December 2016

Dear shareholders and prospective shareholders,

In 2017, we are changing the frequency of our newsletter to a quarterly basis, which will allow us to provide you with more relevant content, while at the same time keeping you informed of our most important activities and our achievements on the O’Regan and the anesthesia side of the business.

November & December Marketing

On November 24, our CEO, Edward Wright, participated in the Acumen Small Cap Investment Conference in Calgary, where he presented to an audience of Canadian institutional investors and had the chance to conduct a few one-on-one meetings.

We also reached out to institutional investors in the US. On December 6, Canaccord took us on a non-deal roadshow through Boston, where our CEO Edward Wright and our CFO Richard Bear updated portfolio managers on our financial results and our growth strategy. The growth potential of our GI anesthesia business, as well as our cash flow generation and healthy financial position continue to drive strong institutional investment interest.

Also in December, Joseph France, from Cantor Fitzgerald, launched coverage of CRH with a Buy rating and a target price of US$ 7.00. We are excited that a prominent US investment bank has initiated coverage as this will further our exposure to US investors. With the addition of Cantor Fitzgerald, we now have 9 institutions actively following us. If you would like to see a list of the institutions and analysts currently reporting on our story, please visit the Investors/Analyst Coverage section of our website. We continue our dialogue with other US and Canadian financial institutions and look forward to garnering more support in 2017.

2016 Highlights

As 2016 draws to an end, I would like to summarize some of our most important achievements of the year:

  • On December 30, our shares closed at $5.25 on the NYSE and $7.17 on the TSX, which represents increases of 79% on the TSX and 84% on the NYSE since the beginning of the year
  • We completed three anesthesia acquisitions
  • Our O’Regan and GI anesthesia teams participated in 28 GI conferences and events where we presented to GIs and generated leads to grow both our product and anesthesia businesses
  • Jay Kreger joined CRH as President, Anesthesia. Jay has strengthened an already robust strategy and put together an excellent team to execute on our anesthesia growth plans
  • We executed 14 roadshows in Canada and the US; we attended 5 investment conferences where we presented to and met with institutional investors; we presented to sales desks; and we conducted numerous one-on-one meetings and conference calls with analysts and investors
  • We expanded our retail investment program with one-on-one meetings and group presentations in Canada and the US
  • We grew our excellent relationships with investment banks in Canada and the US, adding four institutions to our coverage universe:
Institution Analyst Date
Canaccord Genuity Richard Close March 17
CIBC Capital Markets Prakash Gowd September 12
RBC Capital Markets Douglas Miehm October 6
Cantor Fitzgerald Joseph France December 1


  • By September 30, 2016, we generated total revenue of $52.5 million and total operating EBITDA attributable to shareholders of the company of $22.1 million


We will announce our 2016 operating and financial year-end results in February 2017. We expect to issue a news release in late January to inform you of the announcement date and the details of the ensuing conference call. Until then, if you have any questions or comments please feel free to email me at

We thank you for your continued support and wish you a very happy New Year.

Kettina Cordero

Kettina Cordero
Director, Investor Relations
T: 800.660.2153 x 1030

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