Dear shareholders and prospective shareholders,
On April 28th, we reported our first quarter financial results for 2016. If you haven’t read our press release, or listened to our supporting conference call, we disclosed the following information:
• Revenues for the three months ended March 31, 2016 were $13,836,851 compared to $9,619,650 for the three months ended March 31, 2015. The increase in revenues is mainly attributable to the Company’s newly acquired anesthesia service providers in the first, third and fourth quarters of 2015.
• Revenues from anesthesia services for the quarter ended March 31, 2016 were $11,436,741 compared to $7,457,131 for the three months ended March 31, 2015. The first quarter of 2016 is not directly comparable to the first quarter of 2015 due to the acquisitions completed in the second half of 2015 and a full complement of revenues from acquisitions completed in the first quarter of 2015.
• Revenues from product sales for the quarter ended March 31, 2016 were $2,400,110 compared to $2,162,519 for the quarter ended March 31, 2015. The 11% increase in product sales is the result of the continuing successful execution of the Company’s direct to physician program
• As of March 31, 2016 the Company has trained 2,240 physicians to use the O’Regan System, representing 842 clinical practices. This compares to 1,983 physicians trained, representing 730 clinical practices, as of March 31, 2015.
• Operating EBITDA attributable to shareholders of the Company for the quarter ended March 31, 2016 was $5,913,778, an increase of $820,777 from 2015. The increase in Operating EBITDA is primarily a reflection of the Company’s newly acquired anesthesia service providers and a net increase in product and corporate operating expenses.
• As at March 31, 2016, the Company had $6,697,256 in cash and cash equivalents
On behalf of CRH Medical, I would like to thank you for your continued interest and support, and we look forward to sharing the May edition of the CRH Investor Bulletin with you.
Director of Investor Relations
CRH Medical Corporation
T: 800.660.2153 x1030