First Nine Months Revenues are Record High, $23.68 Million Record
Q3 Net Income of $1.10 million* and Revenues of $7.26 million
DENVER, Nov. 11 /PRNewswire-FirstCall/ -- Global Med Technologies®,
Inc. ("Global Med" or the "Company") (OTC:GLOB) (BULLETIN BOARD:
GLOB) , an international healthcare information technology company,
today reported its operating results for the three and nine months
ended September 30, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO) Global
Med reported record net income of $1.10 million* (*Reflects the
reversal of a $1.004 million legal accrual. Without the reversal of
the legal accrual during the three and nine months ended September
30, 2009, the Company's results would have been materially
different.), or earnings of $0.03 per basic common share, for the
three months ended September 30, 2009 compared to a net loss of
$228 thousand, or a loss of $0.01 per basic common share for the
comparable period in 2008. This represents a $1.33 million increase
in net income for the third quarter of 2009 when compared with the
comparable period in 2008. In the third quarter of 2009, operating
income improved to $1.12 million from a $118 thousand loss during
the comparable 2008 period. For the first nine months of 2009, the
Company's revenues increased to $23.68 million or a 45% increase
over the $16.38 million in revenues recognized during the
comparable period in 2008. The Company's third quarter revenues
increased to $7.26 million representing a 5% increase from the
$6.94 million in the comparable period in 2008. While the Company's
acquisitions of Inlog and eDonor in 2008 were the primary drivers
of revenue growth for the three and nine months ended September 30,
2009, the Company's organic business also experienced revenue
growth during these periods when compared with the comparable
periods during 2008. For the nine months ended September 30, 2009,
income from operations improved to $2.80 million from $840 thousand
for the comparable period during 2008. The Company's net income for
the first nine months of 2009 was $1.70 million, or $0.05 per basic
common share outstanding, versus $284 thousand, or $0.01 per basic
common share, for the comparable period during 2008. Global Med's
cash flow from operations for the first nine months of 2009 was
$3.87 million, a more than 248% increase over the $1.11 million
recorded for the first nine months of 2008. Recurring annual
maintenance revenues for the quarter were running at an annualized
rate of approximately $17 million. Based on the Company's backlog
as of September 30, 2009, the Company's annual recurring revenues,
when all contracted customer sites are implemented, would be nearly
$19.1 million**, an increase of 18% over the comparable period in
2008. The Company's backlog of unrecognized software license fees
and implementation fees as of September 30, 2009 was approximately
$8.6 million, an increase of 23% over the comparable period in
2008. **Includes recurring revenues from the Hemo-Net acquisition
that was completed on November 3, 2009. Third Quarter 2009 Business
Developments and Announcements: -- The Company's Inlog subsidiary
licensed its EdgeCell cellular therapy software and EdgeLab/HLA
laboratory information management software for human leukocyte
antigen matching (marketed as "Labo Serveur" in France) to
Hema-Quebec, the official blood supplier for Quebec, Canada. -- A
binding letter of intent to market verIDhemos, a breakthrough
transfusion safety RFID product, was signed with verIDentia SL of
Spain. -- Global Med's Wyndgate division, together with one of its
major channel partners, licensed its ElDorado Donor, Donor Doc and
eDonor solutions to a major East Coast pediatric hospital. Mick
Ruxin, M.D., Chairman and CEO of Global Med Technologies, Inc.,
commenting on today's announcement stated, "The Company continues
to increase revenue and profits in spite of the difficult economic
climate. Although we continue to experience a longer sales cycle in
the United States, we are pleased that our organic business
revenues have continued to grow. In addition, we have seen a 23%
increase in our Company's backlog from the comparable quarter
during 2008. Our Inlog and eDonor acquisitions are providing us
with a number of cross-selling opportunities that have already
begun to yield benefits, and we expect that trend to continue."
Thomas F. Marcinek, the Company's President and COO, stated,
"Global Med continues to remain profitable in spite of difficult
economic times. In addition, we recently signed a letter of intent
("LOI") with VerIDentia SL to exclusively sell their verIDhemos
transfusion safety system. VerIDentia's product, VerIDhemos, is
comprised of an RFID patient wristband with barcodes, a locked
security container imbedded with electronic circuit boards
containing microprocessors and memory, and a software system that
is planned to be integrated with SafeTrace Tx®, Wyndgate's hospital
transfusion system, and EdgeTrack, Inlog's hospital transfusion
system. The verIDhemos system is the link that will close Global
Med's Vein-to-Vein® loop. The LOI with VerIDentia has provided us
with exclusive marketing rights in North America, Japan, Brazil,
most of Europe, the Middle East and Asia. Although it is not
currently available for sale in the U.S., Global Med will be
seeking FDA clearance to market the verIDhemos product in 2010. We
believe our relationship with VerIDentia will provide us with
opportunities for additional sales to our existing customer base
and elsewhere." The Company will host a conference call today at
11:00 a.m. Eastern. Mick Ruxin, M.D., Chairman and CEO, Tom
Marcinek, President and COO, and Darren Craig, Acting CFO, will
discuss the third quarter financial results and will be available
to answer questions. Interested parties are welcome to call the
following telephone numbers five minutes prior to the start of the
conference call. Callers within the US should call: 1-866-394-9731.
Callers that are outside of the U.S. should call: 1-706-643-7541.
Callers should reference "Global Med Third Quarter Financial
Results" to the conference call operator. The conference call ID
number will be: 40197655. Internet access to the call will be
available on the Company's web site at
http://www.globalmedtech.com/. The webcast replay will be available
until Friday, November 13, 2009. An automated replay of the
conference call will be available from Wednesday, November 11, 2009
at 2:00 p.m. EDT until Friday, November 13, 2009 at 11:59 p.m. EDT.
To access the replay, callers within the US should call:
1-800-642-1687. Callers outside of the US should call:
1-706-645-9291 and enter Global Med's access code of 40197655. The
following tables provide information related to the Company's
operations for the three and nine months ended September 30, 2009
and 2008: GLOBAL MED TECHNOLOGIES, INC. (OTC:GLOB.OB) (BULLETIN
BOARD: GLOB.OB) Selected Operating Results (Unaudited) Three Months
Ended September 30, In (000s) Except Per Share Information 2009*
2008 ---- ---- Revenues $7,257 $6,940 Cost of revenues 2,812 2,759
Operating expenses, exclusive of legal accrual reversal 4,325 4,299
Legal accrual reversal (1,004) -- Income from operations $1,124
(118) Other income (expense), net (164) (164) Income tax benefit
143 54 Net income (loss) $1,103 ($228) Income per share: Basic
$0.03 $(0.01) Diluted $0.02 $(0.01) EBITDA $1,496 $230
Weighted-average shares outstanding: Basic 35,891 30,754 Diluted
45,532 30,754 Selected Operating Results (Unaudited) Nine Months
Ended September 30, In (000s) Except Per Share Information 2009*
2008 ---- ---- Revenues $23,675 $16,378 Cost of revenues 9,018
6,177 Operating expenses, exclusive of legal accrual reversal
12,859 9,361 Legal accrual reversal (1,004) -- Income from
operations 2,802 840 Other income (expense), net (542) (126) Income
taxes (563) (430) Net income $1,697 $284 EBITDA 3,845 1,302 Income
per share: Basic $0.05 $0.01 Diluted $0.04 $0.01 Weighted-average
shares outstanding: Basic 34,775 28,546 Diluted 44,415 46,898
Reconciliation of Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) to net income (loss) in (000s): Three Three
Nine Nine Months Ended Months Ended Months Ended Months Ended
September September September September 30, 2009 30, 2008 30, 2009
30, 2008 -------- -------- -------- -------- EBITDA $1,496 $230
$3,845 $1,302 Other income (expenses), net (164) (164) (542) (126)
Income tax benefit (expense) 143 54 (563) (430) Depreciation and
amortization (372) (348) (1,043) (462) Net income $1,103 $(228)
$1,697 $284 GLOBAL MED TECHNOLOGIES, INC. (OTC:GLOB.OB) (BULLETIN
BOARD: GLOB.OB) Selected Cash Flow Information (Unaudited) Nine
Months Ended September 30, In (000s) 2009 2008 ---- ---- Cash flows
provided by (used in): Operations $3,872 $1,114 Investing
activities (367) (9,879) Financing activities (1,552) 8,652 Effect
of exchange rates on cash 45 (116) Net increase (decrease) in cash
1,998 (229) Cash, beginning of period 4,472 6,748 Cash, end of
period $6,470 $6,519 Selected Balance Sheet Information In (000s)
September December 30, 2009 31, 2008 -------- -------- (Unaudited)
Cash, cash equivalents and marketable securities $6,799 $4,660
Other current assets 6,457 9,566 Current assets 13,256 14,226
PP&E 1,249 1,385 Intangible assets 13,959 14,081 Other
long-term assets 88 92 Total assets $28,552 $29,784 Accounts
payable, accrued expenses and other current liabilities $7,078
$6,759 Deferred revenue 4,761 6,361 Current portion of long-term
debt 2,370 2,335 Total current liabilities $14,209 15,455 Long-term
debt 5,976 7,853 Other long-term liabilities 73 1,065 Total
liabilities 20,258 24,373 Total stockholders' equity 8,294 5,411
Total liabilities and stockholders' equity $28,552 $29,784 About
Global Med Technologies®, Inc. Global Med Technologies, Inc. is an
international healthcare information technology company which
develops regulated and non-regulated products and services for the
healthcare industry. As a leading provider of blood and laboratory
systems and services, Global Med's products are deployed in 20
countries and serve over 2,100 transfusion centers, blood banks and
laboratory sites. Global Med's domestic companies are Wyndgate
Technologies®, a leader in software products and services for donor
centers and hospital transfusion services; eDonor®, which offers
web-based donor relationship management systems; Hemo-Net®, a
healthcare application service provider; and PeopleMed®, Inc.,
which implements cost-effective software validation, consulting and
compliance solutions to hospitals and donor centers. Global Med's
European subsidiary, Inlog, SA, is a leading developer of donor
center and transfusion management systems as well as cellular
therapy software, laboratory information systems and quality
assurance medical software systems internationally. For more
information about Global Med's products and services, please call
800-996-3428 or visit http://www.globalmedtech.com/. 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 investors, Jeffrey Benison, Investor
Relations, +1-212-334-8709, , for Global Med Technologies, Inc. Web
Site: http://www.globalmedtech.com/
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