ApolloMed net revenues climbed 52.2% to $7.8 million during fiscal 2013

Apollo Medical Holdings, Inc. ("ApolloMed") (OTCQB: AMEH), an integrated physician-driven healthcare delivery company that puts 'Patients First,' today announced its fiscal year-end results for the three and twelve months ended January 31, 2013. 

Financial Highlights for Full Fiscal Year 2013 Compared to Full Fiscal Year 2012:

• Net revenues climbed 52.2% to $7.8 million from $5.1 million due largely to the signing of new hospital contracts during fiscal 2013, coupled with new revenue stemming from the Company's expanded service offerings.
• Gross profit increased 49.2% to $1.46 million from $978,000.
• After factoring non-cash stock-based compensation totaling approximately $1.9 million, loss from operations on a GAAP basis rose to $2.1 million from $413,000.
• Non-GAAP Adjusted EBITDA increased to approximately $4,200 from a Non-GAAP Adjusted EBITDA loss of approximately $219,000.

Financial Highlights for Three Months Ended January 31, 2013 Compared to Three Months Ended January 31, 2012:

• Net revenues totaled $2.5 million, rising 63.7% from $1.5 million. 
• Gross profit rose 34.7% to approximately $547,000 from $406,000.
• Operating loss doubled to $525,000 from $269,000; the increase is attributable primarily to costs associated with the development and expansion of ApolloMed ACO.
• Non-GAAP Adjusted EBITDA loss totaled $189,523, rising 12.0% from $169,245.

As of January 31, 2013, the Company had $1.18 million in cash and cash equivalents, $1.58 million in accounts receivable and total stockholders' deficit of approximately $391,000.

Key Operational Highlights for Fiscal Year 2013

• In March 2012, Care1st Health Plan contracted with ApolloMed Hospitalists to provide inpatient care services to its members at all hospitals in Los Angeles which ApolloMed serves.
• In July, ApolloMed ACO was officially selected by the Centers for Medicare and Medicaid Services to participate in the Medicare Shared Savings Program as one of only eight ACOs selected in the State of California during the year.
• In September, ApolloMed Hospitalists was signed by L.A. Care Health Plan, the largest Medi-Cal managed care plan in California and the largest public health plan in the nation, to provide hospitalist management services at all hospitals in Los Angeles which ApolloMed serves.
• In October, Glendale Memorial Hospital, recognized as one of 'America's 50 Best Hospitals' by Healthgrades, chose ApolloMed to provide critical care services for its Intensive Care Unit.
• Also in October, the Company expanded its ApolloMed Hospitalists business into Orange County, California, initiating 24/7 coverage at four area hospitals:  Fountain Valley Regional Medical Center, a 400-bed full-service acute care facility owned by Tenet Healthcare Corporation and one of the largest hospitals in the county; Huntington Beach Hospital, a 131-bed facility owned by Prime Healthcare; Kindred Hospital in Westminster, a 99-bed long term acute care (LTAC) facility; and Kindred Hospital in Santa Ana, a 54-bed LTAC facility. Both LTACs are owned by Kindred Healthcare, the largest diversified provider of post-acute care services in the U.S.
• In late November, ApolloMed Hospitalists signed a service agreement with California Hospital Medical Center to provide hospitalist services to the 316-bed acute care hospital located in downtown Los Angeles.
• During the year, the Company expanded its Board of Directors with the welcome addition of Gary Augusta, Mark Meyers, Mitchell Creem and Ted Schreck, who was named Chairman.

Commenting on the yearend results, ApolloMed CEO Warren Hosseinion, M.D. stated, "On reflection, fiscal 2013 was a very rewarding year for us – a year in which we made vital progress on the expansion of our three core business units; saw material growth in the number of hospitals, physicians and patients we now serve; and gained meaningful traction with our market penetration efforts in Southern and Central California.  Moreover, we are very proud of our many notable accomplishments in the last year that helped us close fiscal 2013 on a $10+ million revenue run rate, which firmly positions us to deliver yet another record year in 2014.  Practicing strict expense discipline and aggressively ramping sales are among are chief priorities in the current fiscal year and are goals that we believe we are well poised to achieve."