DocGo (DCGO) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was $164.9 million, a 31% increase from $125.5 million in Q2 2023[2] - Net income for Q2 2024 was $5.9 million, up 354% from $1.3 million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was $17.2 million, an 89% increase from $9.1 million in Q2 2023[2] - Mobile Health Services revenue for Q2 2024 was $116.7 million, a 46% increase from $80.1 million in Q2 2023[2] - Total revenues for Q2 2024 reached $164.95 million, a 31.5% increase from $125.49 million in Q2 2023[15] - Net income attributable to stockholders of DocGo Inc. for Q2 2024 was $6.53 million, compared to a net loss of $2.01 million in Q2 2023[15] - The company reported a gross profit of $55.88 million for Q2 2024, up from $41.87 million in Q2 2023, indicating a gross margin improvement[15] - The company’s net income per share attributable to DocGo Inc. was $0.06 for Q2 2024, compared to a loss of $0.02 per share in Q2 2023[16] - Year-to-date revenue for 2024 reached $357.0 million, a 49.7% increase from $238.5 million in the same period of 2023[31] - Total revenue for the year-to-date period in 2024 was $357.0 million, compared to $238.5 million in 2023, indicating strong growth[31] Cash Flow and Assets - The company raised its cash flow from operations guidance for 2024 to $80-$90 million, up from the previous expectation of $70-$80 million[2] - Cash and cash equivalents increased to $66.06 million as of June 30, 2024, up from $59.29 million as of December 31, 2023[13] - Total current assets decreased to $328.71 million as of June 30, 2024, from $338.87 million as of December 31, 2023[13] - Total liabilities decreased to $170.18 million as of June 30, 2024, from $185.28 million as of December 31, 2023, representing a reduction of approximately 8.2%[13] - The company experienced a net increase in cash of $26,929,531 for the three months ended June 30, 2024, compared to a decrease of $(3,757,956) for the same period in 2023[20] - Net cash provided by operating activities for the six months ended June 30, 2024, was $26,416,562, compared to a net cash used of $(12,424,782) for the same period in 2023[18] - Cash and restricted cash at the end of the period was $85,823,394, down from $123,760,762 at the end of the same period in 2023[20] Operational Highlights - The company secured five new contracts for healthcare services across the U.S.[3] - A new Medical Advisory Board was established to enhance clinical offerings and research[3] - The company launched a new Well Child Visits program aimed at improving pediatric preventive care[4] - A new share repurchase program of up to $26 million was authorized by the Board of Directors[4] Cost and Margin Analysis - Operating expenses for Q2 2024 were $154.80 million, compared to $123.91 million in Q2 2023, reflecting a 24.9% increase[15] - Adjusted gross profit for Q2 2024 was $55.9 million, compared to $41.9 million in Q2 2023, marking a 33.5% increase[30] - GAAP gross margin improved to 31.3% in Q2 2024, up from 30.3% in Q2 2023[30] - Adjusted gross margin for Q2 2024 was 33.9%, slightly up from 33.4% in Q2 2023[30] - The net margin for Q2 2024 improved to 3.6%, up from 1.0% in Q2 2023[31] - The company reported a pretax income margin of 5.8% in Q2 2024, compared to 0.8% in Q2 2023[31] Other Financial Metrics - The accumulated deficit decreased to $(3.64) million as of June 30, 2024, from $(21.39) million as of December 31, 2023[14] - Total stockholders' equity attributable to DocGo Inc. increased to $315.16 million as of June 30, 2024, from $300.79 million as of December 31, 2023[14] - The company reported a net cash used in investing activities of $(3,788,400) for the six months ended June 30, 2024, compared to $(25,417,484) for the same period in 2023[18] - The company paid $464,235 in interest for the three months ended June 30, 2024, compared to $93,943 for the same period in 2023[21] - Adjusted EBITDA is a key non-GAAP measure that excludes certain amounts included in net income, providing a clearer view of the company's operating performance[27] - The company reported an adjusted gross margin, which is useful for evaluating operating performance by excluding non-cash depreciation and amortization charges[25] - The acquisition of remaining FMC NA involved a due to seller and issuance of stock valued at $7,000,000[22] - The company made earnout payments on contingent liabilities totaling $(1,600,029) during the three months ended June 30, 2024[19]