Patient Safety Technologies, a developer, manufacturer and provider of patient safety products and services, has reported a net loss of $630,000, or $0.05 per share, for the fourth quarter of 2008, compared to a net loss of $2.07m, or $0.22 per share, for the fourth quarter of 2007.
Revenues for the fourth quarter of 2008 were $843,000, an increase of 231% from the $255,000 reported for the fourth quarter of 2007. Revenues for the full year in 2008 were $2.8m, an increase of 155%, compared to $1.1m for the fiscal year 2007.
For the full year 2008, the company reported a net loss of $4.37m, or $0.31 per share, compared to a net loss of $7.19m, or $0.72 per share, for the full year 2007.
David Bruce, CEO of Patient Safety Technologies, said: 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.