Apollo Medical Holdings Reports 149% Revenue Growth Year Over Year For The First Quarter Of Fiscal Year 2016

Revenue of $10.2 million, a 149% Year-Over-Year Increase

News provided by

Apollo Medical Holdings, Inc.

Aug 20, 2015, 05:23 ET

GLENDALE, Calif., Aug. 20, 2015 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (OTC-QB: AMEH), an integrated population health management company, today announced its Fiscal Year 2016 Q1 financial results for the three months ended June 30, 2015.

Financial Highlights for the Three Months Ended June 30, 2015  Compared to the Three Months Ended June 30, 2014 (unaudited):

  • Net revenue of $10.2 million, an increase of 149% from $4.1 million in the comparable period of 2014, attributable to the continued organic growth of our population health management business units, as well as recent synergistic acquisitions.
  • Loss from operations of $1.7 million, an increase of 40%, compared to a loss of $1.2 million in the comparable period of 2014.  The quarter was impacted by expenses of  approximately $809,206 related to the filing of our S-1 as well as continued development of the infrastructure to support network growth.
  • On June 30, 2015, the Company had total assets of $13.3 million, including cash and cash equivalents of $3.9 million

"We are pleased with the significant year-over-year growth in our quarterly revenue," stated Warren Hosseinion, M.D., CEO of Apollo Medical Holdings.  "We are focused not only on growing revenue but also reducing operating and overhead expenses for the remainder of FY 2016."

For more details on ApolloMed's 2015 fiscal year first 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)



June 30,

March 31,


2015

2015

ASSETS












CURRENT ASSETS





Cash and cash equivalents

$

3,890,477

$

5,014,242

Accounts receivable, net

3,692,757

3,801,584

Other receivables

328,439

208,288

Due from affiliates

30,615

36,397

Prepaid expenses

258,224

278,922

Deferred financing costs, net, current

-

513,646

    Total current assets

8,200,512

9,853,079







Deferred financing costs, net, non-current

235,093

264,708

Property and equipment, net

577,273

582,470

Restricted cash

530,000

530,000

Intangible assets, net

1,339,235

1,377,257

Goodwill

2,168,833

2,168,833

Other assets

212,146

218,716

      TOTAL ASSETS

$

13,263,092

$

14,995,063







LIABILITIES AND STOCKHOLDERS' DEFICIT












CURRENT LIABILITIES





Accounts payable and accrued liabilities

$

4,142,819

$

3,352,204

Medical liabilities

1,147,645

1,260,549

Note and line of credit payable, net of discount, current portion

6,624,548

327,141

Convertible notes payable, net of discount, current portion

2,597,438

1,037,818

Warrant liability

2,308,620

-

    Total current liabilities

16,821,070

5,977,712







Notes payable, net of discount, non-current portion

-

6,234,721

Convertible notes payable, net of discount

-

1,457,103

Warrant liability

-

2,144,496

Deferred tax liability

174,280

171,215

    Total liabilities

16,995,350

15,985,247







COMMITMENTS AND CONTINGENCIES 












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, 4,863,389 shares issued and outstanding as of June 30, 2015 and March 31, 2015

4,863

4,863

Additional paid-in-capital

16,601,833

16,517,985

Accumulated deficit

(21,822,887)

(19,340,521)

    Stockholders' deficit attributable to Apollo Medical Holdings, Inc.

(5,216,191)

(2,817,673)

Non-controlling interest

1,483,933

1,827,489

    Total stockholders' deficit

(3,732,258)

(990,184)







TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

13,263,092

$

14,995,063

APOLLO MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)



Three Months Ended June 30,


2015

2014





Net revenues

$

10,204,125

$

4,094,486







Costs and expenses





Cost of services

7,567,868

3,259,839

General and administrative

4,237,203

2,009,332

Depreciation and amortization

63,751

11,899

Total costs and expenses

11,868,822

5,281,070







Loss from operations

(1,664,697)

(1,186,584)







Other (expense) income





Interest expense

(360,402)

(276,867)

Change in fair value of warrant and conversion feature liability

(213,718)

(30,005)

Other

101,004

(2,476)

Total other expense

(473,116)

(309,348)







Loss before provision for income taxes

(2,137,813)

(1,495,932)







Provision for income taxes

92,691

11,602







Net loss

(2,230,504)

(1,507,534)







Net income attributable to non-controlling interests

(251,862)

(170,207)







Net loss attributable to Apollo Medical Holdings, Inc.

$

(2,482,366)

$

(1,677,741)

Other comprehensive loss:





Unrealized change in value of marketable securities

-

18,589

Comprehensive loss

$

(2,482,366)

$

(1,659,152)







NET LOSS PER SHARE:





BASIC AND DILUTED

$

(0.51)

$

(0.34)







WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:





BASIC AND DILUTED

4,863,389

4,913,455

About Apollo Medical Holdings, Inc. (ApolloMed)

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 six affiliated and complementary physician groups:  ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization), Maverick Medical Group (Independent Physician Association), AKM Medical Group (IPA), ApolloMed Care Clinics 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 amended Form 10-K for the fiscal year ended March 31, 2015, 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, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Apollo Medical Holdings, Inc.

For More Information, PLEASE CONTACT:

Michael Sullivan
RedChip Companies Inc.
1-800-733-2447 Ext. 115
[email protected]

                      

SOURCE Apollo Medical Holdings, Inc.

Related Links

http://www.apollomed.net

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