VANCOUVER, May 26 /PRNewswire-FirstCall/ - CRH Medical Corporation announced today that it recorded revenues of $1,735,890 for the three months ended March 31, 2009 compared to $1,347,442 for the three months ended March 31, 2008. The Company reported Clinic operations revenue of $1,407,197 for the three months ended March 31, 2009 compared to $1,293,568 for the same period in 2008. Product sales revenue increased 510% to $328,693 for the three months ended March 31, 2009 compared to $53,874 for the same period in 2008.
For the three months ended March 31, 2009 the Company reported an operating loss of $665,060 compared to $970,470 for the same period in 2008, an improvement of 32%. The Company reported a net loss of $705,008 ($0.016 per share) for the three months ended March 31, 2009 compared to $958,738 ($0.021 per share) for the same period in 2008.
Additionally, the Company announced that as of March 31, 2009 it had $104,982 in cash and cash equivalents and approximately $1.1 million in working capital. On April 7, 2009, the Company closed a private placement financing for net proceeds of approximately $1.8 million.
Edward Wright, Chief Executive Officer stated, “Our Partnership Program continues to perform very well during these challenging economic conditions. The growth of our Partnership Program in combination with our Center and Corporate cost saving initiatives has reduced our quarterly operating loss to its lowest level since the first quarter of 2006, which is in line with our goal of achieving profitability in 2010.”
The Company’s December 31, 2008 financial report will be available on www.sedar.com
About CRH Medical Corporation:
CRH Medical Corporation specializes in the treatment of hemorrhoids utilizing its proven treatment protocol and patented proprietary technology. CRH’s single use, disposable, hemorrhoid technology is safe and highly effective in treating hemorrhoid grades I - IV. CRH Medical employs two commercialization strategies: First, it operates Centers for Colorectal Health facilities in the United States specializing in the treatment of hemorrhoids and fissures, and colon cancer screening. In addition CRH distributes its hemorrhoid banding technology, treatment protocols, operational and marketing expertise as a complete, “turn key” package directly to its partner physicians. The Company’s goal is to establish the CRH hemorrhoid technology 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 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) changes in the economy may affect the Company’s business; (ii) the Company’s ability to successfully recruit and retain sufficient qualified physicians and other licensed providers; (iii) our limited available working capital and cash flows and our ability to raise additional capital as and when needed (iv) the Company’s ability to manufacture its products; (v) the policies of health insurance carriers in the United States may affect the amount of revenue the Company receives; (vi) the Company’s ability to successfully market its products; (vii) market acceptance of its technologies and products; (viii) the competitive environment and impact of technological change; (ix) changes in United States federal or state laws, rules, and regulations, including but not limited to those governing the corporate practice of medicine, fee splitting, Anti-Kickback Statute and Stark Law; * ability to effectively manage growth and retain senior management personnel; and (xi) product liability and medical malpractice claims, which may adversely affect our operations. CRH Medical bases its forward-looking statements on information currently available to it, and assumes no obligation to update them.
CONTACT: 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
