Global Med Revenues Up 32% for Another Record Quarter
April 30 2007 - 10:00AM
PR Newswire (US)
11th Consecutive Period of Comparable Quarter to Quarter Revenue
Growth DENVER, April 30 /PRNewswire-FirstCall/ -- Global Med
Technologies(R), Inc. ("Global Med" or the "Company") (OTC:GLOB)
(BULLETIN BOARD: GLOB) , an international e-Health, medical
information technology company, reported record financial results
for the first quarter ended March 31, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO ) Q-1,
2007 Summary Global Med reported record revenues of $3.719 million
for the first quarter, an increase of $903,000 or 32.1% over $2.816
million in the prior year's first quarter. The Company's net income
for this period was $287,000 or $0.01 per share versus $779,000, or
$0.02 per share, in the first quarter of 2006. However, the first
quarter 2007 net income resulted primarily from income from
operations, which was $296,000, while the comparable period in 2006
had income from operations of $58,000. The remaining net income for
the three months ended March 31, 2006 came primarily from non-cash
gains associated with certain features, since removed, of the
Series A Convertible Preferred Stock.** The Company's backlog of
unrecognized software license and implementation fees remained high
at over $5.4 million as of March 31, 2007. The first quarter's
results marked the 11th consecutive quarter of comparable quarter
to quarter revenue growth for the Company. The Company's cash flows
from operations were a record $504,000 for the quarter. Recurring
annual maintenance revenues for the quarter were running at an
annualized rate of over $6.4 million. As of March 31, 2007, the
Company's annual recurring revenues, once all of the existing
customer sites are implemented, will be approximately $7.1 million.
First Quarter 2007 Achievement Summary Financial Developments: *
Record revenues of $3.719 million resulted in further strengthening
of the Company's financial position. * Gross profit margins
improved to 69.4% from 63.8% in the first quarter of 2006. * Cash
flows from operations increased to $504,000 from $133,000 in the
prior year first quarter. * Operating income increased to $296,000
from $58,000 in the first quarter of 2006. * As of March 31, 2007,
cash balance increased to $3.01 million from $2.55 million on
December 31, 2006. Recent Business Developments: * Customer site
base reached 584: 414 live sites and 170 backlog sites, including:
* Community Hospitals and Wellness Centers of Ohio purchased the
SafeTrace Tx(R) software system for three hospitals. * Global Med
partnered with Siemens Medical Solutions, USA to sell the SafeTrace
Tx software system to Valley General Hospital of Washington State.
* Grenada Lake Medical Center of Mississippi purchased the
SafeTrace Tx software system. * Caldwell Memorial Hospital of North
Carolina chose the SafeTrace Tx software system following extensive
evaluations of competing systems. * OhioHealth's partner hospital,
Morrow County Hospital, purchased the SafeTrace Tx software system.
* Eight (8) additional hospitals adopted Global Med's transfusion
technology via our channel partners. * The Company submitted its
ElDorado Donor Doc(TM) software to the U.S. Food and Drug
Administration ("FDA") for 510(k) clearance.* ElDorado* is designed
as a suite of products and is currently being developed by the
Company to replace its current SafeTrace(R) and SafeTrace Tx
products. * Additional ElDorado(TM) modules are planned for
submission to the FDA later this year. Michael I. Ruxin, M.D.,
Chairman and CEO of Global Med Technologies, Inc., commenting on
the quarterly results, stated, "The Company reported record
revenues and cash flows from operations for the quarter of $3.719
million and $504,000, respectively. As Global Med's goal is to
become a global leader in medical blood bank information
management, we are actively exploring complementary business
acquisitions in the international arena that will help to further
our mission." Thomas F. Marcinek, the Company's President and COO,
stated, "Global Med had a great quarter. Our customer site base
grew to 584, by adding 13 hospitals directly and via channel
partners. Our income from operations increased 410%. In addition,
our gross profit margins improved over 5 percentage points
increasing from 63.8% to 69.4%. We continue to make significant
investments and progress in the development of ElDorado, and we
plan to bring additional products to market during 2007. As a
result, the Company increased its level of investment in research
and development 64% to $924,000 from $564,000 for the three months
ended March 31, 2007 and 2006, respectively. We believe the
introduction of these new products will help accelerate revenue
growth and is critical to meet our business goal to become a world
leader in our market segment." The following table provides
information related to the Company's operations for the three
months ended March 31, 2007 and 2006: Global Med Technologies, Inc.
(OTC:GLOB.OB) (BULLETIN BOARD: GLOB.OB) Selected Results Three
Months Ended March 31, In (000s) Except Per Share Information
(Unaudited) 2007 2006 Revenues $3,719 $2,816 Cost of goods sold
1,139 1,019 Operating expenses 2,284 1,739 Income from operations
296 58 Other income** 13 721 Income taxes (22) -- Net income $287
$779** Income per share Basic $0.01 $0.03 Diluted $0.01 $0.02
Weighted average shares outstanding Basic Diluted 23,212 23,033
38,561 41,802 Cash flows provided by in operations $504 $133 About
Global Med Technologies, Inc. Global Med Technologies, Inc. is an
international e-Health, medical information technology company,
providing information management software products and services to
the healthcare industry. Its Wyndgate Technologies division is a
leading supplier of information management systems to U.S. and
international blood centers and hospital transfusion centers. Each
year, Wyndgate's products and services manage more than eight
million blood components, representing over 27% of the U.S. blood
supply. Wyndgate's products are being used in Canada and
sub-Saharan Africa, and are being implemented in the Caribbean.
Together, the SafeTrace Tx*** advanced transfusion management
system and the SafeTrace donor management system provide
Vein-to-Vein(R) tracking from donor collection to patient
transfusion. For more information about Global Med's products and
services, please call 800-WYNDGATE or visit
http://www.globalmedtech.com/, http://www.peoplemed.com/ and
http://www.wyndgate.com/. Statements in this press release that are
not strictly historical are "forward-looking" statements within the
meaning of the Safe Harbor provisions of the federal securities
laws. Forward-looking statements involve risks and uncertainties,
including, but not limited to, continued acceptance of the
Company's products and services in the marketplace, regulatory and
competitive factors, new products and technological changes, the
Company's dependence upon third-party suppliers, and other risks
detailed from time to time in the Company's Form 10-KSB and other
regularly filed reports. The results of operations for the quarter
ended March 31, 2007 are not necessarily indicative of the results
that may be expected for any other future period. * This product is
not for sale in the U.S. The new product offering is being
demonstrated to the international market in anticipation of its
availability later this year. ** During 2006, the Company
recognized approximately $724,000 in gains associated with certain
features of the Series A Convertible Preferred Stock until March
29, 2006, the date that such features were removed. *** Patent
Pending http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Michael I. Ruxin, M.D., Chairman and CEO of Global
Med Technologies, Inc.; or Investors, Paul M. Holm,
+1-212-888-4570, Web site: http://www.peoplemed.com/ Web site:
http://www.wyndgate.com/ Web site: http://www.globalmedtech.com/
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