CRH Medical reports Q3 2008 results (g cash flows with currently available wo...)

CRH Medical reports Q3 2008 results

Date:11/26/2008

g cash flows with currently available working capital.

Commenting on the third quarter 2008 results and plans going forward, Edward Wright, Chief Executive Officer, stated, "By the end of the third quarter of 2008, we had successfully opened nine new Centers. Our Center operations model continues to perform well and we believe that we have the infrastructure in place and the market demand to significantly expand the number of CRH Centers well beyond the 17 that we currently operate. However, continuing on our current pace of expansion will require additional capital. It is clear that the market for issuing new equity is weak and because timing of recovery is uncertain, we have initiated a strategy that we believe will enable us to achieve positive cash flows by focusing on increasing the utilization of our existing Centers. Although we will keep a close tab on the markets, by effectively using the capacity at our existing Centers, we expect to eliminate or, in the worst case, at least defer the necessity of additional equity financings. Our new plan is to continue to invest in our existing Centers but to defer opening new Centers until our revenues or the terms of available capital support that action. In the meantime, we have secured a revolving line of credit to manage our working capital requirements as we strive to maximize the revenue potential of our Centers. Simply put, our short term focus will shift toward profitability, as opposed to growing the top line as rapidly as possible."

Mr. Wright further stated, "Our partnership program, where we provide training and support to physicians, continues to grow. Since April 2008 the Company has trained 96 physicians. Although this segment of our business also has the potential for rapid growth, we expect to carefully manage expenses in this area as well, so that additional investments are expected to come from our operating cash flows."

As a part of its new strategy, the Company has secu
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SOURCE CRH Medical Corporation
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