Patient Safety Technologies Inc

Patient Safety Technologies, Inc. (Patient Safety Technologies), operating through its single wholly owned operating subsidiary, SurgiCount Medical, Inc., is focused on the development, manufacture and distribution of health care and medical products to the patient safety markets. It also develops and markets Safety-Sponge System, a hand-held barcode scanning technology designed to keep track of sponges and towels used during surgeries, so as to reduce the number of retained sponges and towels unintentionally left in patients during surgical procedures by allowing faster and more accurate counting of surgical sponges. The company is headquartered at Temecula, California, the US.The company reported revenues of (U.S. Dollars) USD 2.78 million during the fiscal year ended December 2008, an increase of 155.28% over 2007. The operating loss of the company was USD 7.02 million during the fiscal year 2008, as compared to an operating loss of USD 5.50 million during 2007. The net loss of the company was USD 4.37 million during the fiscal year 2008, as compared to a net loss of USD 7.19 million during 2007.