Core Viewpoint - DocGo has announced the acquisition of virtual healthcare platform SteadyMD, leading to a significant increase in its stock price, which rose by 48% at one point during pre-market trading [1] Group 1: Acquisition Details - The acquisition will be funded through existing cash on DocGo's balance sheet [1] - SteadyMD is projected to generate approximately $25 million in revenue by 2025, with a positive EBITDA expected in 2026 [1] - Following the acquisition, key executives from SteadyMD, including CEO Guy Friedman and COO Yarone Goren, will join DocGo's leadership team [1] Group 2: Financial Guidance - DocGo plans to update its revenue and adjusted EBITDA guidance for 2025 to reflect the impact of the acquisition during its upcoming earnings report and conference call, scheduled for early November [1]

Core Viewpoint - DocGo Inc. has announced the acquisition of virtual care platform SteadyMD, enhancing its technology-enabled mobile health and medical transportation services [1] Group 1: Acquisition Details - The acquisition of SteadyMD is aimed at strengthening DocGo's offerings in telehealth services [1] - Management will discuss the acquisition in a conference call and webcast scheduled for October 21 at 11:00 a.m. ET [1] Group 2: Company Profile - DocGo is recognized as a leading provider in the mobile health and medical transportation sector [1] - SteadyMD provides high-quality telehealth experiences for various stakeholders including digital health companies, labs, pharmacies, and employers [1]

Core Insights - DocGo Inc. is launching care gap closure services in New Mexico to improve healthcare access for 10,000 Turquoise Care enrollees [1] - This initiative is part of an expansion of the company's partnership with a national insurance provider [1] - The program aims to reengage patients with the healthcare system [1]

Core Insights - The healthcare industry is experiencing significant changes, particularly in home-based care and accessibility for patients [2] - New legislation and changes to Medicaid are expected to impact the healthcare landscape, especially in rural areas [2] Industry Trends - The industry is at the forefront of trends related to home-based care, aiming to provide accessible healthcare to patients who may otherwise fall through the cracks [2] - There is anticipation of substantial changes due to evolving legislation and healthcare policies [2]

Summary of the Conference Call Company and Industry Overview - The conference is part of the 23rd annual Morgan Stanley Healthcare Conference, focusing on the healthcare industry and innovations in home-based care [2][3] - The company discussed is DocGo, a medical transportation and mobile health provider, which has been innovating in the medical transportation space for over 10 years [4][5] Key Points and Arguments Mobile Health Growth - DocGo has seen significant growth in the mobile health segment, particularly in coordinating care for high-utilizing members through partnerships with insurance companies [4][5] - The company has expanded its reach from serving 2,000 patients to nearly a million patients across the New York tri-state area and California [6][8] - On average, DocGo closes almost two care gaps per home visit, with some visits closing up to six gaps [6][8] Technology Integration - The tech stack developed by DocGo is crucial for efficient home-based medical care, allowing licensed practical nurses (LPNs) and medical assistants to provide care under the direction of primary care providers [10][11] - Integration with electronic health record (EHR) systems like Epic enhances coordination and efficiency in patient care [11] Revenue and Contract Stability - DocGo's contracts in the transportation segment typically last three to five years and are described as "sticky," indicating high customer retention [13][14] - The company is transitioning from episodic contracts with municipal governments to more sustainable, population health-focused contracts with payers [15] Labor and Inflation Management - Staffing is a significant challenge, with 800 open roles to fill, but the company maintains a strong reputation as a desirable workplace [16][18] - Inflationary pressures are minimal, with fuel costs decreasing and existing vehicles owned or procured under favorable terms [17] Payer Opportunities - DocGo works primarily with managed care, Medicaid, and Medicare Advantage plans, focusing on the dual special needs population, which shows higher engagement rates [20][21] - The company aims to keep patients out of hospitals, aligning with value-based care models that incentivize health plans to manage costs effectively [23][24] M&A Strategy - DocGo is looking for M&A opportunities that add capabilities or expand geographic reach, particularly in underserved areas [26][27] - The medical transportation market is estimated at $10 billion, with DocGo currently capturing around $225 million, indicating significant growth potential [49] Capital Allocation - The company prioritizes organic growth, staff training, and M&A opportunities while maintaining a strong balance sheet with over $100 million in cash [30][32][33] Market Expansion - DocGo expands into new markets based on demand from existing customers, ensuring they have anchor clients before entering new regions [37][38] Go-to-Market Strategy - The sales cycle for new customers can range from 6 to 18 months, with existing customers typically resulting in faster expansions [42][43] Telehealth Perspective - While telehealth is recognized as a valuable service, DocGo emphasizes the necessity of in-person care for certain medical needs, positioning itself uniquely in the market [54][56] Other Important Insights - The company has a high Net Promoter Score of over 90, indicating strong patient satisfaction [47][48] - The medical transportation segment is increasingly recognized as vital for patient flow management within hospital systems [51][52]

Summary of DocGo (DCGO) 2025 Conference Call Company Overview - **Company**: DocGo - **Industry**: Mobile health and medical transportation - **Key Operations**: Provides medical transportation and home healthcare services across the U.S. and the UK, serving approximately 1 million patients annually [4][5] Core Business Segments Medical Transportation - **Patient Transports**: Expected to provide over 750,000 patient transports in the current year, with a projected growth of 15% year-over-year [33][36] - **Technology Integration**: Utilizes a complex logistics and dispatch management platform integrated with Epic, allowing hospital systems to efficiently manage patient discharges and transport needs [10][12] - **Unique Model**: Employs a hybrid model where licensed practical nurses (LPNs) conduct home visits while remote clinicians provide oversight, enhancing efficiency and patient care [6][14] Home Healthcare - **Growth Potential**: Anticipated growth of 50-100% in home healthcare services, with significant increases in patient visits compared to previous years [37][39] - **Care Gap Closure**: Focuses on addressing care gaps for patients who have not seen a primary care provider, with services including screenings and vaccinations [41][42] Strategic Partnerships and Market Expansion - **Joint Ventures**: Collaborates with major hospital systems, including a joint venture with Jefferson, enhancing service delivery and integration [16][17] - **Market Entry Strategy**: Expands into new markets by partnering with marquee customers, as demonstrated by recent entry into the Dallas Fort Worth area [18][20] Financial Performance and Projections - **Revenue Growth**: Medical transportation revenue projected to exceed $200 million this year, with mobile health services expected to grow significantly [70] - **Contract Durations**: Typical contracts with hospital systems last 3-5 years, contributing to stable revenue streams [27][28] Government Contracts and Services - **Evolving Focus**: Shift towards long-term population health contracts rather than episodic emergency care, with a focus on providing vaccinations and primary care services to underserved communities [48][55] - **Transparency in Reporting**: Plans to break out government-related revenues separately to provide clearer insights to investors [51] Challenges and Market Dynamics - **Hospital Spending Trends**: Noted uncertainty in hospital spending cycles, with health plans under pressure to optimize resources amid potential Medicaid enrollment changes [72][74] - **Quality Scores**: Engages in care gap closure initiatives that directly impact quality scores for health plans, enhancing their operational efficiency [73] Conclusion - **Future Outlook**: DocGo is well-positioned to capitalize on the growing demand for mobile health services and integrated care solutions, with a strong emphasis on technology and patient-centered care [76]

Summary of DocGo (DCGO) FY Conference Call - August 26, 2025 Company Overview - **Company Name**: DocGo (DCGO) - **Industry**: Mobile health services and integrated medical mobility solutions - **Core Business**: Provides last mile mobile health services, medical transport, and care in the home [1][4] Key Points and Arguments Investment Thesis - DocGo is positioned as a leading provider of tech-driven mobile care, with a strong balance sheet and a large total addressable market (TAM) [4][6] - The company aims to deliver healthcare at any address, moving care outside traditional hospital settings [6][7] Business Segments - **Medical Transport**: The foundation of the business, expanding with a focus on non-emergency medical transport [5][43] - **Mobile Health**: Rapidly growing segment providing care in the home, with a broad range of services [5][31] Financial Performance - Revenue for Q2 was approximately $80.4 million, slightly above consensus, with a gross margin of 31.5% [16] - The company has collected about 98% of receivables from New York City and State for migrant services, improving cash flow [14][15] - Book value per share is increasing, and the company is trading at a significant discount to its book value [12][13] Market Dynamics - The U.S. healthcare system spends significantly on treating chronic diseases, with 90% of $4.5 trillion spent on chronic conditions and mental health [21][22] - DocGo aims to assist payers and providers in preventing chronic issues by offering tailored solutions [22][23] Growth Opportunities - The number of patients assigned for care gap closure is projected to exceed 1 million, with a significant increase in completed visits expected [53][54] - The company is focusing on expanding partnerships with health plans and hospital systems to enhance service delivery [62] Competitive Advantages - DocGo has a proprietary logistics platform that allows efficient routing and service delivery, creating a competitive moat [34][60] - The company has vertical integration, combining technology, staffing, and clinical services, which is rare in the industry [58][65] Management and Strategy - The management team includes experienced professionals from various sectors, enhancing operational capabilities [66] - Future M&A activities will focus on filling gaps in service offerings rather than simply acquiring revenue [62] Important but Overlooked Content - The company has pruned underperforming markets to focus on scalable opportunities, which may lead to higher growth rates than previously indicated [52] - The emphasis on care gap closure and mobile health services is critical for improving patient outcomes and reducing overall healthcare costs [40][41] Conclusion - DocGo is strategically positioned in a fragmented healthcare market with a strong focus on mobile health and medical transport services, backed by a solid financial foundation and growth potential through innovative solutions and partnerships [63][66]

分组1 - DocGo Inc. reported a quarterly loss of $0.11 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.06, and a decline from earnings of $0.06 per share a year ago, resulting in an earnings surprise of -83.33% [1] - Motion Acquisition, part of the Zacks Medical Services industry, posted revenues of $80.42 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 4.44%, but down from $164.95 million year-over-year [2] - The stock of Motion Acquisition has decreased by approximately 66.8% since the beginning of the year, contrasting with a 7.9% gain in the S&P 500 [3] 分组2 - The future performance of Motion Acquisition's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The trend of estimate revisions for Motion Acquisition was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $67.57 million, and -$0.24 on revenues of $310.46 million for the current fiscal year [7] 分组3 - The Medical Services industry is currently ranked in the top 40% of over 250 Zacks industries, with research indicating that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8] - Sonida Senior Living, another company in the same industry, is expected to report a quarterly loss of $0.78 per share, reflecting a year-over-year change of +9.3%, with revenues anticipated to be $82.72 million, up 17.8% from the previous year [9][10]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $80.4 million, down from $164.9 million in Q2 2024, primarily due to the decline in government vertical related to migrant projects [19] - Mobile health revenue decreased to $30.8 million from $116.7 million year-over-year, with approximately $18 million attributed to migrant-related revenues [20] - Medical Transportation Services revenue increased to $49.6 million from $48.2 million year-over-year, reflecting a 7% increase when excluding Colorado's impact [20][21] - Adjusted EBITDA for Q2 2025 was a loss of $6.1 million compared to a profit of $17.2 million in Q2 2024 [21] - Adjusted gross margin for the mobile health segment was 32.5%, down from 35.9% in Q2 2024, but improved from 30.8% in Q1 2025 [21][22] Business Line Data and Key Metrics Changes - The company completed over 176,000 medical transports and more than 28,000 mobile phlebotomy visits in Q2, meeting operational targets [9][10] - The Care Gap Closure Program saw an increase in assigned lives from 900,000 to 1.2 million, indicating growth in patient engagement [11][12] - The medical transportation segment accounted for 62% of total revenue, while mobile health made up the remaining 38% [21] Market Data and Key Metrics Changes - The company is expanding its services in Southern California and anticipates adding services in over a dozen new states by 2026 [10][11] - The demand for proactive healthcare is increasing, particularly in addressing chronic diseases, which presents significant opportunities for the company [9][10] Company Strategy and Development Direction - The company is focused on innovative solutions for payers, providers, and health systems to transform proactive healthcare delivery [6] - There is a strong emphasis on reducing SG&A costs, with an estimated annualized savings of $10 million from workforce reductions [8][24] - The company aims to achieve positive adjusted EBITDA in the latter half of 2026, targeting quarterly revenues in the $80 million to $85 million range [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market need for their services and the potential for growth in the payer and provider verticals [6][10] - The company is optimistic about the future, citing a robust pipeline and improved cash flow from operations [26][28] - Management highlighted the importance of technology and AI in enhancing patient engagement and operational efficiency [14][22] Other Important Information - The company celebrated its ten-year anniversary and ten millionth patient interaction, marking significant milestones in its journey [17] - Cash and cash equivalents increased to $128.7 million as of June 30, 2025, up from $103.1 million at the end of Q1 2025 [26][27] - The company repurchased 2.5 million shares for approximately $5.1 million during the quarter, with an extension of the buyback program approved until December 31 [28][29] Q&A Session Summary Question: Why did the increase in Care Gap patients not change revenue and EBITDA guidance? - Management clarified that the increase in patients was from existing contracts and emphasized the need to ramp up field teams to meet demand [31][32] Question: What caused the sequential decline in medical transport revenue? - Management explained that the decline was due to seasonality and not related to negative contract repricing, with higher revenues in Q1 leading to a settling in Q2 [34][35] Question: What is the EBITDA margin for the medical transport business? - Management indicated that the EBITDA margin was in the mid-single digits for the quarter, with a long-term target of double-digit margins [40][41] Question: What percentage of annual revenue will medical transport represent this year? - Management projected that medical transport would account for approximately 60% to 65% of annual revenue, with growth expected in the payer and provider business [42]

[DocGo Announces Second Quarter 2025 Results](index=1&type=section&id=DocGo%20Announces%20Second%20Quarter%202025%20Results) DocGo reported Q2 2025 financial results, including revenue decline and net loss, alongside corporate achievements and reiterated full-year guidance [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) DocGo reported a substantial year-over-year decline in total revenue and a shift to net loss and adjusted EBITDA loss for Q2 2025, primarily due to migrant program wind-down Q2 2025 Financial Performance vs. Q2 2024 | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | YoY Change | | :-------------------------------- | :-------------- | :-------------- | :--------- | | Total Revenue | $80.4 | $164.9 | -51.2% | | GAAP Gross Margin | 26.7% | 31.3% | -4.6 pts | | Adjusted Gross Margin | 31.6% | 33.9% | -2.3 pts | | Net (Loss) Income | $(13.3) | $5.9 | Shift to loss | | Adjusted EBITDA (Loss) | $(6.1) | $17.2 | Shift to loss | | Mobile Health Services Revenue | $30.8 | $116.7 | -73.6% | | Transportation Services Revenue | $49.6 | $48.2 | +2.9% | | Cash Flow from Operations | $33.6 | $36.9 | -8.9% | | Total Cash Balance (as of period end) | $128.7 (Jun 30, 2025) | $103.1 (Mar 31, 2025) | +24.8% | - The decline in total revenue and Mobile Health Services revenue was primarily attributed to the planned wind-down of migrant-related programs[5](index=5&type=chunk) [Select Corporate Highlights for the Second Quarter of 2025](index=1&type=section&id=Select%20Corporate%20Highlights%20for%20the%20Second%20Quarter%20of%202025) DocGo achieved operational milestones in Q2 2025, including expanding care gap closure services, launching new programs, and repurchasing shares - Surpassed **1.2 million patients** assigned by payer and provider partners for care gap closure services, an increase from 900,000 last quarter[5](index=5&type=chunk) - Launched a new care gap closure program in Southern California with one of the largest not-for-profit Medicare and Medicaid public health plans in the US[5](index=5&type=chunk) - Expanded care gap closure relationship with a major insurance company in the Northeast to include primary care services[5](index=5&type=chunk) - Repurchased **2.5 million shares** of common stock for approximately **$5.1 million** during the second quarter of 2025[5](index=5&type=chunk) - Launched a project with the Mescalero Apache Tribe and the New Mexico Department of Health to expand access to preventive wellness care, women's health services, chronic disease management, and behavioral health services for rural communities[7](index=7&type=chunk) - Subsequent to quarter end, the Company paid down **$30 million** on its line of credit, bringing the outstanding balance to **$0**[7](index=7&type=chunk) - Subsequent to quarter end, launched services under a multi-year contract with one of the largest academic medical systems in the New York metro area to provide dedicated ambulance services and coordinate all discharge transportation[7](index=7&type=chunk) [2025 Guidance and Management Commentary](index=2&type=section&id=2025%20Guidance) Management reiterated full-year 2025 guidance, highlighting progress in payer/provider business expansion, increased in-home visits, and SG&A reduction efforts Full-Year 2025 Guidance (Unchanged from last quarter) | Metric | Guidance (million USD) | | :---------------- | :--------------- | | Total Revenue | $300 - $330 | | Adjusted EBITDA | $(20) - $(30) loss | - CEO Lee Bienstock noted substantial progress in expanding payer and provider business, surpassing **1.2 million patients** for care gap closure services, and completing more in-home visits in H1 2025 than in all of 2024[6](index=6&type=chunk) - The company anticipates entering more than a half dozen new states in this vertical by the end of 2026[6](index=6&type=chunk) - CFO Norm Rosenberg reported a substantial increase in total cash balance to **$128.7 million**, driven by the collection of migrant-related receivables[6](index=6&type=chunk) - Approximately **$54 million** in migrant-related receivables remains outstanding, expected to be collected over the remainder of the year[6](index=6&type=chunk) - The company made considerable progress reducing SG&A, with corporate overhead cuts expected to result in an estimated **$10 million in annual savings**[6](index=6&type=chunk) - Further steps are planned for Q3 and Q4 to achieve profitability in the second half of 2026[6](index=6&type=chunk) [Company Information & Event Details](index=3&type=section&id=Company%20Information%20%26%20Event%20Details) This section details DocGo's mobile health and medical transportation services and provides Q2 2025 earnings conference call information [About DocGo](index=3&type=section&id=About%20DocGo) DocGo is a leading provider of technology-enabled mobile health and medical transportation services, aiming to reshape traditional healthcare delivery - DocGo leads the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, and ambulance services[9](index=9&type=chunk) - The company's proprietary technology and dedicated field staff facilitate healthcare treatment in patients' homes or workplaces, bridging the gap between physical and virtual care[9](index=9&type=chunk) [Conference Call and Webcast Details](index=3&type=section&id=Conference%20Call%20and%20Webcast%20Details) DocGo hosted a conference call and webcast on August 7, 2025, to discuss Q2 2025 financial and operating results Conference Call and Webcast Information | Detail | Information | | :---------------- | :--------------------------------------------------- | | Date | Thursday, August 7, 2025 | | Time | 5:00 PM ET | | Investor Dial | 1-800-717-1738 | | Int'l Investors Dial | 1-646-307-1865 | | Conference ID | 75731 | | Webcast Link | https://viavid.webcasts.com/starthere.jsp?ei=1726999&tp_key=80339fb981 | [Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents DocGo's unaudited condensed consolidated balance sheets, statements of operations, and cash flows for Q2 2025 [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, DocGo's total assets and liabilities decreased, primarily due to reduced accounts receivable, alongside a decline in stockholders' equity Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | | :-------------------------- | :---------------- | :------------------ | | Total Assets | $408,263,751 | $455,621,132 | | Cash and cash equivalents | $104,164,128 | $89,241,695 | | Accounts receivable, net | $122,756,182 | $210,899,926 | | Total Liabilities | $120,533,019 | $140,442,002 | | Total Stockholders' Equity | $287,730,732 | $315,179,130 | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](index=8&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20(LOSS)%20INCOME) For Q2 2025, DocGo reported a significant year-over-year decline in net revenues and a shift to a net loss, primarily due to migrant program wind-down Condensed Consolidated Statements of Operations Highlights (Three Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :------------------------------------------------ | :-------------- | :-------------- | | Revenues, net | $80,417,622 | $164,949,716 | | (Loss) income from operations | $(17,480,244) | $10,149,149 | | Net (loss) income | $(13,289,893) | $5,858,574 | | Net (loss) income attributable to stockholders - Basic | $(11,155,246) | $6,529,603 | | Net (loss) income per share - Basic | $(0.11) | $0.06 | | Net (loss) income per share - Diluted | $(0.11) | $0.06 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q2 2025, DocGo generated $33.6 million in operating cash flow, with increased cash used in investing activities and substantial financing outflows from stock repurchases Condensed Consolidated Statements of Cash Flows Highlights (Three Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :-------------------------------------------------------------------------------- | :-------------- | :-------------- | | Net cash provided by operating activities | $33,604,751 | $36,887,180 | | Net cash used in investing activities | $(21,377,184) | $(1,919,533) | | Net cash used in financing activities | $(7,382,430) | $(8,066,648) | | Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $108,554,572 | $85,823,394 | - The increase in net cash used in investing activities was largely driven by the purchase of restricted investments (**$22.2 million**) and the acquisition of a business (**$3.6 million**) during the six months ended June 30, 2025[24](index=24&type=chunk) - Common stock repurchases accounted for **$5.1 million** of cash used in financing activities during Q2 2025[24](index=24&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines and reconciles non-GAAP financial measures, including Adjusted Gross Margin and Adjusted EBITDA, to their GAAP equivalents [Adjusted Gross Margin Definition and Rationale](index=13&type=section&id=Adjusted%20Gross%20Margin) Adjusted gross margin is a non-GAAP measure excluding depreciation and amortization from GAAP gross profit, used to evaluate core operating performance - Adjusted gross profit is defined as total revenue minus cost of revenue, excluding depreciation and amortization[27](index=27&type=chunk) - Adjusted gross margin is adjusted gross profit as a percentage of total revenue[27](index=27&type=chunk) - Management believes adjusted gross margin is useful for evaluating operating performance as it excludes non-cash depreciation and amortization, providing a more complete view of core operations[28](index=28&type=chunk) [Adjusted EBITDA Definition and Rationale](index=14&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA is a non-GAAP measure that adjusts GAAP net income by adding back various non-cash and non-recurring items to evaluate operating performance - Adjusted EBITDA is calculated by taking GAAP net income (loss) and adding back net interest expense, income tax provision (benefit), depreciation and amortization, other (income) expense, non-cash equity-based compensation, and certain other non-recurring expenses[30](index=30&type=chunk) - Management uses Adjusted EBITDA to evaluate operating performance by eliminating the effects of financing, income taxes, accounting effects of capital spending and acquisitions, and other non-recurring/non-cash items[31](index=31&type=chunk) [Reconciliation of Non-GAAP Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Detailed tables reconcile GAAP gross margin to adjusted gross margin and GAAP net income (loss) to adjusted EBITDA for Q2 2025 and 2024 Reconciliation of GAAP Gross Margin to Adjusted Gross Margin (Three Months Ended June 30) | Metric | 2025 | 2024 | | :------------------------ | :------ | :------ | | GAAP gross margin | 26.7 % | 31.3 % | | Adjusted gross margin | 31.6 % | 33.9 % | Reconciliation of Net (Loss) Income (GAAP) to Adjusted EBITDA (Three Months Ended June 30, in millions) | Metric | 2025 | 2024 | | :------------------------ | :----- | :----- | | Net (loss) income (GAAP) | $(13.3) | $5.9 | | Adjusted EBITDA | $(6.1) | $17.2 | [Legal & Investor Information](index=3&type=section&id=Legal%20%26%20Investor%20Information) This section provides cautionary forward-looking statements and essential investor contact information [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, subject to substantial risks and uncertainties that could cause actual results to differ - This earnings release includes forward-looking statements regarding the Company's plans, strategies, outcomes, and prospects, based on management's beliefs and assumptions[10](index=10&type=chunk)[11](index=11&type=chunk) - Forward-looking statements are inherently subject to substantial risks, uncertainties, and assumptions, many beyond the Company's control, and actual results may differ materially[12](index=12&type=chunk) - The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this earnings release, except as required by law[15](index=15&type=chunk) [Contacts](index=15&type=section&id=Contacts) This section provides contact details for investor relations inquiries Investor Contact Information | Name | Company | Phone | Email | | :-------- | :------ | :---------- | :-------------------- | | Mike Cole | DocGo | 949-444-1341 | mike.cole@docgo.com, ir@docgo.com |