WELL’s CRH Medical Acquires Majority Stake in Greater Washington Anesthesia | New
- CRH Medical Society (“CRH“), a wholly owned subsidiary of WELL, completes the acquisition of a controlling 51% interest in Greater Washington Anesthesia Associates, LLC. (“GWAA“)
- GWAA’s current estimated annualized income rate is approximately 3.3 million US dollars and has operating EBITDA margins of approximately 50%.
- This accretive acquisition marks CRH’s 37th transaction and brings CRH’s footprint to a total of 77 endoscopy sites across the United States.
VANCOUVER, BC, August 3, 2021 / PRNewswire / – WELL Health Technologies Corp. (TSX: WELL) (“GOOD“or the”Company“), a company focused on consolidating and modernizing clinical and digital assets in healthcare, is pleased to announce that its wholly owned subsidiary, CRH, has entered into an accretive transaction with a 51% stake in Greater Washington Anesthesia Associates, LLC (“GWAA“), a provider of gastrointestinal (GI) anesthesia services at two locations in Northern virginia.
Dr. Tushar ramani, CEO of CRH, commented: “This is our fourth acquisition since joining WELL and has our footprint on a total of 77 endoscopy sites. This is also our second acquisition in Virginia, and we look forward to serving our patients with our gastrointestinal partners in this growing region as we welcome new practitioners to the CRH and WELL families. “
GWAA performs gastrointestinal anesthesia services at two endoscopic surgery sites in Gainesville and Warrenton Virginia. The majority acquisition of GWAA is expected to be immediately accretive to CRH’s cash flow and represents an estimated current annual revenue of approximately 3.3 million US dollars with operating EBITDA margins of around 50%. This acquisition adds twelve practitioners to the CRH team of more than 800 accredited anesthesia health practitioners.
- Earnings before interest, taxes, depreciation and amortization (“EBITDA“) and EBITDA margin are each non-GAAP measure. EBITDA should not be interpreted as an alternative to net income determined in accordance with International Financial Reporting Standards (” IFRS “). EBITDA n ‘has no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company considers EBITDA to be a significant financial measure because it measures cash generated from operations that Company may use to fund working capital requirements, serve future interest and principal debt repayments, and fund future growth For a reconciliation of EBITDA to net income, please refer to the most recent MD&A of the Company on Sedar.com. The EBITDA margin is the EBITDA as a percentage of total sales.
WELL HEALTH TECHNOLOGIES CORP.
By: “Hamed Shahbazi”
Chairman and Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is an innovative, technology-driven healthcare company whose primary goal is to positively impact health outcomes by leveraging technology to empower and support healthcare professionals and their patients. WELL has built an innovative practitioner empowerment platform that includes comprehensive end-to-end practice management tools, including virtual care and digital patient engagement capabilities, as well as cycle management services. revenue (RCM) and data protection. WELL uses this platform to feed healthcare professionals both inside and outside of WELL’s omnichannel patient service offerings. WELL owns and operates from Canada the largest network of ambulatory medical clinics serving primary and specialized health care services and is the provider of a leading multinational multidisciplinary telehealth offering. WELL is listed on the Toronto Stock Exchange under the symbol “GOODTo access the Society’s Canadian telehealth service, visit tiahealth.com, and for company information, visit: www.well.company.
About CRH Medical Corporation
CRH is a North American company focused on providing gastroenterologists through United States with innovative products and services for the treatment of gastrointestinal diseases. In 2014, CRH became a full-service gastroenterological anesthesia company that provides anesthesia services to patients undergoing endoscopic procedures in outpatient surgery centers. To date, CRH has completed 37 anesthesia acquisitions and now serves 77 outpatient surgery centers in 16 states. In addition, CRH has the “CRH O’Regan System”, a single use, disposable, safe and highly effective hemorrhoid wrapping technology for treating all grades of hemorrhoids. CRH distributes the O’Regan system, treatment protocols, operational and marketing expertise as a complete, turnkey package directly to gastroenterology practices, creating meaningful relationships with the gastroenterologists we she serves. CRH’s O’Regan system is currently in use in the lower 48 US states.
Notice Regarding Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements and are forward-looking in nature, including statements regarding: the anticipated benefits of the acquisitions and the future strategy of WELL and CRH. Forward-looking statements are not based on historical facts, but rather on current expectations and projections regarding future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from results. futures expressed or implied by forward-looking statements. statements. These statements can generally be identified by the use of forward-looking words such as “may”, “should”, “could”, “would intend”, “estimate”, “plan”, “anticipate”, “s’ expect “,” believe “,” work on “or” continue “, or the negative of these or similar variations. There are many risks and uncertainties that could cause actual results and plans and objectives to occur. WELL differ materially from those expressed in forward-looking information, including: business disruption risks related to COVID-19; regulatory risks, including those related to healthcare, privacy and data security; integration risks associated with the acquired business after closing, including any failure to realize the expected benefits of acquisitions; and other risks described in WELL’s public documents available on SEDAR. Actual results and events f uturs could differ materially from those anticipated in this information. This subsequent written and oral forward-looking information and all subsequent forward-looking information are based on management’s estimates and opinions on the dates on which they are made and are expressly qualified in their entirety by this notice. Except as required by law, WELL does not intend to update these forward-looking statements.
SOURCE WELL Health Technologies Corp.