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WELL’s CRH Medical Acquires Majority Stake in Two Anesthesia Practices

  • CRH Medical Corporation (“CRH”), a wholly owned subsidiary of WELL Health, completes acquisitions of 51-per-cent stakes in both Northern Indiana Anesthesia Associates, LLC (“NIAA”) in Indiana, and an add-on practice for FDHS Anesthesia, LLC (“FDHS”) in Florida.
  • NIAA’s current estimated annualized revenue run rate is approximately US$2.1 million, while FDHS’s current estimated annualized revenue run rate is approximately US$1.2 million.  Both companies’ combined revenue run rate of approximately US$3.3M has operating EBITDA margins of approximately 45%.
  • These two accretive acquisitions mark CRH Medical’s 35th and 36th transactions respectively and increase CRH’s footprint to a total 75 ambulatory surgical centers across the United States.
  • These acquisitions add 16 practitioners to CRH’s team which had already exceeded 800 healthcare practitioners who are predominantly credentialed anesthesia providers.

Vancouver, BC – May 27, 2021 - WELL Health Technologies Corp. (TSX: WELL) (“WELL” or the “Company”), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce its wholly owned subsidiary, CRH Medical Corporation (“CRH”), has completed two accretive transactions whereby the company has acquired a 51% stake in Northern Indiana Anesthesia Associates, LLC (“NIAA”) and an add-on practice in Bradenton, Florida which will be part of CRH affiliate, FDHS Anesthesia, LLC (“FDHS”).

“We are very excited to welcome both these teams to the CRH and WELL families as we continue to provide exceptional anesthesia services to patients in the states of Indiana and Florida,” commented Dr. Tushar Ramani, CEO of CRH.  “This marks our fifth and sixth transactions of 2021 and we are excited to continue growing and strengthening our anesthesia footprint.”

NIAA provides anesthesia services to an ambulatory surgical center in South Bend, Indiana and represents CRH’s 35th transaction.  The acquisition of NIAA is expected to be immediately accretive to CRH’s cashflows, with an estimated current annual revenue run-rate of approximately US$2.1 million with operating EBITDA margins of approximately  45%.

This Bradenton, Florida add-on to FDHS provides anesthesia services to an ambulatory surgical center and represents CRH's 36th transaction.  The acquisition is also immediately accretive to CRH’s cashflows and represents an estimated current annual revenue run-rate of approximately US$1.2 million with operating EBITDA margins of approximately 45%.

"We are very pleased to be executing on our acquisition opportunities and continuing to solidify our position as a leading anesthesia service provider in the US,” said Jay Kreger, President of CRH Anesthesia.  “This is our second and third acquisitions respectively since joining WELL and we look to forward to continuing to personify WELL’s highly accretive and disciplined growth and capital allocation strategy.”


  1. Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and EBITDA Margin are each Non-GAAP measures. EBITDA should not be construed as alternatives to net income/loss determined in accordance with International Financial Reporting Standards ("IFRS"). EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. For a reconciliation of EBITDA to Net income, please refer to the Company's most recent Management Discussion and Analysis on EBITDA Margin is EBITDA as a percentage of total revenue.


Per: “Hamed Shahbazi”          

Hamed Shahbazi

Chief Executive Officer, Chairman and Director


About WELL Health Technologies Corp.

WELL is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health.  As such, WELL owns and operates primary and executive healthcare clinics in both Canada and the US, operates a multi-national portfolio of telehealth services which includes one of the largest telehealth service providers in Canada and operates a global digital Electronic Medical Records (EMR) business serving thousands of healthcare clinics and health systems of all sizes.  WELL is also a provider of digital health, billing and cybersecurity related technology solutions.  WELL’s wholly owned subsidiary CRH Medical is a provider of products and services that support Gastroenterology physicians and ambulatory surgical clinics in the US.  WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy.  WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL".   To access the Company's telehealth service, visit:, and for corporate information, visit:

About CRH Medical Corporation

CRH is a North American company focused on providing gastroenterologists throughout the United States with innovative services and products for the treatment of gastrointestinal diseases.  In 2014, CRH became a full service gastroenterology anesthesia company that provides anesthesia services for patients undergoing endoscopic procedures in ambulatory surgical centers.  To date, CRH has completed 36 anesthesia acquisitions, and now serves 75 ambulatory surgical centers in 16 states.  In addition, CRH owns the “CRH O'Regan System”, a single-use, disposable, hemorrhoid banding technology that is safe and highly effective in 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 it serves.  CRH's O'Regan System is currently used in all 48 lower US states.

Notice Regarding Forward Looking Statements

Certain statements in this news release are forward-looking statements and are prospective in nature including the statements regarding: the anticpated benefits of the acquisitons and the future strategy of WELL and CRH.  Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.  These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “working on” or “continue”, or the negative thereof or similar variations. There are numerous risks and uncertainties that could cause actual results and WELL’s plans and objectives to differ materially from those expressed in the forward-looking information, including: risks outlined in WELL’s publicly filed documents available on SEDAR; business disruption risks relating to COVID-19; regulatory risks, including those related to healthcare, privacy and data security; and integration risks relating to the acquired business on a post-closing basis, including any failure to realize expected benefits of the acquisitions.  Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates 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.

For further information

Pardeep S. Sangha

VP Corporate Strategy and Investor Relations