Apollo Medical Holdings Reports 21% Revenue Growth Year Over Year For The 1st Quarter Of Fiscal Year 2017

GLENDALE, Calif., Aug. 15, 2016 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (OTC: AMEH), an integrated population health management company, today announced its Fiscal Year 2017 1^st Quarter financial results for the three months ended June 30, 2016.

Financial Highlights for the Three Months Ended June 30, 2016 Compared to the Three Months Ended June 30, 2015 (unaudited):

Net revenue of $12.4 million, an increase of 21% as compared to $10.2 million in the comparable period of 2015.
Loss from operations of $1.8 million as compared to $1.7 million in the comparable period of 2015.
On June 30, 2016, the Company had total assets of $17.3 million, including cash and cash equivalents of $6.5 million. The company has no long-term debt.

"We are pleased with our continued year-over-year and quarter-over-quarter revenue growth," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings. "We continue to pursue multiple growth opportunities for our population health management offerings."

"We continue our record of double digit revenue growth," stated Gary Augusta, Executive Chairman of Apollo Medical Holdings. "With the recent hiring of an industry veteran CFO, our focus will be on operational efficiency as our unique value-based care model continues to expand."

For more details on ApolloMed's 2017 Fiscal Year 1^st Quarter results, please refer to the Company's 10-Q filed with the U.S. Securities Exchange Commission and accessible at www.sec.gov.

APOLLO MEDICAL HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	June 30,		March 31,
	2016		2016
ASSETS
Cash and cash equivalents	$	6,509,589	$	9,270,010
Accounts receivable, net of allowance for doubtful accounts of $769,000 and $601,000 at June 30, 2016 and March 31, 2016, respectively		3,999,532		3,392,941
Other receivables		315,233		581,213
Due from affiliates		20,052		20,505
Prepaid expenses and other current assets		509,010		293,828
Total current assets		11,353,416		13,558,497

Deferred financing costs		-		37,926
Property and equipment, net		1,341,984		1,247,973
Restricted cash		530,000		530,000
Intangible assets, net		2,258,054		2,353,212
Goodwill		1,622,483		1,622,483
Other assets		213,680		216,442
TOTAL ASSETS	$	17,319,617	$	19,566,533

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	$	4,254,856	$	4,572,307
Medical liabilities		2,512,041		2,670,709
Note and line of credit		176,264		188,764
Total current liabilities		6,943,161		7,431,780

Warrant liability		1,988,889		2,811,111
Deferred rent liability		762,461		728,877
Deferred tax liability		43,479		43,479
Total liabilities		9,737,990		11,015,247

COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY
Series A Preferred stock, par value $0.001; 5,000,000 shares authorized (inclusive of Series B); 1,111,111 issued and outstanding Liquidation preference of $9,999,999	$	7,077,778	$	7,077,778

STOCKHOLDERS' EQUITY
Series B Preferred stock, par value $0.001; 5,000,000 shares authorized (inclusive of Series A); 555,555 issued and outstanding Liquidation preference of $4,999,995		3,884,745		3,884,745
Common Stock, par value $0.001; 100,000,000 shares authorized, 5,998,518 and 5,876,852 shares issued and outstanding as of June 30, 2016 and March 31, 2016, respectively		5,998		5,876
Additional paid-in-capital		23,904,114		23,524,517
Accumulated deficit		(29,999,822)		(28,684,565)
Stockholders' deficit attributable to Apollo Medical Holdings, Inc.		(2,204,965)		(1,269,427)
Non-controlling interest		2,708,814		2,742,935
Total stockholders' equity		503,849		1,473,508

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	17,319,617	$	19,566,533

APOLLO MEDICAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)

	Three Months Ended June 30,
	2016		2015

Net revenues	$	12,371,673	$	10,204,125

Costs and expenses:
Cost of services		10,133,005		7,567,868
General and administrative		3,836,475		4,237,203
Depreciation and amortization		164,658		63,751
Total costs and expenses		14,134,138		11,868,822

Loss from operations		(1,762,465)		(1,664,697)

Other income (expense)
Interest expense		(2,659)		(360,402)
Gain (loss) on change in fair value of warrant and conversion feature liabilities, net		822,222		(213,718)
Other income		1,971		101,004
Total other income (expense), net		821,534		(473,116)

Loss before (benefit) provision for income taxes		(940,931)		(2,137,813)

(Benefit) provision for income taxes		(41,553)		92,691

Net loss		(899,378)		(2,230,504)

Net income attributable to non-controlling interests		(415,879)		(251,862)

Net loss attributable to Apollo Medical Holdings, Inc.	$	(1,315,257)	$	(2,482,366)

Net loss per share:
Basic and diluted	$	(0.22)	$	(0.51)

Weighted average shares of common stock outstanding:
Basic and diluted		5,914,826		4,863,389

About Apollo Medical Holdings, Inc. (ApolloMed)

Founded in 2001 and headquartered in Glendale, California, ApolloMed is a leading integrated population health management company committed to providing exceptional multi-disciplinary care in the communities it serves. ApolloMed is addressing the healthcare needs of its patients by leveraging its integrated healthcare delivery platform comprised of: ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization), Maverick Medical Group (Independent Physician Association), Apollo Care Connect and Apollo Palliative Services. ApolloMed strives to improve medical outcomes with high-quality, cost-efficient care. For more information, please visit www.apollomed.net

Forward Looking Statements

This press release may contain forward-looking statements, including information about management's view of Apollo Medical Holdings, Inc. ("the Company") future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on the Company's future results. Some factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's Annual Report on our amended Form 10-K for the fiscal year ended March 31, 2016, under the caption "Risk Factors", which is on file with the Securities and Exchange Commission and available in the "Investor" section of the Company's website under the heading "SEC Filings". The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Apollo Medical Holdings, Inc.

For More Information, PLEASE CONTACT:

Apollo Medical Holdings
Gary Augusta
818-839-5200
gaugusta@apollomed.net

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SOURCE Apollo Medical Holdings, Inc.

Released August 15, 2016