(all figures are in US dollars)
- Product sales revenue increases 510%
- Operating loss narrows significantly
VANCOUVER, May 26 /CNW/ - CRH Medical Corporation (CRM:TSX-V) announced
today that it recorded revenues of $1,735,890 for the three months ended March
31, 2009 compared to $1,347,442 for the three months ended March 31, 2008. The
Company reported Clinic operations revenue of $1,407,197 for the three months
ended March 31, 2009 compared to $1,293,568 for the same period in 2008.
Product sales revenue increased 510% to $328,693 for the three months ended
March 31, 2009 compared to $53,874 for the same period in 2008.
For the three months ended March 31, 2009 the Company reported an
operating loss of $665,060 compared to $970,470 for the same period in 2008,
an improvement of 32%. The Company reported a net loss of $705,008 ($0.016 per
share) for the three months ended March 31, 2009 compared to $958,738 ($0.021
per share) for the same period in 2008.
Additionally, the Company announced that as of March 31, 2009 it had
$104,982 in cash and cash equivalents and approximately $1.1 million in
working capital. On April 7, 2009, the Company closed a private placement
financing for net proceeds of approximately $1.8 million.
Edward Wright, Chief Executive Officer stated, "Our Partnership Program
continues to perform very well during these challenging economic conditions.
The growth of our Partnership Program in combination with our Center and
Corporate cost saving initiatives has reduced our quarterly operating loss to
its lowest level since the first quarter of 2006, which is in line with our
goal of achieving profitability in 2010."
The Company's December 31, 2008 financial report will be available on
About CRH Medical Corporation:
CRH Medical Corporation specializes in the treatment of hemorrhoids
utilizing its proven treatment protocol and patented proprietary technology.
CRH's single use, disposable, hemorrhoid technology is safe and highly
effective in treating hemorrhoid grades I - IV. CRH Medical employs two
commercialization strategies: First, it operates Centers for Colorectal Health
facilities in the United States specializing in the treatment of hemorrhoids
and fissures, and colon cancer screening. In addition CRH distributes its
hemorrhoid banding technology, treatment protocols, operational and marketing
expertise as a complete, "turn key" package directly to its partner
physicians. The Company's goal is to establish the CRH hemorrhoid technology
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 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) changes in the economy may affect
the Company's business; (ii) the Company's ability to successfully recruit and
retain sufficient qualified physicians and other licensed providers; (iii) our
limited available working capital and cash flows and our ability to raise
additional capital as and when needed (iv) the Company's ability to
manufacture its products; (v) the policies of health insurance carriers in the
United States may affect the amount of revenue the Company receives; (vi) the
Company's ability to successfully market its products; (vii) market acceptance
of its technologies and products; (viii) the competitive environment and
impact of technological change; (ix) changes in United States federal or state
laws, rules, and regulations, including but not limited to those governing the
corporate practice of medicine, fee splitting, Anti-Kickback Statute and Stark
Law; (*) ability to effectively manage growth and retain senior management
personnel; and (xi) product liability and medical malpractice claims, which
may adversely affect our operations. 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: 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