(Expressed in United States dollars)
2011 REVENUE INCREASES 65%
VANCOUVER, BC, August 3, 2011– CRH Medical Corporation (CRM:TSX-V, CRMMF: OTCQX)announced today unaudited results for the three and six months ended June 30, 2011. Total revenue for the three and six months ended June 30, 2011 was $1,356,164 and $2,605,999 respectively compared to $864,611 and $1,580,233 for the same periods in 2010.
The Company also announced that it reported net income of $282,311 and $348,681 for the three and six months ended June 30, 2011 compared to a net loss of $464,356 and $765,238 for the three and six months ended June 30, 2010.
Edward Wright, Chief Executive Officer of CRH Medical stated, “Our revenue growth is a result of training new physicians and increased usage by previously trained physicians. Taking advantage of the support materials CRH provides, our physician partners are recognizing the significant benefit hemorrhoid treatment contributes to their practices. As of June 30, 2011 the Company has trained 907 physicians, representing 291 practices in 42 States compared to 583 physicians, representing 183 practices in 32 States as of June 30, 2010.” Wright further states “Our increasing profitability is a result of our revenue growth and the investments we have made in people, processes and technology that enable us to effectively and efficiently scale our business.”
The Company will hold a conference call on August 4, 2011. The call will take place at 1:15 pm PST and can be accessed by dialing 1-866-782-8903. At the call’s completion, an audio replay will be available by calling 1-866-245-6755 and using pass code 295569. The phone replay will be available through August 9, 2011.
The Company’s June 30, 2011 financial report will be available on www.sedar.com and the Company website www.crhmedcorp.com.
About CRH Medical Corporation:
CRH Medical Corporation is a value added resource to the Gastroenterologist community, providing the CRH O’Regan System, as well as delivering related, clinical, marketing and operational support directly to its partner physicians. CRH utilizes its web based platform to connect doctors with patients as well as educating its ever increasing install base of physicians. CRH’s single use, disposable, hemorrhoid technology is safe and highly effective in treating hemorrhoid grades I – IV. The Company’s goal is to establish the CRH O’Regan System 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 business, statements about the CRH reaching its goal of profitability in 2011 and 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. Assumptions include: (i) that the growth of CRH’s product sales will continue in a consistent manner; (ii) CRH’s costs will not escalate significantly; and (iii) CRH does not incur any extraordinary costs.
Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include: (i) we may need to raise additional capital to fund future operations; (ii) the policies of health insurance carriers in the United States may affect the amount of revenue the Company receives; (iii) the Company may not successfully market its products; (iv) changes in United States federal or state laws, rules, and regulations; (v) our senior management has been key to our growth, and we may be adversely affected if we lose any member of our senior management; (vi) economic dependence on suppliers and our contract manufacturer; (vii) changes in the industry and the economy may affect the Company’s business; (viii) evolving regulation of corporate governance and public disclosure may result in additional corporate expenses; (ix) we may not be able to attract Gastroenterologists and other licensed providers to purchase and use the CRH O’Regan System; (x) we may be subject to competition and technological risk which may impact the price and amount of product we can sell; (xi) we may be subject to product liability and medical malpractice claims, which may adversely affect our operations; (xii) our business may be impacted by health care reform in the United States; and (xiii) we may not have the expertise required to expand internationally. CRH Medical bases its forward-looking statements on information currently available to it, and assumes no obligation to update them, except as required by law.
For further information call Dean Linden, Corporate Communications, CRH Medical Corporation at 604.633.1440 or ir@crhmedcorp.com. 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.