Business
Apollo Medical Holdings, Inc. Reports: 3Q19 Total Revenues of $156.1 Million, Up 20.0% Over 2Q19; 3Q19 Adjusted EBITDA of $22.8 Million, Up 55.6% Over 3Q18; Capitated Membership of Over One Million Managed Lives; and Elite Status Awarded by APG
ALHAMBRA, Calif., Nov. 7, 2019 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed" or the "Company") (NASDAQ: AMEH), an integrated population health
About this update from Astrana Health Inc.
[{"type":"text","content":"ALHAMBRA, Calif., Nov. 7, 2019 /PRNewswire/ -- Apollo Medical Holdings, Inc. (\"ApolloMed\" or the \"Company\") (NASDAQ: AMEH), an integrated population health management company, announced its consolidated financial results for the quarter ended September 30, 2019 today.\n\"We are very pleased with our third quarter financial and operational results. During the quarter, we expanded our fully-capitated membership base and network of contracted physicians through our acquisition of Accountable Health Care IPA. In October 2019, we announced a new management services agreement adding 145,000 member lives under management,\" stated Kenneth Sim, M.D., Executive Chairman and Co-Chief Executive Officer of ApolloMed.\n\"We continue to make meaningful progress towards our goal of reaching two million total lives under management. This progress is primarily driven by our recent acquisitions, which added 271,000 fully-capitated lives year to date, and our recently announced management services agreement, which will add 145,000 managed lives into our network in 2020. These transactions further expand our footprint into California's Los Angeles and Inland Empire markets. We see a robust national pipeline of managed IPAs that can be successfully incorporated onto our platform,\" continued Dr. Sim.\n\"Our patient-centric, physicians-led approach is unique to the market and positions us well to benefit from the continued shift towards value-based care. We remain confident that we will continue to grow our membership base and achieve our growth objectives,\" concluded Dr. Sim.\nFinancial Highlights for the Quarter Ended September 30, 2019:\nTotal revenue of $156.1 million for the quarter ended September 30, 2019, a decrease of 6% as compared to $166.7 million for the quarter ended September 30, 2018, primarily due to the prior year adoption of a revenue accounting standard on January 1, 2018, resulting in a significant recognition of risk pool revenue of $46.8 million in the third quarter of 2018. Capitation revenue of $130.8 million, representing 84% of our total revenue, an increase of 44% compared to $90.6 million for the quarter ended September 30, 2018. Adjusted EBITDA of $22.8 million for the quarter ended September 30, 2019, an increase of 56%, as compared to $14.6 million for the quarter ended September 30, 2018. Net income attributable ...