Year-To-Date Revenue Increases 10% Compared to Same Period Last Year
VANCOUVER, B.C., Oct. 28, 2013 /CNW/ - CRH Medical Corporation (TSX: CRH) (OTCQX: CRMMF), a North American medical company focussed on
providing physicians with innovative products for the treatment of
gastrointestinal diseases, today announced its unaudited financial
results for the three and nine months ended September 30, 2013. All
financial results are expressed in U.S dollars.
Third Quarter Financial Highlights
(in 000's of US$)
"We continue to introduce the CRH O'Regan System to gastroenterologists
across the United States and work closely with existing practices by
providing ongoing support to increase usage of the O'Regan System,"
said Edward Wright, Chief Executive Officer of CRH Medical. "Going
forward, our focus will be to leverage the relationships we have with
trained and prospective physicians by offering additional products and
The Company's lead product, the O'Regan System, is a single use,
disposable, hemorrhoid treatment that is safe and highly effective in
treating hemorrhoid grades I - IV. The Company's goal is to establish
the O'Regan System as the standard of care for hemorrhoid treatment. In
addition to the product, CRH Medical delivers clinical, marketing and
operational support directly to its partner physicians.
As of September 30, 2013, the Company had $6,182,711 in cash and cash
equivalents compared to $4,511,770 as of December 31, 2012.
At the end of September 30, 2013, more than 432,000 procedures had been
performed with the CRH O'Regan System, compared to 319,000 procedures
performed at the same time last year.
As of September 30, 2013 the Company has trained 1,575 physicians to use
the O'Regan System, representing 556 clinical practices compared to
1,332 physicians trained representing 451 clinical practices as of
December 31, 2012.
CRH's Clinical Support Specialists have helped to increase the adoption
of the CRH O'Regan System by working in conjunction with the Medical
Directors, to improve the training process.
Third Quarter, 2013 Conference Call Notification
CRH Medical intends to host a telephone conference call to discuss its
third quarter results on October 29, 2013 at 10:00 am Eastern Time. The
telephone numbers for the conference call are (888) 231-8191 or (647)
At the call's completion, an audio replay will be available by calling
(855) 859-2056 and using conference ID 91550522. The phone replay will
be available through November 12, 2013.
Revenue for the three months ended September 30, 2013 was $1,850,761
compared to $1,726,392 for the three months ended September 30, 2012.
Revenue for the nine months ended September 30, 2013 was $5,636,098
compared to $5,105,605 for the nine months ended September 30, 2012.
The increase in revenue is the result of the Company's sales of its CRH
O'Regan System direct to physicians.
For the three months ended September 30, 2013, the Company recorded net
income of $453,569 ($0.01 basic and diluted income per share) compared
to net income of $337,534 ($0.01 basic and diluted income per share)
for the three months ended September 30, 2012. For the nine months
ended September 30, 2013, the Company recorded net income of $1,228,939
($0.03 basic and diluted income per share) compared to net income of
$1,035,467 ($0.02 basic and diluted income per share) for the nine
months ended September 30, 2012.
Product sales expenses for the three months ended September 30, 2013
were $964,780 compared to $1,080,797 for the three months ended
September 30, 2012. Product sales expenses for the nine months ended
September 30, 2013 were $3,140,027 compared to $2,736,578 for the nine
months ended September 30, 2012. The increase in product sales expenses
is primarily the result of Clinical Support Specialist Program
announced in September 2012.
Corporate and other expenses for the three months ended September 30,
2013 were $432,412 compared to $380,061 for the three months ended
September 30, 2012. Corporate and other expenses for the nine months
ended September 30, 2013 were $1,267,132 compared to $1,333,560 for the
nine months ended September 30, 2012.
The Company's September 30, 2013 financial report and corresponding MD&A
will be available on www.sedar.com and the Company website at www.crhmedcorp.com.
About CRH Medical Corporation:
CRH Medical Corporation is North American company focussed on providing
physicians with innovative products for the treatment of
gastrointestinal diseases. The Company's lead product, the CRH O'Regan
System, is a single use, disposable, hemorrhoid treatment that is safe
and highly effective in treating hemorrhoid grades I - IV. The O'Regan
System is rapidly emerging as the standard of care with
gastroenterologists who treat hemorrhoids. In addition to the product,
CRH Medical delivers 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.
Forward looking statements:
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 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 not continue to attract
Gastroenterologists and other licensed providers to purchase and use
the CRH O'Regan System; (ii) the policies of health insurance carriers
in the United States may affect the amount of revenue the Company
receives; (iii) changes in United States federal or state laws, rules,
and regulations; (iv) our senior management has been key to our growth,
and we may be adversely affected if we lose any member of our senior
management; (v) Our Clinical Sales Representatives may not be able to
increase adoption of the CRH O'Regan System; (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 be subject to
competition and technological risk which may impact the price and
amount of product we can sell; * we may be subject to product
liability which may adversely affect our operations; (xi) we may need
to raise additional capital to fund future operations; (xii) our
business may be impacted by health care reform in the United States;
(xiii) we may not have the expertise required to expand
internationally. As a single product company, any adverse event
directly or indirectly related to the CRH O'Regan System will have a
material impact on the Company's financial performance. CRH Medical
bases its forward-looking statements on information currently available
to it, and assumes no obligation to update them, except as required by
SOURCE: CRH Medical Corporation
For further information:
Edward Wright, Chief Executive Officer
CRH Medical Corporation
Adam Peeler, Media and Investor Relations
416.815.0700 x 225