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CRH Medical (CRHM) Reports 1Q Revenues Miss

April 30, 2018 5:02 PM EDT
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CRH Medical (NYSE: CRHM) reported Q1 EPS of $. Revenue for the quarter came in at $24.67 million versus the consensus estimate of $27.81 million.

Revenues from anesthesia services for the three months ended March 31, 2018 were $22,108,625 compared to $18,592,336 for the three months ended March 31, 2017. As noted below, the increase was primarily due to the Company's anesthesia acquisitions completed mid-year in 2017; however, there were a number of factors which impacted the change in revenue between the first quarter of 2018 and the first quarter of 2017. The $3.5 million increase in revenue from the prior period is reflective of the following:

  • growth through acquisitions completed in 2017 and 2018 contributed $7.4 million of the increase when comparing the two periods. This is comprised of growth from acquisitions completed in 2017 ($7.3 million) and growth from acquisitions completed in 2018 ($0.1 million);
  • the impact of the CMS final fee schedule resulted in a decrease in revenue of approximately $2.0 million when compared to the first quarter of 2017;
  • executing contracts with non-contracted payors, primarily related to entities acquired in 2016, decreased revenue by $1.4 million when compared to the first quarter of 2017;
  • the change in payor mix between federal and commercial decreased revenue by approximately $0.1 million;
  • a negative adjustment as a result of the change in the impact of revenue estimates of $0.7 million, which includes $0.3 million of non-recurring items, when compared to 2017; and
  • revenue growth from our exclusive agreement to develop and manage a monitored anesthesia care program with Puget Sound Gastroenterology of approximately $0.3 million.

Edward Wright, Chief Executive Officer of CRH commented, "We are extremely pleased with our first quarter results, which were positively impacted by the continued successful management and organic growth realized in the 16 anesthesia transactions we have integrated into CRH, in particular those acquired in 2017. The integration of Shreveport, our most recent acquisition, and future acquisitions will continue to positively impact our business as we move forward."

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



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