VANCOUVER, BC, March 11, 2021 /CNW/ - CRH Medical
Corporation ("CRH", or the "Company") (TSX: CRH)
(NYSE MKT: CRHM) today announces a startup joint venture ("JV")
where CRH owns a 51% interest in a gastroenterology anesthesia
practice located in Largo,
Florida. The JV services a single ambulatory surgery center
("ASC").
CRH and its partners will contribute this entity into its
existing JV with FDHS Anesthesia, LLC.
Financial Highlights:
- Estimated annual revenue of US $1.7
million
- EBITDA and cash flow accretive
Dr. Tushar Ramani, CEO of CRH,
commented on the JV, "We now provide services to 71 ambulatory
surgery centers across 14 states, and we see ample opportunity for
additional business development execution over the remainder of
2021."
Jay Kreger, President of CRH
Anesthesia, added, "We are excited about being chosen as a partner
for this group of dedicated providers, who share our commitment
towards patient care, while at the same time increasing our ASC
footprint in Florida to 12
centers. This initiative demonstrates not only our flexible
business development approach, but also reinforces our commitment
to growth."
Today's announcement marks the second transaction announced in
2021. On Feb 9th,
2021, the company announced that it had closed the acquisition of
Edison, NJ based gastroenterology
anesthesia practice, Oak Tree Anesthesia Associates or "Oak Tree",
its 32nd acquisition and first of 2021.
The Company is well poised to continue its strong growth given
its organic and inorganic growth plans. The Company has more
than 500 prospects in its watch-list and continues to actively work
on acquiring strong and resilient businesses.
About CRH Medical Corporation:
CRH Medical Corporation is a North American company focused on
providing gastroenterologists throughout the United States with innovative services and
products for the treatment of gastrointestinal diseases. In 2014,
CRH became a full-service gastroenterology anesthesia company that
provides anesthesia services for patients undergoing endoscopic
procedures in ambulatory surgical centers. To date, CRH has
completed 32 anesthesia acquisitions, and now serves 71 ambulatory
surgical centers in 14 states. In addition, CRH owns the CRH
O'Regan System, a single-use, disposable, hemorrhoid banding
technology that is safe and highly effective in treating all grades
of hemorrhoids. CRH distributes the O'Regan System, treatment
protocols, operational and marketing expertise as a complete,
turnkey package directly to gastroenterology practices, creating
meaningful relationships with the gastroenterologists it serves.
CRH's O'Regan System is currently used in all 48 lower US
states.
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information included or incorporated by
reference in this document may constitute "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of Canadian securities laws (collectively,
"forward-looking statements"). Forward looking statements include
statements regarding the expected benefits of the Company's
recently completed acquisition, as well as all other statements
that are not statements of historical fact. Forward-looking
statements are generally identifiable by use of the words "may,"
"will," "should," "expect," "anticipate," "estimate," "believe,"
"plan," "intend" or "project" or the negative of these words or
other variations on these words or comparable terminology.
Forward-looking statements reflect current expectations of
management regarding future events and performance as of the date
of this document and involve known and unknown risks, uncertainties
and other factors which may cause our actual results to be
materially different those expressed or implied by any
forward-looking statements. These forward-looking statements should
not be read as guarantees of future results, and there can be no
assurance that the results expressed or implied by any
forward-looking statements will be achieved. Important factors that
could cause actual results to differ materially from the results
discussed in forward-looking statements include: (i) the risk that
the Company may be unable to achieve anticipated synergies relating
to the acquisition, or that such acquisition could result in
unforeseen operating difficulties and expenditures, or require
significant management resources and significant charges; (ii) the
possibility that the Company will be unable to retain key
personnel; (iii) the risk that customers may terminate or choose
not to renew their agreements with us, that we are unable to
maintain or increase anesthesia procedure volumes or that there are
changes to payment rates or methods of third-party payors;
(iv) the risk of other disruption from the acquisition,
including potential adverse reactions or changes to business
relationships with customers, employees, suppliers or regulators,
making it more difficult to maintain business and operational
relationships; (v) risks and uncertainties relating to the pending
transaction between the Company and WELL Health Technologies Corp.,
including those relating to the parties' ability to consummate the
proposed transaction in the time period expected or at all, and the
parties' ability to achieve the anticipated benefits of such
transaction; (vi) uncertainties related to developments in the
COVID-19 pandemic and its impact on the Company's operations; and
(vii) uncertainties related to general economic, financial,
regulatory and political conditions, as well as potential changes
in law and regulatory interpretations.
Additional factors that could cause actual results to differ
materially from expectations include, without limitation, the risks
identified by the Company in its most recent Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q and its Current Reports on
Form 8-K, which are available on EDGAR at
www.sec.gov/edgar.shtml or on the Company's website
at www.crhmedcorp.com The Company disclaims any
intent or obligations to update or revise publicly any
forward-looking statements whether as a result of new information,
estimates or options, future events or results or otherwise, unless
required to do so by law.
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SOURCE CRH Medical Corporation