Global Med Technologies(R) Delivers Record First Quarter 2008 Revenues and Cash Balances
May 13 2008 - 9:00AM
PR Newswire (US)
Revenues Rose Over 23.5%, Operating Income Rose Over 111% DENVER,
May 13 /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,
today reported record revenues and cash balances for the first
quarter ended March 31, 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO) Global
Med's record revenues of $4.593 million for the first quarter of
2008 represent an increase of $874,000 or 23.5% over the $3.719
million recorded for the comparable 2007 period. In addition, the
Company's cash balance increased $637,000 to $7.385 million as of
March 31, 2008 from $6.748 million as of December 31, 2007. In the
first quarter of 2008, operating income improved to $625,000 from
$296,000 during the comparable 2007 period. The Company's net
income for the first quarter of 2008 was $360,000, or $0.01 per
basic common share outstanding, versus $287,000, or $0.01 per basic
common share outstanding, for the comparable 2007 period. The first
quarter's results marked the 15th consecutive quarter of comparable
quarter-to-quarter revenue growth for the Company. Global Med's
cash flows from operations for the first quarter of 2007 were
$867,000, up nearly 72% from $504,000 recorded for the comparable
2007 period. Recurring annual maintenance revenues for the quarter
were running at an annualized rate of over $7.6 million. Based on
backlog as of March 31, 2008, the Company's annual recurring
revenues, when all contracted customer sites are implemented, will
be approximately $9.4 million. The Company's backlog of
unrecognized software license fees and implementation fees was
approximately $5.8 million. 2008 Business Developments and
Announcements: -- The Company announced its planned acquisition of
Inlog, SA, a French medical software company and its German
subsidiary, for up to $11.5 million in consideration.* -- Owner's
equity increased to over $3.4 million. -- Customer site base
reached 708 total sites: 505 live sites and 203 backlog sites. --
Global Med presented at the LD MICRO and Roth Capital investor
conferences. -- Global Med's proprietary transfusion software,
SafeTrace Tx(R), was issued a patent by the United States Patent
and Trademark Office. Its Remote Crossmatch capability facilitates
Just-In-Time Inventory Management. -- The Company received 510(k)
clearance from the U.S. Food and Drug Administration ("FDA") for
ElDorado Donor(TM). Michael I. Ruxin, M.D., Chairman and CEO of
Global Med Technologies, Inc., commenting on the quarterly results,
stated, "The Company's record revenues and cash balances provide
Global Med with substantial momentum going into the second quarter.
For our first quarter, we added nearly $700,000 to our backlog of
recurring revenues from maintenance. Our goal is to have continued
organic double-digit revenue growth for 2008 and annually
thereafter. Our planned acquisition of Inlog, SA*, a French medical
software company, and its German subsidiary, would be a
transforming event for the Company. The planned acquisition would
expand the Company's global reach to over 1,400 sites in 20
countries, and also help to hasten the Company's entrance into the
European market." Thomas F. Marcinek, the Company's President and
COO, stated, "Global Med continues to execute on its business plan.
The Company had record sales levels during the quarter and signed a
strategic alliance with Cerner Corporation ("Cerner"). Cerner will
market the Company's products in conjunction with Cerner's
universally known Millennium Suite laboratory information system
(LIS)." Mr. Marcinek continued, "The Company's revenues are at
record levels, our recurring revenues continue to grow, and we now
have new FDA 510(k) cleared products. We believe the introduction
of our new products will help to fuel continued revenue growth,
which is critical to meet our business goal to become the world
leader in our market segment." The following table provides
information related to the Company's operations for the three
months ended March 31, 2008 and 2007: 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) 2008 2007 Revenues $4,593 $3,719 Cost of revenues 1,558
1,139 Operating expenses 2,410 2,284 Income from operations 625 296
Other income, (expenses) and (taxes) (265) (9) Net income $360 $287
Income per share Basic $0.01 $0.01 Diluted $0.01 $0.01 Weighted
average shares outstanding Basic 26,935 23,212 Diluted 44,915
38,561 Cash flows provided by operations $867 $504 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 also being used in Canada, Africa,
and the Caribbean. Wyndgate's software provides Vein-to-Vein(R)
tracking from donor collection to patient transfusion through its
Donor Doc(TM) interactive donor health history questionnaire,
ElDorado Donor(TM) and SafeTrace(R) donor management systems, to
its SafeTrace Tx(R) advanced transfusion management system. Global
Med's PeopleMed(R), Inc. subsidiary provides custom software
validation, consulting and compliance solutions to hospitals and
blood centers. PeopleMed's in-depth knowledge of Wyndgate's
products and the blood banking industry results in cost-effective
validation services, which leads to more efficient software
implementations and upgrades for our customers. 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/. * The
Inlog, SA planned acquisition is subject to completion of
financing, which has not been finalized by the Company. This news
release may include statements that constitute forward-looking
statements, usually containing the words "believe," "estimate,"
"project," "expects" or similar expressions. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions
or changes after the date of this news release.
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Michael I. Ruxin, M.D. of Global Med Technologies,
Inc., +1-303-238-2000, ; or Paul Holm, President of
portfoliopr.inc, +1-212-888-4570, , for Global Med Technologies,
Inc. Web site: http://www.globalmedtech.com/
http://www.peoplemed.com/ http://www.wyndgate.com/
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