Apollo Medical Holdings, Inc.(AMEH), a leading healthcare management and s ervices provider, has released its unaudited financial results for the first quarter of 2023. The company demonstrated robust financial performance, reporting a net income of $12.5 million during the quarter. Additionally, Apollo Medical Holdings, Inc. achieved a significant surge in revenue, with total revenue reaching $337.2 million.
As of March 31, 2023, Apollo Medical Holdings, Inc. showcased its expanding asset base, boasting a total of $998.9 million in assets, compared to $966.2 million as of December 31, 2022. Current assets contributed significantly to this growth, totaling $454.7 million, while non-current assets added $544.3 million to the company's financial strength.
Liabilities and Equity Show Balanced Picture
The company's liabilities and equity were well-balanced, demonstrating Apollo Medical Holdings, Inc.'s prudent financial management. Total liabilities, mezzanine equity, and equity amounted to $998.9 million as of March 31, 2023. Non-controlling interest in Allied Physicians of California accounted for $14.3 million of mezzanine equity, while stockholders' equity stood at $548.3 million.
Consolidated Statements of Income Reflect Strong Earnings
Apollo Medical Holdings, Inc. reported an impressive revenue of $337.2 million in the first quarter of 2023. The revenue was generated through various streams, including capitation, risk pool settlements, management fee income, fee-for-service, and other income. The company's disciplined cost management practices were evident in its operating expenses of $314.9 million. Despite the challenges faced, the company reported a net income of $12.5 million, reaffirming its financial stability.
Cash Flows and Investing Activities
In terms of cash flows, Apollo Medical Holdings, Inc. showcased its operational efficiency, reporting a net cash provided by operating activities of $7.7 million for the first quarter of 2023. The company continued to invest strategically, with purchases of property and equipment amounting to $6.0 million. Moreover, Apollo Medical Holdings, Inc. revealed a cautious approach to financing activities, with a net cash used in financing activities of $7.1 million.
Apollo Medical Holdings, Inc. remains committed to its goal of providing high-quality healthcare management services. The company's strong financial performance in the first quarter of 2023 underscores its resilience and ability to adapt to evolving market conditions. With a focus on sustainable growth and prudent financial management, Apollo Medical Holdings, Inc. is poised for continued success in the healthcare sector.