CRH Medical reports Q3 2008 results ( - Revenues increases ...)

CRH Medical reports Q3 2008 results

Date:11/26/2008

                 -   Revenues increases 123% versus Q3 2007
         -   Company alters strategy to shorten time to profitability
           -   Debt financing is secured as component of new plan

VANCOUVER, Nov. 26 /PRNewswire-FirstCall/ - CRH Medical Corporation (CRM:TSX-V) announced today unaudited results for the three and nine months ended September 30, 2008, and unveiled a new strategy designed to mitigate the need to obtain financing from the equity markets, the primary source of funding for the Company to date. Highlights of the quarter include (all figures are in US dollars):

    -   Total revenue for the three months ended September 30, 2008 increased
        123% to $1,947,642 compared to $879,698 for the same period in 2007.
    -   Total revenue for the nine months ended September 30, 2008 increased
        138% to $4,958,879 compared to $2,081,746 for the same period in
        2007.
    -   For the nine months ended September 30, 2008 Center operations
        revenue and Product sales increased 138% and 136% respectively
        compared to the same period in 2007.
    -   Patient visits for the nine months ended September 30, 2008,
        increased 115% to 18,911 compared to 8,780 patient visits for the
        same period in 2007.
    -   The Company recorded a net loss of $993,211 ($0.02 per share) and
        $3,049,922 ($0.07 per share) for the three and nine months ended
        September 30, 2008 compared to a net loss of $777,584 ($0.02 per
        share) and $2,728,408 ($0.06 per share) for the same periods in 2007.

CRH Medical announced a new strategic initiative to suspend the rapid expansion of opening new Centers for Colorectal Health, minimizing current expenses, and continuing to grow quarter over quarter revenues at existing Centers. The Company believes effectively implementing the new strategy will enable us to achieve positive operatin
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