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Monday, Aug 15, 2022
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Apollo Reports Third Quarter Loss

Warrant costs and higher administrative expenses pushed Apollo Medical Holdings Inc. to a loss in its fiscal third quarter, according to a regulatory filing Monday. The Glendale company, which primarily owns doctors’ groups that provide inpatient care at hospitals, reported a loss of $4.2 million (-15 cents a share) in the quarter ended Oct. 31, compared to net income of $58,000 (0 cents) for the same quarter a year earlier. Revenue rose 37 percent to nearly $2 million. The loss was driven by $3 million set aside to cover 1.5 million in warrants issued during the quarter, as well as the conversion of some debt notes into equity. The loss reflects future liabilities of these derivative instruments. Also, the company’s administrative expenses grew 600 percent to $1.4 million. Included were stock grants to employees, directors and consultants, and money spent on infrastructure to integrate Verdugo Medical Management, a Glendale case management service, which Apollo acquired in August. No analysts follow the company, which trades over the counter. Shares of Apollo remained flat at $1.10 on Monday.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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