Apollo Medical Turns to Loss

Apollo Medical Holdings Inc. turned to a loss during the third quarter, the company announced Tuesday. The Glendale managed care company reported a net loss of $531,000 (-11 cents a share) for the quarter ended Sept. 30, compared to net income of $1.4 million (26 cents) for the same quarter last year. Revenue declined 2.5 percent to $11.4 million. No analysts follow the company. The company said last year’s third quarter benefited from a $5.4 million revenue bump from the federal Centers for Medicare and Medicaid Services that didn’t happen this year. During the quarter, the company secured a strategic investment of $10 million from Network Medical Management Inc. In a statement Dr. Warren Hosseinion, chief executive, said the money “strengthened our balance sheet and positions us well for continued growth.” Shares remained at $7.00 as no trades occurred in the over-the-counter market.