To our current and future investors, we wanted to share an update regarding our operating performance for the quarter ended September 30, 2017. As you may know from our earlier disclosures, we had our initial launch of our Software as a Service offerings at the end of March 2017, and we have now had a full six months of experience selling our products and services and building our pipeline of interested customers across the U.S. We saw a 352% increase in new customer bookings in the third quarter of 2017, which had new customer bookings of $193,000 compared to $43,000 in the second quarter.
Our third quarter bookings were anchored by an order that we received from the National Institutes of Health, under which we will be providing our software solutions and professional services while working with their team at the NIH Clinical Center in Bethesda, Maryland. We are very excited to be working with the NIH on this project, and honored to have had such a prestigious institution select us to support them in this important patient safety initiative.
Regarding our overall financial performance, we incurred a net cash loss of $197,000 in the third quarter 2017, compared to a $214,000 net cash loss in the second quarter of 2017. That improvement was due to an increase in our revenue recognized from the increase in our new sales bookings discussed above, as our expenses were nearly flat across the two quarters.
We are excited to see our products and services being so well received by our customers, and prospects that we are engaged with. We are continuing to spend incrementally to improve the functionality of our products and we are very focused on ensuring our customers are pleased with our products and services. We are also continuing to push forward on our sales and marketing activities, reaching out to as many potential new customers as we can, and our pipeline of opportunities continues to grow. Market forces are also continuing to provide us tailwinds as the issue of patient safety continues to garner more focus, including the release last month of the Joint Commission Sentinel Event Alert that we previously provided an update on.
We thank you all for your interest in the I-PASS Patient Safety Institute, and hope to see continued interest in our offering as we look to expand the I-PASS family!
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