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Revenue and Losses Grow at Apollo

Apollo Medical Holdings Inc. reported on Friday that it saw higher revenue and bigger losses in its fiscal first quarter as a new business unit ramps up. The Glendale company, which manages hospital-based doctor practices, had a net loss of $849,115 (-2 cents a share) for its first quarter ended April 30. That compares to a loss of $157,356 (-1 cent) in the same quarter a year earlier. Revenue grew 53 percent to $2.45 million. The company said revenue rose from new contracts with hospitals, which now total 28 in Southern and Central California. Losses stemmed from startup costs for Maverick Medical Group, a network in Los Angeles County that will give its member doctors an equity share of the practice. The network, spurred by federal health care reform, focuses on Medicare, Medi-Cal and commercially insured patients, as well as duel-eligible patients who qualify for both state and federal health programs. No equity analysts follow the company. Shares were unchanged at 75 cents on the over-the-counter market.

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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