Dear shareholders and prospective shareholders,
On April 29th, we reported our first quarter financial results for 2015. If you haven’t read our press release, or listened to our supporting conference call, we disclosed the following information:
• Total Revenue for the three months ended March 31, 2015, was $9.6 million compared to $2.0 million for the same period in 2014.
• Total Operating EBITDA for the quarter ending March 31, 2015 was $5.1 million compared to $700,000 for the first quarter of 2014.
• If you recall, CRH derives revenue and operating EBITDA from the sales of its CRH 0’Regan system and our newly acquired Anesthesia services business.
• Revenues from the sale of the CRH O’Regan system for the quarter ended March 31, 2015 were $2.3 million compared to $2.0 million for the quarter ended March 31, 2014, which is a 9 per cent increase.
• Product sales operating EBITDA was $1.3 million for the quarter ending March 31, 2015 compared to $1.1 million for the quarter ending March 31, 2014, representing a 12 per cent increase.
• Revenues from anesthesia services for the quarter ended March 31, 2015 were $7.5 million. Since our first anesthesia acquisition was completed in December 2014, we did not report comparable information for the first quarter of 2014.
• Anesthesia operating EBIDTA for the quarter ending March 31, 2015 was $4.5 million.
As of March 31, 2015, we had $16.3 million in cash, compared to $4.1 million as of December 31, 2014.
An audio replay of our Q1 conference call is available by calling (855) 859-2056 or (416 849-0833) and using passcode 36237049. The phone replay will be available until May 13, 2015.
Educating GIs about the O’Regan System
Educating GI fellows about anorectal care and hemorrhoids in particular is something we try to do on a regular basis in whatever way possible. As anorectal care is typically not part of the curriculum of a GI fellowship program, being able to spend a portion of the day with these physicians often goes a long way to increase their comfort, and desire to treat common anorectal conditions.
One of the most common ways we do this is by presenting at a fellowship program’s Grand Rounds. In Q1 alone, we were fortunate enough to be invited to do so at five academic institutions, including Duke and the Brooklyn Hospital Center.
This month, we also attended a GI fellows workshop at the University of Texas Southwestern Medical Center in Dallas, TX where we had the opportunity to demonstrate our technology at a hands-on learning session. Though these physicians may not use the CRH O’Regan System immediately, we do go on to train a large number of them once they’ve completed their training programs and have moved on into private practice.
Significant additions to the CRH Medical Corporation Team
During the month of April, CRH Medical made two significant additions to its team.
Mark Casner has joined CRH as Vice President of Operations for CRH Anesthesia Management. Mark has worked in the medical industry for over 20 years and brings extensive knowledge of the anesthesia space to CRH. Prior to joining us, Mark held the role of CEO of Aisthesis, an anesthesia management company based in Maryland, where his primary objective was to drive growth and expand company expertise. Mark holds an MBA as well as an MA in Human Development.
David Matousek joins CRH Medical as Director of Investor Relations. David has worked as an investor relations professional for almost 10 years, and brings with him a strong knowledge base and connection to the capital markets and investment community. David holds a BBA with a concentration in Finance.
CRH welcomes both Mark and David, and looks forward to their contributions in this exciting time of growth.
We look forward to sharing the May edition of the CRH Investor Bulletin with you, and as always, we appreciate your interest and support.