VANCOUVER, BC, Feb. 9, 2021 /CNW/ - CRH Medical
Corporation ("CRH", or the "Company") (TSX: CRH)
(NYSE MKT: CRHM), announces that it completed an accretive
transaction whereby the Company has acquired Oak Tree Anesthesia
Associates, LLC ("Oak Tree"), a gastroenterology anesthesia
practice located in Edison, New
Jersey.
Oak Tree represents the Company's 32nd acquisition,
and provides anesthesia services to a single ambulatory surgery
center located in New Jersey. The
transaction was financed through a combination of CRH's credit
facility and cash on hand.
Oak Tree Transaction Highlights:
- Estimated annual revenue of US $1.5
million
- EBITDA and cash flow accretive
Dr. Tushar Ramani, CEO of CRH,
commented on the transaction, "The acquisition of Oak Tree
represents our first acquisition in New
Jersey, as well as our first acquisition in 2021. We now
provide services to 70 ambulatory surgery centers across 14 states,
and our robust business development pipeline should support
additional growth opportunities for CRH as we progress through
2021."
Jay Kreger, President of CRH
Anesthesia, added, "We are excited to welcome Oak Tree's team of
talented providers onto the CRH platform. We believe our scale,
reputation and focus will enable us to continue to expand our
anesthesia footprint while maintaining our high level of commitment
to exceptional patient care."
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 70 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