QualityStocks News - Patient Safety Technologies Posts Q2 Sales Topping Estimates and Prior Year Figures

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Company posts mixed Q2 results; provides expanded customer base highlights

...implementing our solution in more new facilities than in any previous quarter in our history...

QualityStocks would like to highlight Patient Safety Technologies, Inc., which, through its wholly-owned operating subsidiary SurgiCount Medical, Inc., provides the Safety-Sponge® System, a solution clinically proven to improve patient safety and reduce healthcare costs by helping eliminate one of the most common errors in surgery, retained surgical sponges. The Safety-Sponge® System is currently used in more than 150 hospitals across the U.S., including 6 of the 2011-2012 U.S. News and World Report Best Hospitals Honor Roll recipients.

In the company’s news last week,

Patient Safety Technologies announced its second-quarter results for the three months ended June 30, 2012.

Total revenue for the second quarter of 2012 was $4.4 million, ahead of analyst estimates of $3.2 million, and representing an increase of 71 percent over $2.6 million in sales reported for the second quarter of 2011.

Second-quarter net income of (non-GAAP) $0.2 million was lower than the $0.3 million reported for the comparable quarter of the year prior.

The company attributes the quarter’s profit growth to the utilization of its solutions in more facilities.

“During the second quarter of 2012 we further accelerated the strong growth we began during the first quarter, once again implementing our solution in more new facilities than in any previous quarter in our history. With this significant growth we have further strengthened our market leading position as well as continued to see our increased market penetration translate into improved financial results,” Brian E. Stewart, president and CEO of Patient Safety Technologies stated in the press release.

The company also offered business highlights, noting the successful implementation of its SurgiCount Safety-Sponge® System in an additional 65 facilities, growing its installed customer base to 215 as of June 30, 2012. This expansion marks the highest quarterly growth to-date.

Patient Safety Technologies implemented the Safety-Sponge® System in an additional 20 facilities, bringing the company’s current installed base to 235, an increase of 140 percent since the end of 2011.

Additionally, the company has signed agreements with additional stand-alone hospitals and hospital systems representing an additional 36 facilities, bringing the total facilities currently using the Safety-Sponge® System, and those covered with signed agreements and expected implementations, to more than 271.

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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