The chances that you are one day going to undergo a medical procedure which involves a major surgical procedure are pretty good. If you are like most people, the thought that you would need to undergo surgery one day may not be the most pleasant thought. Long recovery periods, possible complications involved with the procedure, or just a flat out fear of hospitals all together. Horror stories, and proof of them, about surgeries patients have undergone and come out with medical tools and sponges left inside them is one undeniable fear that all prospective patients hope will never happen to them.
One company who’s penny stock is listed on the OTC, Patient Safety Technologies, Inc. (PSTX), is making sure that never happens again. Their announcement from June 27 that their wholly-owned operating subsidiary, SurgiCount Medical, signed an agreement with GNYHA Services, Inc. to provide the SurgiCount Safety-Sponge® System to its health system members was enough to send PSTX stock into a whole new level: above $2. With another new all-time high set again today, upcoming results for the first 6 months of 2013 should be enough to not only keep it here, but maybe even send it towards $3 before the end of the year.
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PSTX Stock Quote
Market Cap: 79.97M
Last: 2.13 ▲ +0.16 (+8.12%)
Dollar Volume: $216,848
Issued and Outstanding: 37,543,448
Directors/Officers: 8,267,107 (21%)
1st Resistance Point: 2.1767
1st Support Level: 2.0767
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The deal with GYNHA is not the first for Patient Safety Technologies’ Safety-Sponge® System. The market leading solution to the most commonly reported surgical “Never Event”, retained surgical sponges, has been clinically proven to eliminate this frequent but preventable error.
A month ago, the Company inked a deal with LHP Hospital Group, Inc., a privately held healthcare leader established to provide essential capital and expertise to not-for-profit hospitals and hospital systems headquartered in Plano, Texas, for the system wide implementation of the Company’s SurgiCount Safety-Sponge® System at LHP facilities. Two months prior, Ketchikan Medical Center in Ketchikan, Alaska was named as the first hospital in the PeaceHealth system to implement the SurgiCount Safety-Sponge® System.
The recent additions of facilities putting the Company’s patented system of bar-coded sponges into effect are all bullish reasons to have high expectations on Patient Safety Technologies’ upcoming 10-Q filing. For the 3 months ended March 31, 2013, revenues came in at $4,757,734 versus $3,102,258 for the same 3 month period ended March 31, 2012. The 53% increase in reported revenue was strong enough to bring the net loss for the period down to $(822,079) versus $(1,432,334) for the same period the year prior.
As far as PSTX stock is concerned, the sky is the limit at present. Sure, PSTX has traded within reach of $2 at the end of August, 2012, but the recent surge above $2 and new high today of $2.15 are clear indications that $2 is the new floor. Anyone looking for a long position can hope to get a piece of the action before financial results are announced for the 3 and 6 months ended June 30, 2013 which are likely to come out in the next few weeks.
About PSTX Stock
Patient Safety Technologies, Inc., through its wholly-owned operating subsidiary, SurgiCount Medical, Inc., is focused on the development, marketing and sales of products and services focused in the medical patient safety markets, primarily the Company’s SurgiCount Safety-Sponge® System, a patented system of bar-coded surgical sponges, SurgiCounter™ scanners, and software applications integrated to form a comprehensive counting and documentation system.
Click here to view the SEC filings for PSTX.
Click here to view the website for SurgiCount Medical.
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Penny stocks focused on the medical sector and healthcare industry have been out performing those which are in the tech sector hands down, Keep a close eye on PSTX and look for a pull back to under the current resistance level if you’ve done your due diligence and are consdiering a long position on PSTX stock. With their proven track record, a significant increase in revenues could be enough to attract some very deep pockets into this low floater.
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