CRH Medical Corp.

CRH-T

Analysis and Opinions about CRH-T

Signal
Opinion
Expert
COMMENT
COMMENT
April 6, 2016

He is generally negative on the rollup space, because it is a business that relies on having a high valuation in order to acquire other businesses. As soon as that game stops, the stocks can have a long way to fall before finding a bottom. This one is a little different in that they managed to not get caught up as much in the selloff. Because of that, it’s price momentum is quite good. Valuation is reasonable, which is unusual for a rollup. He doesn’t have a position in this, but it is on the cusp of being a Long for him.

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He is generally negative on the rollup space, because it is a business that relies on having a high valuation in order to acquire other businesses. As soon as that game stops, the stocks can have a long way to fall before finding a bottom. This one is a little different in that they managed to not get caught up as much in the selloff. Because of that, it’s price momentum is quite good. Valuation is reasonable, which is unusual for a rollup. He doesn’t have a position in this, but it is on the cusp of being a Long for him.

BUY WEAKNESS
BUY WEAKNESS
March 16, 2016

It is in the right space. Technically it has been a tough go for medical last year. It is one of the few sectors that is in a secular bull market. There is a downtrend that may have broken. This would be one you could add to. There will be some resistance until $5.10.

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It is in the right space. Technically it has been a tough go for medical last year. It is one of the few sectors that is in a secular bull market. There is a downtrend that may have broken. This would be one you could add to. There will be some resistance until $5.10.

STRONG BUY
STRONG BUY
March 7, 2016

Colonoscopy clinics. His 5th largest holding. Just delivered an excellent quarter. Very attractively priced, and run by a very honest management team. A very clean model of a health care stock. ROE is about 33% and P/E ratio is around 11%. Doesn’t believe there will be any equity financing, so no dilution going forward. Can’t think of a better company to own.

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Colonoscopy clinics. His 5th largest holding. Just delivered an excellent quarter. Very attractively priced, and run by a very honest management team. A very clean model of a health care stock. ROE is about 33% and P/E ratio is around 11%. Doesn’t believe there will be any equity financing, so no dilution going forward. Can’t think of a better company to own.

COMMENT
COMMENT
February 24, 2016

A great little company, and thinks they are going to continue to execute the way they have. Made a big transformational deal in 2014, and now are adding on small deals as they come across them. Doing this all with cash flow. You should continue to see earnings numbers increase as they make acquisitions. Has broken down on a technical aspect, but he is watching it closely, and at some time would like to add it to his portfolio.

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CRH Medical Corp. (CRH-T)
February 24, 2016

A great little company, and thinks they are going to continue to execute the way they have. Made a big transformational deal in 2014, and now are adding on small deals as they come across them. Doing this all with cash flow. You should continue to see earnings numbers increase as they make acquisitions. Has broken down on a technical aspect, but he is watching it closely, and at some time would like to add it to his portfolio.

HOLD
HOLD
February 19, 2016

He is looking for support and resistance, and this is in the very tight channel. At $3.59, you are probably dealing with a $4.50 upside right now. The downside is quite good at around $2.80. It doesn’t look like a trade, but something that you would continue to Hold.

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CRH Medical Corp. (CRH-T)
February 19, 2016

He is looking for support and resistance, and this is in the very tight channel. At $3.59, you are probably dealing with a $4.50 upside right now. The downside is quite good at around $2.80. It doesn’t look like a trade, but something that you would continue to Hold.

BUY
BUY
February 8, 2016

They have gone through some lumps. Analysts are expecting earnings growth of 69%. It looks like they finally turned the company around. 14 times PE.

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CRH Medical Corp. (CRH-T)
February 8, 2016

They have gone through some lumps. Analysts are expecting earnings growth of 69%. It looks like they finally turned the company around. 14 times PE.

COMMENT
COMMENT
January 13, 2016

Owned this in the past, and has his eye on it. The larger part of their business is providing anaesthesiology services to gastrointestinal doctors who are doing mostly colonoscopies. The majority of their business is done in the US. Attractive at these levels.

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CRH Medical Corp. (CRH-T)
January 13, 2016

Owned this in the past, and has his eye on it. The larger part of their business is providing anaesthesiology services to gastrointestinal doctors who are doing mostly colonoscopies. The majority of their business is done in the US. Attractive at these levels.

BUY
BUY
January 8, 2016

He likes this. It has been fairly strong over the last couple of weeks. Good management team. The cash flow from operations should rise quite a bit this year. Probably trading at around 8X 2016 EBITDA. If you are going to own something in this space, this is a go to name.

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He likes this. It has been fairly strong over the last couple of weeks. Good management team. The cash flow from operations should rise quite a bit this year. Probably trading at around 8X 2016 EBITDA. If you are going to own something in this space, this is a go to name.

PAST TOP PICK
PAST TOP PICK
December 23, 2015

(A Top Pick Dec 24/14. Up 126.47%.) Still a Buy. ROE is over 30%. Trading at about 8.9X earnings and 2X Book. Funding all their growth through their own cash flows. Showing all the signs of becoming one of the great stocks.

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CRH Medical Corp. (CRH-T)
December 23, 2015

(A Top Pick Dec 24/14. Up 126.47%.) Still a Buy. ROE is over 30%. Trading at about 8.9X earnings and 2X Book. Funding all their growth through their own cash flows. Showing all the signs of becoming one of the great stocks.

TOP PICK
TOP PICK
December 23, 2015

Colonoscopy clinics. Great company. Good management. This is his best guess of an emerging compounder. Trading at 8.9X earnings with a 33% ROE.

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CRH Medical Corp. (CRH-T)
December 23, 2015

Colonoscopy clinics. Great company. Good management. This is his best guess of an emerging compounder. Trading at 8.9X earnings with a 33% ROE.

WATCH
WATCH
November 18, 2015

They were tarnished by PHM-T. A lot of investors have gotten out of healthcare, concerned multiples will continue to contract. CRH-T’s business has continued to grow. It is one that if you are patient and you pick it up here, as multiples expand in the sector, it will go up. Healthcare is going to be a long term growth area. Watch for momentum to change if you are a mid-term investor.

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CRH Medical Corp. (CRH-T)
November 18, 2015

They were tarnished by PHM-T. A lot of investors have gotten out of healthcare, concerned multiples will continue to contract. CRH-T’s business has continued to grow. It is one that if you are patient and you pick it up here, as multiples expand in the sector, it will go up. Healthcare is going to be a long term growth area. Watch for momentum to change if you are a mid-term investor.

DON'T BUY
DON'T BUY
November 5, 2015

It was a hot stock and had a nice trend, then there was some deterioration and now there is support at $3. If it bounces off it then it should be okay, but it could be putting in a top.

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CRH Medical Corp. (CRH-T)
November 5, 2015

It was a hot stock and had a nice trend, then there was some deterioration and now there is support at $3. If it bounces off it then it should be okay, but it could be putting in a top.

COMMENT
COMMENT
October 21, 2015

This has probably held up the best of the Canadian healthcare stocks. Has a very interesting business, and is significantly different than Concordia (CXR-T) and Valeant (VRX-T). They have a process that helps doctors fix haemorrhoids and have a huge database of doctors who use their product. Have now gone into anaesthesiology. When people go in and have the G.I. process done, they need to be sedated and the company has been doing some consolidation in this sector.

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CRH Medical Corp. (CRH-T)
October 21, 2015

This has probably held up the best of the Canadian healthcare stocks. Has a very interesting business, and is significantly different than Concordia (CXR-T) and Valeant (VRX-T). They have a process that helps doctors fix haemorrhoids and have a huge database of doctors who use their product. Have now gone into anaesthesiology. When people go in and have the G.I. process done, they need to be sedated and the company has been doing some consolidation in this sector.

PAST TOP PICK
PAST TOP PICK
October 19, 2015

(A Top Pick Dec 24/14. Up 128.24%.) A less risky model than other healthcare stocks. Very blue-chip, solid, well-run company with a 35% ROE. Trading at 8X earnings.

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CRH Medical Corp. (CRH-T)
October 19, 2015

(A Top Pick Dec 24/14. Up 128.24%.) A less risky model than other healthcare stocks. Very blue-chip, solid, well-run company with a 35% ROE. Trading at 8X earnings.

COMMENT
COMMENT
October 16, 2015

Treatment of haemorrhoids. Stock is declining because earnings estimates have been shaved by 15% in the last 90 days. The advantage is that no surgery is required compared to other methods. Trading at 18X PE for 2016. Analysts are expecting earnings to grow from $0.10-$0.22, but estimates have been shaved 15% in the last 90 days, which is why the stock has been drifting off.

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CRH Medical Corp. (CRH-T)
October 16, 2015

Treatment of haemorrhoids. Stock is declining because earnings estimates have been shaved by 15% in the last 90 days. The advantage is that no surgery is required compared to other methods. Trading at 18X PE for 2016. Analysts are expecting earnings to grow from $0.10-$0.22, but estimates have been shaved 15% in the last 90 days, which is why the stock has been drifting off.

TOP PICK
TOP PICK
September 28, 2015

Healthcare space. The management team’s last company sold at a great multiple. They can get synergies and revenues up. It sold off here. It will be a long term hold for him.

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CRH Medical Corp. (CRH-T)
September 28, 2015

Healthcare space. The management team’s last company sold at a great multiple. They can get synergies and revenues up. It sold off here. It will be a long term hold for him.

COMMENT
COMMENT
September 8, 2015

Distributes medical products to clinics, and buys up other players that do the same type of thing. The challenge with these rollup’s is that they tend to do it with debt, and at very high valuations. This is trading at 25X EBITDA. They don’t really cash flow and this is trading at 45X cash flow. All of their growth is in the future in terms of cash flow growth. You are really counting on their growth to continue. On any kind of miss on earnings or check-back in the space, these stocks don’t have a floor for a fair bit of time before value buyers step in. Not a long-term investment, but something you might want to trade.

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CRH Medical Corp. (CRH-T)
September 8, 2015

Distributes medical products to clinics, and buys up other players that do the same type of thing. The challenge with these rollup’s is that they tend to do it with debt, and at very high valuations. This is trading at 25X EBITDA. They don’t really cash flow and this is trading at 45X cash flow. All of their growth is in the future in terms of cash flow growth. You are really counting on their growth to continue. On any kind of miss on earnings or check-back in the space, these stocks don’t have a floor for a fair bit of time before value buyers step in. Not a long-term investment, but something you might want to trade.

TOP PICK
TOP PICK
August 25, 2015

The best small-cap company in Canada that he can recommend. Great management team. 9X 2016 earnings. 31% ROE. He is very comfortable in saying that in 5 years it will be a $25 stock.

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The best small-cap company in Canada that he can recommend. Great management team. 9X 2016 earnings. 31% ROE. He is very comfortable in saying that in 5 years it will be a $25 stock.

BUY WEAKNESS
BUY WEAKNESS
August 19, 2015

Continue to execute along the lines they said they were going to do. Had a very steady growing small business going back to December, and then they made an acquisition of anaesthesiology clinics and the stock really shot up. Just made another announcement today. Valuation tends to get stretched at times, but when it comes back it is one you can buy because they are probably going to continue to do acquisitions.

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Continue to execute along the lines they said they were going to do. Had a very steady growing small business going back to December, and then they made an acquisition of anaesthesiology clinics and the stock really shot up. Just made another announcement today. Valuation tends to get stretched at times, but when it comes back it is one you can buy because they are probably going to continue to do acquisitions.

TOP PICK
TOP PICK
June 30, 2015

This is the medical stock that he is the most comfortable with as being a long-term compounder. They do colonoscopy clinics for early detection of cancer. Based in Vancouver. Good management team. Only trading at about 10 or 11 times 2016 earnings. 35% ROE.

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This is the medical stock that he is the most comfortable with as being a long-term compounder. They do colonoscopy clinics for early detection of cancer. Based in Vancouver. Good management team. Only trading at about 10 or 11 times 2016 earnings. 35% ROE.

COMMENT
COMMENT
June 30, 2015

This is widely liked. He likes the smaller healthcare companies and owns quite a few.

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This is widely liked. He likes the smaller healthcare companies and owns quite a few.

TOP PICK
TOP PICK
June 19, 2015

In terms of management, they are a little more conservative than some of the others. They were in the haemorrhoid business, but do a lot of anaesthesia for colonoscopies, etc, and that business has been growing very rapidly. Made a transformative acquisition at the end of last year, and are on the cusp of probably making a couple more over the next 6 months or so. Recent quarter was very strong and expects Q2 to be strong as well.

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In terms of management, they are a little more conservative than some of the others. They were in the haemorrhoid business, but do a lot of anaesthesia for colonoscopies, etc, and that business has been growing very rapidly. Made a transformative acquisition at the end of last year, and are on the cusp of probably making a couple more over the next 6 months or so. Recent quarter was very strong and expects Q2 to be strong as well.

TOP PICK
TOP PICK
May 6, 2015

Had a big acquisition and we have now seen a quarter, which only represents 20% of their year. The quarter was clean. Good management team. Valuation is still reasonable. In a years time this can be a $5 or better stock.

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Had a big acquisition and we have now seen a quarter, which only represents 20% of their year. The quarter was clean. Good management team. Valuation is still reasonable. In a years time this can be a $5 or better stock.

BUY WEAKNESS
BUY WEAKNESS
May 1, 2015

(Market Call Minute.) A growth by acquisition story. Has doubled in the last 6 months.

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(Market Call Minute.) A growth by acquisition story. Has doubled in the last 6 months.

COMMENT
COMMENT
April 8, 2015

A very interesting business. Their initial business was a solution for hemorrhoids. They made a transformational acquisition a few months ago of anaesthesiology services, specifically in the gastrointestinal area. They are seeing growth from an acquisition standpoint, but also from an organic standpoint now.

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A very interesting business. Their initial business was a solution for hemorrhoids. They made a transformational acquisition a few months ago of anaesthesiology services, specifically in the gastrointestinal area. They are seeing growth from an acquisition standpoint, but also from an organic standpoint now.

BUY
BUY
February 23, 2015

Hemorrhoid business. Acquisition they made is quite accretive. People are just becoming aware of this story. A high margin business.

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CRH Medical Corp. (CRH-T)
February 23, 2015

Hemorrhoid business. Acquisition they made is quite accretive. People are just becoming aware of this story. A high margin business.

HOLD
HOLD
February 5, 2015

This is getting ahead of itself. Likes the company and thinks the management team is great, but he needs to see more details before he could add more capital. He knows there are more acquisitions coming in after that, but put the current one to bed. If you are going to grow through acquisitions you have to show that you can acquire intelligently and integrate the acquisitions. Considers this as a “strong hold”.

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CRH Medical Corp. (CRH-T)
February 5, 2015

This is getting ahead of itself. Likes the company and thinks the management team is great, but he needs to see more details before he could add more capital. He knows there are more acquisitions coming in after that, but put the current one to bed. If you are going to grow through acquisitions you have to show that you can acquire intelligently and integrate the acquisitions. Considers this as a “strong hold”.

COMMENT
COMMENT
January 14, 2015

CRH Medical (CRH-T) or Merus Labs (MSL-T)? These are not really comparable to one another. This is the one that looks very interesting. Just made an acquisition at the beginning of December, and the stock had a big run. It looks like they could produce some really high numbers. If he were buying one or the other, it would probably be this one.

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CRH Medical Corp. (CRH-T)
January 14, 2015

CRH Medical (CRH-T) or Merus Labs (MSL-T)? These are not really comparable to one another. This is the one that looks very interesting. Just made an acquisition at the beginning of December, and the stock had a big run. It looks like they could produce some really high numbers. If he were buying one or the other, it would probably be this one.

TOP PICK
TOP PICK
December 24, 2014

A little company based in Vancouver that just had a transformational US acquisition. They are in the hemorrhoid business with clinics where people go in for procedures. This is one of those companies that is off the radar screen. His sense is that this is a $2.50 stock in a year’s time.

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CRH Medical Corp. (CRH-T)
December 24, 2014

A little company based in Vancouver that just had a transformational US acquisition. They are in the hemorrhoid business with clinics where people go in for procedures. This is one of those companies that is off the radar screen. His sense is that this is a $2.50 stock in a year’s time.

BUY
BUY
July 14, 2009
Small medical products company with primarily US operations and involved in haemorrhoid banding. Have their own clinics where they treat patients and also sell their product direct to physicians. Excellent company. Very early in rolling out their product so there is bound to be volatility. Good treat it as a trading stock.
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Small medical products company with primarily US operations and involved in haemorrhoid banding. Have their own clinics where they treat patients and also sell their product direct to physicians. Excellent company. Very early in rolling out their product so there is bound to be volatility. Good treat it as a trading stock.
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