Apollo Medical Holdings Inc. reported record revenue and a swing to profits in the third quarter.
The Glendale company, which manages doctors and medical clinics, reported net income of $1.4 million (3 cents a share) for the quarter ended Sept. 30, compared to a net loss of $1 million (-3 cents) for the same period last year. Revenue increased 362 percent to $11.7 million.
No analysts follow the company.
During the quarter, the company received a $5.4 million payment from the Centers for Medicare and Medicaid Services due to government savings attributed to the company’s ApolloMed Accountable Care Organization.
“We achieved significant year-over-year revenue growth and profits owing to the success of our multiple business units,” said Chief Executive Dr. Warren Hosseinion, said in a statement. “Our integrated care delivery model has achieved success in bending the cost curve of patients.”
Shares closed up 18 cents, or 56 percent, to 50 cents in over-the-counter trading.
Mission Valley Bancorp reported soaring net earnings in the third quarter.
The Sun Valley operator of Mission Valley Bank reported net earnings of $415,455 for the quarter ended Sept. 30, which the company said represented a 67 percent increase over the same period last year.
Chief Executive Tamara Gurney said the increase comes from growth in non-interest income, which rose more than 12 percent to $2 million.
“Much of the industry remains hindered by the current rate environment. Fortunately, our organization continues to experience measured growth within our less traditional service lines, such as merchant bankcard processing and specialized lending such as SBA and accounts-receivable financing,” she said in a statement.
Shares remained flat at $6 in over-the-counter trading.