- Product sales revenue increases 300%
- Net loss narrows significantly
(all figures are in US dollars)
VANCOUVER, Aug. 10 /CNW/ - CRH Medical Corporation (CRM:TSX-V) announced
today unaudited results for the three and six months ended June 30, 2009.
Highlights of the quarter include:
- Total revenue for the three months ended June 30, 2009 was $1,853,349
compared to $1,653,891 for the same period in 2008. Total revenue for
the six months ended June 30, 2009 was 3,589,239 compared to
$3,001,333 for the same period in 2008.
- For the three months ended June 30, 2009 product revenue increased
225% to $486,971 compared to $149,819 for the same period in 2008.
For the six months ended June 30, 2009 product revenue increased 300%
to $815,664 compared to $203,693 for the same period in 2008.
- The Company recorded a net loss of $363,786 ($0.01 per share) and
$1,068,794 ($0.02 per share) for the three and six months ended June
30, 2009 compared to a net loss of $1,097,973 ($0.02 per share) and
$2,056,711 ($0.05 per share) for the same periods in 2008.
- As of June 30, 2009 the Company had $1,609,017 in cash and cash
equivalents and approximately $2.9 million in working capital. On
April 7, 2009, the Company closed a private placement financing for
net proceeds of approximately $1.7 million. In April the Company also
repaid the $350,000 outstanding on its revolving line of credit.
Edward Wright, Chief Executive Officer stated, "We believe CRH Medical
Corporation is affecting a "Paradigm Shift" in the treatment of hemorrhoids
through physicians utilizing its proprietary CRH O'Regan System. Our product
sales revenue continues to build and we have trained only 252 of the more than
8,000 gastroenterologist in the United States. The continued growth of our
Partnership Program in combination with our cost saving initiatives has
enabled CRH to dramatically decrease our net loss which is in line with our
goal of achieving profitability in 2010."
The Company's June 30, 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; (xi) changes as a result of health care reform in the United States
and (xii) 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: 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