CRH Medical Corp

CIK:0001461119|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 106,172,165	$ 120,385,274
Expenses:
Total expenses	112,928,124	105,703,079
Operating income (loss)	(6,755,959)	14,682,195
Finance expense	2,151,137	6,609,618
Gain from equity investment	(16,416)	(1,766,968)
Impairment of intangible asset	27,008,037
Other income	(5,442,457)
Income before tax	(30,456,260)	9,839,545
Income tax expense (recovery)	(7,543,376)	1,627,061
Net and comprehensive income (loss)	(22,912,884)	8,212,484
Attributable to:
Shareholders of the Company	(24,476,138)	3,771,163
Non-controlling interest	1,563,254	4,441,321
Net and comprehensive income	$ (22,912,884)	$ 8,212,484
Earnings (loss) per share attributable to shareholders
Basic	$ (0.342)	$ 0.053
Diluted	$ (0.342)	$ 0.052
Weighted average shares outstanding:
Basic	71,535,343	71,536,310
Diluted	71,535,343	72,697,539
Anesthesia Services [Member]
Revenue:
Total revenue	$ 97,688,095	$ 110,306,431
Expenses:
Total expenses	100,217,372	94,506,039
Product [Member]
Revenue:
Total revenue	8,484,070	10,078,843
Expenses:
Total expenses	4,271,333	4,647,719
Corporate Expense [Member]
Expenses:
Total expenses	$ 8,439,419	$ 6,549,321

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income (loss)	$ (22,912,884)	$ 8,212,484
Adjustments for:
Depreciation of property, equipment and intangibles	40,658,314	35,009,070
Stock-based compensation	2,709,617	976,962
Unrealized foreign exchange	5,756	8,925
Deferred income tax recovery	(10,116,104)	(3,440,121)
Change in fair value of contingent consideration	(155,601)	2,861,204
Accretion on contingent consideration and deferred consideration	50,040	133,450
Amortization of deferred financing fees	372,835	276,260
Gain on equity investment	(16,416)	(1,766,968)
Impairment of intangible asset	27,008,037
Change in current tax receivable (payable)	(896,519)	939,779
Change in trade and other receivables	(3,244,859)	1,376,733
Change in prepaid expenses	(140,965)	132,290
Change in inventories	86,858	53,220
Change in trade and other payables, including contract payable	2,789,000	121,615
Change in employee benefits	(203,436)	110,654
Cash provided by operating activities	35,993,673	45,005,557
Financing activities
Proceeds from member loans	122,500	68,600
Repayment of member loans	(68,600)	(49,000)
Equity loan advance	(226,000)
Repayment of short-term advances		(26,783)
Repayment of notes payable and bank indebtedness	(14,000,000)	(82,550,000)
Proceeds on bank indebtedness	16,006,750	81,641,370
Payment of deferred financing fees	(159,314)	(839,892)
Payment of deferred consideration	(1,896,850)	(1,100,000)
Payment of earn-out obligation		(4,795,822)
Acquisition of equity interest from non-controlling interest		(9,924,381)
Distributions to non-controlling interest	(12,945,380)	(15,825,600)
Proceeds from the issuance of shares relating to stock-based compensation	10,680	426,366
Repurchase of shares for cancellation	(862,320)	(4,742,595)
Cash used in financing activities	(14,018,534)	(37,717,737)
Investing activities
Acquisition of property and equipment	(42,031)	(59,508)
Deferred asset acquisition costs	(51,859)	(59,249)
Acquisition of professional services agreements	(22,465,280)	(15,052,058)
Distribution received from equity investment		136,650
Purchase adjustment relating to anesthesia service providers acquired in prior periods		4,366,000
Cash used in investing activities	(24,625,171)	(10,668,165)
Acquisition of investment	(2,016,076)
Acquisition of equity investment	(49,925)
Effects of foreign exchange on cash and cash equivalents	1,063	2,116
Decrease in cash and cash equivalents	(2,648,969)	(3,378,229)
Cash and cash equivalents, beginning of year	6,568,716	9,946,945
Cash and cash equivalents, end of year	3,919,747	6,568,716
Supplemental disclosure of cash interest and taxes paid:
Cash interest paid	(1,949,694)	(3,055,374)
Lease payments made	(230,228)	(369,262)
Non-cash acquisition financing	(36,659)	(800,985)
Taxes paid	$ (3,431,921)	$ (4,127,443)

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 3,919,747	$ 6,568,716
Trade and other receivables, net	23,323,473	20,041,288
Income tax receivable	2,942,008	1,332,129
Prepaid expenses and deposits	870,441	729,483
Loan to equity investee	226,000
Inventories	262,466	349,324
Total current assets	31,544,135	29,020,940
Non-current assets:
Property and equipment, net	127,800	251,933
Right of use assets	1,063,804	214,854
Intangible assets, net	136,404,143	163,108,193
Deferred asset acquisition costs	68,211	59,249
Investment	2,016,076
Equity investment	104,180
Deferred tax assets	20,456,381	10,440,100
Total non-current assets	160,240,595	174,074,329
Total assets	191,784,730	203,095,269
Current liabilities:
Trade and other payables	7,023,060	6,196,741
Employee benefits	789,409	992,845
Current portion of lease liability	272,480	125,555
Current tax payable	753,501	28,589
Deferred consideration		1,868,052
Earn-out obligation	907,459	1,063,060
Contract payable - CMS Advancement	1,900,589
Member loan	122,500	68,600
Total current liabilities	11,768,998	10,343,442
Non-current liabilities:
Contingent consideration	2,634,317
Lease liability	832,514	54,300
Notes payable and bank indebtedness	70,600,615	68,380,345
Deferred tax liabilities		101,822
Total non-current liabilities	74,067,446	68,536,467
Equity
Common stock, no par value; 71,674,647 and 71,603,584 shares issued and outstanding at December 31, 2020 and 2019, respectively	57,255,264	56,056,113
Additional paid-in capital	8,402,216	7,168,156
Accumulated other comprehensive loss	(66,772)	(66,772)
Retained earnings (loss)	(11,870,442)	13,154,981
Total equity attributable to shareholders of the Company	53,720,266	76,312,478
Non-controlling interest	52,228,020	47,902,882
Total equity	105,948,286	124,215,360
Total liabilities and equity	$ 191,784,730	$ 203,095,269