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CRH Medical reports Q1 2008 results

- 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


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

Product sales 53,874 53,137


1,347,442 506,054


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 Additional information may also be found by visiting the Company's website at or the SEDAR website at

SOURCE CRH Medical Corporation
Copyright©2008 PR Newswire.
All rights reserved

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