- Revenues up 408% versus Q3 2006
- Q3 2007 revenues increased 26% versus Q2 2007
VANCOUVER, Nov. 20 /CNW/ - CRH Medical Corporation (CRM:TSX-V) announced
today unaudited results for the three and nine months ended September 30, 2007
(all figures are in US dollars). Revenue for the three months ended
September 30, 2007 increased 408% to $879,698 compared to $215,840 for the
same period in 2006. Revenue for the nine months ended September 30, 2007
increased 542% to $2,081,746 compared to $383,965 for the same period in 2006.
The Company recorded a net loss of $777,584 ($0.02 per share) and $2,728,408
($0.06 per share) for the three and nine months ended September 30, 2007
compared to a net loss of $1,631,213 ($0.04 per share) and $3,650,144 ($0.09
per share) for the same periods in 2006. Additionally, the Company announced
that as of September 30, 2007 it had approximately $4.5 million in cash and
cash equivalents and working capital of $5.0 million.
Commenting on the Company's third quarter results, Edward Wright, Chief
Executive Officer, CRH Medical Corporation stated, "We are extremely pleased
with our rapid revenue growth, especially when compared to last year. We
continue to see strong quarter over quarter performance with total revenue
increasing 26% in the third quarter compared to the second quarter of 2007. As
previously announced we opened two additional Centers in October 2007 and
expect to continue to open Centers in a number of new markets. With these
additional Centers, and with our existing Centers showing impressive gains in
new patient visits, we expect to show continued quarter over quarter revenue
growth. For example, we are pleased to report that in the first month of the
fourth quarter, we experienced an all time record number of patient visits."
Mr. Wright continued by adding, "It's noteworthy that our net losses are
coming down significantly. Importantly, our strong balance sheet and rapid
revenue growth should allow us to continue to implement an impressive
About CRH Medical Corporation:
CRH Medical Corporation is utilizing the first single use, patented,
disposable, hemorrhoid banding system through its owned and managed Centers
for Colorectal Health. According to the National Institute of Health
approximately 50% of the U.S. population will develop hemorrhoids by age 50.
CRH Medical is opening Centers for Colorectal Health facilities in the United
States specializing in the treatment of hemorrhoids 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, Investor Relations, CRH Medical
Corporation, (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