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CRH Medical Corp.'s securityholders approved the acquisition by WELL Health Technologies on April 16, 2021. The deal, representing WELL's largest acquisition at approximately US$369.2 million, is expected to close on or about April 22, 2021. Shareholders will receive US$4.00 per share in cash. WELL's CEO emphasized the acquisition's potential to boost revenue and profitability, leveraging CRH’s network of over 3000 physicians to enhance digital health offerings. Funding for the acquisition includes a C$302.5 million equity offering.
CRH Medical Corporation (CRHM) announced that its securityholders have approved the acquisition by WELL Health Technologies Corp. at a special meeting held on April 16, 2021. An overwhelming majority of votes were in favor, with 97.30% approval from CRH shareholders. Under the arrangement, CRH shareholders will receive US$4.00 per common share, subject to regulatory and court approvals. The transaction is anticipated to close around April 22, 2021, pending customary conditions. This acquisition aligns with CRH's focus on providing innovative gastroenterology services across the U.S.
CRH Medical Corporation (TSX: CRH, NYSE American: CRHM) announced on April 7, 2021, that it has filed a Current Report on Form 8-K with the SEC to amend its proxy statement dated March 19, 2021, regarding its acquisition by WELL Health Technologies Corp. This filing follows complaints from some shareholders alleging that the original Circular was misleading. Although CRH asserts the complaints are without merit, it provided additional disclosures to avoid delays in the arrangement. The special meeting for CRH securityholders will occur on April 16, 2021, to vote on the Arrangement and a compensation proposal for executives.
CRH Medical Corporation (TSX: CRH, NYSE MKT: CRHM) has completed the acquisition of the remaining 25% stake in Lake Lanier Anesthesia Associates (LLAA), which it initially purchased 75% of in June 2020. This strategic move enhances CRH's ownership to 100%, expected to increase adjusted operating EBITDA for shareholders. The acquisition was financed through a mix of CRH's credit facility and cash reserves. CRH continues to expand its presence in the gastroenterology anesthesia market, with a total of 33 acquisitions to date.
CRH Medical Corporation (TSX: CRH, NYSE MKT: CRHM) has successfully completed an accretive acquisition of a 51% stake in Middle Arkansas Sedation Associates, LLC, a gastroenterology anesthesia practice in Little Rock, Arkansas. This marks CRH's 33rd acquisition, expected to generate an estimated annual revenue of $1.4 million with an operating EBITDA margin of approximately 50%. The deal was financed through CRH's credit facility and cash on hand, reinforcing the company's strategy to expand its presence across the U.S.
CRH Medical Corporation (TSX: CRH, NYSE American: CRHM) has mailed materials for a special meeting scheduled on April 16, 2021, regarding its proposed acquisition by WELL Health Technologies Corp. The arrangement, previously announced on February 8, 2021, offers CRH shareholders a cash consideration of US$4.00 per share, representing premiums of approximately 83% and 84% over prior closing prices on NYSE American and TSX, respectively. The board unanimously recommends voting in favor of the arrangement, which is expected to complete in Q2 2021.
CRH Medical Corporation (CRHM) reported financial results for Q4 2020, achieving total revenue of $36.8 million, a 21% increase from Q4 2019. Anesthesia services revenue reached $34.1 million, up 24%, with anesthesia patient cases rising 15% to 108,681. However, total revenue for the year was $106.2 million, reflecting a 12% decline from 2019 due to COVID-19 impacts. Adjusted operating EBITDA for the quarter was $16.1 million, marking a 44% margin. CEO Tushar Ramani expressed optimism for 2021, indicating recovery and growth in operating volumes.
CRH Medical Corporation (NYSE MKT: CRHM) has announced a new joint venture in Largo, Florida, where it holds a 51% interest in a gastroenterology anesthesia practice. This venture is projected to generate approximately $1.7 million in annual revenue and is cash flow positive. With this addition, CRH now operates in 71 ambulatory surgery centers across 14 states. The company aims for continued growth through both organic and inorganic strategies, with over 500 acquisition prospects currently identified.
CRH Medical Corporation (CRHM) has signed a five-year exclusive Management Services Agreement with United Digestive (UD), effective Nov 1, 2021. This management agreement allows CRH to earn fees while managing UD's anesthesia service, with potential revenue growth aligned with UD's expansion. The recent acquisition of Oak Tree Anesthesia Associates is expected to generate approximately US$1.5M in additional revenue, further strengthening CRH's position as it currently serves 70 ambulatory surgical centers across 14 states.
CRH Medical Corporation has successfully acquired Oak Tree Anesthesia Associates, LLC based in Edison, New Jersey, representing its 32nd acquisition. This transaction is expected to generate approximately $1.5 million in annual revenue and is anticipated to be EBITDA and cash flow accretive. It enhances CRH’s operations, now covering 70 ambulatory surgery centers across 14 states. Financing was secured through a combination of credit facilities and cash on hand, aligning with CRH's strategy for growth in the anesthesia market.
