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Apollo Medical Holdings Reports 47% Revenue Growth Year Over Year For The 3rd Quarter Of Fiscal Year 2017

 
 

Revenue of $15.7 million, a 7% Increase from the Previous Quarter

GLENDALE, Calif., Feb. 14, 2017 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (OTC: AMEH), an integrated population health management company, today announced its Fiscal Year 2017 3rd Quarter financial results for the three months ended December 31, 2016.

Financial Highlights for the Three Months Ended December 31, 2016 Compared to the Three Months Ended December 31, 2015 (unaudited):

  • Net revenue of $15.7 million, an increase of 47% as compared to $10.7 million in the comparable period of 2015.
  • Loss from operations of $1.7 million as compared to $1.5 million loss in the comparable period of 2015.  The losses were driven by the Company's continued capital investment in its population health management infrastructure and personnel for its Next Generation ACO, as well as costs related to its definitive merger agreement with Network Medical Management, Inc., which was announced on December 22, 2016.
  • On December 31, 2016, the Company had total assets of $16.8 million, including cash and cash equivalents of $4.0 million.  This does not include the $5 million note from Network Medical Management received in January 2017.

Financial Highlights for the Nine Months Ended December 31, 2016 Compared to the Nine Months Ended December 31, 2015 (unaudited):

  • Net revenue of $42.7 million, an increase of 32% as compared to $32.2 million in the comparable period of 2015. 
  • Loss from operations of $5.6 million as compared to $3.5 million loss in the comparable period of 2015.

"We are pleased with our continued year-over-year and quarter-over-quarter revenue growth, as we lay the foundation for future growth," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings.  "The strategic investments we have made in our population health management infrastructure continue to provide unique opportunities for the Company and our shareholders.  We believe these investments will be further enhanced by the merger between ApolloMed and Network Medical Management, which is expected to be completed in the first half of this year."

"We believe the Company is well positioned for the accelerated transition in the U.S. healthcare system from fee-for-service to value-based reimbursements," stated Gary Augusta, Executive Chairman of Apollo Medical Holdings.  "We are also pleased with our enhanced balance sheet, including our positive total stockholder's equity of $5.7 million."

For more details on ApolloMed's 2017 Fiscal Year 3rd Quarter results, please refer to the Company's 10-Q filed with the U.S. Securities Exchange Commission and accessible at www.sec.gov.  

APOLLO MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED) 



December 31,



March 31,



2016



2016










ASSETS








Cash and cash equivalents

$

3,988,565



$

9,270,010


Accounts receivable, net of allowance for doubtful accounts of $762,000 and $601,000 at December 31, 2016 and March 31, 2016, respectively


5,985,903




3,392,941


Other receivables


313,507




581,213


Due from affiliates


18,314




20,505


Prepaid expenses and other current assets


499,150




293,828


   Total current assets


10,805,439




13,558,497










Deferred financing costs


-




37,926


Property and equipment, net


1,301,914




1,247,973


Restricted cash


765,000




530,000


Intangible assets, net


2,067,737




2,353,212


Goodwill


1,622,483




1,622,483


Other assets


221,987




216,442


      TOTAL ASSETS

$

16,784,560



$

19,566,533










LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY








Accounts payable and accrued liabilities

$

7,819,384



$

4,572,307


Medical liabilities


1,781,208




2,670,709


Note payable, net of debt discount of $5,733


394,267




-


Lines of credit


234,264




188,764


   Total current liabilities


10,229,123




7,431,780










Warrant liability


-




2,811,111


Deferred rent liability


814,348




728,877


Deferred tax liability


43,479




43,479


   Total liabilities


11,086,950




11,015,247










COMMITMENTS AND CONTINGENCIES AND SUBSEQUENT EVENTS
















MEZZANINE EQUITY








Series A Preferred stock, par value $0.001; 5,000,000 shares authorized (inclusive of Series B); 1,111,111 issued and outstanding

 

$

 

-



 

$

 

7,077,778










STOCKHOLDERS' EQUITY








Series A Preferred stock, par value $0.001; 5,000,000 shares authorized (inclusive of Series B); 1,111,111 issued and outstanding Liquidation preference of $9,999,999

$

7,077,778



$

-


Series B Preferred stock, par value $0.001; 5,000,000 shares authorized (inclusive of Series A); 555,555 issued and outstanding Liquidation preference of $4,999,995


3,884,745




3,884,745


Common Stock, par value $0.001; 100,000,000 shares authorized, 6,033,518 and 5,876,852 shares issued and outstanding as of December 31, 2016 and March 31, 2016, respectively


6,033




5,876


Additional paid-in-capital


25,908,699




23,524,517


Accumulated deficit


(33,090,937)




(28,684,565)


Stockholders' equity (deficit) attributable to Apollo Medical Holdings, Inc.


3,786,318




(1,269,427)


Non-controlling interest


1,911,292




2,742,935


Total stockholders' equity


5,697,610




1,473,508


TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY

$

16,784,560



$

19,566,533


 

 

APOLLO MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)



Three Months Ended
December 31,


Nine Months Ended
December 31,


2016


2015


2016


2015









Net revenues

$

15,674,876


$

10,659,708


$

42,669,205


$

32,233,441













Costs and expenses












Cost of services


12,715,864



8,463,541



35,020,052



24,295,598

General and administrative


4,485,932



3,510,045



12,777,736



11,187,891

Depreciation and amortization


148,934



145,594



484,147



287,029













Total costs and expenses


17,350,730



12,119,190



48,281,935



35,770,518













Loss from operations


(1,675,854)



(1,459,472)



(5,612,730)



(3,537,077)













Other (expense) income












  Interest expense


(9,993)



(100,983)



(15,706)



(530,203)

  Change in fair value of warrant and conversion feature liabilities


300,000



430,396



1,633,333



313,530

  Loss on debt extinguishment


-



(266,364)



-



(266,364)

  Other income (expense)


888



(100,344)



13,419



(94,431)













Total other income (expense), net


290,895



(37,295)



1,631,046



(577,468)













Loss before provision for (benefit from) income taxes


(1,384,959)



(1,496,767)



(3,981,684)



(4,114,545)













   Provision for (benefit from) income taxes


99,516



36,196



(127,077)



(57,251)













Net loss


(1,484,475)



(1,532,963)



(3,854,607)



(4,057,294)













Net income attributable to noncontrolling interest


(248,231)



(152,648)



(551,765)



(642,050)













Net loss attributable to Apollo Medical Holdings, Inc.

$

(1,732,706)


$

(1,685,611)


$

(4,406,372)


$

(4,699,344)













Net loss per share:












Basic and diluted

$

(0.29)


$

(0.31)


$

(0.74)


$

(0.93)













Weighted average number of shares of common stock outstanding:












Basic and diluted


6,033,518



5,365,563



5,991,260



5,031,389

 

About Apollo Medical Holdings, Inc. (ApolloMed)

Founded in 2001 and headquartered in Glendale, California, ApolloMed is a leading integrated population health management company committed to providing exceptional multi-disciplinary care in the communities it serves.  ApolloMed is addressing the healthcare needs of its patients by leveraging its integrated healthcare delivery platform comprised of:  ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization), Maverick Medical Group (Independent Physician Association), Apollo Care Connect and Apollo Palliative Services. ApolloMed strives to improve medical outcomes with high-quality, cost-efficient care.  For more information, please visit www.apollomed.net

Forward Looking Statements
This press release may contain forward-looking statements, including information about management's view of Apollo Medical Holdings, Inc. ("the Company") future expectations, plans and prospects.  In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements.  Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements.  These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its subsidiaries and concepts to be materially different than those expressed or implied in such statements.  Unknown or unpredictable factors also could have material adverse effects on the Company's future results. Some factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's Annual Report on our Form 10-K for the fiscal year ended March 31, 2016, under the caption "Risk Factors", which is on file with the Securities and Exchange Commission and available in the "Investor" section of the Company's website under the heading "SEC Filings".  The forward-looking statements included in this press release are made only as of the date hereof.  The Company cannot guarantee future results, levels of activity, performance or achievements.  Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law.

For More Information, PLEASE CONTACT:

Apollo Medical Holdings
Gary Augusta
818-839-5200 
gaugusta@apollomed.net

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/apollo-medical-holdings-reports-47-revenue-growth-year-over-year-for-the-3rd-quarter-of-fiscal-year-2017-300407597.html

SOURCE Apollo Medical Holdings, Inc.

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RELATED LINKS
http://www.apollomed.net


 

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