Apollo Medical Holdings Reports 11% Quarter Over Quarter Revenue Growth For The 2nd Quarter Of Fiscal Year 2016

Revenue of $11.4 million, an 11% Increase from the Previous Quarter


GLENDALE, Calif., Nov. 17, 2015 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (AMEH), an integrated population health management company, today announced its Fiscal Year 2016 Q2 financial results for the three months ended September 30, 2015.

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

  • Net revenue of $11.4 million as compared to $11.7 million in the comparable period of 2014.  The prior period results benefited from revenue of $5.4 million received from the Centers for Medicare and Medicaid Services ("CMS") under the Medicare Shared Savings Program.
  • Loss from operations of $413,000 compared to income from operations of $1.86 million in the comparable period of 2014.  The prior year period benefited from $5.4 million received from CMS under the Medicare Shared Savings Program.
  • On September 30, 2015, the Company had total assets of $13.6 million, including cash and cash equivalents of $3.9 million

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

  • Net revenue of $21.6 million compared to $15.8 million in the comparable prior year period, an increase of 37%.
  • Loss from operations of $2.1 million compared to income of $672,000.

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

  • Net revenue of $11.4 million, an increase of 11% from $10.2 million in prior quarter period of 2015, attributable to the growth of Maverick Medical Group and Apollo Palliative Services.
  • Loss from operations of $413,000 compared to a loss of $1.7 million in prior quarter period of 2015, attributable to continued cost efficiency measures within the company.

"We are pleased with our third consecutive quarter of sequential revenue growth. Our quarterly revenue has increased sequentially from $7.6 million for the three months ended December 31, 2014 to $11.4 million for the three months ended September 30, 2015," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings.  "Additionally, on October 14, 2015 we secured a strategic investment of $10 million from Network Medical Management, Inc. which strengthened our balance sheet and positions us well for continued growth."

For more details on ApolloMed's 2016 fiscal year second 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)




September 30,



March 31,




2015



2015


ASSETS


















CURRENT ASSETS









Cash and cash equivalents


$

3,924,922



$

5,014,242


Accounts receivable, net



4,015,715




3,801,584


Other receivables



289,064




208,288


Due from affiliates



20,052




36,397


Prepaid expenses



410,013




278,922


Deferred financing costs, net, current



-




513,646


Total current assets



8,659,766




9,853,079











Deferred financing costs, net, non-current



217,963




264,708


Property and equipment, net



577,701




582,470


Restricted cash



530,000




530,000


Intangible assets, net



1,283,163




1,377,257


Goodwill



2,168,833




2,168,833


Other assets



212,146




218,716


TOTAL ASSETS


$

13,649,572



$

14,995,063











LIABILITIES AND STOCKHOLDERS' DEFICIT


















CURRENT LIABILITIES









Accounts payable and accrued liabilities


$

4,944,470



$

3,352,204


Medical liabilities



1,337,187




1,260,549


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



7,282,448




327,141


Convertible notes payable, net of discount, current portion



2,549,476




1,037,818


Warrant liability



1,315,846




-


Total current liabilities



17,429,427




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



177,344




171,215


Total liabilities



17,606,771




15,985,247





























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 September 30, 2015 and March 31, 2015



4,863




4,863


Additional paid-in-capital



16,670,718




16,517,985


Accumulated deficit



(22,354,252)




(19,340,521)


Stockholders' deficit attributable to Apollo Medical Holdings, Inc.



(5,678,671)




(2,817,673)


Non-controlling interest



1,721,472




1,827,489


Total stockholders' deficit



(3,957,199)




(990,184)











TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT


$

13,649,572



$

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) INCOME

(UNAUDITED)




Three Months Ended September 30,

Six Months Ended September 30,



2015


2014


2015


2014


Net revenues


$

11,369,607


$

11,665,294


$

21,573,734


$

15,759,780
















Costs and expenses














Cost of services



8,264,189



6,161,645



15,832,057



9,421,484


General and administrative



3,440,641



3,451,907



7,677,846



5,461,239


Depreciation and amortization



77,684



193,281



141,435



205,180


Total costs and expenses



11,782,514



9,806,833



23,651,338



15,087,903
















(Loss) income from operations



(412,907)



1,858,461



(2,077,604)



671,877
















Other (expense) income














Interest expense



(68,818)



(329,258)



(429,220)



(606,125)


Gain (loss) on change in fair value of warrant and conversion feature liabilities



96,852



152,140



(116,866)



122,135


Other



(95,092)



(58,436)



5,912



(60,912)


Total other expense



(67,058)



(235,554)



(540,174)



(544,902)
















(Loss) income before provision for income taxes



(479,965)



1,622,907



(2,617,778)



126,975


Income tax (benefit) provision



(186,138)



86,989



(93,447)



98,591


Net (loss) income



(293,827)



1,535,918



(2,524,331)



28,384


Net income attributable to non-controlling interest



(237,539)



(159,608)



(489,401)



(329,815)


Net (loss) income attributable to Apollo Medical Holdings, Inc.


$

(531,366)


$

1,376,310


$

(3,013,732)


$

(301,431)


Other comprehensive gain:














Unrealized gain on change in value of marketable securities



-



14,499



-



33,088


Comprehensive (loss) income


$

(531,366)


$

1,390,809


$

(3,013,732)


$

(268,343)
















NET LOSS PER SHARE:














BASIC


$

(0.11)


$

0.28


$

(0.62)


$

(0.06)


DILUTED


$

(0.11)


$

0.26


$

(0.62)


$

(0.06)


WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:














BASIC



4,863,389



4,913,455



4,863,389



4,913,455


DILUTED



4,863,389



5,439,344



4,863,389



4,913,455



     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 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
michael@redchip.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/apollo-medical-holdings-reports-11-quarter-over-quarter-revenue-growth-for-the-2nd-quarter-of-fiscal-year-2016-300179916.html

SOURCE Apollo Medical Holdings, Inc.

PR Newswire
November 17, 2015 - 9:00 AM EST


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