Patient Safety Technologies Inc. announced financial results for its second quarter of 2011 ended June 30, 2011.
Financial Highlights
During the second quarter of 2011, the number of institutions using the Company's SurgiCount Safety-Sponge® System surpassed 70. This compares to approximately 52 institutions using the solution at the end of the second quarter of 2010.
Total revenue for the quarter ended June 30, 2011 was $2.6 million, which included $0.5 million of revenue from the delivery to the Company's exclusive distributor as part of a $10.0 million inventory stocking order. Excluding the effect of this inventory stocking order, revenue for the quarter ended June 30, 2011 was $2.1 million. This compares with total revenue for the quarter ended June 30, 2010 of $3.8 million, which included $2.3 million of revenue from the delivery under the same $10 million inventory stocking order. Excluding the effect of this inventory stocking order, revenue for the second quarter of 2010 would have been $1.4 million. Accordingly, excluding the effects of this inventory stocking order, revenue for the three months ended June 30, 2011 of $2.1 million represents approximately 50% growth over the $1.4 million generated for the three months ended June 30, 2010.
This growth in revenue excluding the effects of the stocking order is primarily the result of the significant growth in the number of hospitals using the Safety-Sponge® System at the end of the second quarter of 2011 as compared to the second quarter of 2010. Additionally, during the second quarter 2011, the Company successfully completed the delivery of the last of the $10.0 million stocking order.
About Patient Safety Technologies, Inc. and SurgiCount Medical
Patient Safety Technologies, Inc., through its wholly-owned operating subsidiary SurgiCount Medical, Inc., provides the Safety-Sponge® System, a solution proven to improve patient safety and reduce healthcare costs by preventing one of the most common errors in surgery, retained foreign objects. For more information, contact SurgiCount Medical, Inc. at (949) 387-2277 or visit www.surgicountmedical.com.
For more information on patient safety and avoiding retained surgical instrument errors please visit Patient Safety & Quality Healthcare
No comments:
Post a Comment