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SOURCE Apollo Medical Holdings, Inc.
Three-Month Revenues Increase 33% to $2.61 Million and Nine-Month Revenues Climb 46% to $7.65 Million
GLENDALE, Calif., Dec. 20, 2013 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTCQB: AMEH), an integrated physician-driven, patient-centric healthcare delivery company today announced its fiscal 2014 third quarter results for the three and nine months ended October 31, 2013.
Financial Highlights for the Three Months Ended October 31, 2013 Compared to the Three Months Ended October 31, 2012:
Net revenues climbed 33% to a record $2,605,231 from $1,965,153.
New hospital contracts, increased same-market area growth and expansion of hospitalist services with existing medical group clients at new hospitals accounted for $490,137 of the higher revenues; and ApolloMed Care Clinic ("ACC"), a physician practice corporation formed by the Company on July 31, 2013, and Maverick Medical Group ("MMG") contributed $149,941 to increased revenues.
Loss from operations totaled $813,487, down 43% from $1,437,225, which was due primarily to a decrease in non-cash stock-based compensation, partially offset by an increase in costs related to growth initiatives associated with ApolloMed ACO ("ACO"), ACC and MMG.
Net loss declined 79% to $1,014,646, or $0.03 loss per basic and diluted share, from a net loss of $4,721,401, or $0.14 loss per basic and diluted share.
Financial Highlights for the Nine Months Ended October 31, 2013 Compared to the Nine Months Ended October 31, 2012:
Net revenues totaled $7,644,843, rising 46% from $5,246,448.
$1,889,226 of the increase in revenues was attributable to new hospital contracts, increased same-market growth and expansion of services with existing medical group clients at new hospitals; $163,136 stemmed from expansion of MMG and ACC services; and $364,034 resulted from the acquisition of Verdugo Medical Management, Inc., which occurred in August 2012.
Loss from operations increased 86% to $2,885,846 from $1,553,404 due to higher non-cash stock-based compensation as well as expenses associated with growing the Company's ACO, ACC and MMG businesses.
Net loss was $3,395,878, or $0.09 loss per basic and diluted shared, representing a 58% decrease from a net loss of $8,081,583, or $0.26 loss per basic and diluted share.
As of October 31, 2013, the Company had cash and cash equivalents of $1,012,290; accounts receivable of $1,475,980; and total stockholders' deficit of $1,046,238.
ApolloMed CEO Warren Hosseinion, M.D. stated "Through dedicated execution of our multi-channel growth strategies, ApolloMed has succeeded in perpetuating quarter-over-quarter revenue growth in each of our operating subsidiaries, positioning us well to end our 2014 fiscal year on a strong financial footing. More specifically, our hospitalist business continues to be a source of tremendous pride for ApolloMed, contributing measurably to our growth through the first nine months of the current fiscal year-a trend we fully expect to continue well into the future. We are also very pleased with the performance of ApolloMed ACO, which is achieving notable traction in attracting excellent hospitals and medical groups to our organization. In just the past three months, we have welcomed Integrated Healthcare Holdings' four Orange County hospitals, Pacifica Hospital, AMVI Medical Group, Bolsa Medical Group and Physician Partners IPA. Working together, we expect ApolloMed ACO to achieve superior patient outcomes while lowering healthcare costs by proactively sharing clinical data, optimizing the management of high-risk patients and coordinating care across each patient's full care continuum. As a result, revenue performance of our ACO should be notably pronounced beginning in early 2014."
"Moreover, in the coming year, we expect Maverick Medical Group to begin playing a much more meaningful role in ApolloMed's overall financial performance. By remaining focused on optimizing our operating strengths and implementing growth strategies centered on expanding our service regions beyond Southern and Central California, winning larger hospitalist contracts and ramping our ACO and Maverick businesses to support tens of thousands of patients, we are confident that ApolloMed's promising potential can be fully realized and the lives of our patients and the care providers which serve them will be positively impacted," concluded Dr. Hosseinion.
FINANCIAL CHARTS TO FOLLOW
APOLLO MEDICAL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents
Accounts receivable, net
Due from affiliates
Deferred financing costs, current
Total current assets
Deferred financing costs, non-current
Property and equipment, net
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable and accrued liabilities
Notes and lines of credit payable
Total current liabilities
Convertible notes payable, net
Preferred stock, par value $0.001 ;
5,000,000 shares authorized; none issued
Common Stock, par value $0.001; 100,000,000 shares authorized, 37,977,607 and 34,843,441 shares issued and outstanding as of October 31, 2013 and January 31, 2013, respectively
Total stockholders' deficit
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
APOLLO MEDICAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended October 31,
Nine months ended October 31,
Cost of services
General and administrative
Total operating expenses
Loss from operations
Other income (expense)
Loss on change in fair value of derivative liabilities
Total other expenses
Loss before income taxes
Provision for income tax
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - BASIC AND DILUTED
BASIC AND DILUTED NET LOSS PER SHARE
About Apollo Medical Holdings, Inc. (ApolloMed) Headquartered in Glendale, California, ApolloMed is a leading provider of physician-driven integrated healthcare management services, fueled by its commitment to provide exceptional multi-disciplinary care in the communities it serves in Southern and Central California. ApolloMed is addressing the healthcare needs of the nation's largest population center by leveraging its integrated healthcare delivery platform comprised of three affiliated and complementary physician groups: ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization) and Maverick Medical Group (Independent Physician Association). This platform combines hospitalist medicine, critical care medicine, case management and transition management that enable healthcare organizations to engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. 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 future expectations, plans and prospects for Apollo Medical Holdings, Inc. ("the Company"). In particular, when used in the preceding discussion, the words "predicts," "believes," "expects," "intends," "seeks," "estimates," "plans," "anticipates," and similar conditional expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could" are intended to identify forward-looking statements. In addition, our representatives may from time to time make oral forward-looking statements. Any such statements, other than those of historical fact, about an action, event or development, are forward-looking statements. Such statements are based on the current expectations and certain assumptions of the Company's management. Such statements are, therefore, subject to a variety of known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which could cause the actual results, performance or achievements of the Company, its subsidiaries and concepts to be materially different than those that may be expressed or implied in such statements or anticipated on the basis of historical trends. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included herein 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 or revise these forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made, 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 the Company. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended January 31, 2013 and in any of the Company's other subsequent Securities and Exchange Commission filings.
FOR ADDITIONAL INFORMATION: Hanover|Elite Kathy Addison, Chief Operating Officer 407-585-1080 or via email at AMEH@hanoverelite.com