UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ___ to ___ . Commission file number: 001-37392 Astrana Health, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

Exhibit 99.1 Astrana Health, Inc. Reports Fourth Quarter and Year-End 2023 Results Company to Host Conference Call on Tuesday, Feb. 27, 2024, at 2:30 p.m. PT/5:30 p.m. ET ALHAMBRA, Calif., February 27, 2024 /PRNewswire/ -- Astrana Health, Inc. (together with its subsidiaries and affiliated entities, "Astrana") (NASDAQ: ASTH), a leading provider-centric, technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care, today announced its consolidated financi ...

Revenue Performance - For the three months ended September 30, 2023, total revenue was $348.2 million, a 10% increase from $317.0 million in the same period of 2022, primarily driven by a $78.1 million increase in capitation revenue [238]. - For the nine months ended September 30, 2023, total revenue reached $1,033.6 million, reflecting a 22% increase from $850.0 million in the same period of 2022, with capitation revenue increasing by $229.2 million [240]. - Revenue for the three months ended September 30, 2023, was $326.5 million, an increase of $32.9 million, or 11%, compared to the same period in 2022 [268]. - Revenue for the nine months ended September 30, 2023, was $966.4 million, an increase of $184.2 million, or 24%, compared to the same period in 2022 [269]. - Revenue for the three months ended September 30, 2023, was $36.9 million, an increase of 22% compared to $30.3 million for the same period in 2022 [273]. - Revenue for the nine months ended September 30, 2023, was $102.5 million, reflecting a 15% increase from $89.3 million in the same period of 2022 [274]. Operating Performance - Operating expenses for the three months ended September 30, 2023, totaled $309.1 million, a 16% increase from $266.9 million in the same period of 2022 [233]. - Operating income for the three months ended September 30, 2023, was $40.3 million, a decrease of $6.0 million, or 13%, compared to the same period in 2022 [268]. - Operating income for the nine months ended September 30, 2023, was $90.5 million, an increase of $18.8 million, or 26%, compared to the same period in 2022 [269]. - Operating income for the three months ended September 30, 2023, was $6.4 million, up 27% from $5.1 million in the prior year [273]. - Operating income for the nine months ended September 30, 2023, decreased to $19.8 million, down 17% from $23.8 million in the previous year [274]. Net Income - Net income for the three months ended September 30, 2023, was $27.973 million, a 17% increase from $23.897 million in the same period of 2022 [233]. - Net income attributable to Apollo Medical Holdings, Inc. for the three months ended September 30, 2023, was $22.1 million, a decrease of $1.1 million compared to the same period in 2022 [264]. - The net income guidance for 2023 is set between $59.5 million and $71.5 million [276]. Cash Flow and Investments - Cash, cash equivalents, and investments totaled $277.0 million as of September 30, 2023, down from $293.6 million at the end of 2022 [283]. - Cash provided by operating activities for the nine months ended September 30, 2023, was $48.9 million, compared to cash used in operating activities of $2.8 million in the same period of 2022 [287]. - Cash used in investing activities for the nine months ended September 30, 2023, was $54.1 million, significantly higher than $20.3 million in the prior year, representing a 166% increase [286]. - Cash used in financing activities for the nine months ended September 30, 2023, was $8.6 million, a significant decrease from $26.0 million in the same period of 2022 [289]. Debt and Financing - The company entered into a Credit Agreement Amendment on November 3, 2023, increasing its credit facility to $700.0 million, including a new term loan of up to $300.0 million [223]. - The Amended Credit Agreement provides a total facility of $700.0 million, including a $400.0 million revolving credit facility and a new term loan of up to $300.0 million [296]. - As of September 30, 2023, the Company had $180.0 million in outstanding borrowings under the Amended Credit Agreement, with interest rates ranging from 1.25% to 2.50% based on leverage ratio [305]. - Future debt commitments include $181.2 million due in 2026, which represents the largest single-year obligation [295]. - A hypothetical 1% change in interest rates would have impacted the interest expense by $2.1 million for the three months ended September 30, 2023 [305]. Acquisitions and Partnerships - The company announced the acquisition of assets related to Community Family Care Medical Group, managing healthcare for over 200,000 members in Los Angeles [225]. - A partnership was established with Associated Hispanic Physicians, which includes over 150 primary care providers and 450 specialists, expected to onboard by March 2024 [226]. Other Financial Metrics - General and administrative expenses for the three months ended September 30, 2023, were $29.4 million, an increase of $8.0 million, or 38%, compared to the same period in 2022 [244]. - Interest expense for the three months ended September 30, 2023, was $3.8 million, an increase of $1.4 million, due to higher interest rates [252]. - Interest income for the three months ended September 30, 2023, was $3.3 million, compared to $0.2 million for the same period in 2022 [254]. - Unrealized loss for the three months ended September 30, 2023, was $0.3 million, a decrease of $6.4 million compared to the same period in 2022 [256]. - Other income for the three months ended September 30, 2023, was $1.9 million, an increase of $3.2 million compared to a loss of $1.3 million for the same period in 2022 [258]. Patient Management - The company managed approximately 0.9 million patients as of September 30, 2023, down from 1.2 million in the same period of 2022 [235]. Excluded Assets - Total Excluded Assets as of September 30, 2023, amounted to $124.8 million, slightly down from $127.9 million as of December 31, 2022 [292]. - Excluded Assets net loss for the nine months ended September 30, 2023, was $5.0 million, an improvement compared to a loss of $16.0 million in the same period of 2022 [292]. - Cash and cash equivalents in Excluded Assets decreased to $11.6 million as of September 30, 2023, from $30.2 million at the end of 2022 [292]. - Total operating expenses for Excluded Assets increased to $3.3 million for the nine months ended September 30, 2023, compared to $2.9 million in the prior year [292].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission File No. 001-37392 Apollo Medical Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 95-4472349 (State or Other Jurisdiction (I.R.S. Employer Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission File No. 001-37392 Apollo Medical Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 95-4472349 (State or Other Jurisdict ...

Company Overview - Apollo Medical Holdings, Inc. coordinates care for approximately 1.3 million patients as of December 31, 2022, through a network of over 11,000 contracted healthcare providers[28]. - The company operates under the Global and Professional Direct Contracting Model (GPDC Model) and has transitioned to the ACO REACH Model as of January 1, 2023[27]. - ApolloMed's management service organizations (MSOs) provide administrative support to affiliated physician groups, enhancing operational efficiency[26]. - Following the 2017 merger with NMM, ApolloMed has positioned itself as a significant player in the healthcare delivery segment, leveraging NMM's assets and revenues[24]. - ApolloMed's common stock is listed on the NASDAQ Capital Market under the symbol "AMEH"[26]. Revenue Model - Revenue streams include capitation payments from CMS, risk pool settlements, management fees, and fee-for-service reimbursements, indicating a diversified revenue model[25]. - ApolloMed's financial performance is influenced by the capitation model, where fixed payments are received from health plans in exchange for healthcare service delivery[32]. - The company has diversified its service offerings, reducing business risk and increasing revenue opportunities across a horizontally integrated care network[81]. - The company received $48.8 million and $21.8 million in risk pool savings related to the 2021 and 2020 performance years, respectively[77]. - For the years ended December 31, 2022, 2021, and 2020, four payors accounted for 59.0%, 49.6%, and 53.4% of total net revenue, respectively[79]. Healthcare Trends - U.S. healthcare expenditures are projected to grow at an average annual rate of 5.1% from 2021 to 2030, reaching approximately $6.8 trillion by 2030[43]. - Medicare spending increased by 8.4% to $900.8 billion in 2021, while Medicaid spending rose by 9.2% to $734.0 billion[43]. - The healthcare share of U.S. GDP is expected to remain consistent at 19.6% by 2030, down from 19.7% in 2020[43]. - The healthcare industry is shifting towards value-based payment models, with an increasing number of Americans covered by capitated payment programs[46]. Strategic Focus - The company emphasizes a value-based healthcare approach, focusing on patient satisfaction and cost efficiency in its service delivery[23]. - ApolloMed's strategic focus includes expanding its integrated healthcare models to enhance care coordination and improve patient outcomes[25]. - The integrated medical systems are positioned to leverage scale and expertise to improve care quality and lower costs[51]. - Population health management is a central trend within healthcare delivery, aiming to improve health outcomes while lowering costs[56]. Regulatory Compliance - The company is subject to corporate practice of medicine laws in California, which restrict non-physician ownership in medical practices[30]. - Regulatory compliance is critical, as violations of healthcare laws could have a material adverse effect on the company's business and financial condition[94]. - The company must navigate complex anti-kickback statutes, which prohibit remuneration for patient referrals, with violations leading to severe penalties[103]. - Compliance with HIPAA regulations is critical, as violations may result in civil and criminal penalties, including fines and mandatory notifications[116]. Competition - The company faces significant competition from larger healthcare management companies and provider networks, which have greater financial and personnel resources[88]. - In the greater Los Angeles area, competitors include Regal Medical Group, Lakeside Medical Group, and Optum, which are part of larger healthcare networks[89]. - The company faces competition in the creation and management of Accountable Care Organizations (ACOs) from larger groups like Privia Health and Aledade[90]. Employee Engagement - As of December 31, 2022, ApolloMed had 1,362 employees, with no labor union membership and no work stoppages reported[128]. - The company emphasizes employee engagement and retention through ongoing surveys and programs aimed at enhancing satisfaction and productivity[129]. Management and Expertise - The management team has extensive experience in managing healthcare organizations, providing a strong foundation for future growth[82]. - The company has developed expertise in population health management, resulting in improved Risk Adjustment Factor (RAF) scores and higher payments from health plans[87]. - The healthcare management programs have led to improved quality metrics in both inpatient and outpatient settings, enhancing patient satisfaction and CMS scores[87].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission File No. 001-37392 Apollo Medical Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 95-4472349 (State or Other Juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission File No. 001-37392 Apollo Medical Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 95-4472349 (State or Other Jurisdicti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission File No. 001-37392 Apollo Medical Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 95-4472349 (State or Other Jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 for the transition period from ___ to ___ . Commission file number: 001-37392 (Exact name of registrant as specified in its charter) | Delawar | | --- | (State or other jurisdiction of incorpora ...