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, http://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.
CRH Medical Corporation
CONTACT: call Dean Linden, Corporate Communications, CRH Medical
Corporation at (604) 633-1440 or ir@crhmedcorp.com. Additional information may
also be found by visiting the Company's website at http://www.crhsystem.com/ or the
SEDAR website at http://www.sedar.com/
