(all figures are in US dollars) - Product sales revenue increases 510% - Operating loss narrows significantly
VANCOUVER, May 26 /PRNewswire-FirstCall/ - CRH Medical Corporation (CRM:TSX-V) announced today that it recorded revenues of $1,735,890 for the three months ended March 31, 2009 compared to $1,347,442 for the three months ended March 31, 2008. The Company reported Clinic operations revenue of $1,407,197 for the three months ended March 31, 2009 compared to $1,293,568 for the same period in 2008. Product sales revenue increased 510% to $328,693 for the three months ended March 31, 2009 compared to $53,874 for the same period in 2008.
For the three months ended March 31, 2009 the Company reported an operating loss of $665,060 compared to $970,470 for the same period in 2008, an improvement of 32%. The Company reported a net loss of $705,008 ($0.016 per share) for the three months ended March 31, 2009 compared to $958,738 ($0.021 per share) for the same period in 2008.
Additionally, the Company announced that as of March 31, 2009 it had $104,982 in cash and cash equivalents and approximately $1.1 million in working capital. On April 7, 2009, the Company closed a private placement financing for net proceeds of approximately $1.8 million.
Edward Wright, Chief Executive Officer stated, "Our Partnership Program continues to perform very well during these challenging economic conditions. The growth of our Partnership Program in combination with our Center and Corporate cost saving initiatives has reduced our quarterly operating loss to its lowest level since the first quarter of 2006, which is in line with our goal of achieving profitability in 2010."
The Company's December 31, 2008 financial report will be available on www.sedar.com
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|SOURCE CRH Medical Corporation|
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