VANCOUVER, Feb. 18 /PRNewswire-FirstCall/ - CRH Medical announced today that for the year ended December 31, 2008, it had 27,348 patient visits at its Centers for Colorectal Health compared to 13,461 for the same period in 2007. In addition, as a result of it's Partnership Program, the Company sold 6,840 units of its CRH O'Regan Hemorrhoid Banding Technology compared to 1,920 for the same period in 2007. The Company trained more than 100 physicians in its Partnership Program during the second half of 2008, versus only 9 physicians in 2007.
Commenting on the these results and plans going forward, Edward Wright, Chief Executive Officer, stated, 'Although we do not yet have audited financial reports, we anticipate a significant increase in revenue in 2008 versus 2007, as well as a decrease in our losses. We continue to focus on cutting expenses and increasing our activities in our highest margin business segment, our Partnership Program in an attempt, to achieve cash flow positive operations as soon as possible in the current year. We are very excited about the opportunity our Partnership Program provides our partner physicians and their patients.'
Through its Partnership Program the Company sells its patented proprietary hemorrhoid banding technology, treatment protocols, marketing and operational experience directly to physicians who see patients that may be in need of hemorrhoid treatment. By adopting the use of the CRH Technology, the physician increases practice revenues, expands the continuum of care and provides a fast, painless hemorrhoid solution to patients.
The Company expects to publish its full 2008 financial and annual report by the end of April, 2009.
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
