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CRH Medical Corporation (NYSE: CRHM) has entered into a definitive agreement with Well Health Technologies Corp. for the acquisition of CRH at US$4.00 per share, totaling approximately US$292.7 million. This represents an 83% premium over CRH's closing price on February 5, 2021. The transaction is expected to complete in Q2 2021, pending shareholder and regulatory approvals. WELL Health secured financing commitments for the deal, which is not subject to financing conditions. Additional details will follow in a proxy statement to shareholders.
CRH Medical Corporation (CRHM) announced its participation in the 2021 Annual ICR Conference, scheduled from January 12-14. CEO Dr. Tushar Ramani and CFO Richard Bear will engage in a fireside chat on January 14 at 1:00 p.m. EST. A live audio webcast of the event will be available on CRH's Investors page.
CRH is dedicated to helping gastroenterologists in the U.S. with innovative services and products for gastrointestinal diseases, and has completed 31 anesthesia acquisitions across 68 ambulatory surgical centers in 13 states.
CRH Medical Corporation (TSX: CRH, NYSE MKT: CRHM) announced it will not renew its professional services agreements with its largest customer, United Digestive (UD), effective after October 31, 2021. UD contributes approximately 20% to CRH's adjusted operating EBITDA for 2021. Negotiations for a new agreement have been ongoing, but future terms remain uncertain. Despite this setback, CRH's CEO expresses confidence in replacing lost EBITDA through acquisitions and organic growth by 2022.
CRH Medical Corporation (CRHM) has commented on the recently passed COVID-19 relief bill, which includes significant surprise billing legislation effective in 2022. This new law features a 30-day negotiation period for out-of-network claims, followed by third-party arbitration if negotiations fail. Notably, arbitrators will not consider geographic benchmarks or Medicare and Medicaid rates. CEO Dr. Tushar Ramani expressed optimism that these changes will enhance payor negotiations, thereby reducing non-contracted revenue exposure, which could positively impact future revenue and profit visibility for CRH.
CRH Medical Corporation (CRH, NYSE MKT: CRHM) has successfully acquired a 51% interest in FDHS Anesthesia, LLC, a gastroenterology anesthesia practice in Sarasota, Florida. This marks CRH's 31st acquisition and aims to enhance its presence in the state. The acquisition is projected to add an estimated $3.0 million in annual revenue and is expected to be EBITDA and cash flow accretive. CRH now serves 11 ambulatory surgery centers in Florida, reinforcing its growth strategy in the anesthesia sector.
CRH Medical Corporation (TSX: CRH, NYSE American: CRHM) announced on November 19, 2020, that it received approval from the TSX to renew its Normal Course Issuer Bid. Under this Bid, the Company can repurchase up to 6,999,137 common shares, representing about 9.8% of shares outstanding as of November 12, 2020. The repurchases will be funded through internally generated cash flow and will comply with regulatory rules. The Bid will start on November 24, 2020, and is designed to enhance shareholder value while allowing for continued investment in growth opportunities.
CRH Medical Corporation (CRHM) reported third quarter 2020 financial results with total revenue of $30.3 million, a slight decline of 0.2% from Q3 2019. Anesthesia services revenue rose by 0.1% to $28.0 million, while product sales fell 3.4% to $2.4 million. Notably, anesthesia patient cases increased by 6.0% to 94,052. Adjusted EBITDA was $11.8 million, down 9.3% year-over-year. The company generated $24.8 million in cash from operations and completed three acquisitions. CEO Tushar Ramani expressed optimism, citing strong revenue growth compared to Q2 2020.
CRH Medical Corporation (TSX: CRH, NYSE MKT: CRHM) will release its Q3 2020 results on November 12, 2020, after market close. A conference call will be held on November 13, 2020, at 8:30 AM ET to discuss the results, accessible via phone at 1-888-664-6392 (toll-free). The company, focused on providing innovative services for gastrointestinal diseases, has grown significantly, serving 66 ambulatory surgical centers across 13 states and using its CRH O'Regan System for effective hemorrhoid treatment.
CRH Medical Corporation (TSX: CRH, NYSE MKT: CRHM) announced a joint venture in North Carolina, acquiring a 15% interest in Western Carolina Anesthesia Associates (WCAA) as of October 1, 2020. This venture marks CRH's second expansion this year, increasing their presence to 10 ambulatory surgery centers in the state. CEO Tushar Ramani expressed enthusiasm for the partnership, emphasizing their commitment to quality patient care.
CRH, focused on gastroenterology services, has completed 30 anesthesia acquisitions across 66 centers in 13 states.
CRH Medical Corporation (CRH) has acquired a 51% stake in Coastal Carolina Sedation Associates, LLC, a gastroenterology anesthesia practice in Wilmington, North Carolina. This acquisition marks CRH's 30th acquisition and is expected to generate estimated annual revenue of $2.1 million. The transaction, which was financed through CRH's credit facility and cash on hand, is EBITDA and cash flow accretive. According to CEO Dr. Tushar Ramani, this acquisition enhances their business development momentum, signifying their fifth anesthesia acquisition since June 2020.
