Company Surpasses 700,000 Total Patient Lives
Assigned for Care Gap Closure Programs and Expands Contracts With
Payer Partners on Both Coasts
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 and
full-year ended December 31, 2024.
Full-Year 2024 Financial Highlights
- Full-year 2024 revenue was $616.6 million, compared to $624.2
million for the full-year 2023.
- GAAP gross margin (which includes non-cash depreciation
expenses) for the full-year 2024 was 32.1%, compared to 28.7% for
the full-year 2023.
- Adjusted gross margin1 for the full-year 2024 was 34.6%,
compared to 31.3% for the full-year 2023.
- Full-year net income for 2024 was $13.4 million, compared to
2023 full year net income of $10.0 million.
- Full-year 2024 adjusted EBITDA1 was $60.3 million, compared to
$54.0 million for the full-year 2023.
- Full-year 2024 Mobile Health Services revenue was $423.1
million, compared to $442.8 million for the full-year 2023.
- Full-year 2024 Transportation Services revenue was $193.5
million, compared to $181.5 million for the full-year 2023.
Fourth Quarter 2024 Financial Highlights
- Total revenue for the fourth quarter of 2024 was $120.8
million, compared to $199.2 million in the fourth quarter of 2023.
The decline was due primarily to the wind-down of migrant-related
programs.
- GAAP gross margin (which includes non-cash depreciation
expenses) for the fourth quarter of 2024 was 30.8%, compared to
31.2% in the fourth quarter of 2023.
- Adjusted gross margin1 for the fourth quarter of 2024 was
33.5%, compared to 33.5% in the fourth quarter of 2023.
- Net loss for the fourth quarter of 2024 was $7.6 million,
compared to net income of $8.0 million in the fourth quarter of
2023.
- Adjusted EBITDA1 was $1.1 million for the fourth quarter of
2024, compared to $22.6 million for the fourth quarter of
2023.
- Mobile Health Services revenue for the fourth quarter of 2024
was $71.8 million, compared to $150.4 million for the fourth
quarter of 2023. The decline was due primarily to the wind-down of
migrant-related programs.
- Transportation Services revenue in the fourth quarter of 2024
was $49.1 million, compared to $48.8 million for the fourth quarter
of 2023.
- As of December 31, 2024, the Company held total cash and cash
equivalents, including restricted cash, of approximately $107.3
million, compared to $108.5 million as of September 30, 2024.
Results Compared to the Company’s Most Recent
Guidance
- Subsequent to the Company’s November 7th earnings call, the
Company was informed by New York City Health and Hospitals (“NYC
HH”) that they were now planning to accelerate the wind down of
their migrant program, affecting both the scope and scale of those
projects. In addition, subsequently, the HPD migrant sites in
Upstate NY closed weeks earlier than had been anticipated. These
two factors resulted in a negative impact of approximately $9.0
million on Q4 revenue and $5.3 million on Q4 adjusted EBITDA1.
- The Company witnessed a significant increase in activity in its
payer vertical. In anticipation of an expansion of these services,
the Company increased levels of investment late in the fourth
quarter in several areas, including personnel and related expenses.
This increased investment reduced fourth quarter adjusted EBITDA1
by approximately $1.5 million.
- At year-end, the Company increased loss reserves for both
ongoing and as-yet-reported claims across several of its
self-insured lines, including auto, worker’s compensation and
health. The aggregate increase in costs reduced fourth quarter
adjusted EBITDA1 by approximately $3.2 million.
- Based upon the above unanticipated items, actual adjusted
EBITDA1 in Q4 of 2024 was approximately $10 million lower than the
Company’s implied guidance range from early November.
2025 Guidance
- Full-year 2025 revenue is expected to be $410-$450 million,
unchanged from the previous estimate.
- Full-year 2025 adjusted EBITDA margin2 is now expected to be
approximately 5%, down from the previous estimate of 8%-10%. The
revision is largely due to increased investment to support the
growth of the Company’s care gap closure programs, add expanded
mobile health offerings, and transitioning operations from migrant
revenue to core mobile health revenue.
Select Corporate Highlights for the Fourth Quarter of 2024
and Recent Weeks
- Surpassed 700,000 patients assigned by its insurance partners
for care gap closure programs.
- Signed a two-year contract with a major hospital system in Fort
Worth, TX to provide medical transportation services.
- Signed a contract in Mississippi with a major hospital system
to provide adult and pediatric remote cardiac monitoring services
for approximately 3,000 patients.
- Signed a two-year transportation contract renewal with a major
Tennessee healthcare system and announced expansion of services to
the Chattanooga region.
- Acquired PTI Health to expand the Company’s portfolio of
clinical offerings with mobile phlebotomy services.
- Signed deals with two Veterans Affairs (VA) contractors for the
Company to facilitate medical screenings and additional services
for Veterans.
- Brought on Dr. David Shulkin – former Secretary of the VA – to
help guide the Company’s efforts and drive growth in the population
health vertical.
- Made significant investments in the Company’s tech stack to
streamline patient intake and reduce booking friction, resulting in
a 9% reduction in average booking time compared to the previous
quarter.
Lee Bienstock, Chief Executive Officer of DocGo, commented, “We
continue to experience strong demand for our care gap closure
programs in our payer and provider vertical, and are investing
heavily to support this growth. We are expanding our training
initiatives, broadening our scope of services and continuing to
aggressively build out our footprint while maintaining the highest
level of quality. Our number of patient lives assigned has
increased to more than 700,000, up from just 2,000 a little over a
year ago. Perhaps, most impressively, is that our Net Promoter
Score (NPS) in the fourth quarter was 86 for our care gap closure
programs. To put that in perspective, in healthcare, above 30 is
deemed good, and above 70 is deemed world class. Our patients and
customers are delighted with these programs, and we see a
substantial opportunity to accelerate our growth in this market via
both organic and inorganic means in the coming quarters.” Bienstock
continued, “Additionally, we have had a recent flurry of activity
in our government population health pipeline which we are confident
will translate into second half revenues. This includes both
subcontracted, healthcare specific work with major government
contractors and new direct opportunities with government entities.
We believe the investments we made during the fourth quarter and
continue to make will drive our transition from migrant-related
revenues to core mobile health revenue.”
Norm Rosenberg, Chief Financial Officer of DocGo, also
commented, “While our adjusted EBITDA came in lower than our
previous expectations, that was driven in part by higher SG&A
to support the growth and buildout of our payer and provider
vertical, which included investments in our people, our tech stack
and in quality initiatives to ensure we deliver a world-class
product. We anticipate that these investments will continue into
2025. We continue to believe that beyond 2025, our business model
can achieve double digit adjusted EBITDA margins, as we have
demonstrated in the recent past.” Rosenberg added, “We continued to
make progress with our cash collections during the fourth quarter
and subsequent to year end. As of year-end, we had approximately
$150 million in migrant-related project receivables which we expect
to largely be collected by the end of the second quarter,
supporting further substantial increases in our cash position.”
- 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.
- Adjusted EBITDA margin is a non-GAAP financial measure. We have
not reconciled adjusted EBITDA margin outlook to the most
comparable GAAP outlook 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 margin).
Forward-looking estimates of adjusted EBITDA margin are made in a
manner consistent with the relevant definitions and assumptions
noted herein.
Conference Call and Webcast Details
Thursday, February 27, 2025 at 5:00 PM
ET
1-800-717-1738 - Investors Dial
1-646-307-1865 - Int’l Investors Dial
Conference ID: 41220
Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1706503&tp_key=ffa80ce9b1
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 our expectations around second half revenues and
the growth and buildout of our payer and provider vertical; new
direct opportunities with government entities; cash collections;
the provision of services under its existing contracts, including
the winding down of migrant-related services; the expansion of the
Company’s programs with insurance partners, hospital systems,
municipalities and other strategic partners, including care gap
closure programs and government population health programs, and
investments related to such 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 the wind down of migrant-related services and associated
cash collections; the Company’s ability to expand its programs with
insurance partners, hospital systems, municipalities, other
government entities 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 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 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; 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.
DocGo Inc. and SubsidiariesCONSOLIDATED BALANCE SHEETS
December 31,
2024
2023
ASSETS Current assets: Cash and cash equivalents
$
89,241,695
$
59,286,147
Accounts receivable, net of allowance for credit loss of $5,873,942
and $6,276,454 as of December 31, 2024 and December 31, 2023,
respectively
210,899,926
262,083,462
Prepaid expenses and other current assets
4,344,642
17,499,953
Total current assets
304,486,263
338,869,562
Property and equipment, net
14,881,411
16,835,484
Intangibles, net
25,728,813
37,682,928
Goodwill
47,432,550
47,539,929
Restricted cash
18,095,612
12,931,839
Operating lease right-of-use assets
11,958,698
9,580,535
Finance lease right-of-use assets
15,337,299
12,003,919
Investments
5,547,979
553,573
Deferred tax assets
8,422,034
11,888,539
Other assets
3,730,473
2,565,649
Total assets
$
455,621,132
$
490,451,957
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable
$
28,356,430
$
19,827,258
Accrued liabilities
49,896,796
91,340,609
Line of credit
30,000,000
25,000,000
Notes payable, current
12,515
28,131
Due to seller
28,656
7,823,009
Contingent consideration
4,973,152
19,792,982
Operating lease liability, current
3,844,561
2,773,020
Finance lease liability, current
4,694,467
3,534,073
Total current liabilities
121,806,577
170,119,082
Notes payable, non-current
5,215
41,586
Operating lease liability, non-current
8,599,072
7,223,941
Finance lease liability, non-current
10,031,138
7,896,392
Total liabilities
140,442,002
185,281,001
Commitments and contingencies Stockholders’ equity: Common stock
($0.0001 par value; 500,000,000 shares authorized as of December
31, 2024 and December 31, 2023; 101,910,883 and 104,055,168 shares
issued and outstanding as of December 31, 2024 and December 31,
2023, respectively)
10,191
10,406
Additional paid-in-capital
321,087,583
320,693,866
Accumulated deficit
(1,402,167
)
(21,394,310
)
Accumulated other comprehensive income
1,221,869
1,484,905
Total stockholders’ equity attributable to DocGo Inc. and
Subsidiaries
320,917,476
300,794,867
Noncontrolling interests
(5,738,346
)
4,376,089
Total stockholders’ equity
315,179,130
305,170,956
Total liabilities and stockholders’ equity
$
455,621,132
$
490,451,957
DocGo Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME Year EndedDecember 31,
2024
2023
2022
Revenues, net
$
616,555,132
$
624,288,642
$
440,515,746
Expenses: Cost of revenues (exclusive of depreciation and
amortization, which isshown separately below)
402,980,557
428,906,225
285,794,520
Operating expenses: General and administrative
138,758,758
137,152,512
103,403,416
Depreciation and amortization
15,884,898
16,431,892
10,565,578
Legal and regulatory
17,146,891
13,082,569
8,780,590
Technology and development
11,589,402
10,858,724
5,384,853
Sales, advertising and marketing
1,505,900
2,801,740
4,755,161
Total expenses
587,866,406
609,233,662
418,684,118
Income from operations
28,688,726
15,054,980
21,831,628
Other (expense) income: Interest (expense) income, net
(1,929,207
)
1,684,399
762,685
Gain on remeasurement of warrant liabilities
-
-
1,127,388
Change in fair value of contingent liability
9,392,133
1,437,525
-
Finite-lived intangible asset impairment
(8,306,591
)
-
-
Goodwill impairment
-
-
(2,921,958
)
(Loss) gain on equity method investments
(316,044
)
(343,336
)
8,919
(Loss) gain on remeasurement of operating and finance leases
(32,363
)
(866
)
1,388,273
Gain on bargain purchase
-
-
1,593,612
Gain (loss) on disposal of fixed assets
23,682
(852,544
)
(21,173
)
Other income (expense)
228,666
(686,865
)
(987,482
)
Total other (expense) income
(939,724
)
1,238,313
950,264
Net income before income tax expense
27,749,002
16,293,293
22,781,892
(Provision for) benefit from income taxes
(14,388,422
)
(6,244,965
)
7,961,321
Net income
13,360,580
10,048,328
30,743,213
Net (loss) income attributable to noncontrolling interests
(6,631,563
)
3,189,873
(3,841,285
)
Net income attributable to stockholders of DocGo Inc. and
Subsidiaries
19,992,143
6,858,455
34,584,498
Other comprehensive income Foreign currency translation adjustment
(263,036
)
743,699
773,707
Total comprehensive income
$
19,729,107
$
7,602,154
$
35,358,205
Net income per share attributable to DocGo Inc. and Subsidiaries
-Basic
$
0.20
$
0.07
$
0.34
Weighted-average shares outstanding - Basic
102,395,141
103,511,299
101,228,369
Net income per share attributable to DocGo Inc. and Subsidiaries
-Diluted
$
0.18
$
0.06
$
0.34
Weighted-average shares outstanding - Diluted
109,422,840
105,617,817
102,975,831
DocGo Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF CASH
FLOWS Year EndedDecember 31,
2024
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES: Net income
$
13,360,580
$
10,048,328
$
30,743,213
Adjustments to reconcile net income to net cash provided by(used
in) operating activities: Depreciation of property and
equipment
5,606,818
4,829,780
4,114,346
Amortization of intangible assets
5,660,818
5,249,358
3,214,814
Amortization of finance lease right-of-use assets
4,617,262
6,352,754
3,236,418
(Gain) loss on disposal of assets
(23,682
)
852,544
21,173
Deferred income tax
3,466,505
(1,981,519
)
(9,957,967
)
Loss (gain) on equity method investments
316,044
343,336
(8,919
)
Bad debt expense
5,235,560
3,601,520
3,815,187
Stock-based compensation
13,634,086
20,969,174
8,054,571
Loss (gain) on remeasurement of operating and finance leases
32,363
866
(1,388,273
)
Loss on liquidation of business
-
70,284
-
Gain on remeasurement of warrant liabilities
-
-
(1,127,388
)
Gain on bargain purchase
-
-
(1,593,612
)
Finite-lived intangible asset impairment
8,306,591
-
-
Goodwill impairment
-
-
2,921,958
Change in fair value of contingent consideration
(9,392,133
)
(1,437,525
)
-
Changes in operating assets and liabilities: Accounts receivable
41,272,218
(160,524,934
)
(8,415,793
)
Asset held for sale
-
-
190,312
Prepaid expenses and other current assets
13,007,231
(10,843,890
)
(4,181,035
)
Other assets
(1,384,824
)
1,059,605
1,557,655
Accounts payable
8,562,006
(1,780,403
)
3,637,305
Accrued liabilities
(41,940,373
)
58,968,844
(5,964,064
)
Net cash provided by (used in) operating activities
70,337,070
(64,221,878
)
28,869,901
CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of
property and equipment
(3,834,146
)
(7,584,561
)
(3,198,234
)
Acquisition of intangibles
(2,002,103
)
(2,541,661
)
(2,299,558
)
Acquisition of businesses
-
(20,203,464
)
(32,953,179
)
Equity method investments
(310,450
)
(298,932
)
-
Investment in equity securities
(5,000,000
)
-
-
Proceeds from disposal of property and equipment
274,427
747,088
3,000
Net cash used in investing activities
(10,872,272
)
(29,881,530
)
(38,447,971
)
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
revolving credit line
45,000,000
25,000,000
-
Repayments of revolving credit line
(40,000,000
)
-
(25,881
)
Repayments of notes payable
(51,987
)
(25,926
)
(925,151
)
Due to seller
(3,118,595
)
(13,590,382
)
(2,535,521
)
Acquisition of noncontrolling interest
(1,848,000
)
-
-
Earnout payments on contingent liabilities
(3,608,553
)
(5,266,681
)
-
Dividends paid to noncontrolling interest
(1,294,422
)
-
-
Noncontrolling interest contributions
-
-
2,063,000
Proceeds from exercise of stock options
26,330
1,581,183
1,980,585
Payments for taxes related to shares withheld for employee taxes
(1,168,877
)
(2,308,954
)
-
Common stock repurchased
(13,756,271
)
-
(3,731,712
)
Equity costs
-
-
(19,570
)
Payments on obligations under finance lease
(4,334,463
)
(4,270,553
)
(2,985,568
)
Net cash (used in) provided by financing activities
(24,154,838
)
1,118,687
(6,179,818
)
Effect of exchange rate changes on cash and cash equivalents
(190,639
)
1,093,633
761,232
Net increase (decrease) in cash and restricted cash
35,119,321
(91,891,088
)
(14,996,656
)
Cash and restricted cash at beginning of period
72,217,986
164,109,074
179,105,730
Cash and restricted cash at end of period
$
107,337,307
$
72,217,986
$
164,109,074
Year EndedDecember 31,
2024
2023
2022
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest
$
2,142,288
$
250,100
$
197,005
Cash paid for interest on finance lease liabilities
$
769,041
$
600,239
$
559,596
Cash paid for income taxes
$
7,249,331
$
4,251,658
$
1,505,235
Right-of-use assets obtained in exchange for lease liabilities
$
13,973,620
$
7,621,538
$
5,035,201
Remeasurement of finance lease right-of-use asset due to lease
modification
$
300,000
$
-
$
-
Fixed assets acquired in exchange for notes payable
$
-
$
-
$
923,377
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
$
-
$
-
Receivable exchanged for trade credits
$
-
$
1,500,000
$
-
Pre-acquisition receivables written off through due to seller
$
4,675,758
$
-
$
-
Reconciliation of cash and restricted cash Cash
$
89,241,695
$
59,286,147
$
157,335,323
Restricted cash
18,095,612
12,931,839
6,773,751
Total cash and restricted cash shown in statement of cash flows
$
107,337,307
$
72,217,986
$
164,109,074
DocGo Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE (LOSS) INCOME Three Months EndedDecember
31,
2024
2023
Revenues, net
$
120,833,073
$
199,246,269
Expenses: Cost of revenues (exclusive of depreciation and
amortization, which isshown separately below)
80,334,624
132,559,805
Operating expenses: General and administrative
35,041,780
43,514,996
Depreciation and amortization
3,322,925
4,615,235
Legal and regulatory
5,524,453
3,493,572
Technology and development
3,685,650
3,185,455
Sales, advertising and marketing
396,828
203,548
Total expenses
128,306,260
187,572,611
(Loss) income from operations
(7,473,187
)
11,673,658
Other income: Interest (expense) income, net
(541,464
)
6,979
Change in fair value of contingent liability
9,762,845
1,277,551
Finite-lived intangible asset impairment
(8,306,591
)
-
Loss on equity method investments
(86,121
)
(41,974
)
Loss on remeasurement of operating and finance leases
(311
)
(5,700
)
Loss on disposal of fixed assets
(13,035
)
(689,092
)
Other income (expense)
82,608
(25,040
)
Total other income
897,931
522,724
Net (loss) income before income tax expense
(6,575,256
)
12,196,382
Provision for income taxes
(1,071,670
)
(4,203,122
)
Net (loss) income
(7,646,926
)
7,993,260
Net (loss) income attributable to noncontrolling interests
(4,384,116
)
422,789
Net (loss) income attributable to stockholders of DocGo Inc. and
Subsidiaries
(3,262,810
)
7,570,471
Other comprehensive income Foreign currency translation adjustment
(1,091,649
)
676,734
Total comprehensive (loss) income
$
(4,354,459
)
$
8,247,205
DocGo Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF CASH
FLOWS Three Months EndedDecember 31,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income
$
(7,646,926
)
$
7,993,260
Adjustments to reconcile net income to net cash provided by(used
in) operating activities: Depreciation of property and
equipment
1,323,878
132,063
Amortization of intangible assets
776,481
953,400
Amortization of finance lease right-of-use assets
1,222,566
3,529,772
Loss on disposal of assets
13,035
689,092
Deferred income tax
8,709,292
(3,030,755
)
Loss on equity method investments
86,121
41,974
Bad debt expense
1,378,086
3,912,961
Stock-based compensation
3,878,631
5,807,327
Loss on remeasurement of operating and finance leases
311
5,700
Finite-lived intangible asset impairment
8,306,591
-
Change in fair value of contingent consideration
(9,762,845
)
(1,277,551
)
Changes in operating assets and liabilities: Accounts receivable
21,434,711
(57,040,937
)
Prepaid expenses and other current assets
674,104
(10,507,797
)
Other assets
(297,911
)
362,621
Accounts payable
(6,764,153
)
10,860,517
Accrued liabilities
(10,444,857
)
31,649,586
Net cash provided by (used in) operating activities
12,887,115
(5,918,767
)
CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of
property and equipment
(893,303
)
(3,223,754
)
Acquisition of intangibles
226,130
(62,853
)
Equity method investments
-
(148,422
)
Investment in equity securities
(5,000,000
)
-
Proceeds from disposal of property and equipment
95,892
472,878
Net cash used in investing activities
(5,571,281
)
(2,962,151
)
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
revolving credit line
-
25,000,000
Repayments of revolving credit line
-
-
Repayments of notes payable
(29,980
)
503,657
Due to seller
(109,619
)
(5,172,446
)
Earnout payments on contingent liabilities
(2,008,524
)
(5,266,681
)
Dividends paid to noncontrolling interest
(1,044,422
)
-
Proceeds from exercise of stock options
25,646
31,885
Payments for taxes related to shares withheld for employee taxes
(794,566
)
(141,972
)
Common stock repurchased
(2,678,073
)
-
Payments on obligations under finance lease
(1,216,409
)
(1,977,223
)
Net cash (used in) provided by financing activities
(7,855,947
)
12,977,220
Effect of exchange rate changes on cash and cash equivalents
(701,078
)
865,746
Net (decrease) increase in cash and restricted cash
(1,241,191
)
4,962,048
Cash and restricted cash at beginning of period
108,578,498
67,255,938
Cash and restricted cash at end of period
$
107,337,307
$
72,217,986
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 twelve months ended
December 31, 2024 compared to the same periods in 2023:
Three Months Ended Twelve Months Ended
December 31, December 31,
2024
2023
2024
2023
Revenue
$
120,833,073
$
199,246,269
$
616,555,132
$
624,288,642
Cost of revenue (exclusive of depreciation and amortization, which
are shown separately below)
(80,334,624
)
(132,559,805
)
(402,980,557
)
(428,906,225
)
Depreciation and amortization
(3,322,925
)
(4,615,235
)
(15,884,898
)
(16,431,892
)
GAAP gross profit
$
37,175,524
$
62,071,229
$
197,689,677
$
178,950,525
Depreciation and amortization
3,322,925
4,615,235
15,884,898
16,431,892
Adjusted gross profit
$
40,498,449
$
66,686,464
$
213,574,575
$
195,382,417
GAAP gross margin
30.8
%
31.2
%
32.1
%
28.7
%
Adjusted gross margin
33.5
%
33.5
%
34.6
%
31.3
%
The table below reflects the reconciliation of net income (loss)
to adjusted EBITDA for the three and twelve months ended December
31, 2024 compared to the same periods in 2023 (in millions):
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net income (GAAP)
$
(7.6
)
$
8.0
$
13.4
$
10.0
(+) Net interest expense (income)
0.5
-
1.9
(1.7
)
(+) Income tax
1.1
4.2
14.4
6.2
(+) Depreciation & amortization
3.3
4.6
15.9
16.4
(+) Other (income) expense
(1.4
)
(0.5
)
(1.0
)
0.5
EBITDA
$
(4.1
)
$
16.3
$
44.6
$
31.4
(+) Non-cash stock compensation
3.8
5.8
13.6
21.0
(+) Non-recurring expense
1.4
0.5
2.1
1.6
Adjusted EBITDA
$
1.1
$
22.6
$
60.3
$
54.0
Total revenue
$
121.5
$
199.2
$
616.6
$
624.3
Pretax income margin
-5.3
%
6.1
%
4.5
%
2.6
%
Net margin
-6.3
%
4.0
%
2.2
%
1.6
%
Adjusted EBITDA margin
0.9
%
11.3
%
9.8
%
8.6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250227149161/en/
Investors: Mike Cole DocGo 949-444-1341
mike.cole@docgo.com ir@docgo.com
DocGo (NASDAQ:DCGO)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
DocGo (NASDAQ:DCGO)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
