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Online Trading Stock And Medical software systems provider, Global Med Technologies, Inc., reported increased 2nd quarter revenue due to its blood bank software systems sales.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our health poll too!

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Stock System Trading Aug 8, 2004 (AXcess News) Denver - Medical software systems provider, Global Med Technologies, Inc. (OTCBB: GLOB), reported increased 2nd quarter revenue due to its blood bank software systems sales.

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Stock Investing Game Global Med said in an announcement released Friday that non-GAAP sales figures for the 2nd quarter were approximately $2.76 million.

Market Stock Trading The Company stated that the revenues could not be recorded in the current period due to "issues primarily associated with certain development commitments and milestone billings." Global Med's contracts require it to fulfill certain aspects of those agreements, even though the work was paid for at that time, forcing it to recognize that revenue under GAAP when those contractual terms had been fulfilled.

Online Stock Trading Canada Global Med's CEO, Michael I. Ruxin M.D., commented in Friday's announcement about the non-GAAP revenue saying, "due to revenue recognition issues, the Company had to defer a substantial portion of the new system sales. Revenue recognition issues primarily associated with certain development commitments and milestone billings on some of these contracts prevented the Company from immediately recognizing all of the revenues from these transactions and resulted in the deferral of approximately $1.3 million of the $1.41 million in software license fees. The Company believes that a majority of this revenue will be recognized prior to the end of 2004, and all of the revenue referenced above will be recognized within the next 15

Stock Investing Basics Months."AdvertisementRuxin went on to laud his company's business development say, "Global Med has an impressive pipeline of prospective business and potential recurring revenues. The projected five-year value of products and services to be provided under the contracts signed in the second quarter is approximately $3.35 million."

Day Online Stock Trading Friday's news marked the second time in recent months the Denver-based medial software systems provider has pointed to future sales. In early June Global Med said it had over $3 million in backlog orders from business generated during the prior six months.

Online Stock Trading Game Shares of Global Med Technologies, Inc. (OTCBB: GLOB) closed Friday at 70 cents, up 10 cents or 16.67%, on 700 shares volume. The 90-day average daily volume was reported to be only 6,681 shares.

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