DocGo (US:DCGO)2024-11-07 21:16Revenue Performance - Total revenue for Q3 2024 was $138.7 million, a decrease of 26% from $186.6 million in Q3 2023, primarily due to the planned wind down of migrant-related programs[2] - Mobile Health Services revenue decreased by 35% to $90.7 million in Q3 2024, while Transportation Services revenue increased by 2% to $48 million[2] - Total revenues for September 2024 were $138.68 million, a decrease of 25.7% compared to $186.55 million in September 2023[14] - Year-to-date revenue for 2024 reached $495.1 million, an increase of 7.5% compared to $238.5 million in the same period of 2023[27] - Total revenue for the nine months ended September 30, 2024, was $495.7 million, compared to $425.0 million for the same period in 2023[25] Profitability Metrics - GAAP gross margin for Q3 2024 was 33.0%, up from 27.2% in Q3 2023, while adjusted gross margin increased to 36.0% from 29.5%[2] - Net income for Q3 2024 was $4.5 million, a slight decrease of 2% compared to $4.6 million in Q3 2023, but increased significantly to $21.0 million for the first nine months of 2024 from $2.1 million in the same period of 2023[2] - Adjusted EBITDA for Q3 2024 was $17.9 million, a 7% increase from $16.7 million in Q3 2023, with a substantial increase of 88% for the first nine months of 2024 compared to the same period in 2023[2] - The company reported a net margin of 3.2% in Q3 2024, up from 2.5% in Q3 2023[27] - Adjusted EBITDA margin for the year-to-date period was 12.0%, compared to 13.2% in the same period of 2023[27] Cash Flow and Assets - The company generated over $31 million in cash flow from operations during the period, reflecting a significant increase in cash balance[5] - Cash flows from operating activities for the nine months ended September 30, 2024, were $57,449,955, a notable recovery from a cash outflow of $45,878,329 in the same period of 2023[15] - Cash and cash equivalents increased to $89.46 million in 2024 from $59.29 million in 2023, a growth of 50.9%[13] - Cash and restricted cash at the end of the period was $108,578,498, up from $67,255,938 at the end of the same period in 2023[16] - The company experienced a net increase in cash and restricted cash of $36,360,512 for the nine months ended September 30, 2024, compared to a decrease of $96,853,136 in the same period of 2023[16] Operational Developments - The company has significantly expanded its operations on the West Coast to support care gap closure programs, enhancing healthcare access for Medicaid recipients[4] - The average weekly number of care gap visits has doubled compared to the previous quarter, indicating strong demand for care gap closure programs[5] - A new contract was signed to facilitate in-home medical services for members of Firefly Health, indicating ongoing expansion of service offerings[4] Balance Sheet Highlights - Total current assets decreased to $328.33 million in 2024 from $338.87 million in 2023, a decline of 3.6%[13] - Total liabilities decreased to $168.98 million in 2024 from $185.28 million in 2023, a reduction of 8.8%[13] - The total stockholders' equity attributable to DocGo Inc. increased to $325.21 million in 2024 from $300.79 million in 2023, a rise of 8.1%[13] - The company’s accounts payable increased to $35.14 million in 2024 from $19.83 million in 2023, an increase of 77.0%[13] Other Financial Metrics - The company reported a net income before income tax provision of $9.03 million for September 2024, slightly down from $9.16 million in September 2023[14] - The weighted-average shares outstanding for basic net income per share were 102.07 million in September 2024, down from 103.87 million in September 2023[14] - Stock-based compensation for the three months ended September 30, 2023, was $3,360,709, compared to $15,161,847 for the same period in 2022[15] - The company incurred cash paid for interest of $594,734 for the three months ended September 30, 2023, compared to $179,430 for the same period in 2022[17] - The acquisition of businesses and intangibles totaled $2,940,843 and $2,228,233 respectively for the nine months ended September 30, 2024[15]