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Patient Safety Technologies Reports Third Quarter Results
Date:11/17/2009

TEMECULA, Calif., Nov. 17 /PRNewswire-FirstCall/ -- Patient Safety Technologies, Inc. (OTC Bulletin Board: PSTX) today announced third quarter 2009 results.

"We are continuing to see strong year over year growth and healthy increases in our gross margins," stated Steven H. Kane, Chief Executive Officer of Patient Safety Technologies. "While third quarter revenues from sales of safety sponges were comparable with revenues in the second quarter, we expect that significantly increased marketing activity, coupled with the upcoming implementation of recently signed accounts, should have a significant impact on future revenues. During the last quarter, PSTX reached the major milestone of having had a cumulative total of 20 million sponges used in over 700,000 surgical procedures."

"Additionally," said Kane, "our recently launched indemnification program, whereby hospitals using the Safety-Sponge(TM) System in conjunction with PSTX's proprietary data manager, 'Citadel(TM)' are insured for up to $1 million per retained foreign object ('RFO') event, has increased interest in and accelerated adoption of PSTX system." Kane added: "As hospitals continue to embrace the PSTX solution to RFOs, we are actively expanding our sales and clinical presence in the marketplace to keep pace with our growing customer base."

Third Quarter Results

Revenues for the third quarter 2009 were $978 thousand, an increase of 11% from the $880 thousand reported for third quarter 2008. Third quarter 2009 gross margin was 44%, an improvement over third quarter 2008 gross margin of 29%. The improvement in gross margin was due primarily to the change in our business model, which shifted our sales mix to primarily sales of safety sponges (which have higher margins), and permitted us to depreciate most of the expense associated with our SurgiCounter(TM) scanners over the life of the scanner, thereby significantly reducing our cost of reven
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SOURCE Patient Safety Technologies, Inc.
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