DOCGO INC Stock Price, News & Analysis

DocGo (Nasdaq: DCGO), a provider of mobile health services, announced its Q3 2024 results. Total revenue was $138.7M, a 26% decrease from Q3 2023 due to the wind down of migrant-related programs. However, for the first nine months of 2024, revenue increased by 17% to $495.7M. GAAP gross margin improved to 33%, while adjusted gross margin rose to 36%. Net income for Q3 2024 was $4.5M, a slight decrease from $4.6M in Q3 2023, but for the first nine months, net income surged to $21M from $2.1M. Adjusted EBITDA increased by 7% to $17.9M for Q3 and by 88% to $59.2M for the first nine months. The company updated its 2024 revenue guidance to $620-$630M and expects cash flow from operations to be $90-$100M. For 2025, revenue is forecasted to be $410-$450M. DocGo also expanded its operations on the West Coast and signed several new contracts to enhance healthcare services.

DocGo Inc. (Nasdaq: DCGO), a leading provider of technology-enabled mobile health services, has announced it will release its financial results for the third quarter ended September 30, 2024 after the markets close on Thursday, November 7, 2024. The company will also host a conference call and webcast to discuss these results at 5:00 p.m. ET on the same day.

Interested parties can access the conference call by dialing 1-800-717-1738 (U.S.) or 1-646-307-1865 (international). Additionally, a webcast of the conference call will be available under the Events section of the Company's investor relations website at https://ir.docgo.com/.

DocGo Inc. (Nasdaq: DCGO) has announced that its Ambulnz subsidiary has renewed its contract with Bayhealth for an additional three-year term. This extension solidifies Ambulnz's role in providing non-emergency transportation services to central and southern Delaware's largest healthcare system. The company anticipates completing over 20,000 trips during the contract term.

Since January 2022, DocGo has been supporting Bayhealth in managing patient flow through timely transportation services. In July 2024, DocGo expanded its presence in Delaware by launching emergency medical and 911 services in Dover. Over the past two years, the company has invested millions in new ambulances and advanced EMS equipment, while tripling its Delaware workforce.

DocGo Inc. (Nasdaq: DCGO) has appointed Dr. Stephen K. Klasko as the new independent, non-executive Chair of its Board of Directors, effective October 1, 2024. Dr. Klasko, a healthcare visionary with extensive leadership experience, will replace outgoing Chair Steven Katz. Dr. Klasko's background includes roles as President of Thomas Jefferson University, CEO of Jefferson Health, and Dean at USF Health and Drexel University College of Medicine.

Dr. Klasko's appointment aims to support DocGo's growth in mobile health initiatives and value-based care strategies. CEO Lee Bienstock expressed excitement about the strategic insight Dr. Klasko brings to the company. The transition comes as DocGo seeks to accelerate its growth and expand its impact in healthcare delivery transformation.

DocGo (Nasdaq: DCGO) has appointed Eiwe Lingefors as its new Chief Information Officer (CIO). Lingefors, who previously served as the company's Chief Information Security Officer, will continue in this role alongside his new position. In his expanded role, Lingefors will lead both DocGo's information security and digital innovation strategy.

CEO Lee Bienstock expressed confidence in Lingefors' leadership, highlighting his vital role in strengthening DocGo's cybersecurity practices. The appointment underscores DocGo's commitment to combining security and innovation in its mission to revolutionize healthcare delivery.

Lingefors joined DocGo in 2024, bringing over twenty years of experience in cybersecurity, risk management, and information security governance. He aims to continue building secure foundations that protect systems and data while empowering teams to innovate safely.

DocGo Inc. (Nasdaq: DCGO), a leading provider of technology-enabled mobile health services, has been named a finalist for two prestigious compliance awards. The company is in the running for the 2024 NAVEX Excellence Awards in the Compliance & Risk Program of the Year category and the Best Compliance and Ethics Program (small to mid-cap) in Governance Intelligence's Corporate Governance Awards 2024.

DocGo's nominations highlighted its robust Compliance Committee structure, transparency of staff Compliance surveys, and enhanced policies and procedures. The company's outreach efforts, including hotline reporting, were also recognized for effectively addressing and resolving concerns.

The NAVEX Excellence Awards and Corporate Governance Awards celebrate exceptional commitment to corporate governance, risk mitigation, and ethical practices. Winners for both awards will be announced in the coming months.

DocGo (Nasdaq: DCGO) has announced an expansion of its care gap closure program in California, aimed at enhancing healthcare access for Medi-Cal enrollees. The program, in partnership with a top 10 national insurance provider, will serve underserved communities in Sacramento, San Diego, Riverside, Los Angeles, San Bernadino, and Orange County.

The expansion allows patients to receive care at home or in mobile health centers, addressing over 30 different care gaps including well child visits, vaccinations, and chronic disease assessments. DocGo's CEO, Lee Bienstock, emphasized the company's role in facilitating high-quality, accessible healthcare and driving the transition to a value-based care system.

DocGo (Nasdaq: DCGO), a leading provider of technology-enabled mobile health services, has announced its participation in four upcoming investor conferences. These events include:

• The Midwest Ideas Conference (August 28-29), where CFO Norm Rosenberg will present on August 28 at 3:45 PM
• The Morgan Stanley 22nd Annual Global Healthcare Conference (September 4-6), featuring CEO Lee Bienstock in a fireside chat on September 6 at 1:50 PM
• The TD Cowen 9th Annual FutureHealth Conference (September 10), with CEO Lee Bienstock participating in a fireside chat at 10:35 AM
• The Cantor Fitzgerald Global Healthcare Conference (September 17-19), where CEO Lee Bienstock will participate in a fireside chat on September 18 at 1:55 PM

Webcasts of these events will be available on DocGo's investor relations website.

DocGo Inc. (Nasdaq: DCGO) reported strong Q2 2024 results, with total revenue reaching $164.9 million, a 31% increase year-over-year. The company's net income surged by 354% to $5.9 million, while Adjusted EBITDA grew 89% to $17.2 million. Mobile Health Services revenue saw a significant 46% increase to $116.7 million.

DocGo raised its 2024 cash flow from operations guidance to $80-$90 million and reiterated its full-year revenue guidance of $600-$650 million. The company's cash position strengthened to $85.8 million as of June 30, 2024. DocGo also announced several new contracts and initiatives, including a municipal mobile x-ray program in New York City and a Well Child Visits program with a major insurance provider.