- Q2 revenues increased 38% versus Q1
- Company changes reporting currency from Canadian to US dollars
VANCOUVER, Aug. 21 /CNW/ - CRH Medical Corporation (CRM:TSX-V) announced
today results for the three and six months ended June 30, 2007 (all figures
are in US dollars). The Company recorded revenues of $695,994 and $1,202,048
for the three and six months ended June 30, 2007 compared to $99,308 and
$168,125 for the same periods in 2006. The Company recorded a net loss of
$773,785 ($0.02 per share) and $1,950,824 ($0.05 per share) for the three and
six months ended June 30, 2007 compared to a loss of a net loss of $1,083,343
($0.02 per share) and $2,018,931 ($0.05 per share) for the same period in
2006. Additionally, the Company announced that as of June 30, 2007 it had
approximately $4.5 million in cash and cash equivalents and working capital of
Commenting on the Company's second quarter results, Edward Wright, Chief
Executive Officer, CRH Medical Corporation stated, "We continue to see strong
quarter over quarter growth with total revenue increasing 38% in the second
quarter compared to the first quarter of 2007. As the awareness of our
Centers' for Colorectal Health continues to build, we expect patient demand
for our technology and treatment protocols to show further increases. We also
expect to add additional Centers in the near future and hope to report on our
progress in this regard soon."
During the quarter the Company determined that its functional currency
had changed from the Canadian dollar to the United States ("U.S.") dollar
because the majority of its operations are now denominated in U.S. dollars.
Concurrent with this change in functional currency, the Company adopted the
U.S. dollar as its reporting currency effective January 1, 2007 and,
therefore, restated first quarter 2007 results in US dollars.
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. CRH Medical is opening its Center for Colorectal Health facilities
in the United States specializing in the treatment of hemorrhoids and
fissures, and colon cancer screening. 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: visit the Company's website at
www.crhmedcorp.com or the SEDAR website at www.sedar.com or email us at