CRH Medical posted $25.5 million in revenue in the first quarter of 2020, which was down 12.6 percent from the first quarter of 2019, the company announced May 12.
What you should know:
1. CRH's anesthesia services revenue was $23.2 million, which was down 13.3 percent from the first quarter of 2019. Despite the decrease, revenue per case increased to $297, a 1.3 percent increase from the fourth quarter of 2019.
2. CRH's anesthesia patient cases increased 0.6 percent year over year to 77,993 cases.
3. CRH posted an adjusted operating EBITDA of $7.5 million, which was a 29.7 percent adjusted operating EBITDA margin
4. CRH attributed the decreased revenue to the COVID-19 pandemic, which shut down several of the company's affiliated gastroenterology anesthesia practices.
Chair and CEO Tushar Ramani, MD, commented on the company's COVID-19 recovery plan, saying: "Fortunately, our model allowed us to act decisively to strengthen our financial flexibility and liquidity by reducing costs, curtailing share buyback activity, implementing reductions to executive pay, and deferring anesthesia acquisitions. Although this is an unprecedented and challenging moment in time, we are confident that the measures we have taken will prepare us to resume our growth trajectory once the impact of the crisis subsides."