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Patient Safety Technologies Reports Third Quarter 2013 Results
Date:11/13/2013

IRVINE, Calif., Nov. 13, 2013 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCBB: PSTX, OTCQB: PSTX) today announced results for its third quarter ended September 30, 2013.

Expanded Customer Base and Financial Highlights
During the third quarter of 2013 the Company grew its installed customer base of facilities using its SurgiCount Safety-Sponge® System to 303.  This compares to 265 facilities as of the end of the third quarter of 2012 and represents year over year growth in the Company's installed customer base of 14%.  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 over 330.  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 third quarter of 2013 was $5.2 million.  This compares to total revenue of $5.0 million for the third quarter of 2012.  The higher revenue for the third quarter of 2013 as compared to the same period in 2012 was primarily related to the larger installed customer base during the third quarter of 2013, 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 switching are temporary, as the existing distributor typically discontinues ordering our products in advance of the newly selected distributor initiating and maintaining orders to build up its inventory and begin continually fulfilling our products to the end user facility, however our end user facility customers continue their use of our products at the same consumption levels.Reported GAAP gross ma
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SOURCE Patient Safety Technologies, Inc.
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