Financial Performance - For the year ended December 31, 2024, the company recorded net income of $13.4 million, compared to $10.0 million in 2023 and $30.7 million in 2022[344]. - Total revenues for the year ended December 31, 2024, were $616.6 million, a decrease of $7.7 million, or 1.2%, from 2023[362]. - Mobile Health Services revenues decreased by $19.7 million, or 4.4%, to $423.1 million, primarily due to the wind-down of migrant-related services[363]. - Transportation Services revenues increased by $12.0 million, or 6.6%, to $193.5 million, driven by a 13.7% increase in trip volumes[364]. - The company recorded a net income of $13.4 million, an increase of $3.4 million, or 34.0%, compared to $10.0 million in 2023[361]. - The provision for income taxes increased to $14.4 million in 2024 from $6.2 million in 2023, primarily due to higher pretax income[380]. Revenue Segments - The company derives revenue primarily from two segments: Mobile Health Services and Transportation Services[351]. - Mobile Health Services revenues increased to $442.8 million, up $116.9 million, or 35.9%, primarily due to service expansion in the government customer sector[386]. - Transportation Services revenues reached $181.5 million, an increase of $66.9 million, or 58.3%, driven by a 15.8% increase in trip volumes[387]. Expenses and Costs - Total cost of revenues decreased by $25.9 million, or 6.0%, to $403.0 million, with cost of revenues as a percentage of revenues decreasing to 65.4% from 68.7%[365][366]. - Operating expenses increased by $4.6 million, or 2.6%, to $184.9 million, with operating expenses as a percentage of revenues rising to 30.0% from 28.9%[369]. - The company focuses on managing working capital and operating expenses, with significant costs in labor, medical supplies, and vehicle-related expenses[336]. Acquisitions and Investments - The company completed three acquisitions in 2023 for an aggregate purchase price of $34.2 million, while no acquisitions were completed in 2024[342]. - The company plans to invest in research and development to enhance customer experience and introduce innovative new software services and mobile applications[345]. Cash Flow and Working Capital - As of December 31, 2024, available cash totaled $89.2 million, reflecting an increase of $30.0 million compared to December 31, 2023[413]. - For the year ended December 31, 2024, cash provided by operating activities was $70.3 million, a significant increase of $134.5 million compared to cash used of $64.2 million in 2023[415]. - The Company’s total working capital as of December 31, 2024, was $182.7 million, an increase of $13.9 million or 8.2% compared to $168.8 million in 2023[413]. Market Conditions and Risks - The company operates in a competitive environment influenced by macroeconomic conditions, including interest rates and inflation[332]. - The company expects general and administrative expenses to increase as it scales its business and complies with SEC regulations[353]. - The company anticipates that revenues from migrant-related projects will be significantly lower in 2025 compared to 2024 and the second half of 2023[348]. Customer Concentration - One customer accounted for approximately 38% of revenues and 39% of net accounts receivable for the year ended December 31, 2024[458]. - Another customer accounted for approximately 28% of revenues and 37% of net accounts receivable for the same period[458]. Credit and Interest Rate Risk - The Company does not believe it is exposed to significant credit risk due to the financial strength of the depository institutions[457]. - The Company has not utilized interest rate hedging or other strategies to mitigate interest rate risk[454]. - A hypothetical 10% change in interest rates during the year ended December 31, 2024, would have had a neutral net impact on the Consolidated Financial Statements[454].

Revenue Performance - Full-year 2024 revenue was $616.6 million, a decrease of 1.1% from $624.2 million in 2023[5] - Total revenue for Q4 2024 was $120.8 million, down 39.2% from $199.2 million in Q4 2023, primarily due to the wind-down of migrant-related programs[5] - Total revenues for the year ended December 31, 2024, were $616.56 million, a decrease of 1.2% from $624.29 million in 2023[20] - Revenue for Q4 2024 was $120.83 million, a decrease of 39.3% compared to $199.25 million in Q4 2023[39] Net Income and Loss - Full-year 2024 net income increased to $13.4 million, up from $10.0 million in 2023[5] - Q4 2024 net loss was $7.6 million, compared to net income of $8.0 million in Q4 2023[5] - Net income attributable to stockholders of DocGo Inc. for 2024 was $19.99 million, significantly up from $6.86 million in 2023[20] - Net loss attributable to stockholders for Q4 2024 was $3.26 million, compared to a net income of $7.57 million in Q4 2023[27] - Net income (GAAP) for Q4 2024 was a loss of $7.6 million, compared to a profit of $8.0 million in Q4 2023[40] Cash Flow and Assets - Cash flows from operating activities for 2024 were $70.34 million, a significant recovery from a cash outflow of $64.22 million in 2023[23] - Cash and restricted cash at the end of Q4 2024 was $107.34 million, an increase from $72.22 million at the end of Q4 2023[30] - Net cash provided by operating activities for Q4 2024 was $12.89 million, compared to a net cash used of $5.92 million in Q4 2023[30] Expenses and Margins - Total expenses for Q4 2024 were $128.31 million, down from $187.57 million in Q4 2023, resulting in a loss from operations of $7.47 million[27] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $60.3 million, up from $54.0 million in 2023[40] - Adjusted EBITDA margin for the twelve months ended December 31, 2024, was 9.8%, an increase from 8.6% in 2023[40] - GAAP gross profit for the twelve months ended December 31, 2024, was $197.69 million, an increase of 10.4% from $178.95 million in 2023[39] - GAAP gross margin for Q4 2024 was 30.8%, a slight decrease from 31.2% in Q4 2023[40] Assets and Liabilities - Total current assets decreased to $304.49 million in 2024 from $338.87 million in 2023, primarily due to a reduction in accounts receivable[18] - Total liabilities decreased to $140.44 million in 2024 from $185.28 million in 2023, reflecting a reduction in accrued liabilities and contingent consideration[18] - The total stockholders' equity attributable to DocGo Inc. increased to $320.92 million in 2024 from $300.79 million in 2023[18] Strategic Developments - The company signed a two-year contract with a major hospital system in Fort Worth, TX for medical transportation services[8] - DocGo acquired PTI Health to expand its portfolio with mobile phlebotomy services[8] - Investments in the company's tech stack resulted in a 9% reduction in average booking time compared to the previous quarter[8] - The company plans to continue focusing on technology and development, with expenses in this area increasing to $11.59 million in 2024 from $10.86 million in 2023[20] Tax and Other Financial Metrics - The company reported a significant increase in cash paid for income taxes, totaling $7.25 million in Q4 2024, compared to $4.25 million in Q4 2023[29] - The company reported a bad debt expense of $5.24 million in 2024, up from $3.60 million in 2023, indicating increased credit risk[23] - The company incurred a finite-lived intangible asset impairment of $8.31 million in 2024, which was not present in 2023[20] - The company experienced a loss on equity method investments of $86,121 in Q4 2024, compared to a loss of $41,974 in Q4 2023[27] - The company reported a foreign currency translation adjustment loss of $1.09 million in Q4 2024, compared to a gain of $676,734 in Q4 2023[27] Shareholder Information - The weighted-average shares outstanding for basic net income per share were 102.40 million in 2024, down from 103.51 million in 2023[20] - The company repurchased common stock worth $2.68 million in Q4 2024, with no repurchases reported in Q4 2023[30]

Company Overview - DocGo Inc. (DCGO) shares increased by 7.9% to $5.44 in the last trading session, with a notable trading volume, and have gained 23.5% over the past four weeks [1][2] Recent Developments - The recent price rise is attributed to investor optimism following DocGo's acquisition of PTI Health, which provides mobile lab collection and phlebotomy services, enhancing the company's ability to offer timely blood collection and at-home testing services [2] Financial Expectations - DocGo is projected to report quarterly earnings of $0.04 per share, reflecting a year-over-year decline of 33.3%. Expected revenues are $128.57 million, down 35.5% from the same quarter last year [3] - The consensus EPS estimate for DocGo has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - DocGo operates within the Zacks Medical Services industry, which includes other companies like Establishment Labs Holdings Inc. (ESTA). ESTA's stock closed 5.8% higher at $30.15, but has seen a return of -37.7% over the past month [4] - Establishment Labs' consensus EPS estimate for the upcoming report is -$0.62, representing a year-over-year change of +21.5%, and it currently holds a Zacks Rank of 4 (Sell) [5]

Financial Data and Key Metrics - Q3 2024 revenue was $138.7 million, a 26% decrease YoY, driven by the wind-down of migrant-related projects [17] - Adjusted EBITDA for Q3 2024 was $17.9 million, up from $16.7 million in Q3 2023, with an adjusted EBITDA margin of 12.9%, up from 8.9% YoY [18] - Mobile Health revenue for Q3 2024 was $90.7 million, down 35% YoY, while Transportation revenue increased to $48 million, up 2% YoY [17] - Total cash and cash equivalents balance reached $108.6 million, up from $85.8 million in Q2 2024 [22] - GAAP gross margin for Q3 2024 was 33%, up from 27.2% in Q3 2023, with adjusted gross margin at 36%, up from 29.5% YoY [19] Business Line Performance - Mobile Health segment saw adjusted gross margins of 38.8% in Q3 2024, up from 28.8% in Q3 2023, driven by improved subcontractor costs [20] - Transportation segment adjusted gross margins were 30.7% in Q3 2024, down from 31.7% in Q3 2023, but improved by 160 basis points from Q2 2024 [20] - Care gap closure programs more than doubled the number of assigned lives sequentially from Q2 to Q3, exceeding 500,000 patients [5] - The company expects to exit 2024 at a run rate of 1,000 care gap visits per week, with a goal of 65,000 visits in 2025 [10] Market Performance - The company expanded its mobile health plan partnerships, particularly on the West Coast, with new hubs in San Diego, Los Angeles, and Sacramento [5] - In the municipal population health vertical, the company extended the Street Health Outreach + Wellness contract for a fourth year in New York City [13] - The company received an expansion with the New Mexico Department of Health, broadening the scope of clinical services at public health offices [14] - In the hospital vertical, the company signed or is close to signing several small- to medium-sized contracts, with expansion in the Northeast and Dallas markets [15] Strategy and Industry Competition - The company is focusing on value-based care arrangements with insurance partners, aiming to support long-term growth and vision [11] - The addition of Dr. Stephen Klasko as Chair of the Board brings extensive healthcare experience and a network that could optimize patient care and operational efficiency [16] - The company is leveraging its proprietary technology platform to track providers and dispatch both medical transportation and mobile health resources, a unique combination in the industry [15] Management Commentary on Operating Environment and Future Outlook - The company fine-tuned its 2024 guidance to $620 million to $630 million in revenue and $70 million to $75 million in adjusted EBITDA, with increased cash flow from operations expectations [6] - For 2025, the company issued consolidated revenue guidance of $410 million to $450 million, including $50 million in migrant-related revenue [7] - Management emphasized the strong pipeline and operational execution, with a focus on expanding payer programs and maintaining high-quality service delivery [8][9] Other Important Information - The company generated $31 million in cash flow from operations in Q3 2024, with total cash and cash equivalents now over $108 million [8] - The company expects to generate $90 million to $100 million in cash flow from operations in 2024, with $57 million already generated through the first nine months [23] - The company is actively managing operating expenses as migrant programs wind down, with SG&A as a percentage of revenue expected to increase in the coming quarters [21] Q&A Session Summary Question: What drove the strong EBITDA beat in Q3 2024? - The EBITDA beat was driven by higher-than-expected gross margins, particularly in the Mobile Health segment, which benefited from a favorable mix of migrant-related programs [27] - SG&A expenses were well-controlled, down 14% YoY, due to cost-cutting measures [28] Question: How does the 2025 guidance compare to previous expectations? - The 2025 guidance includes $50 million in migrant-related revenue, which is healthcare-focused and aligned with population health services [32] - The adjusted EBITDA margin range of 8% to 10% reflects investments in expansion and quality of service, particularly in payer programs [33] Question: How are care gap closure contracts impacting margins? - Care gap closure contracts are priced to preserve historical margins, but rapid expansion requires upfront investments in training and staffing, which may temporarily impact margins [37] Question: What is the outlook for the non-migrant municipal population health business? - The non-migrant municipal population health business is expected to generate $240 million to $260 million in 2024, revised from previous forecasts due to the extended wind-down of migrant-related programs [40] Question: How has the Medicare Advantage star ratings issue impacted the payer business? - The Medicare Advantage star ratings issue has created opportunities for the company to scale up care gap closure programs, with increased traction from both existing and new payer partners [44][46]

分组1 - DocGo Inc. reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of $0.04 per share, with a year-over-year comparison showing no change [1] - The earnings surprise for the quarter was 25%, while the previous quarter saw an earnings miss of -14.29% [1][2] - Over the last four quarters, the company has surpassed consensus EPS estimates only once [2] 分组2 - Motion Acquisition reported revenues of $138.69 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.65%, and down from $186.55 million year-over-year [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] - Motion Acquisition shares have declined approximately 34.7% year-to-date, contrasting with the S&P 500's gain of 24.3% [3] 分组3 - The future performance of Motion Acquisition's stock will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - Current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $126.93 million, and for the current fiscal year, it is $0.24 on revenues of $623.55 million [7] - The Zacks Industry Rank indicates that the Medical Services sector is currently in the bottom 45% of over 250 Zacks industries, which may impact stock performance [8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39618 DocGo Inc. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | |------------------ ...

Exhibit 99.1 DocGo Announces Third Quarter 2024 Results 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 NEW YORK, NY, November 7, 2024 – 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 Septembe ...

DocGo Inc. (DCGO) came out with quarterly earnings of $0.06 per share, missing the Zacks Consensus Estimate of $0.07 per share. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -14.29%. A quarter ago, it was expected that this company would post earnings of $0.09 per share when it actually produced earnings of $0.09, delivering no surprise. Over the last four quarters, the company has not been ab ...

DocGo Announces Record Second Quarter 2023 Results August 7, 2023 at 4:05 PM EDT Company Raises 2023 Revenue Guidance To $540-$550 Million Increases Adjusted EBITDA1 Guidance To $48-$53 Million NEW YORK--(BUSINESS WIRE)--Aug. 7, 2023-- DocGo Inc. (Nasdaq: DCGO), a leading provider of last-mile mobile health services today announced financial and operating results for the quarter ended June 30, 2023. Q2 2023 Financial Highlights Total revenue for the second quarter of 2023 was $125.5 million, up from $113.0 ...

DocGo Inc. (NASDAQ:DCGO) Q2 2024 Earnings Conference Call August 7, 2024 5:00 PM ET Company Participants Mike Cole – Vice President, Investor Relations Lee Bienstock - Chief Executive Officer Norman Rosenberg - Chief Financial Officer Conference Call Participants Sarah James - Cantor Fitzgerald Mike Latimore - Northland Capital Markets David Larsen – BTIG Pito Chickering - Deutsche Bank David Grossman - Stifel Ryan MacDonald - Needam Richard Close - Canaccord Genuity Operator Good day everyone, and welcome ...