Apollo Medical Holdings, Inc. (“ApolloMed,” and together with its subsidiaries and affiliated entities, the “Company”) (NASDAQ:AMEH), a leading physician-centric, technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care, today announced that the Company’s Board of Directors authorized a new share repurchase program, effective immediately, authorizing the purchase of up to $50 million of its shares of common stock. The share repurchase program does not have an expiration date and does not obligate the Company to purchase any shares.
Under the approved program, ApolloMed may purchase shares in the open market or in privately negotiated transactions, including without limitation, accelerated share repurchase transactions, derivative transactions, tender offers, under Rule 10b5-1 plans or any combination of the foregoing. There can be no assurance as to the precise number of shares that will be repurchased under this program, the aggregate dollar amount of the shares purchased, or the ultimate disposition of the shares purchased (re-issued, retained in treasury and/or retired). Depending on market conditions, regulatory, legal and contractual requirements and other factors, repurchases may be made at any time or from time to time, without prior notice. ApolloMed’s Board of Directors will periodically review the share repurchase program and may authorize adjustments to the program’s terms and size. The Board may also suspend or discontinue the repurchase program at any time.
Chan Basho, ApolloMed’s Chief Strategy Officer and Interim Chief Financial Officer, stated, “Our Board of Directors implemented this share repurchase program to demonstrate our confidence in the long-term opportunity presented by our business and growth strategy. Our investment philosophy remains centered around supporting independent practicing physicians in the delivery of value-based care around the country. Our scale, combined with the strength of our business model and significant cash flow generation, enables us to continue investing for the long term while opportunistically buying back stock through a repurchase program.”
ApolloMed expects to pay for the repurchases using internally available cash. As of September 30, 2022, ApolloMed’s cash balance was $184.0 million. ApolloMed had 56.7 million shares of common stock outstanding, as of October 28, 2022.
