CRH Medical Corporation (CRHM) reported a significant decline in Q2 2020 results due to COVID-19 impacts. Total revenue hit $13.6 million, down 55.4% from Q2 2019, with anesthesia services revenue falling to $12.4 million, a 55.7% drop. Anesthesia patient cases decreased to 42,918, down 49.3%. Government assistance contributed $4.9 million to adjusted operating EBITDA of $6.9 million. Positive signs include a recovery in anesthesia case volumes, nearing 95% of pre-COVID levels. The company executed two acquisitions and established a joint venture.
CRH Medical Corporation (TSX: CRH, NYSE MKT: CRHM) has successfully acquired a 66% stake in Orange County Anesthesia Associates, LLC, a GI anesthesia practice based in Florida. The transaction, effective August 3, 2020, is projected to enhance CRH's revenue by approximately $3.1 million annually, and is anticipated to be accretive to adjusted operating EBITDA. Following this acquisition, CRH will have a broader foothold in Florida, increasing its total to nine ambulatory surgery centers, and aims to leverage this scale for future growth.
CRH Medical Corporation (TSX: CRH, NYSE MKT: CRHM) will release its Q2 2020 results on August 10, 2020, post market close. Management will discuss these results in a conference call on August 11, 2020, at 8:30 AM ET. Interested participants can join by calling 1-888-664-6392 or 1-416-764-8659, using confirmation #51822432. An audio replay will be available for two weeks after the call at 1-888-390-0541 or 1-416-764-8677 with access code 822432#. CRH focuses on innovative gastroenterology services across the U.S. and has completed 28 anesthesia acquisitions.
CRH Medical Corporation (CRHM) has completed the acquisition of a 51% stake in Central Virginia Anesthesia Associates, a GI anesthesia practice in Virginia. This transaction, effective July 1, 2020, is expected to generate annual revenue of approximately $2 million and is said to be adjusted operating EBITDA and cash flow accretive. This acquisition marks CRH's third transaction in three weeks and its 28th in total, bolstering its anesthesia service capabilities across the United States. The deal was financed through CRH's credit facility and available cash.
On June 22, 2020, CRH Medical Corporation (TSX: CRH; NYSE MKT: CRHM) announced the successful acquisition of a 75% interest in Metro Orlando Anesthesia Associates, LLC, enhancing its gastroenterology anesthesia services. This strategic acquisition, CRH's 27th, is projected to generate annual revenues of approximately $1.9 million and is expected to be accretive to operating cash flow. The deal was financed through CRH's credit facility and cash reserves, marking a positive trend in business development following a pause due to COVID-19.