Apollo Medical Holdings Reports 51% Revenue Increase Year Over Year For The 2nd Quarter Of 2018
ALHAMBRA, Calif. and GLENDALE, Calif., Aug. 14, 2018 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (NASDAQ: AMEH), an integrated population health management company, today announced its consolidated 2nd Quarter financial results for the three and six months ended June 30, 2018.
Financial Highlights for the Three Months Ended June 30, 2018 Compared to the Three Months Ended June 30, 2017 (unaudited):
Net revenue of $123.0 million for the three months ended June 30, 2018 as compared to net revenue of $81.3 million in the comparable period of 2017, an increase of 51%.
Income from operations of $7.1 million for the three months ended June 30, 2018 as compared to $4.1 million in the comparable period of 2017, an increase of 76%.
Net income attributable to Apollo Medical Holdings, Inc. of $2.7 million for the three months ended June 30, 2018 as compared to $2.0 million in the comparable period of 2017, an increase of 34%.
As of June 30, 2018, the Company had total assets of $511.0 million, including cash and cash equivalents of $101.1 million.
On June 25, 2018, the Company announced that it had been added to the Russell 3000© Index and the Russell Microcap Index©. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell's US indexes.
In June 2018, the Company's subsidiary, Network Medical Management, Inc. ("NMM") and its consolidated variable interest entity, Allied Pacific of California, partnered with College Street Investment LP, a California limited partnership, to acquire the recently closed 128-bed French Hospital in Downtown Los Angeles, California, for approximately $33.3 million for the benefit of 531 W. College, LLC. The plan is to convert the 2.5 acre, 90,000-square foot facility into an integrated care center, complete with a 24-hour urgent care center, multispecialty clinics, imaging center, diagnostic lab, pharmacy, behavioral care center and infusion center.
"We are pleased to announce our 2nd quarter results for 2018 which reflect the increases that resulted from our merger with NMM and demonstrate continued momentum from the start of the year and our unrelenting focus on operational excellence," stated Eric Chin, Chief Financial Officer of ApolloMed. "Highlights of this quarter include total revenue increase of 51% year-over-year, net income increase of 34% year-over-year and quarterly net income increase of 23% over net income in our 1st quarter of 2018. The year-over-year revenue increase reflects the results of the post-merger companies and was driven by an increase in patients under capitation."
"Our team delivered another strong quarter with year-over-year increase in both revenue and net income, driven by solid execution of our strategic plan," stated Warren Hosseinion, M.D., Co-Chief Executive Officer of ApolloMed. "We are committed to the continued growth of our company and to creating long-term value for our shareholders."
"We believe that our merger integration is near completion and that we are now well positioned for the future," stated Thomas Lam, M.D., Co-Chief Executive Officer of ApolloMed. "The long-term demand drivers in our industry are solid, including the shift to value-based reimbursements and an aging population."
"We have demonstrated a commitment to and leadership in population health management," stated Kenneth Sim, M.D., Executive Chairman of ApolloMed. "We would like to thank each of our employees, physicians, hospital partners and other providers for their dedication and hard work, which continues to be the catalyst for our long-term success."
For more details on ApolloMed's June 30, 2018 quarter end results, please refer to the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities Exchange Commission ("SEC") and accessible at www.sec.gov.