Apollo Medical Holdings Reports 29% Revenue Growth Year Over Year For The 3rd Quarter Of Fiscal Year 2016
GLENDALE, Calif., Feb. 17, 2016 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (OTC: AMEH), an integrated population health management company, today announced its Fiscal Year 2016 Q3 financial results for the three months ended December 31, 2015.
Financial Highlights for the Three Months Ended December 31, 2015 Compared to the Three Months Ended December 31, 2014 (unaudited):
- Net revenue of $10.7 million as compared to $7.6 million in the comparable period of 2014
- Loss from operations was $1.5 million in both the current and prior year periods
- On December 31, 2015, the Company had total assets of $14.6 million, including cash and cash equivalents of $4.6 million
Financial Highlights for the Nine Months Ended December 31, 2015 Compared to the Nine Months Ended December 31, 2014 (unaudited):
- Net revenue of $32.2 million compared to $23.4 million in the comparable prior year period
- Loss from operations of $3.5 million compared to $0.9 million in the prior year period
"We are pleased with our continued year over year revenue growth and are on track for record annual revenue in Fiscal Year 2016, which ends March 31st," stated Warren Hosseinion, M.D., CEO of Apollo Medical Holdings. "At the same time, we are implementing operational efficiency improvements with a goal of achieving operating profitability in Fiscal Year 2017."
For more details on ApolloMed's 2016 fiscal year third 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, |
||||||
| 2015 |
2015 |
||||||
| ASSETS |
|||||||
| CURRENT ASSETS |
|||||||
| Cash and cash equivalents |
$ |
4,644,722 |
$ |
5,014,242 |
|||
| Accounts receivable, net |
3,654,703 |
3,801,584 |
|||||
| Other receivables |
514,819 |
208,288 |
|||||
| Due from affiliates |
20,052 |
36,397 |
|||||
| Prepaid expenses |
350,078 |
278,922 |
|||||
| Deferred financing costs, net, current |
8,235 |
513,646 |
|||||
| Total current assets |
9,192,609 |
9,853,079 |
|||||
| Deferred financing costs, net, non-current |
- |
264,708 |
|||||
| Property and equipment, net |
1,219,889 |
582,470 |
|||||
| Restricted cash |
530,000 |
530,000 |
|||||
| Intangible assets, net |
1,236,622 |
1,377,257 |
|||||
| Goodwill |
2,168,833 |
2,168,833 |
|||||
| Other assets |
219,646 |
218,716 |
|||||
| TOTAL ASSETS |
$ |
14,567,599 |
$ |
14,995,063 |
|||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT |
|||||||
| CURRENT LIABILITIES |
|||||||
| Accounts payable and accrued liabilities |
$ |
3,712,500 |
$ |
3,340,594 |
|||
| Medical liabilities |
1,939,181 |
1,260,549 |
|||||
| Note and line of credit payable, net of discount, current portion |
88,764 |
327,141 |
|||||
| Convertible notes payable, net of discount, current portion |
1,093,948 |
1,037,818 |
|||||
| Total current liabilities |
6,834,393 |
5,966,102 |
|||||
| Notes payable, net of discount, non-current portion |
- |
6,234,721 |
|||||
| Convertible notes payable, net of discount |
- |
1,457,103 |
|||||
| Warrant liability |
2,088,889 |
2,144,496 |
|||||
| Deferred rent liability |
680,336 |
11,610 |
|||||
| Deferred tax liability |
180,408 |
171,215 |
|||||
| Total liabilities |
9,784,026 |
15,985,247 |
|||||
| COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS |
|||||||
| MEZZANINE EQUITY |
|||||||
| Series A Preferred stock, par value $0.001; 5,000,000 shares authorized; 1,111,111 and none issued and outstanding as of December 31, 2015 and March 31, 2015, respectively. Liquidation preference of $9,999,999 and none at December 31, 2015 and March 31, 2015, respectively. |
7,077,778 |
- |
|||||
| STOCKHOLDERS' DEFICIT |
|||||||
| Common stock, par value $0.001; 100,000,000 shares authorized, 5,463,389 and 4,863,389 shares issued and outstanding as of December 31, 2015 and March 31, 2015, respectively |
5,463 |
4,863 |
|||||
| Additional paid-in-capital |
19,418,643 |
16,517,985 |
|||||
| Accumulated deficit |
(24,039,865) |
(19,340,521) |
|||||
| Stockholders' deficit attributable to Apollo Medical Holdings, Inc. |
(4,615,759) |
(2,817,673) |
|||||
| Non-controlling interest |
2,321,554 |
1,827,489 |
|||||
| Total stockholders' deficit |
(2,294,205) |
(990,184) |
|||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT |
$ |
14,567,599 |
$ |
14,995,063 |
|||
| The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
| APOLLO MEDICAL HOLDINGS, INC. |
||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||||||||||
| (UNAUDITED) |
||||||||||||||||
| Three Months Ended December 31, |
Nine Months Ended December 31, |
|||||||||||||||
| 2015 |
2014 |
2015 |
2014 |
|||||||||||||
| Net revenues |
$ |
10,659,708 |
$ |
7,642,474 |
$ |
32,233,441 |
$ |
23,402,254 |
||||||||
| Costs and expenses |
||||||||||||||||
| Cost of services |
8,463,541 |
6,090,345 |
24,295,598 |
15,511,829 |
||||||||||||
| General and administrative |
3,510,045 |
2,889,598 |
11,187,891 |
8,350,837 |
||||||||||||
| Depreciation and amortization |
145,594 |
194,060 |
287,029 |
399,240 |
||||||||||||
| Total costs and expenses |
12,119,180 |
9,174,003 |
35,770,518 |
24,261,906 |
||||||||||||
| Loss from operations |
(1,459,472) |
(1,531,529) |
(3,537,077) |
(859,652) |
||||||||||||
| Other (expense) income |
||||||||||||||||
| Interest expense |
(100,983) |
(362,935) |
(530,203) |
(969,060) |
||||||||||||
| Gain on change in fair value of warrant and conversion feature liabilities, net |
430,396 |
358,433 |
313,530 |
480,568 |
||||||||||||
| Loss on debt extinguishment |
(266,364) |
- |
(266,364) |
- |
||||||||||||
| Other |
(100,344) |
112,648 |
(94,431) |
51,736 |
||||||||||||
| Total other (expense) income |
(37,295) |
108,146 |
(577,468) |
(436,756) |
||||||||||||
| Loss before provision for income taxes |
(1,496,767) |
(1,423,383) |
(4,114,545) |
(1,296,408) |
||||||||||||
| Income tax (benefit) provision |
36,196 |
(31,944) |
(57,251) |
66,647 |
||||||||||||
| Net loss |
(1,532,963) |
(1,391,439) |
(4,057,294) |
(1,363,055) |
||||||||||||
| Net income attributable to non-controlling interest |
(152,648) |
(300,144) |
(642,050) |
(629,959) |
||||||||||||
| Net loss attributable to Apollo Medical Holdings, Inc. |
$ |
(1,685,611) |
$ |
(1,691,583) |
$ |
(4,699,344) |
$ |
(1,993,014) |
||||||||
| Other comprehensive loss: |
||||||||||||||||
| Unrealized loss on change in value of marketable securities |
- |
(33,088) |
- |
- |
||||||||||||
| Comprehensive loss |
$ |
(1,685,611) |
$ |
(1,724,671) |
$ |
(4,699,344) |
$ |
(1,993,014) |
||||||||
| NET LOSS PER SHARE: |
||||||||||||||||
| BASIC |
$ |
(0.31) |
$ |
(0.35) |
$ |
(0.93) |
$ |
(0.41) |
||||||||
| DILUTED |
$ |
(0.31) |
$ |
(0.35) |
$ |
(0.93) |
$ |
(0.41) |
||||||||
| WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |
||||||||||||||||
| BASIC |
5,365,563 |
4,875,955 |
5,031,389 |
4,900,909 |
||||||||||||
| DILUTED |
5,365,563 |
4,875,955 |
5,031,389 |
4,900,909 |
||||||||||||
| The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
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, 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, 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.
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