ALHAMBRA, Calif., March 12, 2020 /PRNewswire/ -- Apollo Medical
Holdings, Inc. ("ApolloMed" or the "Company") (NASDAQ: AMEH), an
integrated population health management company, announced today
its consolidated financial results for the fourth quarter and year
ended December 31, 2019.
"We closed out 2019 on a high note and are very pleased with our
fourth quarter financial performance, which demonstrated meaningful
improvements in revenue, net income and adjusted EBITDA. The year
was marked by significant accomplishments including our acquisition
of Alpha Care Medical Group and Accountable Health Care IPA, the
closing of the series of transactions with Allied Physicians of
California IPA, and our achievement of now managing over one
million lives."
"Over the course of a successful 2019, we worked to build an
organization that is both scalable and profitable. I believe we are
well positioned to deliver sustainable growth as we continue to
support the healthcare industry's shift to value-based care,"
stated Kenneth Sim, M.D., Executive
Chairman and Co-Chief Executive Officer of ApolloMed.
Financial Highlights for the Fourth Quarter Ended
December 31, 2019:
- Total revenue of $178.8 million
for the quarter ended December 31,
2019, an increase of 68% as compared to $106.6 million for the quarter ended December 31, 2018, primarily due to the
acquisitions of Alpha Care Medical Group and Accountable Health
Care IPA, which were acquired on May 31,
2019 and August 30, 2019,
respectively.
- Capitation revenue, net, of $148.6
million for the quarter ended December 31, 2019, representing 83% of our total
revenue, an increase of 92% compared to $77.5 million for the quarter ended December 31, 2018.
- Risk pool settlements and incentives revenue of $18.5 million for the quarter ended December 31, 2019, an increase of 62%, as
compared to $11.4 million for the
quarter ended September 30, 2019,
primarily due to the timing of incentives revenue paid and
recognized.
- Net income attributable to Apollo Medical Holdings, Inc. of
$6.7 million for the quarter ended
December 31, 2019, compared to net
loss attributable to Apollo Medical Holdings, Inc. of $3.1 million for the quarter ended December 31, 2018. The increase from the prior
year was primarily due to preferred dividends received from Allied
Physicians of California IPA ("APC") as a result of our completion
of a series of transactions with APC on September 11, 2019.
- Entered into a new management services agreement, effective
January 1, 2020, to provide select
management services to an independent practice association serving
approximately 145,000 members in Southern
California.
Financial Highlights for the Year Ended December 31, 2019:
- Total revenue of $560.6 million
for the year ended December 31, 2019,
an increase of 8% as compared to $519.9
million for the year ended December
31, 2018.
- Capitation revenue, net, of $454.2
million for the year ended December
31, 2019, representing 81% of our total revenue, an increase
of 32% compared to $344.3 million for
the year ended December 31, 2018.
- Net income attributable to Apollo Medical Holdings, Inc. of
$14.1 million, for the year ended
December 31, 2019, an increase of 31%
as compared to $10.8 million for the
year ended December 31, 2018.
- Net income of $17.7 million for
the year ended December 31, 2019, a
decrease of 71%, as compared to $60.3
million for the year ended December
31, 2018.
- Adjusted EBITDA of $74.5 million
for the year ended December 31, 2019,
an increase of 11%, as compared to $67.2
million for the year ended December
31, 2018.
Guidance:
The following guidance on ApolloMed's total revenue, net income,
EBITDA, and Adjusted EBITDA is based on ApolloMed's current view of
existing market conditions and assumptions for the year ending
December 31, 2020. There can be no
assurance that actual amounts will not be materially higher or
lower than these expectations. Refer to our discussion of
"Forward-Looking Statements" within this earnings press release for
additional details.
For the year ending December 31,
2020, we expect:
- Total revenue between $665.0
million and $675.0
million,
- Net income between $20.0 million
and $30.0 million,
- EBITDA between $55.0 million and
$67.0 million, and
- Adjusted EBITDA between $75.0
million and $90.0
million.
Refer to the "Guidance Reconciliation of Net Income to EBITDA
and Adjusted EBITDA" below and our discussion in "Use of Non-GAAP
measures" below for additional information.
Recent Developments:
- In February 2020, the Company
updated Brandon Sim's title to Chief
Technology Officer and VP of Engineering.
For more details on ApolloMed's December
31, 2019 year end results, please refer to the Company's
Annual Report on Form 10-K to be filed with the U.S. Securities
Exchange Commission ("SEC") and accessible at
www.sec.gov.
APOLLO MEDICAL
HOLDINGS, INC.
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
103,189,328
|
|
|
$
|
106,891,503
|
|
Restricted
cash
|
|
75,000
|
|
|
—
|
|
Investment in
marketable securities
|
|
116,538,673
|
|
|
1,127,102
|
|
Receivables,
net
|
|
11,003,563
|
|
|
7,734,631
|
|
Receivables, net –
related parties
|
|
48,136,313
|
|
|
48,721,325
|
|
Other
receivables
|
|
16,885,448
|
|
|
1,003,133
|
|
Prepaid expenses and
other current assets
|
|
10,315,093
|
|
|
7,385,098
|
|
Loans
receivable
|
|
6,425,000
|
|
|
—
|
|
Loans receivable -
related parties
|
|
16,500,000
|
|
|
—
|
|
|
|
|
|
|
Total current
assets
|
|
329,068,418
|
|
|
172,862,792
|
|
|
|
|
|
|
Noncurrent
assets
|
|
|
|
|
Land, property and
equipment, net
|
|
12,129,901
|
|
|
12,721,082
|
|
Intangible assets,
net
|
|
103,011,849
|
|
|
86,875,883
|
|
Goodwill
|
|
238,505,204
|
|
|
185,805,880
|
|
Loans receivable –
related parties
|
|
—
|
|
|
17,500,000
|
|
Investments in other
entities – equity method
|
|
28,427,455
|
|
|
34,876,980
|
|
Investments in
privately held entities
|
|
896,000
|
|
|
405,000
|
|
Restricted
cash
|
|
746,104
|
|
|
745,470
|
|
Operating lease
right-of-use assets
|
|
14,247,727
|
|
|
—
|
|
Other
assets
|
|
1,680,689
|
|
|
1,205,962
|
|
|
|
|
|
|
Total noncurrent
assets
|
|
399,644,929
|
|
|
340,136,257
|
|
|
|
|
|
|
Total
assets
|
|
$
|
728,713,347
|
|
|
$
|
512,999,049
|
|
|
|
|
|
|
Liabilities,
Mezzanine Equity and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
27,279,579
|
|
|
$
|
25,075,489
|
|
Fiduciary accounts
payable
|
|
2,027,081
|
|
|
1,538,598
|
|
Medical
liabilities
|
|
58,724,682
|
|
|
33,641,701
|
|
Income taxes
payable
|
|
4,528,867
|
|
|
11,621,861
|
|
Bank loan
|
|
—
|
|
|
40,257
|
|
Dividend
payable
|
|
271,279
|
|
|
—
|
|
Finance lease
liabilities
|
|
101,741
|
|
|
101,741
|
|
Operating lease
liabilities
|
|
2,990,686
|
|
|
—
|
|
Current portion of
long term debt
|
|
9,500,000
|
|
|
—
|
|
|
|
|
|
|
Total current
liabilities
|
|
105,423,915
|
|
|
72,019,647
|
|
|
|
|
|
|
Noncurrent
liabilities
|
|
|
|
|
Lines of credit -
related party
|
|
—
|
|
|
13,000,000
|
|
Deferred tax
liability
|
|
18,269,448
|
|
|
19,615,935
|
|
Liability for
unissued equity shares
|
|
—
|
|
|
1,185,025
|
|
Finance lease
liabilities, net of current portion
|
|
415,519
|
|
|
517,261
|
|
Operating lease
liabilities, net of current portion
|
|
11,372,597
|
|
|
—
|
|
Long-term debt, net
of current portion and deferred financing costs
|
|
232,172,134
|
|
|
—
|
|
|
|
|
|
|
Total noncurrent
liabilities
|
|
262,229,698
|
|
|
34,318,221
|
|
|
|
|
|
|
Total
liabilities
|
|
367,653,613
|
|
|
106,337,868
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
Noncontrolling
interest in Allied Physicians of California, a Professional Medical
Corporation ("APC")
|
|
168,724,586
|
|
|
225,117,029
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Series A Preferred
stock, par value $0.001; 5,000,000 shares authorized (inclusive of
Series B Preferred stock); 1,111,111 issued and zero
outstanding
|
|
—
|
|
|
—
|
|
Series B Preferred
stock, par value $0.001; 5,000,000 shares authorized (inclusive of
Series A Preferred stock); 555,555 issued and zero
outstanding
|
|
—
|
|
|
—
|
|
Common stock, par
value $0.001; 100,000,000 shares authorized, 35,908,057 and
34,578,040 shares outstanding, excluding 17,458,810 and 1,850,603
Treasury shares, at December 31, 2019 and 2018,
respectively
|
|
35,908
|
|
|
34,578
|
|
Additional paid-in
capital
|
|
159,608,293
|
|
|
162,723,051
|
|
Retained
earnings
|
|
31,904,748
|
|
|
17,788,203
|
|
|
|
191,548,949
|
|
|
180,545,832
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
786,199
|
|
|
998,320
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
192,335,148
|
|
|
181,544,152
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders' equity
|
|
$
|
728,713,347
|
|
|
$
|
512,999,049
|
|
APOLLO MEDICAL
HOLDINGS, INC.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Capitation,
net
|
|
$
|
148,619,848
|
|
|
$
|
77,472,872
|
|
|
$
|
454,168,024
|
|
|
$
|
344,307,058
|
|
Risk pool settlements
and incentives
|
|
18,457,701
|
|
|
11,285,956
|
|
|
51,097,661
|
|
|
100,927,841
|
|
Management fee
income
|
|
6,801,553
|
|
|
12,445,397
|
|
|
34,668,358
|
|
|
49,742,755
|
|
Fee-for-service,
net
|
|
3,416,502
|
|
|
4,179,850
|
|
|
15,475,264
|
|
|
19,703,999
|
|
Other
income
|
|
1,455,532
|
|
|
1,204,619
|
|
|
5,208,790
|
|
|
5,226,099
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
178,751,136
|
|
|
106,588,694
|
|
|
560,618,097
|
|
|
519,907,752
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
151,879,511
|
|
|
80,543,050
|
|
|
467,804,899
|
|
|
361,132,111
|
|
General and
administrative expenses
|
|
11,451,046
|
|
|
11,871,977
|
|
|
41,482,375
|
|
|
43,353,787
|
|
Depreciation and
amortization
|
|
4,487,617
|
|
|
4,483,552
|
|
|
18,280,198
|
|
|
19,303,179
|
|
Provision for
doubtful accounts
|
|
52
|
|
|
3,887,647
|
|
|
(1,363,363)
|
|
|
3,887,647
|
|
Impairment of
goodwill and intangible assets
|
|
—
|
|
|
3,798,866
|
|
|
1,994,000
|
|
|
3,798,866
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
167,818,226
|
|
|
104,585,092
|
|
|
528,198,109
|
|
|
431,475,590
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
10,932,910
|
|
|
2,003,602
|
|
|
32,419,988
|
|
|
88,432,162
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income
|
|
|
|
|
|
|
|
|
Loss from equity
method investments
|
|
(8,062,650)
|
|
|
(5,552,066)
|
|
|
(6,900,859)
|
|
|
(8,125,285)
|
|
Interest
expense
|
|
(3,383,323)
|
|
|
(186,513)
|
|
|
(4,733,256)
|
|
|
(560,515)
|
|
Interest
income
|
|
718,345
|
|
|
77,648
|
|
|
2,023,873
|
|
|
1,258,638
|
|
Other
income
|
|
198,373
|
|
|
737,183
|
|
|
3,030,203
|
|
|
1,622,131
|
|
|
|
|
|
|
|
|
|
|
Total other expense,
net
|
|
(10,529,255)
|
|
|
(4,923,748)
|
|
|
(6,580,039)
|
|
|
(5,805,031)
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before provision for income taxes
|
|
403,655
|
|
|
(2,920,146)
|
|
|
25,839,949
|
|
|
82,627,131
|
|
|
|
|
|
|
|
|
|
|
Provision for
income taxes
|
|
1,683,002
|
|
|
(978,949)
|
|
|
8,166,632
|
|
|
22,359,640
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(1,279,347)
|
|
|
(1,941,197)
|
|
|
17,673,317
|
|
|
60,267,491
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to noncontrolling interests
|
|
(8,006,838)
|
|
|
1,154,755
|
|
|
3,556,772
|
|
|
49,432,489
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Apollo Medical Holdings, Inc.
|
|
$
|
6,727,491
|
|
|
$
|
(3,095,952)
|
|
|
$
|
14,116,545
|
|
|
$
|
10,835,002
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share – basic
|
|
$
|
0.19
|
|
|
$
|
(0.09)
|
|
|
$
|
0.41
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share – diluted
|
|
$
|
0.18
|
|
|
$
|
(0.09)
|
|
|
$
|
0.39
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares of common stock outstanding – basic
|
|
35,163,089
|
|
|
33,550,160
|
|
|
34,708,429
|
|
|
32,893,940
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares of common stock outstanding – diluted
|
|
36,717,834
|
|
|
33,550,160
|
|
|
36,403,279
|
|
|
37,914,886
|
|
APOLLO MEDICAL
HOLDINGS, INC.
SUPPLEMENTAL
INFORMATION
|
|
|
|
|
|
|
Capitated
Membership
|
|
|
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
MSO
|
421,000
|
|
|
665,000
|
|
|
670,000
|
|
IPA
|
530,000
|
|
|
265,000
|
|
|
270,000
|
|
ACO
|
29,000
|
|
|
30,000
|
|
|
29,000
|
|
|
|
|
|
|
|
Total lives under
management
|
980,000
|
|
|
960,000
|
|
|
969,000
|
|
Reconciliation of
Net Income to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(1,279,346)
|
|
|
$
|
(1,941,198)
|
|
|
$
|
17,673,317
|
|
|
$
|
60,267,491
|
|
Depreciation and
amortization
|
|
4,487,617
|
|
|
4,483,552
|
|
|
18,280,198
|
|
|
19,303,179
|
|
Provision for income
taxes
|
|
1,683,002
|
|
|
(978,949)
|
|
|
8,166,632
|
|
|
22,359,640
|
|
Interest expense
|
|
3,383,323
|
|
|
186,513
|
|
|
4,733,256
|
|
|
560,515
|
|
Interest income
|
|
(718,345)
|
|
|
(77,648)
|
|
|
(2,023,873)
|
|
|
(1,258,638)
|
|
EBITDA
|
|
7,556,251
|
|
|
1,672,270
|
|
|
46,829,530
|
|
|
101,232,187
|
|
|
|
|
|
|
|
|
|
|
Loss from equity method
investments
|
|
8,062,650
|
|
|
5,552,066
|
|
|
6,900,859
|
|
|
8,125,285
|
|
Other income
|
|
(198,374)
|
|
|
(737,183)
|
|
|
(3,030,204)
|
|
|
(1,622,131)
|
|
Adoption of revenue
accounting standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49,640,000)
|
|
Provider bonus
payments
|
|
—
|
|
|
—
|
|
|
12,100,000
|
|
|
—
|
|
Net provision for doubtful
accounts
|
|
—
|
|
|
3,887,647
|
|
|
(1,363,363)
|
|
|
3,887,647
|
|
Impairment of goodwill and
intangible assets
|
|
—
|
|
|
3,798,866
|
|
|
1,994,000
|
|
|
3,798,866
|
|
Severance
payments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,436,000
|
|
EBITDA adjustment for
recently acquired IPAs
|
|
5,507,000
|
|
|
—
|
|
|
11,070,000
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
20,927,527
|
|
|
$
|
14,173,666
|
|
|
$
|
74,500,822
|
|
|
$
|
67,217,854
|
|
Guidance
Reconciliation of Net Income to EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
Year
Ending
|
|
|
December 31,
2020
|
|
|
|
|
|
Low
|
|
High
|
Net
income
|
|
$20,000,000
|
|
|
$30,000,000
|
|
Depreciation and
amortization
|
|
18,000,000
|
|
|
20,000,000
|
|
Provision for income
taxes
|
|
10,000,000
|
|
|
11,000,000
|
|
Interest expense
|
|
8,000,000
|
|
|
9,000,000
|
|
Interest income
|
|
(1,000,000)
|
|
|
(3,000,000)
|
|
EBITDA
|
|
55,000,000
|
|
|
67,000,000
|
|
|
|
|
|
|
Loss from equity method
investments
|
|
5,000,000
|
|
|
6,000,000
|
|
EBITDA adjustment for
recently acquired IPAs
|
|
15,000,000
|
|
|
17,000,000
|
|
Adjusted
EBITDA
|
|
$75,000,000
|
|
|
$90,000,000
|
|
Use of Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA") and Adjusted EBITDA, of which the most directly
comparable financial measure presented in accordance with GAAP is
net (loss) income. These measures are not in accordance with, or an
alternative to, U.S. generally accepted accounting principles,
("GAAP"), and may be different from other non-GAAP financial
measures used by other companies. The Company uses Adjusted EBITDA
as a supplemental performance measure of our operations, for
financial and operational decision-making, and as a supplemental
means of evaluating period-to-period comparisons on a consistent
basis. Adjusted EBITDA is calculated as earnings before interest,
taxes, depreciation, and amortization, excluding losses from equity
method investments and other income earned that is not related to
the Company's normal operations. Adjusted EBITDA also excludes non
recurring items, including those resulting from our adoption
related to Accounting Standards Codification 606 - Revenue
Recognition, provider bonus payments, net provision for
doubtful accounts, impairment of goodwill and intangible assets,
severance payments, and the effect on EBITDA of certain IPAs we
recently acquired.
The Company believes the presentation of these non-GAAP
financial measures provides investors with relevant and useful
information as it allows investors to evaluate the operating
performance of the business activities without having to account
for differences recognized because of non-core and non-recurring
financial information. When GAAP financial measures are viewed in
conjunction with non-GAAP financial measures, investors are
provided with a more meaningful understanding of ApolloMed's
ongoing operating performance. In addition, these non-GAAP
financial measures are among those indicators the Company uses as a
basis for evaluating operational performance, allocating resources
and planning and forecasting future periods. Non-GAAP financial
measures are not intended to be considered in isolation, or as a
substitute for, GAAP financial measures. To the extent this release
contains historical or future non-GAAP financial measures, the
Company has provided corresponding GAAP financial measures for
comparative purposes. Reconciliation between certain GAAP and
non-GAAP measures is provided above.
Note About Consolidated Entities
The Company consolidates entities in which it has a controlling
financial interest. The Company consolidates subsidiaries in which
it holds, directly or indirectly, more than 50% of the voting
rights, and variable interest entities ("VIEs") in which the
Company is the primary beneficiary. Noncontrolling interests
represent third party equity ownership interests in the Company's
consolidated entities (including certain VIEs). The amount of net
(loss) income attributable to noncontrolling interests is disclosed
in the Company's consolidated statements of income.
Note About Stockholders' Equity, Certain Treasury Stock and
Earnings Per Share
As of the date of this press release, 535,392 shares of
ApolloMed's common stock to be issued as part of the merger (the
"Merger") involving ApolloMed and Network Medical Management, Inc.
("NMM") in 2017 are subject to ApolloMed receiving from certain
former NMM shareholders a properly completed letter of transmittal
(and related exhibits) before such former NMM shareholders may
receive their pro rata portion of ApolloMed common stock and
warrants. Pending such receipt, such former NMM shareholders have
the right to receive, without interest, their pro rata share of
dividends or distributions with a record date after the
effectiveness of the Merger. The Company's consolidated financial
statements have treated such shares of common stock as outstanding,
given the receipt of the letter of transmittal is considered
perfunctory and the Company is legally obligated to issue these
shares as of the closing of the Merger.
Shares of ApolloMed's common stock owned by APC, a VIE of the
Company, are legally issued and outstanding but excluded from
shares of common stock outstanding in the Company's consolidated
financial statements, as such shares are treated as treasury shares
for accounting purposes. Such shares, therefore, are not included
in the number of shares of common stock outstanding used to
calculate the Company's earnings per share.
About Apollo Medical Holdings, Inc.
ApolloMed is a leading physician-centric integrated population
health management company, which, together with its subsidiaries,
including a Next Generation Accountable Care Organization
("NGACO"), and its affiliated IPAs and management services
organizations ("MSOs"), is working to provide coordinated,
outcomes-based high-quality medical care for patients, particularly
senior patients and patients with multiple chronic conditions, in a
cost-effective manner. ApolloMed focuses on addressing the
healthcare needs of its patients by leveraging its integrated
health management and healthcare delivery platform that includes
NMM (MSO), Apollo Medical Management, Inc. (MSO), ApolloMed
Hospitalists, a Medical Corporation, (hospitalists), APA ACO,
Inc. (NGACO), Allied Physicians of California IPA (IPA),
Alpha Care Medical Group, Inc. (IPA), Accountable Health Care IPA
(IPA) and Apollo Care Connect, Inc. (Digital Population Health
Management Platform). For more information, please visit
www.apollomed.net.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, such as statements about the Company's guidance
for the year ending December 31,
2020, continued growth, acquisition strategy, ability to
delivery sustainable long-term value, ability to respond to the
changing environment, operational focus, strategic growth plans,
and merger integration efforts. Forward-looking statements
reflect current views with respect to future events and financial
performance and therefore cannot be guaranteed. Such
statements are based on the current expectations and
certain assumptions of the Company's management, and some or all of
such expectations and assumptions may not materialize or may vary
significantly from actual results. Actual results may also
vary materially from forward-looking statements due to risks,
uncertainties and other factors, known and unknown, including the
risk factors described from time to time in the Company's reports
to the SEC, including, without limitation the risk factors
discussed in the Company's Annual Report on Form
10-K, for the year ended December 31,
2019, filed with the SEC and any subsequent quarterly
reports on Form 10-Q.
FOR MORE INFORMATION, PLEASE CONTACT:
Asher Dewhurst
(443) 213-0500
asher.dewhurst@westwicke.com
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SOURCE Apollo Medical Holdings, Inc.