Business
Apollo Medical Holdings, Inc. Reports Third Quarter 2020 Results, Raises Full-Year 2020 Guidance
ALHAMBRA, Calif., Nov. 4, 2020 /PRNewswire/ -- Apollo Medical Holdings, Inc. ("ApolloMed," and together with its subsidiaries and affiliated entities, the
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[{"type":"text","content":"ALHAMBRA, Calif., Nov. 4, 2020 /PRNewswire/ -- Apollo Medical Holdings, Inc. (\"ApolloMed,\" and together with its subsidiaries and affiliated entities, the \"Company\") (NASDAQ: AMEH), a leading physician-centric, technology-enabled healthcare management company, announced today its consolidated financial results for the third quarter and nine months ended September 30, 2020. \nFinancial Highlights for the Third Quarter and Nine Months Ended September 30, 2020:\nQ3 total revenue of $180.1 million, up 15% from $156.1 million for the prior-year quarter Q3 net income of $25.4 million, up 137% from $10.7 million for the prior-year quarter Q3 net income attributable to ApolloMed increased to $16.7 million, from $3.7 million for the prior-year quarter Total revenue of $510.4 million for the nine months ended September 30, 2020, up 34% from $381.9 million for the prior-year period Net income increased to $109.4 million for the nine months ended September 30, 2020, from $19.0 million for the prior-year period Net income attributable to ApolloMed increased to $27.8 million for the nine months ended September 30, 2020, from $7.4 million for the prior-year period Cash and cash equivalents of $166.1 million at September 30, 2020Guidance:\nApolloMed is raising its previously disclosed full-year 2020 net income, EBITDA, and adjusted EBITDA guidance as a result of a net shared savings settlement of $13.3 million (net of provider bonus) earned in the third quarter of 2020 as a reward from participating in an attribution-based risk sharing model. Net income and EBITDA include the impact of the gain of approximately $99.6 million related to the sale of Universal Care Acquisition Partners, LLC's (\"UCAP\") 48.9% investment in Universal Care, Inc. (\"UCI\") to Bright Health Company of California, Inc. (\"Bright\"), which closed on April 30, 2020. As UCI was an excluded asset and remained solely for the benefit of ApolloMed's affiliate, Allied Physicians of California, a Professional Medical Corporation, (\"APC\") and its shareholders, the gain on sale does not affect the net income attributable to ApolloMed and adjusted EBITDA attributable to ApolloMed.\nThe Company's guidance for the year ending December 31, 2020, is as follows:\nMaintaining total revenue between $665.0 million and $675.0 million, Raising net income from a range of $100.0 million...