NR is out; they pulled it off nicely!
(CNW) CRH Medical Corporation Announces 2018 Third Quarter Results and New Monitored Anesthesia Care Program
Wednesday, October 31, 2018, 5:11 PM ET
(CNW) CRH Medical Corporation Announces 2018 Third Quarter Results and New Monitored Anesthesia Care Program
Anesthesia Revenue Grows 35% compared to the Third Quarter of 2017
VANCOUVER, Oct. 31, 2018 /CNW/ - CRH Medical Corporation (TSX: CRH) (NYSE MKT: CRHM) (the "Company"), today announced its financial results for the quarter ended September 30, 2018.
In addition, CRH announced that it has entered into an exclusive agreement to develop and manage a monitored anesthesia care ("MAC") program with Digestive Health Specialists ("DHS"), in North Carolina. The Company will develop and manage the program and has an option to acquire up to 51% of the newly created anesthesia practice at a future date, no sooner than 12 months. DHS owns ambulatory surgical centers in the Winston-Salem area, consisting of a total of six procedure rooms.
Edward Wright, Chief Executive Officer of CRH commented, "We are very pleased with our strong third quarter and year to date financial and operating results. Revenue growth and operating margins remain very strong, with year to date adjusted shareholder EBITDA more than $25 million. This shows the impressive strength of our business model and ability to execute especially considering the impact of the CMS changes that went into effect on January 1, 2018." Mr. Wright continued, "We are also excited to announce our most recent MAC partnership with Digestive Health Specialists. This transaction follows the successful execution of our first MAC acquisition, which resulted in a transaction in July 2018 and furthers our goal of becoming the preeminent provider of GI anesthesia. Our infrastructure and expertise in assisting gastroenterology anesthesia practices plays a role in better patient care."
This news release should be read in conjunction with the Company's audited financial statements and management discussion and analysis for the three and nine months ended September 30, 2018 and 2017 that have been filed on SEDAR and are available at www.sedar.com and on the Company's website at www.crhmedcorp.com
Consolidated Financial Highlights (expressed in USD)
Three Months Ended Year-to-Date
September 30, September 30,
2018 2017 (1) Change 2018 2017 (1) Change
Anesthesia
services
revenue 26,073,482 19,294,005 35% 72,858,705 56,026,667 30%
Product revenue 2,658,131 2,864,742 (7%) 7,868,907 8,428,735 (7%)
Total revenue 28,731,593 22,158,747 30% 80,727,612 64,455,402 25%
Operating expenses -- adjusted(2)