DocGo, Inc. ( (DCGO) ) has released its Q4 earnings. Here is a breakdown of the information DocGo, Inc. presented to its investors.
DocGo Inc., a prominent player in the mobile health services sector, leverages technology to deliver healthcare solutions, including remote patient monitoring and ambulance services, aimed at transforming traditional healthcare delivery.
DocGo’s latest earnings report reveals a mixed financial performance for 2024, with total revenue slightly declining to $616.6 million from $624.2 million in 2023. Despite this, the company achieved a higher net income of $13.4 million compared to $10.0 million the previous year, showcasing improved profitability.
Key financial highlights include a notable increase in adjusted EBITDA to $60.3 million from $54.0 million in 2023, and an improvement in adjusted gross margin to 34.6% from 31.3%. However, the fourth quarter saw a significant revenue drop to $120.8 million from $199.2 million, primarily due to the wind-down of migrant-related programs. The company also reported a net loss of $7.6 million for the quarter, contrasting with a net income of $8.0 million in the same period last year.
DocGo’s strategic initiatives include surpassing 700,000 patients in care gap closure programs and expanding contracts with major healthcare systems. The company is investing in technology and personnel to support growth, particularly in its payer vertical, and has made acquisitions to enhance its service offerings.
Looking ahead, DocGo remains focused on transitioning from migrant-related revenues to core mobile health services, with a revenue forecast of $410-$450 million for 2025. Management is optimistic about future growth opportunities, driven by investments in care gap closure programs and government health initiatives, aiming for improved EBITDA margins beyond 2025.