Apollo Medical Holdings Reports 177% Revenue Growth Year Over Year For The 2nd Quarter Of Fiscal Year 2018
Financial Highlights for the Three Months Ended
- Net revenue of
$40.5 million , an increase of 177% as compared to$14.6 million in the comparable period of 2016. The increase in revenue resulted primarily from increased revenues at APA ACO beginning inApril 2017 . - Loss from operations of
$4.1 million as compared to loss of$2.2 million in the comparable period of 2016. The Company's loss in the 2nd quarter of fiscal year 2018 was primarily driven by the ongoing transactional expenses related to the pending merger withNetwork Medical Management, Inc. - On
September 30, 2017 , the Company had total assets of$41.2 million , including cash and cash equivalents of$30.2 million .
"We are very pleased with the progress of our long term growth initiatives, especially with our continued strong organic revenue growth," stated Warren Hosseinion, M.D., Chief Executive Officer of
"We continue to make progress on finalizing our merger and preparing the company for 2018 and beyond," stated Gary Augusta, Executive Chairman of
For more details on ApolloMed's 2018 Fiscal Year 2nd Quarter results, please refer to the Company's 10-Q filed with the
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(UNAUDITED) |
||||||||
|
|
|||||||
2017 |
2017 |
|||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
30,203,773 |
$ |
8,664,211 |
||||
Accounts receivable, net of allowance for doubtful accounts of |
4,857,136 |
5,506,472 |
||||||
Other receivables |
372,334 |
464,085 |
||||||
Due from affiliates |
- |
18,314 |
||||||
Prepaid expenses and other current assets |
298,477 |
269,168 |
||||||
Total current assets |
35,731,720 |
14,922,250 |
||||||
Property and equipment, net |
1,121,632 |
1,205,139 |
||||||
Restricted cash |
745,176 |
765,058 |
||||||
Intangible assets, net |
1,732,984 |
1,904,269 |
||||||
|
1,622,483 |
1,622,483 |
||||||
Other assets |
219,174 |
225,358 |
||||||
TOTAL ASSETS |
$ |
41,173,169 |
$ |
20,644,557 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Accounts payable and accrued liabilities |
$ |
7,042,043 |
$ |
7,883,373 |
||||
Medical liabilities |
30,694,173 |
1,768,231 |
||||||
Convertible note payable, net of debt issuance cost of |
4,936,333 |
4,829,000 |
||||||
Lines of credit |
25,000 |
62,500 |
||||||
Total current liabilities |
42,697,549 |
14,543,104 |
||||||
Note payable – related party |
5,000,000 |
5,000,000 |
||||||
Deferred rent liability |
683,504 |
747,418 |
||||||
Deferred tax liability |
83,666 |
83,667 |
||||||
TOTAL LIABILITIES |
48,464,719 |
20,374,189 |
||||||
COMMITMENTS AND CONTINGENCIES (see Note 8) |
||||||||
STOCKHOLDERS' (DEFICIT) EQUITY |
||||||||
Series A Preferred stock, par value |
7,077,778 |
7,077,778 |
||||||
Series B Preferred stock, par value |
3,884,745 |
3,884,745 |
||||||
Common stock, par value |
6,053 |
6,033 |
||||||
Additional paid-in capital |
26,836,238 |
26,331,948 |
||||||
Accumulated deficit |
(45,148,985) |
(37,654,381) |
||||||
Stockholders' deficit attributable to |
(7,344,171) |
(353,877) |
||||||
Non-controlling interest |
52,621 |
624,245 |
||||||
Total stockholders' (deficit) equity |
(7,291,550) |
270,368 |
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY |
$ |
41,173,169 |
$ |
20,644,557 |
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||||
Net revenues |
$ |
40,483,346 |
$ |
14,622,656 |
$ |
82,058,826 |
$ |
26,994,329 |
||||||||
Costs and expenses |
||||||||||||||||
Cost of services |
39,096,618 |
12,171,183 |
79,336,260 |
22,304,188 |
||||||||||||
General and administrative |
5,345,742 |
4,455,329 |
10,234,926 |
8,291,804 |
||||||||||||
Depreciation and amortization |
155,937 |
170,555 |
311,204 |
335,213 |
||||||||||||
Total costs and expenses |
44,598,297 |
16,797,067 |
89,882,390 |
30,931,205 |
||||||||||||
Loss from operations |
(4,114,951) |
(2,174,411) |
(7,823,564) |
(3,936,876) |
||||||||||||
Other (expense) income |
||||||||||||||||
Interest expense |
(199,662) |
(3,054) |
(392,651) |
(5,713) |
||||||||||||
Gain (loss) on change in fair value of warrant liabilities |
- |
511,111 |
- |
1,333,333 |
||||||||||||
Other income (expense) |
54,635 |
10,560 |
93,295 |
12,531 |
||||||||||||
Total other income (expense), net |
(145,027) |
518,617 |
(299,356) |
1,340,151 |
||||||||||||
Loss before benefit from income taxes |
(4,259,978) |
(1,655,794) |
(8,122,920) |
(2,596,725) |
||||||||||||
Benefit from income taxes |
(26,858) |
(185,040) |
(56,692) |
(226,593) |
||||||||||||
Net loss |
$ |
(4,233,120) |
$ |
(1,470,754) |
$ |
(8,066,228) |
$ |
(2,370,132) |
||||||||
Net (income) loss attributable to non-controlling interest |
350,382 |
112,345 |
571,624 |
(303,534) |
||||||||||||
Net loss attributable to |
$ |
(3,882,738) |
$ |
(1,358,409) |
$ |
(7,494,604) |
$ |
(2,673,666) |
||||||||
Net loss per share: |
||||||||||||||||
Basic and diluted |
$ |
(0.64) |
$ |
(0.23) |
$ |
(1.24) |
$ |
(0.45) |
||||||||
Weighted average number of shares of common stock outstanding: |
||||||||||||||||
Basic and diluted |
6,035,159 |
6,024,605 |
6,034,343 |
5,970,015 |
About
Founded in 2001 and headquartered in Glendale,
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, based on numerous assumptions and subject to risks and uncertainties (some of which are beyond our control), including statements about management's view of future expectations, plans and prospects for
For More Information, PLEASE CONTACT:
(818) 839-5200
[email protected]
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