- Revenue increases 95%
(all figures are in US dollars)
VANCOUVER, April 25 /CNW/ - CRH Medical Corporation (TSX-V:CRM) announced today that it recorded
revenues of $3,645,118 for the year ended 2010 compared to $1,864,728
for the year ended December 31, 2009.
For the year ended December 31, 2010 the Company reported an operating
loss of $208,940 compared to an operating loss of $1,219,400 for the
same period in 2009.
As a result of the Company's decision to discontinue its Center
Operations business segment, the Company reported a loss from
discontinued operations of $1,407,150 for the year ended December 31,
2010 compared to a loss of $990,506 for the same period in 2009.
The Company reported a net loss of $1,616,817 ($0.03 per share) for the
year ended December 31, 2010 compared to a net loss of $2,552,347
($0.05 per share) for the same period in 2009.
Additionally, the Company announced that as of December 31, 2010 it had
$1,792,461 in cash and cash equivalents and $1,979,082 in working
Commenting on the year end results Edward Wright, the Company's CEO,
said "In making the critical decision to discontinue the Center
Operations business, and focus 100% on our Direct to Physician
business, the Company is now poised for growth and expects to achieve
profitability in the very near future."
The Company also announced that on April 27, 2011 it will report
expected financial results for the three months ending March 31, 2011
and hold a conference call. The conference call will take place at 1:15
pm PST Wednesday April 27, 2011 and can be accessed by dialing
1-866-782-8903. At the call's completion, an audio replay will be
available by calling 1-866-245-6755 and using passcode 321070. The
phone replay will be available through May 1, 2011.
The Company's December 31, 2010 financial report will be available on www.sedar.com
About CRH Medical Corporation:
CRH Medical Corporation is a value added resource to the
Gastroenterologist community, providing the CRH O'Regan System, as well
as delivering related, clinical, marketing and operational support
directly to its partner physicians. CRH utilizes its web based platform
to connect doctors with patients as well as educating its ever
increasing install base of physicians. CRH's single use, disposable,
hemorrhoid technology is safe and highly effective in treating
hemorrhoid grades I - IV. The Company's goal is to establish the CRH
O'Regan System as the standard for hemorrhoid treatment.
The information in this news release contains so-called
"forward-looking" statements. These include statements regarding CRH
Medical's expectations and plans relating to its business, statements
about the CRH reaching its goal of profitability in 2011 and statements
about CRH Medical's expectations, beliefs, intentions or strategies for
the future, which may be indicated by words or phrases such as
"anticipate", "expect", "intend", "plan", "will", "we believe", "CRH
Medical believes", "management believes", and similar language. All
forward-looking statements are based on CRH Medical's current
expectations and are subject to risks and uncertainties and to
assumptions made. Assumptions include: (i) that the growth of CRH's
product sales will continue in a consistent manner; (ii) CRH's costs
will not escalate significantly; and (iii) CRH does not incur any
Important risk factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements include: (i) we may need to raise additional capital to fund
future operations; (ii) the policies of health insurance carriers in
the United States may affect the amount of revenue the Company
receives; (iii) the Company may not successfully market its products;
(iv) changes in United States federal or state laws, rules, and
regulations; (v) our senior management has been key to our growth, and
we may be adversely affected if we lose any member of our senior
management; (vi) economic dependence on suppliers and our contract
manufacturer; (vii) changes in the industry and the economy may affect
the Company's business; (viii) evolving regulation of corporate
governance and public disclosure may result in additional corporate
expenses; (ix) we may not be able to attract Gastroenterologists and
other licensed providers to purchase and use the CRH O'Regan System;
* we may be subject to competition and technological risk which may
impact the price and amount of product we can sell; (xi) we may be
subject to product liability and medical malpractice claims, which may
adversely affect our operations; (xii) our business may be impacted by
health care reform in the United States; and (xiii) we may not have the
expertise required to expand internationally. CRH Medical bases its
forward-looking statements on information currently available to it,
and assumes no obligation to update them, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE CRH Medical Corporation
For further information:
For further information call Dean Linden, Corporate Communications, CRH Medical Corporation at 604.633.1440 or firstname.lastname@example.org. Additional information may also be found by visiting the Company's website at www.crhmedcorp.com or the SEDAR website at www.sedar.com.