Apollo Medical Holdings Reports Its Fiscal Year 2017 Financial Results
Published: Apr 02, 2018
ALHAMBRA, Calif. and GLENDALE, Calif., April 2, 2018 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (NASDAQ: AMEH), an integrated population health management company, today announced its fiscal year financial results for the year ended December 31, 2017.
Financial Highlights for the Year Ended December 31, 2017:
- Net revenue of $357.7 million as compared to net revenue of $305.9 million in the comparable period of 2016, an increase of 17%.
- Income from operations of $35.1 million as compared to $11.7 million in the comparable period of 2016, an increase of 201%.
- Net income attributable to Apollo Medical Holdings, Inc. of $25.8 million as compared to $11.5 million in the comparable period of 2016, an increase of 125%.
- As of December 31, 2017, the Company had total assets of $490.6 million, including cash and cash equivalents of $99.7 million.
Notes to the Financial Highlights for the Year Ended December 31, 2017:
- On December 8, 2017, the Company consummated its merger with Network Medical Management ("NMM"), one of the largest healthcare Management Services Organizations (MSOs) in the United States.
- As a result of the merger, for accounting purposes, NMM is considered the accounting acquirer, and therefore NMM's historical results of operations replace ApolloMed's historical results of operations for all periods prior to the merger, and the results of operations of both companies will be included in the Company's consolidated financial statements for all periods following the merger. Accordingly, the consolidated financial results in this Annual Report on Form 10-K for the year ended December 31, 2017 reflects 12 months consolidated financial results of NMM and only 23 days of ApolloMed.
- In December 2017, the Company's common stock was listed on The Nasdaq Capital Market under the ticker symbol "AMEH".
- The Company's Board of Directors approved a change in the Company's fiscal year end from March 31 to December 31 upon the closing of the merger to correspond with the fiscal year end of NMM prior to the merger. As a result, the Company's first fiscal year end following the merger was December 31, 2017.
"We are now poised to advance to the next stage of the Company's lifecycle," stated Warren Hosseinion, M.D., Co-Chief Executive Officer of Apollo Medical Holdings. "After years of innovation and hard work, we believe we have the critical pieces in place to achieve continued success. We are firmly focused on future growth and on optimizing shareholder value."
"The shift from fee-for-service to value-based contracts is accelerating nationally," stated Thomas Lam, M.D., Co-Chief Executive Officer of Apollo Medical Holdings. "Our company is well-positioned to facilitate the adoption of valued-based contracting and the optimization of clinical and financial metrics across the entire continuum of care. We believe there are very few companies who are delivering a comparable breadth of both clinical and advanced technology capabilities in population health management."
"We are very pleased with our fiscal year end financial results," stated Kenneth Sim, M.D., Executive Chairman of Apollo Medical Holdings. "Our significant free cash flow and robust balance sheet give us the flexibility to invest strategically in our existing businesses and also to make disciplined acquisitions. We are confident in our future and believe we are well-positioned for continued growth."
For more details on ApolloMed's December 31, 2017 year end results, please refer to the Company's Annual Report on Form 10-K filed with the U.S. Securities Exchange Commission and accessible at www.sec.gov.