Navigation Links
CRH Medical reports Q3 2009 results
Date:11/30/2009

    -  Product revenues increase by 247%
    -  Net loss reduced significantly

VANCOUVER, Nov. 30 /PRNewswire-FirstCall/ - CRH Medical Corporation (CRM:TSX-V) announced today unaudited results for the three and nine months ended September 30, 2009 (all figures are in US dollars):

For the three months ended September 30, 2009, the Company reported a net loss of $429,860 compared to a net loss of $993,211 for the three months ended September 30, 2008, an improvement of 57%. The net loss for the nine months ended September 30, 2009 was $1,497,609 compared to a net loss of $3,049,922 for the nine months ended September 30, 2008.

Revenues from product sales for the three months ended September 30, 2009 were $473,985 compared to $167,672 for the three months ended September 30, 2008, an increase of 183%. For the nine months ended September 30, 2009, revenues from product sales increased 247% to $1,289,649 compared to $371,365 for the nine months ended September 30, 2008.

Revenues from Center operations were $1,281,376 for the three months ended September 30, 2009 compared to $1,789,970 for the three months ended September 30, 2008. Consistent with the Company's strategic emphasis on product revenues, Center operation revenues were generated from 10 Centers in the current quarter, versus 17 Centers in the comparable 2008 period. Revenues from Center operations were $4,054,951 for the nine months ended September 30, 2009 compared to $4,587,610 for the nine months ended September 30, 2008.

The Company also reported that as of September 30, 2009, it had $1,574,804 in cash and cash equivalents compared to $239,337 at the end of 2008.

Commenting on the third quarter Edward Wright the Company's CEO said, "Our results for the third quarter illustrate the successful implementation of our strategy to focus on the significant market available to us via our Partnership Program. The number of physicians interested, trained and utilizing our technology continues to grow, and we feel like we are just scratching the surface. As we move forward, we expect our product revenues to continue to grow as we realize on the investments we have made in this segment of our business. With further success, we expect over time to see our revenue mix continue to shift toward our highest margin business. This will be key to achieving our goal of profitability during 2010. In the meantime, our ability to preserve capital while successfully executing on our operational objectives is evidenced by the Company's strong cash position. Additionally during the quarter the Company launched its redesigned website, www.crhsystem.com which we expect will enhance the branding and continued physician adoption of our CRH O'Regan Banding System."

About CRH Medical Corporation:

CRH Medical Corporation specializes in the treatment of hemorrhoids utilizing its proven treatment protocol and patented proprietary technology. CRH's single use, disposable, hemorrhoid technology is safe and highly effective in treating hemorrhoid grades I - IV. CRH Medical employs two commercialization strategies: First, it operates Centers for Colorectal Health facilities in the United States specializing in the treatment of hemorrhoids and fissures, and colon cancer screening. In addition CRH distributes its hemorrhoid banding technology, treatment protocols, operational and marketing expertise as a complete, "turn key" package directly to its partner physicians. The Company's goal is to establish the CRH hemorrhoid technology as the standard for hemorrhoid treatment.

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.

SOURCE CRH Medical Corporation


'/>"/>
SOURCE CRH Medical Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. APR Energy Donates Medicine and Medical Services to Community of La Esperanza
2. Exiqon Recognizes Harvard Medical School Core Facility as MicroRNA Screening Center of Excellence
3. Pro-active Manufacturers Save Millions with Advanced Flintec Medical Load Cells
4. Sentinelle Medical Inc. Introduces Aegis(TM) Web Powered By Calgary Scientifics PureWeb Technology
5. Sentinelle Medical Launches Aegis Suite of Oncology 4D Visualization Software with PureWeb(TM) Technology
6. Vanderbilt scientists report first effective medical therapy for rare stomach disorder
7. Nationwide Imaging Services, Inc., Leader In Diagnostic Imaging Equipment, Announces Acquisition Of Kosmic Medical, Inc. (dba Atlas Medical Technologies of California)
8. Providence Service Corporations LogistiCare Subsidiary Announces Non-Emergency Medical Transportation Contracts Worth Over $11 Million Annually in Florida
9. Most radiation oncologists utilize advanced medical imaging techniques, study suggests
10. Marianjoy Medical Group Physician Receives James Brady Award
11. Involving family in medical rounds benefits both family and medical team
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... , ... June 25, 2016 , ... Austin residents seeking ... American College of Mohs Surgery and to Dr. Russell Peckham for medical and surgical ... effective treatment for skin cancer. The selective fellowship in Mohs Micrographic Surgery completed by ...
(Date:6/25/2016)... ... , ... "With 30 hand-drawn hand gesture animations, FCPX users can easily customize ... Pixel Film Studios. , ProHand Cartoon’s package transforms over 1,300 hand-drawn pictures into ... Simply select a ProHand generator and drag it above media or text in the ...
(Date:6/25/2016)... ... 25, 2016 , ... As a lifelong Southern Californian, Dr. Omkar Marathe earned ... the David Geffen School of Medicine at UCLA. He trained in Internal Medicine at ... fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the opportunity ...
(Date:6/25/2016)... ... 2016 , ... On Friday, June 10, Van Mitchell, Secretary of the Maryland ... iHire in recognition of their exemplary accomplishments in worksite health promotion. , The Wellness ... & Wellness Symposium at the BWI Marriott in Linthicum Heights. iHire was one of ...
(Date:6/24/2016)... Los Angeles, CA (PRWEB) , ... June 24, 2016 , ... ... plastic surgery procedures that most people are unfamiliar with. The article goes on to ... known procedures, but also many of these less common operations such as calf and ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016   Bay Area ... Network,s Dean Center for Tick Borne Illness ... and Rehabilitation, MIT Hacking Medicine, University of California, ... today announced the five finalists of Lyme ... disease.  More than 100 scientists, clinicians, researchers, entrepreneurs, ...
(Date:6/24/2016)... Dehaier Medical Systems Ltd. (NASDAQ: DHRM ) ... medical devices and wearable sleep respiratory products in ... with Hongyuan Supply Chain Management Co., Ltd. (hereinafter referred ... to develop Dehaier,s new Internet medical technology business. ... Hongyuan Supply Chain,s sales platform to reach Dehaier,s dealers ...
(Date:6/24/2016)... LEXINGTON, Mass. , June 24, 2016   ... specialty pharmaceutical company developing innovative inhaled drugs, announced today ... when Russell Investments reconstituted its comprehensive set ... 2016. "This is an important milestone for ... "It will increase shareholder awareness of our progress in ...
Breaking Medicine Technology: