CRH Medical Reports Q2 2009 Results
- Product sales revenue increases 300%
- Net loss narrows significantly
VANCOUVER, BC, August 10, 2009′ CRH Medical Corporation (CRM:TSX-V) announced today unaudited results for the three and six months ended June 30, 2009. Highlights of the quarter include:
- Total revenue for the three months ended June 30, 2009 was $1,853,349 compared to $1,653,891 for the same period in 2008. Total revenue for the six months ended June 30, 2009 was 3,589,239 compared to $3,001,333 for the same period in 2008.
- ‘For the three months ended June 30, 2009 product revenue increased 225% to $486,971 compared to $149,819 for the same period in 2008. For the six months ended June 30, 2009 product revenue increased 300% to $815,664 compared to $203,693 for the same period in 2008.
- The Company recorded a net loss of $363,786 ($0.01 per share) and $1,068,794 ($0.02 per share) for the three and six months ended June 30, 2009 compared to a net loss of $1,097,973 ($0.02 per share) and $2,056,711 ($0.05 per share) for the same periods in 2008.
- As of June 30, 2009 the Company had $1,609,017 in cash and cash equivalents and approximately $2.9 million in working capital. On April 7, 2009, the Company closed a private placement financing for net proceeds of approximately $1.7 million. In April the Company also repaid the $350,000 outstanding on its revolving line of credit.
Edward Wright, Chief Executive Officer stated, ‘We believe CRH Medical Corporation is affecting a ‘Paradigm Shift’ in the treatment of hemorrhoids through physicians utilizing its proprietary CRH O’Regan System. Our product sales revenue continues to build and we have trained only 252 of the more than 8,000 gastroenterologist in the United States. The continued growth of our Partnership Program in combination with our cost saving initiatives has enabled CRH to dramatically decrease our net loss which is in line with our goal of achieving profitability in 2010.’
The Company’s June 30, 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; (x) ability to effectively manage growth and retain senior management personnel; (xi) changes as a result’ of health care reform in the United States and (xii) 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.
For further information call Dean Linden, Corporate Communications, CRH Medical Corporation at 604.633.1440 or firstname.lastname@example.org. Additional information may also be found by visiting the Company’s website at www.crhmedcorp.com or the SEDAR website at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.