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Apollo Medical (AMEH)

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
Subsidiaries
Network Medical Management, Inc. • Apollo Medical Management, Inc. • APAACO, Inc. • Apollo Care Connect, Inc. • ApolloMed Accountable Care Organization, Inc. • Allied Pacific Hospice, LLC • Allied Physicians ACO, LLC • APCN-ACO, Inc. • Apollo Palliative Services, LLC • Best Choice Hospice Care, LLC ...
IRS number
870042699

AMEH stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 May 22
24 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Mar 22 Young Albert WaiChow Common Stock Payment of exercise Dispose F No No 48.47 256 12.41K 1,110,009
31 Mar 22 Chin Eric Common Stock Payment of exercise Dispose F No No 48.47 469 22.73K 20,844
3 Feb 22 Chin Eric Common Stock Payment of exercise Dispose F No No 50.71 2,802 142.09K 21,313
20 Jan 22 Schmidt David Stock Option Common Stock Grant Acquire A No No 53.01 8,500 450.59K 8,500
51.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 138 152 -9.2%
Opened positions 19 32 -40.6%
Closed positions 33 23 +43.5%
Increased positions 51 54 -5.6%
Reduced positions 49 50 -2.0%
13F shares Current Prev Q Change
Total value 1.3B 2.73B -52.3%
Total shares 28.58M 28.13M +1.6%
Total puts 33K 50.5K -34.7%
Total calls 145K 186.6K -22.3%
Total put/call ratio 0.2 0.3 -15.9%
Largest owners Shares Value Change
ALLIED PHYSICIANS OF CALIFORNIA, A PROFESSION MEDICAL 10.99M $192.05M 0.0%
BLK Blackrock 5.99M $290.18M +0.4%
Vanguard 3.93M $190.29M +0.7%
STT State Street 1.22M $59.33M +4.6%
Geode Capital Management 704.3K $34.14M +4.7%
NTRS Northern Trust 405.25K $19.64M -4.0%
Dimensional Fund Advisors 401.24K $19.45M +6.0%
BK Bank Of New York Mellon 355.56K $17.23M -2.4%
Ophir Asset Management Pty 297.6K $14.43M NEW
Point72 Asset Management 276.3K $13.39M NEW
Largest transactions Shares Bought/sold Change
Ophir Asset Management Pty 297.6K +297.6K NEW
Point72 Asset Management 276.3K +276.3K NEW
Eagle Asset Management 0 -264.62K EXIT
GS Goldman Sachs 38.79K -124.64K -76.3%
Steel Peak Wealth Management 202.5K +120K +145.5%
Nordea Investment Management Ab 96.03K +96.03K NEW
MS Morgan Stanley 232.84K +65.49K +39.1%
STT State Street 1.22M +53.98K +4.6%
Balyasny Asset Management 50.97K +50.97K NEW
Citadel Advisors 14.36K -49.39K -77.5%

Financial report summary

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Risks
  • 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.
  • 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.
  • 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
  • Apollo Medical Holdings, Inc. is a leading physician-centric, technology-powered, risk-bearing 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. We, together with our affiliated physician groups and consolidated entities, provide coordinated outcomes-based medical care in a cost-effective manner.
  • The majority of our patients are covered by private or public insurance provided through Medicare, Medicaid, and health maintenance organizations (“HMOs”). However, a small portion of our revenue comes from non-insured patients. We provide care coordination services to each major constituent of the healthcare delivery system, including patients, families, primary care physicians, specialists, acute care hospitals, alternative sites of inpatient care, physician groups, and health plans. Our physician network consists of primary care physicians, specialist physicians, physician and specialist extenders, and hospitalists. We operate primarily through Apollo Medical Holdings, Inc. (“ApolloMed”) and the following subsidiaries: NMM, AMM, and APAACO and their consolidated entities, including consolidated VIEs.

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