Navigation Links
CRH Medical reports Q1 2008 results
Date:5/29/2008

- Revenues increase 166% versus Q1 2007

- Six new Centers opened to date in 2008

VANCOUVER, May 29 /PRNewswire-FirstCall/ - CRH Medical Corporation (CRM:TSX-V) announced today that it recorded revenues of $1.35 million for the three months ended March 31, 2008 compared to $0.50 million for the three months ended March 31, 2007, an increase of 166%. The Company's net loss decreased to $0.96 million ($0.02 per share) for the three months ended March 31, 2008 compared to $1.18 million ($0.03 per share) for the same period in 2007. Additionally the Company announced that as of March 31, 2008 it had approximately $3.7 million in working capital compared to $4.4 million at December 31, 2007.

The Company also announced that for the three months ended March 31, 2008, it had 5,200 patient visits at its Centers for Colorectal Health compared to 1,937 patient visits for the same period in 2007.

Commenting on the March 31, 2008 results, Edward Wright, Chief Executive Officer stated, "We are executing on our plan to aggressively expand the number of Centers as evidenced by the six new Centers opened to date in 2008. We are also training a significant number of physicians through our Partnership Program which we expect to positively impact revenues in future quarters."

Summary of interim results (expressed in United States dollars):

Consolidated Balance Sheet

-------------------------------------------------------------------------

March 31, December 31,

2008 2007

Current assets:

Cash and cash equivalents $ 2,900,876 $ 3,531,818

Accounts receivable 1,130,730 975,290

Inventory 49,150 30,716

Prepaid expenses and deposits 138,187 262,084

-----------------------------------------------------------------------

4,218,943 4,799,908

Property and equipment 898,316 879,394

Intellectual property 715,516 734,293

-------------------------------------------------------------------------

$ 5,832,775 $ 6,413,595

Current liabilities:

Accounts payable and accrued liabilities $ 448,908 $ 323,791

Deferred leasehold inducements 41,426 41,426

490,334 365,217

-------------------------------------------------------------------------

Deferred leasehold inducements 89,650 98,729

Shareholders' equity:

Share capital 14,933,072 14,933,072

Contributed surplus 2,667,504 2,405,624

Accumulated other comprehensive loss (66,772) (66,772)

Deficit (12,281,013) (11,322,275)

-----------------------------------------------------------------------

5,252,791 5,949,649

-------------------------------------------------------------------------

$ 5,832,775 $ 6,413,595

-------------------------------------------------------------------------

-------------------------------------------------------------------------

Consolidated Statements of Operations,

Comprehensive Loss and Deficit

-------------------------------------------------------------------------

Three months ended March 31. 2008 2007

Revenue:

Center operations $ 1,293,568 $ 452,917

Product sales 53,874 53,137

-----------------------------------------------------------------------

1,347,442 506,054

Expenses:

Center operations and development 1,545,417 1,168,543

Medical products 71,596 57,646

Corporate and other 613,632 447,580

Depreciation and amortization 87,267 64,666

-----------------------------------------------------------------------

2,317,912 1,738,435

Operating loss (970,470) (1,232,381)

Other items:

Interest income 20,798 42,026

Foreign exchange gain (loss) (9,686) 13,316

Other income 620 -

-----------------------------------------------------------------------

11,732 55,342

Net loss and comprehensive loss (958,738) (1,177,039)

Basic and diluted loss per share $ (0.02) $ (0.03)

Weighted average shares outstanding 44,724,251 40,302,684

-------------------------------------------------------------------------

-------------------------------------------------------------------------

About CRH Medical Corporation:

CRH Medical Corporation is utilizing the first single use, patented, disposable, hemorrhoid banding system through its Center for Colorectal Health facilities. According to the National Institute of Health approximately 50% of the U.S. population will develop hemorrhoids by age 50. CRH Medical is opening its Center for Colorectal Health facilities in the United States specializing in the treatment of hemorrhoids, anal fissures, and colon cancer screening and plans to significantly increase the number of Centers for Colorectal Health across the U.S. to address this underserved market. The Company's goal is to become the preeminent resource on colorectal health for consumers and medical professionals in North America.

The information in this news release contains so-called "forward-looking" statements. These include statements regarding CRH Medical 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 current expectations and are subject to risks and uncertainties and to assumptions made.

The TSX Venture Exchange does not accept responsibility for the adequacy

or accuracy of this release.

CONTACT: 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 http://www.crhmedcorp.com or the SEDAR website at http://www.sedar.com


'/>"/>
SOURCE CRH Medical Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Adroit Medical Systems Awarded Premier Supplier Contract for Temperature Therapy Systems
2. Harvard Medical School receives major NIH grant for galvanizing translational science
3. NIH awards Einstein College of Medicine & Montefiore Medical Center $22M grant
4. China Sky One Medical, Inc. Donates RMB 1.1 Million in Medicine for Earthquake Disaster Relief Efforts
5. Johnson & Johnson to Host Medical Devices & Diagnostics and Consumer Business Review
6. Keane Wins $1.5 Million Electronic Medical Record (EMR) Implementation with Leading Long-Term Care Company
7. Dartmouth-Hitchcock Medical Center Evaluation Findings Demonstrate Masimo Patient SafetyNet(TM) Delivers Improvements in Clinical Outcomes and Patient Safety on General Care Floors
8. China Sky One Medical, Inc. Commences Trading on the American Stock Exchange
9. China Sky One Medical, Inc. Engages Moore Stephens as New Independent Auditor
10. Acuity Workflow Solutions(TM) Enhances Medical Case Management Process:
11. Verity Radiation Therapy Becomes Second U.S. Medical Center to Treat Cancer Patients Using RapidArc(TM) Radiotherapy Technology
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... ... 2016 , ... Brent Kasmer, a legally blind and certified personal trainer is helping to develop ... The fitness app plans to fix the two major problems leading the fitness industry today:, ... all type program , They don’t eliminate all the reasons people quit their ...
(Date:6/25/2016)... , ... June 25, 2016 , ... "With 30 hand-drawn ... specific project," said Christina Austin - CEO of Pixel Film Studios. , ProHand ... all within Final Cut Pro X . Simply select a ProHand generator and ...
(Date:6/25/2016)... ... , ... Conventional wisdom preaches the benefits of moderation, whether it’s a matter ... bar too high can result in disappointment, perhaps even self-loathing. However, those who set ... , Research from PsychTests.com reveals that behind the tendency to set low ...
(Date:6/24/2016)... ... 2016 , ... The Pulmonary Hypertension Association (PHA) learned during ... two significant new grants to support its work to advance research and patient ... recognizing patients, medical professionals and scientists for their work in fighting pulmonary hypertension ...
(Date:6/24/2016)... TX (PRWEB) , ... June 24, 2016 , ... People ... part in Genome magazine’s Code Talker Award, an essay contest in which patients and ... an award to be presented at the 2016 National Society of Genetic Counselors (NSGC) ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... Story Highlights: ... the health care industry is causing providers to review ... Deloitte offers a suite of solutions for health care ... cost optimization: labor resource analysis, revenue cycle optimization and ... outcomes and better economics ...
(Date:6/24/2016)... , June 24, 2016 ... has announced the addition of the " Global ... This report ... provides an updated review, including its applications in various ... total market, which includes three main industries: pharmaceutical and ...
(Date:6/24/2016)... 2016 Research and Markets has announced ... Diagnostic Tests" report to their offering. ... The World Market for Companion Diagnostics covers ... Market analysis in the report includes the following: ... Diagnostic Kits) by Region (N. America, EU, ROW), 2015-2020 ...
Breaking Medicine Technology: