Apollo Medical Holdings Reports 47% Revenue Growth Year Over Year For The 3rd Quarter Of Fiscal Year 2017
Apollo Medical Holdings, Inc. (OTC: AMEH), an integrated population health administration company, recently declared its Fiscal Year 2017 3rd Quarter financial results for the three months ended December 31, 2016.
Financial Highlights for the Three Months Ended December 31, 2016 Contrast to the Three Months Ended December 31, 2015 (unaudited):
- Net revenue of $15.7 million, a boost of 47% as contrast to $10.7 million in the comparable period of 2015.
- Loss from operations of $1.7 million as contrast to $1.5 million loss in the comparable period of 2015. The losses were driven by the Company’s continued capital investment in its population health administration infrastructure and personnel for its Next Generation ACO, in addition to costs related to its definitive merger agreement with Network Medical Administration, Inc., which was declared on December 22, 2016.
- On December 31, 2016, the Company had total assets of $16.8 million, counting cash and cash equivalents of $4.0 million. This does not include the $5 million note from Network Medical Administration received in January 2017.
Financial Highlights for the Nine Months Ended December 31, 2016 Contrast to the Nine Months Ended December 31, 2015 (unaudited):
- Net revenue of $42.7 million, a boost of 32% as contrast to $32.2 million in the comparable period of 2015.
- Loss from operations of $5.6 million as contrast to $3.5 million loss in the comparable period of 2015.
“We are happy with our continued year-over-year and quarter-over-quarter revenue growth, as we lay the foundation for future growth,” stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. “The planned investments we have made in our population health administration infrastructure continue to provide unique opportunities for the Company and our shareholders. We believe these investments will be further improved by the merger between ApolloMed and Network Medical Administration, which is expected to be accomplished in the first half of this year.”
“We believe the Company is well positioned for the accelerated transition in the U.S. healthcare system from fee-for-service to value-based reimbursements,” stated Gary Augusta, Executive Chairman of Apollo Medical Holdings. “We are also happy with our improved balance sheet, counting our positive total stockholder’s equity of $5.7 million.”
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