- Revenue increases 95%
(all figures are in US dollars)
VANCOUVER, April 25 /PRNewswire-FirstCall/ - CRH Medical Corporation (TSX-V:CRM) announced today that it recorded revenues of $3,645,118 for the year ended 2010 compared to $1,864,728 for the year ended December 31, 2009.
For the year ended December 31, 2010 the Company reported an operating loss of $208,940 compared to an operating loss of $1,219,400 for the same period in 2009.
As a result of the Company's decision to discontinue its Center Operations business segment, the Company reported a loss from discontinued operations of $1,407,150 for the year ended December 31, 2010 compared to a loss of $990,506 for the same period in 2009.
The Company reported a net loss of $1,616,817 ($0.03 per share) for the year ended December 31, 2010 compared to a net loss of $2,552,347 ($0.05 per share) for the same period in 2009.
Additionally, the Company announced that as of December 31, 2010 it had $1,792,461 in cash and cash equivalents and $1,979,082 in working capital.
Commenting on the year end results Edward Wright, the Company's CEO, said "In making the critical decision to discontinue the Center Operations business, and focus 100% on our Direct to Physician business, the Company is now poised for growth and expects to achieve profitability in the very near future."
The Company also announced that on April 27, 2011 it will report expected financial results for the three months ending March 31, 2011 and hold a conference call. The conference call will take place at 1:15 pm PST Wednesday April 27, 2011 and can be accessed by dialing 1-866-782-8903. At the call's completion, an audio replay will be available by calling 1-866-245-6755 and using passcode 321070. The phone replay will be available through May 1, 2011.
The Company's December 31, 2010 financial report will be available on www.sedar.com
About CRH Medical Corporation:
CRH Medical Corporation is a value added resource to the Gastroenterologist community, providing the CRH O'Regan System, as well as delivering related, clinical, marketing and operational support directly to its partner physicians. CRH utilizes its web based platform to connect doctors with patients as well as educating its ever increasing install base of physicians. CRH's single use, disposable, hemorrhoid technology is safe and highly effective in treating hemorrhoid grades I - IV. The Company's goal is to establish the CRH O'Regan System as the standard for hemorrhoid treatment.
The information in this news release contains so-called "forward-looking" statements. These include statements regarding CRH Medical's expectations and plans relating to its business, statements about the CRH reaching its goal of profitability in 2011 and statements about CRH Medical's 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's current expectations and are subject to risks and uncertainties and to assumptions made. Assumptions include: (i) that the growth of CRH's product sales will continue in a consistent manner; (ii) CRH's costs will not escalate significantly; and (iii) CRH does not incur any extraordinary costs.
Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include: (i) we may need to raise additional capital to fund future operations; (ii) the policies of health insurance carriers in the United States may affect the amount of revenue the Company receives; (iii) the Company may not successfully market its products; (iv) changes in United States federal or state laws, rules, and regulations; (v) our senior management has been key to our growth, and we may be adversely affected if we lose any member of our senior management; (vi) economic dependence on suppliers and our contract manufacturer; (vii) changes in the industry and the economy may affect the Company's business; (viii) evolving regulation of corporate governance and public disclosure may result in additional corporate expenses; (ix) we may not be able to attract Gastroenterologists and other licensed providers to purchase and use the CRH O'Regan System; * we may be subject to competition and technological risk which may impact the price and amount of product we can sell; (xi) we may be subject to product liability and medical malpractice claims, which may adversely affect our operations; (xii) our business may be impacted by health care reform in the United States; and (xiii) we may not have the expertise required to expand internationally. CRH Medical bases its forward-looking statements on information currently available to it, and assumes no obligation to update them, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE CRH Medical Corporation