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CRH Medical Corp

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2020 10-K, filed Mar 16, 2021. Its latest SEC filing is a 15-12B from May 4, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Provides anesthesia services for patients undergoing endoscopic procedures and sells disposable hemorrhoid banding systems to gastroenterology practices.

How Did They Make Money?

Anesthesia fees are billed to insurers, government programs or patients as procedures are completed. Physicians are billed for product sales when products ship.

revenue
SegmentShareRevenue
Anesthesia Services
Usage-based

92%
FY2017: 88%
Product
Sold outright
8.0%
FY2017: 12%

Who Were Their Customers?

Gastroenterology practices buy the hemorrhoid-band system directly from CRH. Anesthesia services are provided for endoscopic procedures, with bills sent to insurers, government programs or patients.

Did Revenues Turn Into Profits?

Not on paper. It lost $22.9M in FY2020, but brought in more cash than it spent: $36M of free cash flow.

Operating income, FY2020
−6% of revenue
▼ Now a loss vs FY2019 ($14.7M, 12%)
Net income, FY2020
−22% of revenue
▼ Now a loss vs FY2019 ($8.2M, 7%)
Free cash flow, FY2020
34% of revenue
▼ −20% vs FY2019 ($44.9M, 37%)

How Were They Changing?

Since the FY2020 annual report
  • Apr 28, 2021 WELL completed its acquisition of CRH CRH became a wholly owned WELL subsidiary; its shares ceased trading on the TSX and were suspended on NYSE American.
  • Apr 5, 2021 CRH acquired the remaining interest in Lake Lanier Anesthesia Associates The acquisition brought CRH’s ownership of the anesthesia practice to 100%.
  • Apr 1, 2021 CRH acquired a majority interest in Middle Arkansas Sedation Associates The anesthesia practice provides services to an ambulatory surgery center in Little Rock, Arkansas.

Grew. Revenue grew 12% in 3 years, from $95M in FY2017 to $106.2M in FY2020, about 4% a year.

Revenue over time
Anesthesia Services Product
$200M$100M$0

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