Apollo Medical Holdings Inc. reported widening losses despite higher revenue in its most recent fiscal year.
The Glendale health care management company reported a net loss of $8.7 million (-$1.49 a share) for the fiscal year ended March 31, compared to a loss of $8.2 million (-$1.79) for the same period a year earlier. Revenue for the company rose 30 percent to $57 million.
The company said in a statement that the loss was primarily driven by its pending merger with Network Medical Management Inc. in Alhambra and an investment in health management infrastructure which was launched in February of this year.
In January, the company issued 275,000 shares of common stock in exchange for more assets when it acquired technology and other assets from Healarium Inc.
Shares of ApolloMed (AMEH) on Thursday closed unchanged at $10 on the over-the-counter market.