Apollo Medical Holdings Reports 29% Revenue Growth Year Over Year For The 3rd Quarter Of Fiscal Year 2016

GLENDALE, Calif., Feb. 17, 2016 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or "the Company") (OTC: AMEH), an integrated population health management company, today announced its Fiscal Year 2016 Q3 financial results for the three months ended December 31, 2015.

Financial Highlights for the Three Months Ended December 31, 2015 Compared to the Three Months Ended December 31, 2014 (unaudited):

Net revenue of $10.7 million as compared to $7.6 million in the comparable period of 2014
Loss from operations was $1.5 million in both the current and prior year periods
On December 31, 2015, the Company had total assets of $14.6 million, including cash and cash equivalents of $4.6 million

Financial Highlights for the Nine Months Ended December 31, 2015 Compared to the Nine Months Ended December 31, 2014 (unaudited):

Net revenue of $32.2 million compared to $23.4 million in the comparable prior year period
Loss from operations of $3.5 million compared to $0.9 million in the prior year period

"We are pleased with our continued year over year revenue growth and are on track for record annual revenue in Fiscal Year 2016, which ends March 31st," stated Warren Hosseinion, M.D., CEO of Apollo Medical Holdings. "At the same time, we are implementing operational efficiency improvements with a goal of achieving operating profitability in Fiscal Year 2017."

For more details on ApolloMed's 2016 fiscal year third 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)

	December 31,		March 31,
	2015		2015
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	4,644,722	$	5,014,242
Accounts receivable, net		3,654,703		3,801,584
Other receivables		514,819		208,288
Due from affiliates		20,052		36,397
Prepaid expenses		350,078		278,922
Deferred financing costs, net, current		8,235		513,646
Total current assets		9,192,609		9,853,079

Deferred financing costs, net, non-current		-		264,708
Property and equipment, net		1,219,889		582,470
Restricted cash		530,000		530,000
Intangible assets, net		1,236,622		1,377,257
Goodwill		2,168,833		2,168,833
Other assets		219,646		218,716
TOTAL ASSETS	$	14,567,599	$	14,995,063

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	3,712,500	$	3,340,594
Medical liabilities		1,939,181		1,260,549
Note and line of credit payable, net of discount, current portion		88,764		327,141
Convertible notes payable, net of discount, current portion		1,093,948		1,037,818
Total current liabilities		6,834,393		5,966,102

Notes payable, net of discount, non-current portion		-		6,234,721
Convertible notes payable, net of discount		-		1,457,103
Warrant liability		2,088,889		2,144,496
Deferred rent liability		680,336		11,610
Deferred tax liability		180,408		171,215
Total liabilities		9,784,026		15,985,247

COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS

MEZZANINE EQUITY
Series A Preferred stock, par value $0.001; 5,000,000 shares authorized; 1,111,111 and none issued and outstanding as of December 31, 2015 and March 31, 2015, respectively. Liquidation preference of $9,999,999 and none at December 31, 2015 and March 31, 2015, respectively.		7,077,778		-


STOCKHOLDERS' DEFICIT
Common stock, par value $0.001; 100,000,000 shares authorized, 5,463,389 and 4,863,389 shares issued and outstanding as of December 31, 2015 and March 31, 2015, respectively		5,463		4,863
Additional paid-in-capital		19,418,643		16,517,985
Accumulated deficit		(24,039,865)		(19,340,521)
Stockholders' deficit attributable to Apollo Medical Holdings, Inc.		(4,615,759)		(2,817,673)
Non-controlling interest		2,321,554		1,827,489
Total stockholders' deficit		(2,294,205)		(990,184)
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT	$	14,567,599	$	14,995,063


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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

	Three Months Ended December 31,				Nine Months Ended December 31,
	2015		2014		2015		2014
Net revenues	$	10,659,708	$	7,642,474	$	32,233,441	$	23,402,254

Costs and expenses
Cost of services		8,463,541		6,090,345		24,295,598		15,511,829
General and administrative		3,510,045		2,889,598		11,187,891		8,350,837
Depreciation and amortization		145,594		194,060		287,029		399,240
Total costs and expenses		12,119,180		9,174,003		35,770,518		24,261,906

Loss from operations		(1,459,472)		(1,531,529)		(3,537,077)		(859,652)

Other (expense) income
Interest expense		(100,983)		(362,935)		(530,203)		(969,060)
Gain on change in fair value of warrant and conversion feature liabilities, net		430,396		358,433		313,530		480,568
Loss on debt extinguishment		(266,364)		-		(266,364)		-
Other		(100,344)		112,648		(94,431)		51,736
Total other (expense) income		(37,295)		108,146		(577,468)		(436,756)

Loss before provision for income taxes		(1,496,767)		(1,423,383)		(4,114,545)		(1,296,408)
Income tax (benefit) provision		36,196		(31,944)		(57,251)		66,647
Net loss		(1,532,963)		(1,391,439)		(4,057,294)		(1,363,055)
Net income attributable to non-controlling interest		(152,648)		(300,144)		(642,050)		(629,959)
Net loss attributable to Apollo Medical Holdings, Inc.	$	(1,685,611)	$	(1,691,583)	$	(4,699,344)	$	(1,993,014)
Other comprehensive loss:
Unrealized loss on change in value of marketable securities		-		(33,088)		-		-
Comprehensive loss	$	(1,685,611)	$	(1,724,671)	$	(4,699,344)	$	(1,993,014)

NET LOSS PER SHARE:
BASIC	$	(0.31)	$	(0.35)	$	(0.93)	$	(0.41)
DILUTED	$	(0.31)	$	(0.35)	$	(0.93)	$	(0.41)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
BASIC		5,365,563		4,875,955		5,031,389		4,900,909
DILUTED		5,365,563		4,875,955		5,031,389		4,900,909


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

About Apollo Medical Holdings, Inc. (ApolloMed)

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 six affiliated and complementary physician groups: ApolloMed Hospitalists, ApolloMed ACO (Accountable Care Organization), Maverick Medical Group (Independent Physician Association), AKM Medical Group (IPA), ApolloMed Care Clinics, 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, 2015, 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:

Michael Sullivan
RedChip Companies Inc.
1-800-733-2447 Ext. 115
michael@redchip.com

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SOURCE Apollo Medical Holdings, Inc.

Released February 17, 2016