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Patient Safety Technologies Reports First Quarter 2013 Results
Date:5/14/2013

IRVINE, Calif., May 14, 2013 /PRNewswire/ -- Patient Safety Technologies, Inc. (the "Company", OTCBB: PSTX, OTCQB: PSTX) today announced results for its first quarter ended March 31st, 2013.

Expanded Customer Base and Financial Highlights
During the first quarter of 2013 the Company grew its installed customer base of facilities using its SurgiCount Safety-Sponge® System to 282.  This compares to 149 facilities as of the end of the first quarter of 2012 and represents year over year growth in the Company's installed customer base of 53%.  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 300.  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 first quarter of 2013 was $4.8 million, representing year over year growth of 53% as compared to total revenue of $3.1 million for the first quarter of 2012.  The higher revenue for the first quarter of 2013 as compared to the same period in 2012 was primarily related to the larger customer installed base during the first quarter of 2013.  Despite a continually growing customer base using the Company's products, revenue for the first quarter of 2013 was lower on a quarter over quarter basis as compared to the fourth quarter of 2012 as a result of lower orders from the Company's exclusive distributor, which was the result of a number of factors including the inventory management practices of our exclusive distributor, along with the switching of distributors selected by several larger existing users of the Company's products and the timing of the orders placed by those newly selected dist
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SOURCE Patient Safety Technologies, Inc.
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