Global Med Technologies(R) Delivers Record First Quarter 2008 Revenues and
Cash Balances
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 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 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.
SOURCE Global Med Technologies, Inc.
Michael I. Ruxin, M.D. of Global Med Technologies, Inc., +1-303-238-2000,
mick@globalmedtech.com; or Paul Holm, President of portfoliopr.inc,
+1-212-888-4570, paulh@portfoliopr.biz, for Global Med Technologies, Inc.
