product Usage Milestones AchievedSubsequent to the end of the third quarter of 2011, use of the SurgiCount Safety-Sponge® System surpassed an estimated 60 million sponges successfully used in over 3 million procedures."During the third quarter we were successful in continuing to grow our installed base of current users, significantly expanding the number of incremental facilities under contract with future expected implementations and maintaining our reduced cost structure.  We expect to see the positive impact on our revenues and profitability as we implement these additional facilities over the coming months.  Further, as our user base and the evidence of the clinical efficacy of the Safety-Sponge® System continues to grow, we are well positioned to be the solution of choice for the growing number of hospitals looking to address the common yet preventable surgical mistake of retained surgical sponges," stated Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc.

The Company's third quarter 2011 financial statements are included in its Quarterly Report on Form 10-Q filed by
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SOURCE Patient Safety Technologies, Inc.
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