CRH Medical (CRHM) Reports Q2 Revenues Miss

CRH Medical (NYSE: CRHM) reported Q2 revenue for the quarter came in at $13.6 million versus the consensus estimate of $27.81 million.

Second quarter 2020 highlights:

• Total revenue of $13.6 million, down 55.4% from second quarter 2019
• Anesthesia services revenue of $12.4 million, down 55.7% from second quarter 2019
• Product sales revenue of $1.2 million, down 52.9% from second quarter of 2019
• Anesthesia patient cases of 42,918 decreased 49.3% from second quarter 2019
• Government assistance of $4.9 million is included in adjusted operating EBITDA
• Adjusted operating EBITDA of $6.9 million
• Adjusted operating shareholder EBITDA of $4.7 million, down 51.5% from second quarter 2019
• Generated $9.2 million in cash from operating activities and $6.7 million in free cash flow
• The Company also completed two acquisitions and a startup joint venture

Tushar Ramani, Chairman and Chief Executive Officer of CRH, commented: "As expected, our results in the second quarter were challenged by the COVID-19 pandemic. Despite the disruptions to our business, our model enabled us to quickly adjust to the volatile operating backdrop, while maintaining our commitment to deliver quality care. We have since been encouraged to see anesthesia case volumes strengthen throughout the course of the second quarter and are pleased to report that currently our anesthesia case volumes are around 95% of our pre-COVID estimated volume. Importantly, through this same time, we have continued to execute against the key elements of our business plan."

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

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