CALIFORNIA: Apollo Medical Holdings, Inc., an integrated population health management company, today announced its Fiscal Year 2016 Q2 financial results for the three months ended September 30, 2015.
Financial Highlights for the Three Months Ended September 30, 2015 Compared to the Three Months Ended September 30, 2014 (unaudited):
Net revenue of $11.4 million as compared to $11.7 million in the comparable period of 2014. The prior period results benefited from revenue of $5.4 million received from the Centers for Medicare and Medicaid Services (“CMS”) under the Medicare Shared Savings Program.
Loss from operations of $413,000 compared to income from operations of $1.86 million in the comparable period of 2014. The prior year period benefited from $5.4 million received from CMS under the Medicare Shared Savings Program.
On September 30, 2015, the Company had total assets of $13.6 million, including cash and cash equivalents of $3.9 million
Financial Highlights for the Six Months Ended September 30, 2015 Compared to the Six Months Ended September 30, 2014 (unaudited):
Net revenue of $21.6 million compared to $15.8 million in the comparable prior year period, an increase of 37%.
Loss from operations of $2.1 million compared to income of $672,000.
Sequential Financial Highlights for the Three Months Ended September 30, 2015 Compared to the Three Months Ended June 30, 2015 (unaudited):
Net revenue of $11.4 million, an increase of 11% from $10.2 million in prior quarter period of 2015, attributable to the growth of Maverick Medical Group and Apollo Palliative Services.
Loss from operations of $413,000 compared to a loss of $1.7 million in prior quarter period of 2015, attributable to continued cost efficiency measures within the company.
“We are pleased with our third consecutive quarter of sequential revenue growth. Our quarterly revenue has increased sequentially from $7.6 million for the three months ended December 31, 2014 to $11.4 million for the three months ended September 30, 2015,” stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. “Additionally, on October 14, 2015 we secured a strategic investment of $10 million from Network Medical Management, Inc. which strengthened our balance sheet and positions us well for continued growth.”
