Dear shareholders and prospective shareholders,
In mid July, we reported strong second quarter results. Among the highlights for the reporting period:
- Revenue was 16% higher compared to the same quarter last year
- By the end of June 30, 2013, more than 400,000 procedures had been performed with the O’Regan System. At the same time last year, approximately 300,000 procedures had been performed with the O’Regan System
- As of June 30, 2013 the Company had trained 1,472 physicians to use the O’Regan System, representing 521 clinical practices. During the same period a year earlier, the Company had trained 1,197 physicians, representing 403 clinical practices.
- At the end of the second quarter, the Company had $5,197,447 in cash and cash equivalents compared to $4,511,770 as of December 31, 2012
We also disclosed that our Clinical Support Specialist Program supported the increased adoption of the CRH O’Regan System with our trained physicians in the U.S. For the six months ended June 30, 2013, 29% of the new practices trained and 22% of the new physicians trained were located in the territories in which the Company’s reps are active.
These are important data points for us to help measure the effectiveness of the Program, and they will continue to be focal points for us as we try and grow our top-line revenue.
GI Survey Results
Last month, we sent out a survey to physicians and staff at our trained practices. The purpose of the study was to not only determine if what we are currently doing as a company is of value to those directly affiliated with us, but to also reiterate our value propositions and provide a medium to engage our customers and encourage suggestion. . Both the Company and the O’Regan System received an average rating of 4.6/5. We also learned that 61% of the physicians we surveyed indicated that they intend to perform more bandings this year; 1% indicated they would do less.
These are encouraging results for us and further support our confidence that CRH has an exceptional market opportunity ahead of it.
Bay Street Marketing in August
In addition to our day-to-day interactions with the investment community, we intend to market the Company on Bay Street towards the middle of the August. The audience for our 1X1 meetings will likely be comprised of sell side analysts, brokers and fund managers.
We look forward to sharing the August edition of the CRH Investor Bulletin with you, and as always, we appreciate your interest and support.
Adam Peeler, Media and Investor Relations
416.815.0700 x 225