REVENUE INCREASES 74%
COMPANY EXPECTS FIRST PROFITABLE QUARTER AND ANNOUNCES CONFERENCE CALL
VANCOUVER, April 27 /PRNewswire-FirstCall/ - CRH Medical Corporation (TSXV: CRM) ,
(OTCQX: CRMMF) announced today that it expects to report revenue for
the three months ended March 31, 2011 of approximately $1,245,000, an
increase of 74% as compared to revenues of $715,622 for the three
months ended March 31, 2010. The Company also announced that it expects
to report net income of $67,000 for the three months ended March 31,
2011 compared to a net loss of $300,882 for the three months ended
March 31, 2010. These amounts are preliminary unaudited management
assessments of the stated results for the period.
Edward Wright, Chief Executive Officer of CRH Medical stated, "I am
extremely excited that the Company continues a solid growth pattern
within the Gastroenterology community. As of March 31, 2011 we have a
network of 809 physicians, representing 263 practices in 41 States and
demand for our services continues to increase. It is noteworthy that we
expect to post our first ever profitable quarter. Clearly, the changes
we implemented last year are beginning to pay off, as a result we have
something to build on, and with continued success we anticipate 2011 to
be a profitable year.
The Company, like many Canadian publically traded companies, is required
to adopt International Financial Reporting Standards ("IFRS") for its
interim financial reports beginning January 1, 2011. As a result of the
transition to IFRS, the Company expects to file its financial reports
at the end of May 2011. The Company does not expect any material
differences between its December 31, 2010 balance sheet prepared in
accordance with Canadian Generally Accepted Accounting Principles and
the January 1, 2011 opening balance sheet prepared in account with
IFRS.
The Company will hold a conference call. The call will take place at
1:15 pm PST Wednesday April 27, 2011 and can be accessed by dialing
1-866-782-8903. At the call's completion, an audio replay will be
available by calling 1-866-245-6755 and using passcode 321070. The
phone replay will be available through May 1, 2011.
About CRH Medical Corporation:
CRH Medical Corporation is a value added resource to the
Gastroenterologist community, providing the CRH O'Regan System, as well
as delivering related, clinical, marketing and operational support
directly to its partner physicians. CRH utilizes its web based platform
to connect doctors with patients as well as educating its ever
increasing install base of physicians. CRH's single use, disposable,
hemorrhoid technology is safe and highly effective in treating
hemorrhoid grades I - IV. The Company's goal is to establish the CRH
O'Regan System 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 business, statements
of expected financial results, statements about the CRH reaching its
goal of profitability in 2011 and 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. Assumptions
include: (i) that the growth of CRH's product sales will continue in a
consistent manner; (ii) CRH's costs will not escalate significantly;
and (iii) CRH does not incur any extraordinary costs.
Important risk factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements include: (i) we may need to raise additional capital to fund
future operations; (ii) the policies of health insurance carriers in
the United States may affect the amount of revenue the Company
receives; (iii) the Company may not successfully market its products;
(iv) changes in United States federal or state laws, rules, and
regulations; (v) our senior management has been key to our growth, and
we may be adversely affected if we lose any member of our senior
management; (vi) economic dependence on suppliers and our contract
manufacturer; (vii) changes in the industry and the economy may affect
the Company's business; (viii) evolving regulation of corporate
governance and public disclosure may result in additional corporate
expenses; (ix) we may not be able to attract Gastroenterologists and
other licensed providers to purchase and use the CRH O'Regan System;
* we may be subject to competition and technological risk which may
impact the price and amount of product we can sell; (xi) we may be
subject to product liability and medical malpractice claims, which may
adversely affect our operations; (xii) our business may be impacted by
health care reform in the United States; and (xiii) we may not have the
expertise required to expand internationally. CRH Medical bases its
forward-looking statements on information currently available to it,
and assumes no obligation to update them, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE CRH Medical Corporation
