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April 20, 2009 - Patient Safety Technologies (OTC Bulletin Board:
PSTX) today announced record quarterly and annual revenues for the
quarter and year ended December 31, 2008."We are pleased to announce record
fourth quarter and fiscal year end revenues for our SurgiCount Safety-Sponge
System. We believe this is evidence that our customer value proposition,
reducing avoidable surgical complications resulting in reduced hospital
expenses, is enjoying acceptance. With over 300,000 procedures performed through
2008 and key peer-reviewed papers demonstrating its effectiveness, the
Safety-Sponge has been shown to virtually eliminate retained surgical sponge
events. With penetration of approximately 1% of surgical procedures in the US,
the opportunity for continued growth is substantial," stated David Bruce, Chief
Executive Officer of Patient Safety Technologies.
Fourth Quarter Results;
Revenues for the fourth quarter 2008 were $843
thousand, an increase of 231% from the $255 thousand reported for fourth
quarter 2007. Fourth quarter 2008 gross margin of 45% increased over fourth
quarter 2007 gross margin of 21%. Loss from continuing operations for the fourth
quarter 2008 was $630 thousand compared a loss of $2.1 million for the 4th
quarter of 2007.
About Patient Safety Technologies, Inc.;
Patient Safety Technologies, Inc., through its subsidiary SurgiCount Medical,
Inc., develops and markets the SurgiCount Safety-Sponge System. The Safety
Sponge system is designed to reduce the number of retained sponges and towels
unintentionally left in patients during surgical procedures, one of the most
common avoidable errors in surgery. The System is a patented turn-key line of
modified surgical sponges, SurgiCounter(TM: 82.31, 0.71, 0.87%) scanners, and
software file and database elements integrated to form a comprehensive counting
and documentation system.
Contact:
Web Site:
http://www.patientsafetytechnologies.com.
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