January 2015

Dear shareholders and prospective shareholders,

Recently, the TSX published its second edition of The Buy Side Report, a quarterly information feature about Canada’s equities markets.

According to the data, CRH Medical was the top performing stock on the senior TSX exchange, gaining 202 per cent during the fourth quarter of 2014.

A copy of the report can be found here:

While it’s rewarding that we have been able to create greater value for shareholders over the past two months, the market is forward looking. Therefore, our focus is on how we can continue to build CRH Medical.

We think the continued integration of Gastroenterology Anesthesia Associates, LLC into our business is essential for our continued growth. That integration is proceeding on schedule and as planned.

GAA is one of the largest providers of anesthesiology services to gastroenterologists in the southeastern United States. The company recorded US$25 million in revenue and US$16 million in EBITDA for the 12 months ending June 2014.

We also believe there is more opportunity for consolidation in the third-party anesthesia provider market. We’ll continue to look at opportunities in this area while we concurrently grow our CRH O’Regan business line.


Vancouver Marketing

Since announcing the GAA deal in early December, many of the top sell and buyside groups in Canada have expressed an interest in CRH Medical. We spent time in January marketing in Vancouver with our friends from Clarus Securities, who took us to meet with a number of the city’s top money managers.
Looking ahead, we plan to be active for the remainder of 2015, sharing the story with new prospective investors.


Educating GIs about the O’Regan System

CRH attended two GI conferences in January – the AGA Clinical Congress in Miami and the ACG Western Regional Postgraduate Course in Las Vegas.

The AGA Clinical Congress attracts GIs from Florida and from across the country. We were able to spend the day speaking with a number of physicians who had heard about the O’Regan System in the past but had not yet progressed with training. This meeting provided them the opportunity to learn more and gave several of them the push they needed to move forward.

The January ACG meeting is always quite popular and a good opportunity for CRH to speak with trained and prospective physicians. This meeting had a session focused on hemorrhoid treatment, with the CRH O’Regan System being a featured technology. The demonstrations were performed by Dr. Harry Sarles, last year’s President of the American College of Gastroenterology, and generated a good level of interest for us at our booth.

We look forward to sharing the February edition of the CRH Investor Bulletin with you, and as always, we appreciate your interest and support.


Adam Peeler
Media and Investor Relations
TMX Equicom
416.815.0700 x 225

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