CRH Medical (CRHM) Reports Q4 Revenues Beat

CRH Medical (NYSE: CRHM) reported Q4 revenue for the quarter came in at $30.4 million versus the consensus estimate of $27.81 million.

Fourth quarter 2019 highlights:

• Total revenue of $30.4 million, down 5.2% from fourth quarter 2018
• Anesthesia services revenue of $27.6 million, down 4.5% from fourth quarter 2018
• Free cash flow $8.3 million (cash from operating activities less distributions to non-controlling interest), an increase of 28% over 2018
• Anesthesia patient cases of 94,503 increased 16.8% from fourth quarter 2018
• Adjusted operating EBITDA of $12.3 million, a 40.4% adjusted operating EBITDA margin
• Adjusted operating shareholder EBITDA of $8.8 million, down 17.4% from fourth quarter 2018
• The acquisition of a 51% interest in Florida Panhandle Anesthesia Associates, LLC
• We purchased 36% of Triad Sedation Associates, LLC, increasing CRH's ownership to 51%

Tushar Ramani, Chief Executive Officer of CRH, commented: "Fourth quarter procedure growth remained strong, and we completed two business development transactions during the quarter. As per our previously disclosed contracting strategy, we continued to work toward transitioning our business toward being more fully contracted with major payors. The reason for this strategic move is perfectly illustrated in the fourth quarter as we experienced rate variability within our non-contracted procedure volumes, resulting in a decline in revenue per case. We expect that our plan, coupled with our expectation for finalized billing legislation later this year, to mute, and hopefully eliminate, this variability as we advance through 2020. Moreover, we remain excited by our expanding business development pipeline, as we are increasing the ways in which we can broaden our anesthesia footprint."

For earnings history and earnings-related data on CRH Medical (CRHM) click here.

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