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
michael@redchip.com  

 

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SOURCE Apollo Medical Holdings, Inc.