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AMEH Apollo Medical

ApolloMed is a leading physician-centric, technology-enabled healthcare management company. Leveraging its proprietary population health management and healthcare delivery platform, ApolloMed operates an integrated, value-based healthcare model, which aims to empower the providers in its network to deliver the highest quality of care to its patients in a cost-effective manner.

Company profile

Ticker
AMEH
Exchange
Website
CEO
Thomas S. Lam / Kenneth Sim
Employees
Incorporated
Location
Fiscal year end
Former names
SICLONE INDUSTRIES INC
SEC CIK
IRS number
870042699

AMEH stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

7 May 21
17 May 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
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Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 May 21 Brandon Sim Common Stock Buy Aquire P No No 31.4 1,000 31.4K 147,038
28 Apr 21 Vazquez Adrian Common Stock Sell Dispose S No No 24.5 100,000 2.45M 371,004
28 Apr 21 ALLIED PHYSICIANS OF CALIFORNIA, A PROFESSION MEDICAL Common Stock Buy Aquire P No No 24.5 100,000 2.45M 10,750,961
28 Apr 21 ALLIED PHYSICIANS OF CALIFORNIA, A PROFESSION MEDICAL Common Stock Buy Aquire P No No 24.5 100,000 2.45M 10,887,594
31 Mar 21 Chin Eric Common Stock Payment of exercise Dispose F No No 27.09 555 15.03K 24,115

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

9.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 61 61
Opened positions 8 17 -52.9%
Closed positions 8 5 +60.0%
Increased positions 28 22 +27.3%
Reduced positions 15 13 +15.4%
13F shares
Current Prev Q Change
Total value 160.61M 387.72M -58.6%
Total shares 5.13M 4.97M +3.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 1.49M $27.21M +1.5%
Vanguard 1.25M $22.91M +3.8%
STT State Street 376.27K $6.87M +14.3%
Geode Capital Management 301.56K $5.51M +2.4%
NTRS Northern Trust 264.85K $4.84M -2.5%
JPM JPMorgan Chase & Co. 161.92K $2.96M +34.8%
BK Bank Of New York Mellon 107.61K $1.97M +30.1%
Charles Schwab Investment Management 104.96K $1.92M +2.6%
Nuveen Asset Management 87.42K $1.6M +8.3%
Dimensional Fund Advisors 85.07K $1.55M +125.2%
Largest transactions
Shares Bought/sold Change
HRT Financial 0 -89.65K EXIT
Two Sigma Investments 57.37K -61.44K -51.7%
Renaissance Technologies 56.4K +56.4K NEW
Dimensional Fund Advisors 85.07K +47.29K +125.2%
STT State Street 376.27K +47.21K +14.3%
Vanguard 1.25M +45.63K +3.8%
JPM JPMorgan Chase & Co. 161.92K +41.77K +34.8%
Millennium Management 42.33K -29.88K -41.4%
HWC Hancock Whitney 28.84K +28.84K NEW
MS Morgan Stanley 33.54K +28.38K +550.4%

Financial report summary

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Risks
  • If our internal controls over financial reporting are not considered effective, our business and stock price could be adversely affected.
  • We may need to raise additional capital to grow, which might not be available.
  • Our net operating loss carryforwards and certain other tax attributes will be subject to limitations.
  • Uncertain or adverse economic conditions could adversely impact us.
  • The ongoing coronavirus (COVID-19) pandemic may impact certain aspects of our business, financial condition, results of operation and growth.
  • We may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and stock price.
  • A prolonged disruption of or any actual or perceived difficulties in the capital and credit markets may adversely affect our future access to capital, our cost of capital and our ability to continue operations.
  • If there is a change in accounting principles or the interpretation thereof affecting consolidation of VIEs, it could impact our consolidation of total revenues derived from our affiliated physician groups.
  • Breaches or compromises of our information security systems or our information technology systems or infrastructure could result in exposure of private information, disruption of our business and damage to our reputation, which could harm our business, results of operation and financial condition.
  • We rely on complex software systems and hosted applications to operate our business, and our business may be disrupted if we are unable to successfully or efficiently update these systems or convert to new systems.
  • We may be unable to renew our leases on favorable terms or at all as our leases expire, which could adversely affect our business, financial condition and results of operations.
  • We currently derive a substantial portion of our revenues in California and are vulnerable to changes in that state.
  • Our success depends, to a significant degree, upon our ability to adapt to the ever-changing healthcare industry and continued development of additional services.
  • Our growth strategy may not prove viable and we may not realize expected results.
  • Obligations in our credit or loan documents could restrict our operations, particularly our ability to respond to changes in our business or to take specified actions. An event of default could harm our business, and creditors having security interests over our assets would be able to foreclose on our assets.
  • We may encounter difficulties in managing our growth, and the nature of our business and rapid changes in the healthcare industry makes it difficult to reliably predict future growth and operating results.
  • We could experience significant losses under capitation contracts if our expenses exceed revenues.
  • If our agreements with affiliated physician groups are deemed invalid or are terminated under applicable law, our results of operations and financial condition will be materially impaired.
  • The arrangements we have with our VIEs are not as secure as direct ownership of such entities.
  • Any failure by our affiliated entities or their owners to perform their obligations under their agreements with us would have a material adverse effect on our business, results of operations and financial condition.
  • Our revenues and operations are dependent on a limited number of key payors.
  • An exodus of our patients could have a material adverse effect on our results of operations. We may also be impacted by a shift in payor mix including eligibility changes to government and private insurance programs.
  • Our future growth could be harmed if we lose the services of our key management personnel.
  • If having our key management personnel serving as nominee equity holders of our VIEs is invalid under applicable laws, or if we lost the services of key management personnel for any reason, it could have a material adverse impact on our results of operations and financial condition.
  • We are dependent in part on referrals from third parties and preferred provider status with payors.
  • Partner facilities may terminate agreements with our affiliated physician groups or reduce their fees.
  • Many of our agreements with hospitals and medical groups have limited durations, may be terminated without cause by them, and prohibit us from acquiring physicians or patients from or competing with them.
  • Our business model depends on numerous complex management information systems, and any failure to successfully maintain these systems or implement new systems could undermine our ability to receive payments and otherwise materially harm our operations and may result in violations of healthcare laws and regulations.
  • The healthcare industry is highly competitive.
  • New physicians and other providers must be properly enrolled in governmental healthcare programs before we can receive reimbursement for their services, and there may be delays in the enrollment process.
  • Hospitals where our affiliated physicians provide services may deny privileges to our physicians.
  • Changes associated with reimbursements by third-party payors may adversely affect our operations.
  • We may have difficulty collecting payments from third-party payors in a timely manner.
  • Decreases in payor rates could adversely affect us.
  • Federal and state laws may limit our ability to collect monies owed by patients.
  • We have established reserves for our potential medical claim losses which are subject to inherent uncertainties and a deficiency in the established reserves may lead to a reduction in our assets or net incomes.
  • Competition for qualified physicians, employees and management personnel is intense in the healthcare industry, and we may not be able to hire and retain qualified physicians and other personnel.
  • The healthcare industry is increasingly reliant on technology, which could increase our risks.
  • If we are unable to effectively adapt to changes in the healthcare industry, including changes to laws and regulations regarding or affecting the U.S. healthcare reform, our business may be harmed.
  • The success of our emphasis on the NGACO Model is uncertain.
  • The NGACO Model has certain political risks and is undergoing changes.
  • There are uncertainties regarding the design and administration of the NGACO Model and CMS’ initial financial reports to NGACO participants, which could negatively impact our results of operations.
  • We chose to participate in the AIPBP mechanism, which entails certain special risks.
  • AIPBP operations and benchmarking calculations are complex and could result in uncertainties for us.
  • We may suffer losses and may not generate savings through our participation in the NGACO Model.
  • We do not control, but are responsible for savings and losses related to, care received by assigned patients at out-of-network providers, which could negatively impact our ability to control claim costs.
  • Third parties used by us could hinder our performance.
  • We face competition from traditional MSSP ACOs and other NGACOs
  • Our continued participation in the NGACO Model cannot be guaranteed.
  • Laws regulating the corporate practice of medicine could restrict the manner in which we are permitted to conduct our business and the failure to comply with such laws could subject us to penalties and restructuring.
  • The healthcare industry is intensely regulated at the federal, state, and local levels and government authorities may determine that we fail to comply with applicable laws or regulations and take actions against us.
  • Changes in healthcare laws could create an uncertain environment and materially impact us. We cannot predict the effect that the ACA (also known as Obamacare) and its implementation, amendment, or repeal and replacement, may have on our business, results of operations or financial condition.
  • Healthcare providers could be subject to federal and state investigations and payor audits.
  • Controls designed to reduce inpatient services and associated costs may reduce our revenues.
  • We do not have a Knox-Keene license.
  • If our affiliated physician groups are not able to satisfy California financial solvency regulations, they could become subject to sanctions and their ability to do business in California could be limited or terminated.
  • Our revenue will be negatively impacted if our physicians fail to appropriately document their services.
  • Primary care physicians may seek to affiliate with our and our competitors’ IPAs at the same time.
  • If we inadvertently employ or contract with an excluded person, we may face government sanctions.
  • Compliance with federal and state privacy and data security laws is expensive, and we may be subject to government or private actions due to privacy and security breaches.
  • We may be subject to liability for failure to fully comply with applicable corporate and securities laws.
  • We may face lawsuits not covered by insurance and related expenses may be material. Our failure to avoid, defend and accrue for claims and litigation could negatively impact our results of operations or cash flows.
  • We may also be subject to laws and regulations not specifically targeting the healthcare industry.
  • We have to meet certain requirements in order to remain as a NASDAQ-listed public company.
  • ApolloMed’s common stock may continue to be thinly traded and its market price may be subject to fluctuations and volatility. Stockholders may be unable to sell their shares at a profit and might incur losses.
  • If analysts do not report about us, or negatively evaluate us, ApolloMed’s stock price could decline.
  • Our current principal stockholders, executive officers and directors have significant influence over our operations and strategic direction and they could cause us to take actions with which other stockholders might not agree and could delay, deter or prevent a change of control or a business combination with respect to us.
  • Provisions under Delaware law and ApolloMed’s charter and bylaws could deter takeover attempts or attempts to remove its board members or management that might otherwise be beneficial to its stockholders.
  • We may issue additional equity securities in the future, which may result in dilution to existing investors.
Management Discussion
  • ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 15, 2021.
  • We, together with our affiliated physician groups and consolidated entities, are a leading physician-centric, technology-enabled healthcare management company. Leveraging our proprietary population health management and healthcare delivery platform, we operate an integrated, value-based healthcare model, which aims to empower the providers in our network to deliver the highest quality of care to our patients in a cost-effective manner.
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