VANCOUVER, May 29 /PRNewswire-FirstCall/ - CRH Medical Corporation announced today that it recorded revenues of $1.35 million for the three months ended March 31, 2008 compared to $0.50 million for the three months ended March 31, 2007, an increase of 166%. The Company's net loss decreased to $0.96 million ($0.02 per share) for the three months ended March 31, 2008 compared to $1.18 million ($0.03 per share) for the same period in 2007. Additionally the Company announced that as of March 31, 2008 it had approximately $3.7 million in working capital compared to $4.4 million at December 31, 2007.
The Company also announced that for the three months ended March 31, 2008, it had 5,200 patient visits at its Centers for Colorectal Health compared to 1,937 patient visits for the same period in 2007.
Commenting on the March 31, 2008 results, Edward Wright, Chief Executive Officer stated, "We are executing on our plan to aggressively expand the number of Centers as evidenced by the six new Centers opened to date in 2008. We are also training a significant number of physicians through our Partnership Program which we expect to positively impact revenues in future quarters."
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 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.
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
