VANCOUVER, March 6 /PRNewswire-FirstCall/ - CRH Medical Corporation announced today that it recorded revenues of $3.25 million for the year ended December 31, 2007 compared to $0.6 million for the year ended December 31, 2006 an increase of 418%. The Company’s net loss decreased to $3.5 million ($0.08) per share for the year ended December 31, 2007 compared to $5.0 million ($0.12) per share for the year ended 2006. Additionally, the Company announced that as of December 31, 2007 it had approximately $4.4 million in working capital.
Revenue for the three months ended December 31, 2007 increased 32% to $1,163,944 compared to $879,698 for the three months ended September 30, 2007.
Commenting on the 2007 results, Edward Wright, Chief Executive Officer stated, “2007 was a breakthrough year for our Company. We have proven our ability to create patient demand and significantly increase revenue as evidenced by 13,461 patent visits in 2007 compared to 1,699 during 2006. As a result, in 2008 we expect continued increases in revenue through growth of our existing Centers and opening a significant number of new Centers.”
Edward Wright further stated, “We plan to aggressively expand in 2008 by opening at least 12 additional Centers, and to develop our ‘Partnership Program.’ This program provides physicians the ability to acquire our technology, treatment protocols, marketing and operational experience. We anticipate the Partnership Program will significantly contribute to the Company’s revenue growth by increasing the number of physicians having access to our technology.”
The Company’s December 31, 2007 financial report will be available on or before March 31st at www.sedar.com
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’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) the company’s ability to successfully recruit medical professionals for its Centers for Colorectal Health (ii) the company’s ability to manufacture its products; (iii) decisions, and the timing of decisions, made by the health regulatory agencies regarding the company’s products; (iv) the company’s ability to enter into distribution agreements for its products, and to complete and maintain corporate alliances relating to the development, commercialization and use of its technology and products; (v) market acceptance of its technologies and products; and (vi) the competitive environment and impact of technological change. 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.
CONTACT: call 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
CONTACT: call 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
