CRH Medical reports Q2 2008 results



    
    -   Revenues increase 138% versus Q2 2007
    -   Nine new Centers opened to date in 2008
    

    VANCOUVER, Aug. 28 /CNW/ - CRH Medical Corporation (CRM:TSX-V) announced
today unaudited results for the three and six months ended June 30, 2008 (all
figures are in US dollars). Revenue for the three months ended June 30, 2008
increased 138% to $1,653,891 compared to $695,994 for the same period in 2007.
Revenue for the six months ended June 30, 2008 increased 150% to $3,001,333
compared to $1,202,048 for the same period in 2007. The Company recorded a net
loss of $1,097,973 ($0.02 per share) and $2,056,711 ($0.05 per share) for the
three and six months ended June 30, 2008 compared to a net loss of $773,785
($0.02 per share) and $1,950,824 ($0.05 per share) for the same periods in
2007. Additionally, the Company announced that as of June 30, 2008 it had
$1.976 million in cash and cash equivalents and working capital of
$2.986 million.
    The Company also announced that for the three months ended June 30, 2008,
it had 6,496 patient visits at its Centers for Colorectal Health compared to
2,859 patient visits for the same period in 2007.
    Commenting on the second quarter, 2008 results, Edward Wright, Chief
Executive Officer stated, "The addition of nine new centers opened to date in
2008 continues to demonstrate our ability to expand the Centers for Colorectal
Health network. Additionally our direct to physician initiative, whereby we
provide training and support for physicians purchasing our technology, is
garnering strong momentum. These two strategies enable greater accessibility
to our technology and treatment protocols which we expect will provide
significant revenue growth."

    
    Summary of interim results (expressed in United States dollars):

    Consolidated Balance Sheet
    -------------------------------------------------------------------------
                                                       June 30,  December 31,
                                                          2008          2007
    -------------------------------------------------------------------------
    Current assets:
      Cash and cash equivalents                    $ 1,975,571   $ 3,531,818
      Accounts receivable                            1,452,086       975,290
      Inventory                                         53,669        30,716
      Prepaid expenses and deposits                    170,888       262,084
      -----------------------------------------------------------------------
                                                     3,652,214     4,799,908
    Property and equipment                             871,710       879,394
    Intellectual property                              696,739       734,293
    -------------------------------------------------------------------------
                                                   $ 5,220,663   $ 6,413,595
    Current liabilities:
      Accounts payable and accrued liabilities     $   624,986   $   323,791
      Deferred leasehold inducements                    41,426        41,426
      -----------------------------------------------------------------------
                                                       666,412       365,217
    Deferred leasehold inducements                      80,571        98,729
    Shareholders' equity:
      Share capital (note 6)                        14,999,482    14,933,072
      Contributed surplus (note 6)                   2,919,956     2,405,624
      Accumulated other comprehensive loss             (66,772)      (66,772)
      Deficit                                      (13,378,986)  (11,322,275)
      -----------------------------------------------------------------------
                                                     4,473,680     5,949,649
    -------------------------------------------------------------------------
                                                   $ 5,220,663   $ 6,413,595
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Operations, Comprehensive Loss and Deficit
    -------------------------------------------------------------------------
                           Three months ended           Six months ended
                       --------------------------  -------------------------
                           June 30,      June 30,      June 30,      June 30,
                              2008          2007          2008          2007
    -------------------------------------------------------------------------

    Revenue:
      Center
       operations      $ 1,504,072   $   646,700   $ 2,797,640   $ 1,099,617
      Product sales        149,819        49,294       203,693       102,431
      -----------------------------------------------------------------------
                         1,653,891       695,994     3,001,333     1,202,048
    Expenses:
      Center
       operations
       and development   1,890,804     1,073,035     3,436,221     2,241,578
      Medical products     143,336        84,473       214,932       142,119
      Corporate and
       other               640,103       569,702     1,253,735     1,017,282
      Depreciation
       and
       amortization         88,325        72,665       175,592       137,331
      -----------------------------------------------------------------------
                         2,762,568     1,799,875     5,080,480     3,538,310
    Operating loss      (1,108,677)   (1,103,881)   (2,079,147)   (2,336,262)
    Other items:
      Interest income       13,439        41,548        34,237        83,574
      Foreign exchange
       gain (loss)          (4,226)      288,548       (13,912)      301,864
      Other income           1,491             -         2,111             -
      -----------------------------------------------------------------------
                            10,704       330,096        22,436       385,438
    Net loss and
     comprehensive
     loss               (1,097,973)     (773,785)   (2,056,711)   (1,950,824)
    Basic and diluted
     loss per share    $     (0.02)  $     (0.02)  $     (0.05)  $     (0.05)
    Weighted average
     shares
     outstanding        44,878,418    43,177,351    44,801,334    43,054,684
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    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 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: Dean Linden, Corporate Communications, CRH
Medical Corporation at (604) 633-1440 or ir@crhmedcorp.com. Additional
information may also be found by visiting the Company's website at
www.crhmedcorp.com or the SEDAR website at www.sedar.com


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