- Q1 revenues approach total for all of 2006
- Company projects significant expansion in 2007
VANCOUVER, April 30 /CNW/ - CRH Medical Corporation (CRM:TSX-V) announced
today preliminary results for the quarter ending March 31, 2007. The Company
recorded revenues of $671,000 for the quarter ended March 31, 2007 compared to
$79,500 for the quarter ended March 31, 2006, and a net loss of $1,345,600 or
($0.03) per share for the quarter ended March 31, 2007 compared to a loss of
$1,080,200 or ($0.03) for the quarter ended March 31, 2006. Additionally, the
Company announced that as of March 31, 2007 it had approximately $5.6 million
in cash and cash equivalents and working capital of $6.1 million.
Commenting on the Company's first quarter results, Edward Wright, Chief
Executive Officer, CRH Medical Corporation stated, "Our first quarter revenue
almost equaled our total revenue for 2006. The strategies and tactics designed
to create awareness of our Clinics and technology are beginning to pay off.
Six months ago we implemented a number of marketing and operational
initiatives aimed at learning the metrics required to develop our business
model. Obviously our revenues have been building steadily for the last few
quarters. We believe we now know what it takes to open and operate successful
"Additionally during the first quarter, the Company initiated a
"Partnership Program" that provides physicians not currently associated with
our Clinics with the ability to access our technology, treatment protocols,
training, marketing and operational experience. Already our Partnership
Program is beginning to build with licensed physicians now successfully
treating patients with our technology. We anticipate that this program will
expedite acceptance of our brand within the medical community" said Edward
Wright further states, "By this time next year we expect to have more
than 50 physicians treating patients utilizing our technology. We believe this
aggressive expansion will be through a combination of our CRH owned Clinics
and licensed physicians under our Partnership Program."
About CRH Medical Corporation:
CRH Medical Corporation is utilizing the first single use, patented,
disposable, hemorrhoid banding system through its Center for Colorectal Health
facilities. CRH Medical is opening its Center for Colorectal Health facilities
in the United States specializing in the treatment of hemorrhoids and
fissures, and colon cancer screening. The Company's goal is to become the
preeminent resource on colorectal health for consumers and medical
professionals in North America.
The information in this news release contains so-called "forward-looking"
statements. These include statements regarding CRH Medical 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 current expectations
and are subject to risks and uncertainties and to assumptions made.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: visit the Company's website at
www.crhmedcorp.com or the SEDAR website at www.sedar.com or email us at