Apollo Medical Holdings Reports 21% Revenue Growth Year Over Year For The 1st Quarter Of Fiscal Year 2017
GLENDALE, Calif., Aug. 15, 2016 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (OTC: AMEH), an integrated population health management company, today announced its Fiscal Year 2017 1st Quarter financial results for the three months ended June 30, 2016.
Financial Highlights for the Three Months Ended June 30, 2016 Compared to the Three Months Ended June 30, 2015 (unaudited):
- Net revenue of $12.4 million, an increase of 21% as compared to $10.2 million in the comparable period of 2015.
- Loss from operations of $1.8 million as compared to $1.7 million in the comparable period of 2015.
- On June 30, 2016, the Company had total assets of $17.3 million, including cash and cash equivalents of $6.5 million. The company has no long-term debt.
"We are pleased with our continued year-over-year and quarter-over-quarter revenue growth," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. "We continue to pursue multiple growth opportunities for our population health management offerings."
"We continue our record of double digit revenue growth," stated Gary Augusta, Executive Chairman of Apollo Medical Holdings. "With the recent hiring of an industry veteran CFO, our focus will be on operational efficiency as our unique value-based care model continues to expand."
For more details on ApolloMed's 2017 Fiscal Year 1st Quarter results, please refer to the Company's 10-Q filed with the U.S. Securities Exchange Commission and accessible at www.sec.gov.
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APOLLO MEDICAL HOLDINGS, INC. | ||||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
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(UNAUDITED) | ||||||||
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June 30, |
March 31, |
|||||||
|
2016 |
2016 |
|||||||
|
ASSETS |
||||||||
|
Cash and cash equivalents |
$ |
6,509,589 |
$ |
9,270,010 |
||||
|
Accounts receivable, net of allowance for doubtful accounts of $769,000 and $601,000 at June 30, 2016 and March 31, 2016, respectively |
3,999,532 |
3,392,941 |
||||||
|
Other receivables |
315,233 |
581,213 |
||||||
|
Due from affiliates |
20,052 |
20,505 |
||||||
|
Prepaid expenses and other current assets |
509,010 |
293,828 |
||||||
|
Total current assets |
11,353,416 |
13,558,497 |
||||||
|
Deferred financing costs |
- |
37,926 |
||||||
|
Property and equipment, net |
1,341,984 |
1,247,973 |
||||||
|
Restricted cash |
530,000 |
530,000 |
||||||
|
Intangible assets, net |
2,258,054 |
2,353,212 |
||||||
|
Goodwill |
1,622,483 |
1,622,483 |
||||||
|
Other assets |
213,680 |
216,442 |
||||||
|
TOTAL ASSETS |
$ |
17,319,617 |
$ |
19,566,533 |
||||
|
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY |
||||||||
|
Accounts payable and accrued liabilities |
$ |
4,254,856 |
$ |
4,572,307 |
||||
|
Medical liabilities |
2,512,041 |
2,670,709 |
||||||
|
Note and line of credit |
176,264 |
188,764 |
||||||
|
Total current liabilities |
6,943,161 |
7,431,780 |
||||||
|
Warrant liability |
1,988,889 |
2,811,111 |
||||||
|
Deferred rent liability |
762,461 |
728,877 |
||||||
|
Deferred tax liability |
43,479 |
43,479 |
||||||
|
Total liabilities |
9,737,990 |
11,015,247 |
||||||
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COMMITMENTS AND CONTINGENCIES |
||||||||
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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 Liquidation preference of $9,999,999 |
$ |
7,077,778 |
$ |
7,077,778 |
||||
|
STOCKHOLDERS' EQUITY |
||||||||
|
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, 5,998,518 and 5,876,852 shares issued and outstanding as of June 30, 2016 and March 31, 2016, respectively |
5,998 |
5,876 |
||||||
|
Additional paid-in-capital |
23,904,114 |
23,524,517 |
||||||
|
Accumulated deficit |
(29,999,822) |
(28,684,565) |
||||||
|
Stockholders' deficit attributable to Apollo Medical Holdings, Inc. |
(2,204,965) |
(1,269,427) |
||||||
|
Non-controlling interest |
2,708,814 |
2,742,935 |
||||||
|
Total stockholders' equity |
503,849 |
1,473,508 |
||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
17,319,617 |
$ |
19,566,533 |
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APOLLO MEDICAL HOLDINGS, INC. | ||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
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(UNAUDITED) | ||||||||
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Three Months Ended June 30, |
||||||||
|
2016 |
2015 |
|||||||
|
Net revenues |
$ |
12,371,673 |
$ |
10,204,125 |
||||
|
Costs and expenses: |
||||||||
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Cost of services |
10,133,005 |
7,567,868 |
||||||
|
General and administrative |
3,836,475 |
4,237,203 |
||||||
|
Depreciation and amortization |
164,658 |
63,751 |
||||||
|
Total costs and expenses |
14,134,138 |
11,868,822 |
||||||
|
Loss from operations |
(1,762,465) |
(1,664,697) |
||||||
|
Other income (expense) |
||||||||
|
Interest expense |
(2,659) |
(360,402) |
||||||
|
Gain (loss) on change in fair value of warrant and conversion feature liabilities, net |
822,222 |
(213,718) |
||||||
|
Other income |
1,971 |
101,004 |
||||||
|
Total other income (expense), net |
821,534 |
(473,116) |
||||||
|
Loss before (benefit) provision for income taxes |
(940,931) |
(2,137,813) |
||||||
|
(Benefit) provision for income taxes |
(41,553) |
92,691 |
||||||
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Net loss |
(899,378) |
(2,230,504) |
||||||
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Net income attributable to non-controlling interests |
(415,879) |
(251,862) |
||||||
|
Net loss attributable to Apollo Medical Holdings, Inc. |
$ |
(1,315,257) |
$ |
(2,482,366) |
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|
Net loss per share: |
||||||||
|
Basic and diluted |
$ |
(0.22) |
$ |
(0.51) |
||||
|
Weighted average shares of common stock outstanding: |
||||||||
|
Basic and diluted |
5,914,826 |
4,863,389 |
||||||
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 amended 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, 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:
Apollo Medical Holdings
Gary Augusta
818-839-5200
[email protected]
SOURCE Apollo Medical Holdings, Inc.
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