Apollo Medical Holdings Reports 29% Revenue Growth Year Over Year For The 3rd Quarter Of Fiscal Year 2016

News provided by

Apollo Medical Holdings, Inc.

Feb 17, 2016, 08:00 ET

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.