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    DocGo Announces Third Quarter 2024 Results

    11/7/24 4:05:00 PM ET
    $DCGO
    Medical/Nursing Services
    Health Care
    Get the next $DCGO alert in real time by email

    Company Significantly Expands Operations on the West Coast to Support New Payer Programs, Increases Full-Year Guidance for Cash Flow from Operations

    Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time

    DocGo Inc. (NASDAQ:DCGO) ("DocGo" or the "Company"), a leading provider of technology-enabled mobile health services, today announced financial and operating results for the quarter ended September 30, 2024.

    Third Quarter 2024 Financial Highlights

    • Total revenue for the third quarter of 2024 was $138.7 million, compared to $186.6 million in the third quarter of 2023, a decrease of 26%. The decline was primarily due to the planned wind down of migrant-related programs. For the first nine months of 2024, total revenue was $495.7 million, compared to $425.0 for the first nine months of 2023, an increase of 17%.
    • GAAP gross margin (which includes non-cash depreciation expenses) for the third quarter of 2024 was 33.0%, compared to 27.2% in the third quarter of 2023.
    • Adjusted gross margin1 for the third quarter of 2024 was 36.0%, compared to 29.5% in the third quarter of 2023.
    • Net income was $4.5 million for the third quarter of 2024, compared to $4.6 million in the third quarter of 2023, a decrease of 2%. For the first nine months of 2024, net income was $21.0 million, a substantial increase compared to $2.1 million for the first nine months of 2023.
    • Adjusted EBITDA1 was $17.9 million for the third quarter of 2024, compared to $16.7 million for the third quarter of 2023, an increase of 7%. For the first nine months of 2024, adjusted EBITDA1 was $59.2 million, compared to $31.5 million for the first nine months of 2023, an increase of 88%.
    • Mobile Health Services revenue for the third quarter of 2024 was $90.7 million, compared to $139.3 million for the third quarter of 2023, a decrease of 35%. For the first nine months of 2024, Mobile Health Services revenue was $351.3 million, compared to $292.3 million for the first nine months of 2023, an increase of 20%.
    • Transportation Services revenue in the third quarter of 2024 was $48 million, compared to $47.2 million for the third quarter of 2023, an increase of 2%. For the first nine months of 2024, Transportation Services revenue was $144.4 million, compared to $132.7 million for the first nine months of 2023, an increase of 9%.
    • As of September 30, 2024, the Company held total cash and cash equivalents, including restricted cash, of approximately $108.5 million, compared to $85.8 million as of June 30, 2024.

    2024 Guidance

    • Full-year 2024 revenue guidance range has been tightened to $620-$630 million, compared to the previous estimate of $600-$650 million.
    • Full-year 2024 adjusted EBITDA2 is now expected to be $70-$75 million, compared to the previous estimate of $65-$75 million.
    • Full-year 2024 cash flow from operations is being increased to $90-$100 million, compared to the previous estimate of $80-$90 million.

    2025 Guidance

    • Full-year 2025 revenue is expected to be $410-$450 million.
    • Full-year 2025 adjusted EBITDA margin2 is expected to be in a range of 8%-10% of total revenue.

    Select Corporate Highlights for the Third Quarter 2024 and Recent Weeks

    • For the second consecutive quarter, the Company more than doubled the number of patients assigned by its insurance partners for care gap closure services when compared to the end of the prior quarter, and is now in excess of 500,000.
    • Significantly expanded the Company's geographic footprint across the west coast in support of its care gap closure programs, which will enhance healthcare access for hundreds of thousands of Medicaid recipients in California.
    • Driven by demonstrating an over 50% reduction in ED admissions for L.A. Care - a major California payer with 2.5 million members - the Company signed a contract expansion to extend its transitional care services, add care gap closure services, and help manage some of the payer's most complex, high-risk member population.
    • Healthcare visionary Dr. Stephen K. Klasko joined the Board of Directors as Chair. Dr. Klasko was previously CEO of Jefferson Health.
    • Secured $4 million contract extension to continue providing vital 911 basic life support services for Atlantic City, New Jersey.
    • Launched Well Child Visits program with a major payer to help eliminate barriers to pediatric preventive care and advance health equity for children & families.
    • In Dover, Delaware, launched 911 emergency medical services and renewed our partnership with Bayhealth to provide non-emergency medical transportation services for another three years.
    • Signed a new contract to facilitate in-home medical services for members of Firefly Health, an employer-focused health plan provider.

    Lee Bienstock, Chief Executive Officer of DocGo, commented, "Our business continues to perform well across all customer verticals. We are seeing especially strong demand for our care gap closure programs with substantial increases in all leading indicators as well as doubling the average weekly number of care gap visits completed when compared to our average weekly run rate from last quarter. We are rapidly building out the infrastructure to support continued growth in these programs across California and in the Northeast as well."

    Norm Rosenberg, Chief Financial Officer of DocGo, also commented, "We continued to see a significant increase in our cash balance and generated over $31 million in cash flow from operations during the period. Throughout 2023 and early 2024, we had a considerable working capital outlay to support our migrant related programs. As these programs wind down, we are seeing that trend reverse and are recognizing strong cash flow as a result which should continue over the coming quarters. Our strong balance sheet gives us the ability to support our growth initiatives, make additional share repurchases, fund new strategic relationships and repay our line of credit."

    1. Adjusted gross margin and adjusted EBITDA are non-GAAP financial measures. See "Non-GAAP Financial Measures" below for additional information on these non-GAAP financial measures and reconciliations to the most comparable GAAP measures.



    2. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. We have not reconciled adjusted EBITDA outlook or adjusted EBITDA margin outlook to the most comparable GAAP outlooks because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measure (net income and net margin). Forward-looking estimates of adjusted EBITDA and adjusted EBITDA margin are made in a manner consistent with the relevant definitions and assumptions noted herein.

    Conference Call and Webcast Details

    Thursday, November 7, 2024 at 5:00 PM ET

    1-800-717-1738 – Investors Dial

    1-646-307-1865 – Int'l Investors Dial

    Conference ID: DocGo

    Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1691564&tp_key=1abd83f022

    The webcast can also be accessed under Events on the Investors section of the Company's website, https://ir.docgo.com/.

    About DocGo

    DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring and ambulance services. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo's proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote advanced practice provider, in the comfort of a patient's home or workplace. Together with DocGo's integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.

    Forward-Looking Statements

    This earnings release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the plans, strategies, outcomes, and prospects, both business and financial, of the Company, including the provision of services under its existing contracts, including its contract with the New York City Department of Housing Preservation and Development ("HPD") and the winding down of migrant-related services under such contract; the expansion of the Company's programs with insurance partners, hospital systems, municipalities and other strategic partners, including care gap closure programs,; and the Company's cash balances. These statements are based on the beliefs and assumptions of the Company's management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking, including, but not limited, to statements regarding the Company's future actions, business strategies or models, plans, goals, future events, future revenues, future margins, current and future revenue guidance, future growth or performance, financing needs, business trends, results of operations, objectives and intentions with respect to future operations, services and products, and new and existing contracts or partnerships. In some cases, these statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "might," "will," "should," "could," "can," "would," "design," "potential," "seeks," "plans," "scheduled," "anticipates," "intends" or the negative of these terms or similar expressions.

    Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company's control, and which may cause the Company's actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in the Company's forward-looking statements, including, but not limited to the following: impacts related to accelerated wind down of migrant-related services; the Company's provision of services under its contract with HPD and its ability to expand its programs with insurance partners, hospital systems, municipalities and other strategic partners; the Company's ability to successfully implement its business strategy, including delivering value to shareholders via buybacks, funding new strategic relationships and potentially repaying its line of credit; the Company's ability to grow demand for its care gap closure programs; the Company's ability to maintain sufficient cash balances; the Company's reliance on and ability to maintain its contractual relationships with its healthcare provider partners and clients; the Company's ability to compete effectively in a highly competitive industry; the Company's ability to maintain existing contracts; the Company's reliance on government contracts; the Company's ability to effectively manage its growth; the Company's financial performance and future prospects; the Company's ability to deliver on its business strategies or models, plans and goals; the Company's ability to expand geographically; the Company's M&A activity; the Company's ability to retain its workforce and management personnel and successfully manage leadership transitions; the Company's ability to collect on customer receivables; the Company's ability to maintain its cash position; risks associated with the Company's share repurchase program; expected impacts of macroeconomic factors, including inflationary pressures, general economic slowdown or a recession, rising interest rates, foreign exchange rate volatility, changes in monetary pressure, financial institution instability or the prospect of a shutdown of the U.S. federal government; potential changes in federal, state or local government policies regarding immigration and asylum seekers; expected impacts of geopolitical instability; the Company's competitive position and opportunities, including its ability to realize the benefits from its operating model; the Company's ability to improve gross margins; the Company's ability to implement and deliver on cost-containment measures and ongoing cost rationalization initiatives; legislative and regulatory actions; the impact of legal proceedings and compliance risk; volatility of the Company's stock price; the impact on the Company's business and reputation in the event of information technology system failures, network disruptions, cyber incidents or losses or unauthorized access to, or release of, confidential information; and the ability of the Company to comply with laws and regulations regarding data privacy and protection and other risk factors included in the Company's filings with the Securities and Exchange Commission ("SEC").

    Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this earnings release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements.

    The forward-looking statements made in this earnings release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this earnings release to reflect events or circumstances after the date of this earnings release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

    Unaudited Condensed Consolidated Balance Sheets

    September 30,

    2024

    December 31,

    2023

    Unaudited Audited
    ASSETS
    Current assets:
    Cash and cash equivalents

    $

    89,458,388

     

    $

    59,286,147

     

    Accounts receivable, net of allowance for credit loss of $6,455,874 and $6,276,454 as of September 30, 2024 and December 31, 2023, respectively

     

    233,712,723

     

     

    262,083,462

     

    Prepaid expenses and other current assets

     

    5,154,906

     

     

    17,499,953

     

    Total current assets

     

    328,326,017

     

     

    338,869,562

     

    Property and equipment, net

     

    15,284,753

     

     

    16,835,484

     

    Intangibles, net

     

    34,996,541

     

     

    37,682,928

     

    Goodwill

     

    47,862,242

     

     

    47,539,929

     

    Restricted cash

     

    19,120,110

     

     

    12,931,839

     

    Operating lease right-of-use assets

     

    12,489,767

     

     

    9,580,535

     

    Finance lease right-of-use assets

     

    14,605,119

     

     

    12,003,919

     

    Equity method investments

     

    634,100

     

     

    553,573

     

    Deferred tax assets

     

    17,131,328

     

     

    11,888,539

     

    Other assets

     

    3,432,562

     

     

    2,565,649

     

    Total assets

    $

    493,882,539

     

    $

    490,451,957

     

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
    Accounts payable

    $

    35,141,454

     

    $

    19,827,258

     

    Accrued liabilities

     

    59,968,606

     

     

    91,340,609

     

    Line of credit

     

    30,000,000

     

     

    25,000,000

     

    Notes payable, current

     

    26,374

     

     

    28,131

     

    Due to seller

     

    138,275

     

     

    7,823,009

     

    Contingent consideration

     

    16,744,521

     

     

    19,792,982

     

    Operating lease liability, current

     

    3,776,159

     

     

    2,773,020

     

    Finance lease liability, current

     

    4,435,324

     

     

    3,534,073

     

    Total current liabilities

     

    150,230,713

     

     

    170,119,082

     

     
    Notes payable, non-current

     

    21,336

     

     

    41,586

     

    Operating lease liability, non-current

     

    9,172,259

     

     

    7,223,941

     

    Finance lease liability, non-current

     

    9,554,694

     

     

    7,896,392

     

    Total liabilities

     

    168,979,002

     

     

    185,281,001

     

    Commitments and contingencies
    Stockholders' equity:
    Common stock ($0.0001 par value; 500,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 101,980,995 and 104,055,168 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)

     

    10,198

     

     

    10,406

     

    Additional paid-in-capital

     

    321,028,986

     

     

    320,693,866

     

    Retained earnings (accumulated deficit)

     

    1,860,643

     

     

    (21,394,310

    )

    Accumulated other comprehensive income

     

    2,313,518

     

     

    1,484,905

     

    Total stockholders' equity attributable to DocGo Inc. and Subsidiaries

     

    325,213,345

     

     

    300,794,867

     

    Noncontrolling interests

     

    (309,808

    )

     

    4,376,089

     

    Total stockholders' equity

     

    324,903,537

     

     

    305,170,956

     

    Total liabilities and stockholders' equity

    $

    493,882,539

     

    $

    490,451,957

     

     
     
    Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
    Three Months Ended

    September 30,
    Nine Months Ended

    September 30,

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Revenues, net

    $

    138,684,814

     

    $

    186,552,910

     

    $

    495,722,059

     

    $

    425,042,373

     

    Expenses:
    Cost of revenues (exclusive of depreciation and amortization, which is shown separately below)

     

    88,764,282

     

     

    131,502,046

     

     

    322,645,933

     

     

    296,346,420

     

    Operating expenses:
    General and administrative

     

    28,784,850

     

     

    33,619,962

     

     

    103,716,978

     

     

    93,637,516

     

    Depreciation and amortization

     

    4,177,534

     

     

    4,336,267

     

     

    12,561,973

     

     

    11,816,657

     

    Legal and regulatory

     

    3,295,139

     

     

    3,545,820

     

     

    11,622,438

     

     

    9,588,997

     

    Technology and development

     

    3,145,834

     

     

    3,235,301

     

     

    7,903,752

     

     

    7,673,269

     

    Sales, advertising and marketing

     

    379,778

     

     

    1,605,559

     

     

    1,109,072

     

     

    2,598,192

     

    Total expenses

     

    128,547,417

     

     

    177,844,955

     

     

    459,560,146

     

     

    421,661,051

     

    Income from operations

     

    10,137,397

     

     

    8,707,955

     

     

    36,161,913

     

     

    3,381,322

     

    Other income (expense):
    Interest (expense) income, net

     

    (505,085

    )

     

    346,376

     

     

    (1,387,743

    )

     

    1,677,420

     

    Change in fair value of contingent liability

     

    (44,520

    )

     

    159,974

     

     

    (370,712

    )

     

    159,974

     

    Loss on equity method investments

     

    (82,742

    )

     

    (95,503

    )

     

    (229,923

    )

     

    (301,362

    )

    (Loss) gain on remeasurement of operating and finance leases

     

    (6,163

    )

     

    4,834

     

     

    (32,052

    )

     

    4,834

     

    (Loss) gain on disposal of fixed assets

     

    (28,681

    )

     

    (9,983

    )

     

    36,717

     

     

    (163,452

    )

    Other income (expense)

     

    (435,825

    )

     

    43,353

     

     

    146,058

     

     

    (661,825

    )

    Total other income (expense)

     

    (1,103,016

    )

     

    449,051

     

     

    (1,837,655

    )

     

    715,589

     

     
    Net income before income tax provision

     

    9,034,381

     

     

    9,157,006

     

     

    34,324,258

     

     

    4,096,911

     

    Provision for income taxes

     

    (4,488,828

    )

     

    (4,526,767

    )

     

    (13,316,752

    )

     

    (2,041,843

    )

    Net income

     

    4,545,553

     

     

    4,630,239

     

     

    21,007,506

     

     

    2,055,068

     

    Net (loss) income attributable to noncontrolling interests

     

    (952,348

    )

     

    (134,682

    )

     

    (2,247,447

    )

     

    2,767,084

     

    Net income (loss) attributable to stockholders of DocGo Inc. and Subsidiaries

     

    5,497,901

     

     

    4,764,921

     

     

    23,254,953

     

     

    (712,016

    )

    Other comprehensive income

     

    —

     

     

    —

     

    Foreign currency translation adjustment

     

    934,774

     

     

    (582,471

    )

     

    828,613

     

     

    66,965

     

    Total comprehensive income (loss)

    $

    6,432,675

     

    $

    4,182,450

     

    $

    24,083,566

     

    $

    (645,051

    )

     
    Net income (loss) per share attributable to DocGo Inc. and Subsidiaries - Basic

    $

    0.05

     

    $

    0.05

     

    $

    0.23

     

    $

    (0.01

    )

    Weighted-average shares outstanding - Basic

     

    102,067,579

     

     

    103,874,845

     

     

    102,573,664

     

     

    103,351,345

     

     
    Net income (loss) per share attributable to DocGo Inc. and Subsidiaries - Diluted

    $

    0.05

     

    $

    0.05

     

    $

    0.22

     

    $

    (0.01

    )

    Weighted-average shares outstanding - Diluted

     

    106,290,929

     

     

    104,993,729

     

     

    106,797,014

     

     

    103,351,345

     

    Unaudited Condensed Consolidated Statements of Cash Flows
    Three Months Ended

    September 30,
    Nine Months Ended

    September 30,

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income

    $

    4,545,553

     

    $

    4,630,239

     

    $

    21,007,506

     

    $

    2,055,068

     

    Adjustments to reconcile net income to net cash provided by (used in) operating activities:
    Depreciation of property and equipment

     

    1,374,975

     

     

    1,625,070

     

     

    4,282,940

     

     

    4,697,717

     

    Amortization of intangible assets

     

    1,605,483

     

     

    1,515,378

     

     

    4,884,337

     

     

    4,295,958

     

    Amortization of finance lease right-of-use assets

     

    1,197,076

     

     

    1,195,819

     

     

    3,394,696

     

     

    2,822,982

     

    (Gain) loss on disposal of fixed assets

     

    28,681

     

     

    9,983

     

     

    (36,717

    )

     

    163,452

     

    Deferred income tax

     

    (3,218,516

    )

     

    2,339,033

     

     

    (5,242,787

    )

     

    1,049,236

     

    Loss on equity method investments

     

    82,742

     

     

    95,503

     

     

    229,923

     

     

    301,362

     

    Bad debt expense

     

    1,086,816

     

     

    (1,288,131

    )

     

    3,857,474

     

     

    (311,441

    )

    Stock-based compensation

     

    3,155,186

     

     

    3,360,709

     

     

    9,755,455

     

     

    15,161,847

     

    Loss (gain) on remeasurement of operating and finance leases

     

    6,163

     

     

    (4,834

    )

     

    32,052

     

     

    (4,834

    )

    Loss on liquidation of business

     

    —

     

     

    —

     

     

    —

     

     

    70,284

     

    Change in fair value of contingent consideration

     

    44,520

     

     

    (159,974

    )

     

    370,712

     

     

    (159,974

    )

    Changes in operating assets and liabilities:
    Accounts receivable

     

    21,387,772

     

     

    (88,076,313

    )

     

    19,837,507

     

     

    (103,483,997

    )

    Prepaid expenses and other current assets

     

    (9,989

    )

     

    (112,625

    )

     

    12,333,127

     

     

    (336,093

    )

    Other assets

     

    (1,133,858

    )

     

    610,650

     

     

    (1,086,913

    )

     

    696,984

     

    Accounts payable

     

    4,379,590

     

     

    2,260,305

     

     

    15,326,159

     

     

    (12,640,920

    )

    Accrued liabilities

     

    (3,498,801

    )

     

    26,120,859

     

     

    (31,495,516

    )

     

    27,319,258

     

    Net cash provided by (used in) operating activities

     

    31,033,393

     

     

    (45,878,329

    )

     

    57,449,955

     

     

    (58,303,111

    )

     
    CASH FLOWS FROM INVESTING ACTIVITIES:
    Acquisition of property and equipment

     

    (786,174

    )

     

    (801,151

    )

     

    (2,940,843

    )

     

    (4,360,807

    )

    Acquisition of intangibles

     

    (660,276

    )

     

    (547,206

    )

     

    (2,228,233

    )

     

    (2,478,808

    )

    Acquisition of businesses

     

    —

     

     

    —

     

     

    —

     

     

    (20,203,464

    )

    Equity method investments

     

    (161,963

    )

     

    (150,510

    )

     

    (310,450

    )

     

    (150,510

    )

    Proceeds from disposal of property and equipment

     

    95,822

     

     

    (3,028

    )

     

    178,535

     

     

    274,210

     

    Net cash used in investing activities

     

    (1,512,591

    )

     

    (1,501,895

    )

     

    (5,300,991

    )

     

    (26,919,379

    )

     
    CASH FLOWS FROM FINANCING ACTIVITIES:
    Proceeds from revolving credit line

     

    —

     

     

    —

     

     

    45,000,000

     

     

    —

     

    Repayments of revolving credit line

     

    —

     

     

    —

     

     

    (40,000,000

    )

     

    —

     

    Repayments of notes payable

     

    (5,120

    )

     

    (281,876

    )

     

    (22,007

    )

     

    (529,583

    )

    Due to seller

     

    (3,005,113

    )

     

    (5,861,748

    )

     

    (3,008,976

    )

     

    (8,417,936

    )

    Acquisition of noncontrolling interest

     

    (1,848,000

    )

     

    —

     

     

    (1,848,000

    )

     

    —

     

    Earnout payments on contingent liabilities

     

    —

     

     

    —

     

     

    (1,600,029

    )

     

    —

     

    Dividends paid to noncontrolling interest

     

    —

     

     

    —

     

     

    (250,000

    )

     

    —

     

    Proceeds from exercise of stock options

     

    —

     

     

    426,003

     

     

    684

     

     

    1,549,298

     

    Payments for taxes related to shares withheld for employee taxes

     

    (107,979

    )

     

    (2,166,982

    )

     

    (374,311

    )

     

    (2,166,982

    )

    Common stock repurchased

     

    (1,296,187

    )

     

    —

     

     

    (11,078,198

    )

     

    —

     

    Payments on obligations under finance lease

     

    (1,088,265

    )

     

    (782,808

    )

     

    (3,118,054

    )

     

    (2,293,330

    )

    Net cash used in financing activities

     

    (7,350,664

    )

     

    (8,667,411

    )

     

    (16,298,891

    )

     

    (11,858,533

    )

     
    Effect of exchange rate changes on cash and cash equivalents

     

    584,966

     

     

    (457,189

    )

     

    510,439

     

     

    227,887

     

     
    Net increase (decrease) in cash and restricted cash

     

    22,755,104

     

     

    (56,504,824

    )

     

    36,360,512

     

     

    (96,853,136

    )

    Cash and restricted cash at beginning of period

     

    —

     

     

    —

     

     

    72,217,986

     

     

    164,109,074

     

    Cash and restricted cash at end of period

    $

    22,755,104

     

    $

    (56,504,824

    )

    $

    108,578,498

     

    $

    67,255,938

     

     
    Three Months Ended

    September 30,
    Nine Months Ended

    September 30,

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Supplemental disclosure of cash and non-cash transactions:
    Cash paid for interest

    $

    594,734

     

    $

    52,660

     

    $

    1,507,026

     

    $

    179,430

     

    Cash paid for interest on finance lease liabilities

    $

    194,099

     

    $

    135,392

     

    $

    560,926

     

    $

    394,443

     

    Cash paid for income taxes

    $

    5,171,459

     

    $

    —

     

    $

    6,542,733

     

    $

    4,223,810

     

    Right-of-use assets obtained in exchange for lease liabilities

    $

    5,240,876

     

    $

    868,977

     

    $

    10,980,341

     

    $

    2,407,938

     

    Remeasurement of finance lease right-of-use asset due to lease modification

    $

    —

     

    $

    —

     

    $

    300,000

     

    $

    —

     

    Fixed assets acquired in exchange for notes payable

    $

    —

     

    $

    746,043

     

    $

    —

     

    $

    1,369,060

     

     
    Supplemental non-cash investing and financing activities:
    Acquisition of remaining FMC NA through due to seller and issuance of stock

    $

    —

     

    $

    —

     

    $

    —

     

    $

    7,000,000

     

    Acquisition of CRMS through issuance of stock

    $

    —

     

    $

    —

     

    $

    —

     

    $

    1,000,000

     

    CRMS True-up Payment through issuance of stock

    $

    1,814,345

     

    $

    —

     

    $

    1,814,345

     

    $

    —

     

    Receivable exchanged for trade credits

    $

    —

     

    $

    1,500,000

     

    $

    —

     

    $

    1,500,000

     

    Pre-acquisition receivables written off through due to seller

    $

    1,315,691

     

    $

    —

     

    $

    4,675,758

     

    $

    —

     

     
    Reconciliation of cash and restricted cash
    Cash

    $

    23,398,466

     

    $

    (56,237,002

    )

    $

    89,458,388

     

    $

    52,922,517

     

    Restricted cash

     

    (643,362

    )

     

    (267,822

    )

     

    19,120,110

     

     

    14,333,421

     

    Total cash and restricted cash shown in statement of cash flows

    $

    22,755,104

     

    $

    (56,504,824

    )

    $

    108,578,498

     

    $

    67,255,938

     

     

    Non-GAAP Financial Measures

    The following information provides definitions and reconciliation of non-GAAP financial measures used by the Company to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles ("GAAP"). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures used by the Company may differ from similarly titled measures used by other companies.

    Adjusted Gross Margin

    Adjusted gross profit and adjusted gross margin are considered non-GAAP financial measures under SEC rules because they exclude certain amounts included in gross profit and gross margin calculated in accordance with GAAP. Adjusted gross profit is total revenue minus cost of revenue, excluding depreciation and amortization (which are shown separately), and adjusted gross margin is adjusted gross profit as a percentage of total revenue.

    The Company's management believes that adjusted gross margin is useful in evaluating DocGo's operating performance, as the calculation of this measure excludes the impact of non-cash depreciation and amortization charges. The Company's management believes that by using adjusted gross margin in conjunction with GAAP gross margin, investors will get a more complete view of what management considers to be the Company's core operating performance and allow for comparison of this measure when compared to those of prior periods. While many companies use adjusted gross margin as a performance measure, not all companies use identical calculations for determining adjusted gross margin. As such, DocGo's presentation of adjusted gross margin might not be comparable to similarly titled measures of other companies.

    Adjusted EBITDA

    Adjusted EBITDA is considered a non-GAAP financial measure under SEC rules because it excludes certain amounts included in net income (loss) calculated in accordance with GAAP. Specifically, adjusted EBITDA is arrived at by taking reported GAAP net income and adding back the following items: net interest expense (income), provision for (benefit from) income taxes, depreciation and amortization, other (income) expense, non-cash equity-based compensation and certain other non-recurring expenses consisting of certain one-time legal settlements and certain one-time expenses incurred in connection with acquisitions and other corporate activities, beyond those that are typically incurred.

    The Company's management believes that its adjusted EBITDA measure is useful in evaluating DocGo's operating performance, as the calculation of this measure generally eliminates the effect of financing and income taxes and the accounting effects of capital spending and acquisitions, as well as other items of a non-recurring and/or non-cash nature. Adjusted EBITDA is not intended to be a measure of GAAP cash flow, as this measure does not consider certain cash-based expenses, such as payments for taxes or debt service.

    Management believes that using adjusted EBITDA in conjunction with GAAP measures such as net income assists investors in getting a more complete picture of the Company's financial results and operations, affording them with a more complete view of what management considers to be the Company's core operating performance as well as offering the ability to assess such performance as compared with that of prior periods and management's public guidance. While many companies use adjusted EBITDA as a performance measure, not all companies use identical calculations for determining adjusted EBITDA. As such, DocGo's presentation of adjusted EBITDA might not be comparable to similarly titled measures of other companies.

    Adjusted EBITDA Margin

    Adjusted EBITDA margin is considered a non-GAAP measure under SEC rules. It is calculated by dividing adjusted EBITDA by revenues. Management believes using adjusted EBITDA margin in conjunction with GAAP measures, such as gross margin and/or net margin, is useful to investors because it assists investors in getting a more complete view of what management considers the Company's core operating performance, as expressed in marginal terms. While many companies use adjusted EBITDA margin as a performance measure, not all companies use identical calculations for determining adjusted EBITDA margin. As such, DocGo's presentation of adjusted EBITDA margin might not be comparable to similarly titled measures of other companies.

    Reconciliation of Non-GAAP Measures

    The table below reflects the reconciliation of GAAP gross margin and adjusted gross margin for the three and nine months ended September 30, 2024 compared to the same period in 2023:

    Q3 YTD (Sept)

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Revenue

    $

    138,684,814

     

    $

    186,552,910

     

    $

    495,722,059

     

    $

    425,042,373

     

    Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)

     

    (88,764,282

    )

     

    (131,502,046

    )

     

    (322,645,933

    )

     

    (296,346,420

    )

    Depreciation and amortization

     

    (4,177,534

    )

     

    (4,336,267

    )

     

    (12,561,973

    )

     

    (11,816,657

    )

    GAAP gross profit

     

    45,742,998

     

     

    50,714,597

     

     

    160,514,153

     

     

    116,879,296

     

     
    Depreciation and amortization

     

    4,177,534

     

     

    4,336,267

     

     

    12,561,973

     

     

    11,816,657

     

    Adjusted gross profit

     

    49,920,532

     

     

    55,050,864

     

     

    173,076,126

     

     

    128,695,953

     

     
    GAAP gross margin

     

    33.0

    %

     

    27.2

    %

     

    32.4

    %

     

    27.5

    %

    Adjusted gross margin

     

    36.0

    %

     

    29.5

    %

     

    34.9

    %

     

    30.3

    %

     

    The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three and nine months ended September 30, 2024 compared to the same period in 2023 and the second quarter of 2024 (in millions):

      Q3   YTD   Q2
     

    2024

    2023

     

    2024

    2023

     

    2024

    Net income (GAAP)

    $4.5

    $4.6

     

    $21.0

    $2.0

     

    $5.9

    (+) Net interest expense (income)

    $0.5

    ($0.3)

     

    $1.4

    ($1.6)

     

    $0.5

    (+) Income tax

    $4.5

    $4.5

     

    $13.3

    $2.0

     

    $3.7

    (+) Depreciation & amortization 

    $4.2

    $4.3

     

    $12.6

    $11.8

     

    $4.2

    (+) Other (income) expense

    $0.6

    ($0.1)

     

    $0.4

    $1.1

     

    $0.0

    EBITDA

    $14.3

    $13.0

     

    $48.7

    $15.3

     

    $14.3

     

     

     

     

     

     

     

     

    (+) Non-cash stock compensation

    $3.2

    $3.4

     

    $9.8

    $15.2

     

    $2.6

    (+) Non-recurring expense

    $0.4

    $0.3

     

    $0.7

    $1.0

     

    $0.3

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $17.9

    $16.7

     

    $59.2

    $31.5

     

    $17.2

     

     

     

     

     

     

     

     

    Total revenue

    $138.7

    $186.6

     

    $495.1

    $238.5

     

    $192.1

    Pretax income margin

    6.5%

    4.9%

     

    6.9%

    1.7%

     

    5.0%

    Net margin

    3.2%

    2.5%

     

    4.2%

    0.8%

     

    3.1%

    Adjusted EBITDA margin

    12.9%

    8.9%

     

    12.0%

    13.2%

     

    9.0%

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241107669990/en/

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      5/8/25 4:05:00 PM ET
      $DCGO
      Medical/Nursing Services
      Health Care
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      4/21/25 7:35:00 AM ET
      $DCGO
      Medical/Nursing Services
      Health Care
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      2/27/25 4:11:00 PM ET
      $DCGO
      Medical/Nursing Services
      Health Care