2014

Apollo Medical Holdings, Inc. Reports Revenues and Results of Operations for Three Months Ended April 30, 2012

GLENDALE, Calif., June 22, 2012 /PRNewswire/ --  Apollo Medical Holdings, Inc. ("ApolloMed") (OTCQB-AMEH) today announced financial results for the three months ended April 30, 2012.

Financial Highlights for the three months ended April 30, 2012

  • Revenues increased 56.7% to $1.63 million for the three months ended April 30, 2012 compared to $1.04 million for the three months ended April 30, 2011
  • Gross profit increased 228.8% to $303,185 for the three months ended April 30, 2012 compared to $92,204 for the three months ended April 30, 2011
  • Loss from operations was ($53,153) for the three months ended April 30, 2012 compared to ($187,444) for the three months ended April 30, 2011
  • Non-GAAP Adjusted EBITDA was $55,772 for the three months ended April 30, 2012 compared to ($113,818) for the three months ended April 30, 2011

Other Events

ApolloMed continues to advance its business through new contracts and partnerships centered around medical management. As an example, in the first quarter, ApolloMed expanded 24 hour hospitalist service at five hospitals in the Covina, West Covina and Glendora areas of Los Angeles. We expect volume to continue to grow over time as existing partners leverage our presence at all our  hospitals. ApolloMed is also pursuing a number of new health plan and hospital contracts.

In addition to growing our core hospitalist business, we continue to explore new opportunities to leverage our market leading medical management expertise. In the first quarter, ApolloMed management invested in creating a new entity focused on obtaining a designation as an Accountable Care Organization ("ACO") as defined under the Medicare Shared Savings Program ("MSSP").  We believe that in establishing an ACO, ApolloMed will be able to leverage its medical management service offering and networks to improve patient outcomes while controlling costs.  ACOs participating in the MSSP will be able to share up to 50% of their achieved savings.

"We are pleased to report another quarter of record revenue and continued quarter over quarter growth," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. "We will continue to execute on our strategy of organic growth. In addition, we believe that our coordinated care model and expertise in caring for medically complex patients makes us an excellent candidate to participate in the MSSP."    

 

APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
FOR THE THREE MONTHS ENDED APRIL 30, 2012 and 2011



April 30,
2012



January 31,
2012


CURRENT ASSETS









Cash and cash equivalents


$

193,931



$

164,361


Accounts receivable, net



1,146,522




994,118


Advances



1,604




2,140


Due from affiliate



7,929




5,504


Prepaid expenses



52,624




45,601


Prepaid financing costs, current



48,513




37,500


Total current assets



1,451,123




1,249,224











Other assets



1,450






Deferred commission cost



-




1,563


Property and equipment - net



47,740




43,261


Intangible assets



20,000




20,000


Goodwill



50,000




50,000











TOTAL ASSETS


$

1,570,313



$

1,364,048












LIABILITIES AND STOCKHOLDERS' DEFICIT


















CURRENT LIABILITIES:









Accounts payable and accrued liabilities


$

179,094



$

163,476


Senior secured promissory note



270,000




-


10% Convertible notes payable, net



759,824




596,366


Derivative liability



544,188




653,026


Stock issuable



-




90,000


Due to officers



18,464




12,400


Total current liabilities



1,771,570




1,515,268











8% Convertible notes, net



150,000




150,000


Warrant liability



105,000




120,000


Total liabilities



2,026,570




1,785,268











STOCKHOLDERS' DEFICIT









Preferred stock, par value $0.001 ; 5,000,000  shares authorized; none issued



-




-


Common Stock, par value $0.001; 100,000,000 shares authorized, 30,851,774 and 29,335,774 shares issued and outstanding as of April 30, 2012 and January 31, 2012, respectively



30,852




29,336


Prepaid consulting



(44,800)




-


Additional paid-in-capital



1,694,654




1,429,051


Accumulated deficit



(2,275,064)




(2,117,708)


Total



(594,358)




(659,321)


Non-controlling interest



138,101




238,101


Total stockholders' deficit



(456,257)




(421,220)











TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT


$

1,570,313



$

1,364,048



 

 

 

APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED APRIL 30, 2012 and 2011



Three months ended April 30,



2012



2011







REVENUES


$

1,631,844



$

1,039,693

COST OF SERVICES



1,328,659




947,489

GROSS PROFIT



303,185




92,204









Operating expenses:
















General and administrative



351,547




276,355









Depreciation



4,791




3,293









Total operating expenses



356,338




279,648









LOSS FROM OPERATIONS



(53,153)




(187,444)









Other income (expense)








Gain on change in fair value of warrant and derivative liabilities



123,838




-

Interest expense



(202,826)




(31,574)

Financing cost



(21,210)




(9,375)

Other (expense) income



(5)




1,063









Total other expenses



(100,203)




(39,886)









LOSS BEFORE INCOME TAXES



(153,356)




(227,330)









Provision for Income Tax



4,000




1,600









NET LOSS


$

(157,356)



$

(228,930)









WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED



29,965,878




28,648,134









BASIC AND DILUTED NET LOSS PER SHARE


$

(0.01)



$

(0.01)


*Weighted average number of shares used to compute basic and diluted loss per share is the same since the effect of dilutive securities is anti-dilutive.

 

APOLLO MEDICAL HOLDINGS, INC.
RECONCILIATION OF LOSS FROM OPERATIONS TO ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED APRIL 30, 2012 and 2011



Three months ended




April 30,




2012



2011









LOSS FROM OPERATIONS


$

((53,153))



$

(187,444)


Depreciation expense



4,791




3,293


EBITDA



(48,362))




(184,151)











Issuance of shares for service



42,880




63,000


Non-cash stock option expense



61,254




7,333











ADJUSTED EBITDA


$

55,772



$

(113,818)











 

*Use of Non-GAAP Financial Measures

In addition to containing results that are determined in accordance with accounting principles generally accepted in the United States of America (GAAP), this press release also contains non-GAAP financial measures. Adjusted EBITDA, as used in this press release, represents Loss  from Operations before depreciation, adjusted for issuance of shares for service, stock option expense, amortization of debt discount and impairment of intangibles and losses on discontinued operations. Adjusted EBITDA is a key indicator used by management to evaluate operating performance. While adjusted EBITDA is not intended to replace any presentation included in the consolidated financial statements under GAAP and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, the Company believes this measure is useful to investors in assessing the Company's ongoing operating performance and working capital requirements. This calculation may differ in method of calculation from similarly titled measures used by other companies. A reconciliation of adjusted EBITDA to the nearest comparable GAAP financial measure is included in the financial schedules accompanying this press release. The Non-GAAP financial measures, as well as other information in this press release, should be read in conjunction with the Company's financial statements filed with the Securities and Exchange Commission.

About Apollo Medical Holdings, Inc.

ApolloMed is a leading provider of integrated medical management services that improves the quality and efficiency of inpatient hospital care plus multi-disciplinary care management services targeting inefficiencies in healthcare payer and provider networks. The Company's integrated model combines hospitalist medicine, critical care medicine, 24-hour physician call centers, case management and transition management that offers to help healthcare organizations engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. The company's strategy is to capitalize on the growing market for hospital-based physicians and care management services. 

 

Media Contact:

Nidia Flores
Apollo Medical Holdings, Inc.
818-396-8050
www.apollomed.net

 

               

SOURCE Apollo Medical Holdings, Inc.



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