DocGo (US:DCGO)2025-02-27 21:16Revenue 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]