AMEH.. $0.1188..Apollo Medical Holdings, Inc. Reports Revenues and Results of Operations for Three Months Ended April 30, 2012
PR Newswire - Jun 22 09:00 EDT
GLENDALE, Calif., June 22, 2012 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed") (OTCQB-AMEH) today announced financial results for the three months ended April 30, 2012.
Financial Highlights for the three months ended April 30, 2012
Revenues increased 56.7% to $1.63 million for the three months ended April 30, 2012 compared to $1.04 million for the three months ended April 30, 2011
Gross profit increased 228.8% to $303,185 for the three months ended April 30, 2012 compared to $92,204 for the three months ended April 30, 2011
Loss from operations was ($53,153) for the three months ended April 30, 2012 compared to ($187,444) for the three months ended April 30, 2011
Non-GAAP Adjusted EBITDA was $55,772 for the three months ended April 30, 2012 compared to ($113,818) for the three months ended April 30, 2011
Other Events
ApolloMed continues to advance its business through new contracts and partnerships centered around medical management. As an example, in the first quarter, ApolloMed expanded 24 hour hospitalist service at five hospitals in the Covina, West Covina and Glendora areas of Los Angeles. We expect volume to continue to grow over time as existing partners leverage our presence at all our hospitals. ApolloMed is also pursuing a number of new health plan and hospital contracts.
In addition to growing our core hospitalist business, we continue to explore new opportunities to leverage our market leading medical management expertise. In the first quarter, ApolloMed management invested in creating a new entity focused on obtaining a designation as an Accountable Care Organization ("ACO") as defined under the Medicare Shared Savings Program ("MSSP"). We believe that in establishing an ACO, ApolloMed will be able to leverage its medical management service offering and networks to improve patient outcomes while controlling costs. ACOs participating in the MSSP will be able to share up to 50% of their achieved savings.
"We are pleased to report another quarter of record revenue and continued quarter over quarter growth," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. "We will continue to execute on our strategy of organic growth. In addition, we believe that our coordinated care model and expertise in caring for medically complex patients makes us an excellent candidate to participate in the MSSP."
About Apollo Medical Holdings, Inc.
ApolloMed is a leading provider of integrated medical management services that improves the quality and efficiency of inpatient hospital care plus multi-disciplinary care management services targeting inefficiencies in healthcare payer and provider networks. The Company's integrated model combines hospitalist medicine, critical care medicine, 24-hour physician call centers, case management and transition management that offers to help healthcare organizations engage in performance payments for utilization efficiency, quality of care objectives and shared accountability arrangements. The company's strategy is to capitalize on the growing market for hospital-based physicians and care management services.
Media Contact:
Nidia Flores
Apollo Medical Holdings, Inc.
818-396-8050
www.apollomed.net
SOURCE Apollo Medical Holdings, Inc.
