GLENDALE, Calif., Feb. 25, 2015 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTC-QB: AMEH), an integrated physician-centric healthcare delivery company announced its fiscal 2015 third quarter results for the three months ended December 31, 2014.

Financial Highlights for the Three Months Ended December 31, 2014 Compared to the Three Months Ended December 31, 2013:

  • Net revenue of $7.6 million, an increase of 170% from $2.8 million in the comparable period of 2013, attributable to the continued growth of Maverick Medical Group and recent acquisitions
  • Loss from operations of $1.5 million compared to a loss of $808,596 in the comparable quarter of 2013, attributable to increased legal and professional fees related to acquisitions as well as increased infrastructure costs related to ApolloMed ACO and Maverick Medical Group
  • On December 31, 2014, the Company had total assets of $15.0 million
  • On December 31, 2014, the Company had cash and cash equivalents of $7.0 million

"This was another quarter of significant year-over-year revenue growth for ApolloMed," stated Warren Hosseinion, M.D., CEO of Apollo Medical Holdings.  "The healthcare industry is rapidly shifting to a risk-based, accountable model, a model which we have been executing on for several years.  We believe that ApolloMed is well-positioned to capitalize on the opportunities that will result from the changing healthcare landscape."

For more details on ApolloMed's fiscal year 2015 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.  

UNAUDITED FINANCIAL TABLES TO FOLLOW:

APOLLO MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


ASSETS









December 31,



March 31,




2014



2014


CURRENT ASSETS







Cash and cash equivalents


$

6,951,763



$

6,831,478


Restricted cash



40,000




20,000


Accounts receivable, net



3,506,674




1,508,461


Other receivables



12,431




-


Due from affiliates



11,457




24,041


Prepaid expenses



135,983




42,200


    Total current assets



10,658,308




8,426,180











Deferred financing costs, net



294,326




366,286


Property and equipment, net



560,938




94,948


Intangible assets, net



1,911,832




59,627


Goodwill



1,386,480




494,700


Other assets



211,088




41,636


TOTAL ASSETS


$

15,022,972



$

9,483,377











LIABILITIES AND STOCKHOLDERS' DEFICIT


















CURRENT LIABILITIES









Accounts payable and accrued liabilities


$

2,562,008



$

1,447,040


Medical liabilities



1,805,554




552,561


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



1,584,764




444,764


Holdback consideration



376,236




-


    Total current liabilities



6,328,562




2,444,365











Notes payable, net of discount, non-current portion



5,038,041




5,344,565


Convertible notes payable, net of discount



2,002,307




962,978


Warrant liability



2,452,201




2,354,624


Conversion feature liability



487,630




-


Deferred tax liability



185,972




-


    Total liabilities



16,494,713




11,106,532











COMMITMENTS, CONTINGENCIES and SUBSEQUENT EVENTS (NOTES 10 and 11 )


















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,









48,634,549 and 49,134,549  shares issued and outstanding









as of December 31, 2014 and March 31, 2014, respectively



48,635




49,135


Additional paid-in-capital



16,338,075




15,083,365


Accumulated deficit



(18,340,602)




(16,347,588)


    Stockholders' deficit attributable to Apollo Medical Holdings, Inc.



(1,953,892)




(1,215,088)


Non-controlling interest



482,151




(408,067)


    Total stockholders' deficit



(1,471,741)




(1,623,155)











TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT


$

15,022,972



$

9,483,377












 

APOLLO MEDICAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)



Three months ended December 31,


Nine months ended December 31,


2014



2013


2014



2013











Net revenues

$

7,642,474



$

2,834,161


$

23,402,254



$

7,970,276















Costs and expenses














Cost of services


6,090,345




2,032,851



15,511,829




6,748,726

General and administrative


2,889,598




1,603,625



8,350,837




4,569,020

Depreciation and amortization


194,060




6,281



399,240




19,164

Total costs and expenses


9,174,003




3,642,757



24,261,906




11,336,910















Loss from operations


(1,531,529)




(808,596)



(859,652)




(3,366,634)















Other (expense) income














Interest expense


(362,935)




(156,257)



(969,060)




(518,509)

Change in fair value of warrant and conversion
feature liability


358,433




-



480,568




-

Other


112,648




(739)



51,736




6,751

Total other income (expense)


108,146




(156,996)



(436,756)




(511,758)















Loss before provision for income taxes


(1,423,383)




(965,592)



(1,296,408)




(3,878,392)















(Benefit) provision for income taxes


(31,944)




(800)



66,647




-















Net loss


(1,391,439)




(964,792)



(1,363,055)




(3,878,392)















Net income attributable to noncontrolling interest


(300,144)




-



(629,959)




-















Net loss attributable to Apollo Medical Holdings, Inc.

$

(1,691,583)



$

(964,792)


$

(1,993,014)



$

(3,878,392)

Other comprehensive loss:














Unrealized change in value of marketable securities


(33,088)




-



-




-

Comprehensive loss

$

(1,724,671)



$

(964,792)


$

(1,993,014)



$

(3,878,392)















NET LOSS PER SHARE:














BASIC AND DILUTED

$

(0.03)



$

(0.02)


$

(0.04)



$

(0.10)















WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:














BASIC AND DILUTED


48,759,549




39,038,732



49,009,094




37,251,775

 

About Apollo Medical Holdings, Inc. (ApolloMed)

Headquartered in Glendale, California and dedicated to putting the 'Patient First,' ApolloMed is a leading provider of physician-centric integrated healthcare management services, fueled by its commitment to provide exceptional multi-disciplinary care in the communities it serves in California, Mississippi and Ohio.  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), Maverick Medical Group (Independent Physician Association), AKM Medical Group (IPA), Apollo Palliative Services and ApolloMed Care Clinics.  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 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 Form 10-K for the fiscal year ended January 31, 2014, 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:

Dave Gentry
RedChip Companies Inc.
1-800-733-2447
dave@redchip.com

 

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SOURCE Apollo Medical Holdings, Inc.