- 2007 Revenues increase 418% versus 2006
- Q4 2007 revenues increase 32% versus Q3 2007
VANCOUVER, March 6 /CNW/ - CRH Medical Corporation (CRM:TSX-V) announced
today that it recorded revenues of $3.25 million for the year ended December
31, 2007 compared to $0.6 million for the year ended December 31, 2006 an
increase of 418%. The Company's net loss decreased to $3.5 million ($0.08) per
share for the year ended December 31, 2007 compared to $5.0 million ($0.12)
per share for the year ended 2006. Additionally, the Company announced that as
of December 31, 2007 it had approximately $4.4 million in working capital.
Revenue for the three months ended December 31, 2007 increased 32% to
$1,163,944 compared to $879,698 for the three months ended September 30, 2007.
Commenting on the 2007 results, Edward Wright, Chief Executive Officer
stated, "2007 was a breakthrough year for our Company. We have proven our
ability to create patient demand and significantly increase revenue as
evidenced by 13,461 patent visits in 2007 compared to 1,699 during 2006. As a
result, in 2008 we expect continued increases in revenue through growth of our
existing Centers and opening a significant number of new Centers."
Edward Wright further stated, "We plan to aggressively expand in 2008 by
opening at least 12 additional Centers, and to develop our 'Partnership
Program.' This program provides physicians the ability to acquire our
technology, treatment protocols, marketing and operational experience. We
anticipate the Partnership Program will significantly contribute to the
Company's revenue growth by increasing the number of physicians having access
to our technology."
The Company's December 31, 2007 financial report will be available on or
before March 31st at www.sedar.com
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. According to the National Institute of Health approximately 50% of
the U.S. population will develop hemorrhoids by age 50. CRH Medical is opening
its Center for Colorectal Health facilities in the United States specializing
in the treatment of hemorrhoids, anal fissures, and colon cancer screening and
plans to significantly increase the number of Centers for Colorectal Health
across the U.S. to address this underserved market. 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's expectations and
plans relating to its expansion plans for its Centers for Colorectal Health,
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. Important factors that could
cause actual results to differ materially from those expressed or implied by
such forward-looking statements include: (i) the company's ability to
successfully recruit medical professionals for its Centers for Colorectal
Health (ii) the company's ability to manufacture its products; (iii)
decisions, and the timing of decisions, made by the health regulatory agencies
regarding the company's products; (iv) the company's ability to enter into
distribution agreements for its products, and to complete and maintain
corporate alliances relating to the development, commercialization and use of
its technology and products; (v) market acceptance of its technologies and
products; and (vi) the competitive environment and impact of technological
change. CRH Medical bases its forward-looking statements on information
currently available to it, and assumes no obligation to update them.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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