VANCOUVER, BC, April 27, 2010– CRH Medical Corporation (CRM:TSX-V) announced today that it recorded revenues of $7,064,858 for the year ended 2009 compared to $6,662,669 for the year ended December 31, 2008.
Revenues from product sales for the year ended December 31, 2009 were $1,864,728 compared to $615,079 for the year ended December 31, 2008, an increase of 203%. Revenues from Center operations were $5,200,130 for the year ended December 31, 2009 compared to $6,047,590 for the year ended December 31, 2008. Consistent with the Company’s strategic emphasis on product revenues, the Company had 10 Centers at December 31, 2009 compared to 15 at December 31, 2008.
For the year ended December 31, 2009 the Company reported an operating loss of $2,209,906 compared to $3,985,594 for the same period in 2008. The Company reported a net loss of $2,552,347 ($0.05 per share) for the year ended December 31, 2009 compared to $3,936,605 ($0.09 per share) for the same period in 2008. Included in the net loss for 2009 is a onetime charge of $322,462 for the write-off of intellectual property that was not material to the Company.
Additionally, the Company announced that as of December 31, 2009 it had $1,672,512 in cash and cash equivalents and $2,239,729 in working capital.
Commenting on the year end results Edward Wright the Company’s CEO said, “Our year end results demonstrate the successful implementation of our strategy to concentrate on our Partnership Program. The continued growth of our Partnership Program will be the key to achieving our goal of profitability during 2010.”
The Company also announced that its March 31, 2010 financial results will be available on April 29, 2010.
The Company’s December 31, 2009 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) 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, including those governing the corporate practice of medicine, and fee splitting; (v) changes in the United States Anti-Kickback Statute and Stark Law and/or similar state laws, rules, and regulations; (vi) if we are unable to manage growth, we may be unable to achieve our expansion strategy: (vii) our senior management has been key to our growth, and we may be adversely affected if we lose any member of our senior management; (viii) economic dependence on suppliers and our contract manufacturer; (ix) changes in the industry and the economy may affect the Company’s business; (x) evolving regulation of corporate governance and public disclosure may result in additional corporate expenses; (xi) we may not be able to attract Gastroenterologists and other licensed providers to purchase and use the CRH O’Regan System; (xii) we may be subject to competition and technological risk which may impact the price and amount of product we can sell; (xiii) we may not be able to retain sufficient qualified physicians to operate our Centers; (xiv) we may be subject to product liability and medical malpractice claims, which may adversely affect our operations; (xv) our business may be impacted by health care reform in the United States; and (xvi) 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.
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.