Global Med Technologies(R) Delivers Record Bookings, Revenues and Cash Flows
July 30 2007 - 9:00AM
PR Newswire (US)
Record Q2 and First Half Revenues Both Up Over 31% DENVER, July 30
/PRNewswire-FirstCall/ -- Global Med Technologies(R), Inc., an
international e-Health, medical information technology company,
today reported record revenues and cash flows for both the second
quarter and six months ended June 30, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO) Global
Med's record revenues of $3.969 million for the second quarter of
2007 represent an increase of $955,000, or 31.7%, over the $3.014
million recorded for the prior year's second quarter. In the second
quarter of 2007, gross profit margins improved to 68.4% from 65.9%
in the same quarter of 2006. Operating income for the second
quarter of 2007 increased to $346,000, versus $181,000, in the
second quarter of 2006. The Company's net income for the second
quarter of 2007 was $459,000, or $0.02 per share, versus $178,000,
or $0.01 per share, for the second quarter of 2006. The Company's
backlog of unrecognized software license and implementation fees
increased by over $1.7 million from the prior quarter to
approximately $7.2 million. The second quarter's results marked the
12th consecutive quarter of comparable quarter-to-quarter revenue
growth for the Company. The Company's cash flows from operations
were a record $2.175 million for the quarter, up from $380,000 in
the prior year's second quarter. Cash flows included the $1.004
million deposit in escrow that was returned to the Company in May
as a result of the appellate court's reversal of the summary
judgment. The Company also received an additional $80,000 in
accrued interest as a result of return of the deposit in escrow.
Recurring annual maintenance revenues for the quarter were running
at an annualized rate of over $6.6 million. Based on backlog as of
June 30, 2007, the Company's annual recurring revenues, when all
contracted customer sites are implemented, will be approximately
$7.9 million. As of June 30, 2007, the cash balance increased to
$5.13 million from $2.55 million on December 31, 2006. For the
first six months of 2007, Global Med's record revenues reached
$7.688 million, up $1.858 million or 31.9% from $5.83 million for
the first half of 2006. Operating income in the first half of 2007
increased to $642,000 from $239,000 in the first half of 2006. The
Company's net income for this period was $746,000, or $0.03 per
share, versus $957,000, or $0.04 per share, for the first six
months of 2006. However, 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. Without these non-cash gains,
net income in the first half of 2006 would have been $233,000. The
Company's cash flows from operations were a record $2.679 million
for the first half of 2007, up from $513,000 in the prior year's
first half. Cash flows included the $1.004 million deposit in
escrow that was returned to the Company in May as a result of the
appellate court's reversal of the summary judgment. The Company
also received an additional $80,000 in accrued interest as a result
of the return of the deposit in escrow. Second Quarter 2007
Business Developments and Announcements: * Customer site base
reached 634: 423 live sites and 211 backlog sites. * OhioHealth's
Morrow County Hospital purchased the SafeTrace Tx(R) software
system. * Hackensack University Medical Center, largest provider of
inpatient and outpatient services in New Jersey and fourth largest
in U.S., became a Vein-to-Vein(R) client. * $1 million summary
judgment deposit was returned to Global Med. * Antelope Valley
Hospital of California chose the Vein-to-Vein system. * Global Med
SafeTrace(R) software system chosen by U.S. Department of Defense
for Ethiopian blood bank safe blood program. * Sarasota Hospital
and Suncoast Communities Blood Bank utilized Global Med technology
to strengthen their operating partnership. * The Company's ElDorado
Donor Doc(TM) software received 510(k) clearance from the U.S. Food
and Drug Administration ("FDA") in May. * Global Med received
patent approval of SafeTrace Tx, including key features allowing
for just-in-time inventory management by hospitals and blood banks.
Michael I. Ruxin, M.D., Chairman and CEO of Global Med
Technologies, Inc., commenting on the quarterly results, stated,
"The Company's revenues and cash flows for both this quarter and
the first half of the year were the best thus far. Our revenues,
recurring revenues from maintenance, backlog and cash all continue
to grow strongly. Our goal is to have continued double-digit
revenue growth and become the 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 another great quarter. Our
revenues are at record levels and are growing rapidly. In addition,
our second quarter's new system sales were higher than ever and
increased our backlog of unrecognized software and implementation
fees by over $1.7 million to $7.2 million. We continue to make
significant investments and progress in the development of
ElDorado, and we are currently offering our ElDorado Donor Doc
module for sale. We plan to submit additional products to market to
the FDA for 510(k) clearance during 2007. Accordingly, during the
quarter, we increased our level of investment in research and
development by 29% to $834,000 from $648,000 in the second quarter
of 2006. We believe the introduction of these new products will
help fuel continued 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 and six months ended June 30, 2007 and
2006: Global Med Technologies, Inc. (OTC:GLOB.OB) (BULLETIN BOARD:
GLOB.OB) Selected Results Three Months Ended June 30, In (000s)
Except Per Share Information (Unaudited) 2007 2006 Revenues $3,969
$3,014 Cost of goods sold 1,255 1,029 Operating expenses 2,368
1,804 Income from operations 346 181 Other income, (expenses) and
(taxes) 113 (3) Net income $459 $178 Income per share Basic $0.02
$0.01 Diluted $0.01 $0.00 Weighted average shares outstanding Basic
23,294 23,212 Diluted 40,138 39,260 Cash flows provided by in
operations $2,175* $380 Global Med Technologies, Inc. (OTC:GLOB.OB)
(BULLETIN BOARD: GLOB.OB) Selected Results Six Months Ended June
30, In (000s) Except Per Share Information (Unaudited) 2007 2006
Revenues $7,688 $5,830 Cost of goods sold 2,394 2,048 Operating
expenses 4,652 3,543 Income from operations 642 239 Other income,
(expenses) and (taxes)*** 104 718 Net income $746 $957 Income per
share Basic $0.03 $0.04 Diluted $0.02 $0.02 Weighted average shares
outstanding Basic 23,253 23,122 Diluted 39,349 40,531 Cash flows
provided by in operations $2,679 $513 About Global Med
Technologies, Inc. Global Med Technologies(R), Inc. is an
international e-Health medical information technology company
providing information management software products and services to
the healthcare industry. Its Wyndgate Technologies(R) 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 Donor Doc(TM) interactive donor health history
questionnaire, SafeTrace(R) donor management system and the
SafeTrace Tx(R) advanced transfusion 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 three
and six months ended June 30, 2007 are not necessarily indicative
of the results that may be expected for any other future period.
*Cash flows from operations for the three and six months ended June
30, 2007 were $2.175 million and $2.679 million, respectively, and
included the $1.004 million deposit in escrow that was returned to
the Company in May as a result of the appellate court's reversal of
the summary judgment. The Company also received an additional $80
thousand in accrued interest as a result of return of the Deposit
in escrow. **This product is not for sale in the U.S. with the
exception of the Donor Doc module. The new product offering is
being demonstrated to the international market in anticipation of
its future availability. ***During 2006, the Company recognized
approximately $724,000 in non-cash gains associated with certain
features of the Series A Convertible Preferred Stock until March
29, 2006, the date that such features were removed.
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(R), Inc., +1-303-238-2000 ext 121; or Investors,
Paul M. Holm of HL Lanzet, +1-212-888-4570, Web site:
http://www.globalmedtech.com/
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