Business
Apollo Medical Holdings, Inc. Reports Third Quarter 2023 Results
Company to Host Conference Call on Tuesday, November 7, 2023, at 2:30 p.m. PT/5:30 p.m. ET ALHAMBRA, Calif., Nov. 7, 2023 /PRNewswire/ -- Apollo Medical
About this update from Astrana Health Inc.
[{"type":"text","content":"Company to Host Conference Call on Tuesday, November 7, 2023, at 2:30 p.m. PT/5:30 p.m. ET\nALHAMBRA, Calif., Nov. 7, 2023 /PRNewswire/ -- Apollo Medical Holdings, Inc. (\"ApolloMed,\" and together with its subsidiaries and affiliated entities, the \"Company\") (NASDAQ: AMEH), a leading physician-centric, technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care, today announced its consolidated financial results for the third quarter ended September 30, 2023.\n\n \n \n \n \n \n \n\n \n\"I'm pleased to report strong third quarter performance with total revenue up 10% and capitated revenue up 34% compared to a year ago. We delivered a 15% adjusted EBITDA margin, we narrowed our guidance range for the full year, and we ended the third quarter well-positioned to generate sustainable and profitable growth going forward,\" said Brandon Sim, Co-Chief Executive Officer of ApolloMed.\n\"Today, we also announced our intent to acquire assets relating to Community Family Care Medical Group, which currently manages total cost of care for over 200,000 members, diversifying our membership mix and providing us a pathway to expand our value-based Care Partners business. Additionally, we announced two other provider group partnerships this quarter, which bring a combined membership of approximately 30,000, and our total number of provider group partnerships signed this year so far to five,\" continued Mr. Sim.\nMr. Sim concluded, \"During the third quarter, we continued to make strong progress against our key operational goals, successfully managing our value-based care population, and delivering high-quality care. Our platform's momentum is accelerating as we work towards our mission of ensuring that everyone across the country has access to high-quality and high-value healthcare, and I am very excited about our opportunities ahead.\"\nFinancial Highlights for Third Quarter Ended September 30, 2023:\nAll comparisons are to the quarter ended September 30, 2022 unless otherwise stated.\nTotal revenue of $348.2 million, up 10% from $317.0 millionCare Partners revenue of $326.5 million, up 11% from $293.6 millionNet income attributable to ApolloMed of $22.1 million, compared to $23.2 millionEarnings per share - diluted (\"EPS - diluted\") of $0.47, compared to $0.50 per shareAdjusted EBITDA o...