VANCOUVER, Aug. 21 /PRNewswire-FirstCall/ - CRH Medical Corporation 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 $4.9 million.
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.
CONTACT: visit the Company’s website at www.crhmedcorp.com or the SEDAR website at www.sedar.com or email us at info@crhmedcorp.com
CRH Medical Corporation
CONTACT: visit the Company’s website at www.crhmedcorp.com or the SEDARwebsite at www.sedar.com or email us at info@crhmedcorp.com
