DocGo, Inc. ( (DCGO) ) has released its Q3 earnings. Here is a breakdown of the information DocGo, Inc. presented to its investors.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
DocGo Inc. is a leading provider of technology-enabled mobile health services, offering an innovative care delivery platform that bridges the gap between physical and virtual healthcare through services such as remote patient monitoring and ambulance services.
In its latest earnings report, DocGo announced a significant expansion of its operations on the West Coast to support new payer programs and has increased its full-year guidance for cash flow from operations. The company reported a decrease in revenue for the third quarter of 2024 compared to the previous year, primarily due to the planned wind-down of migrant-related programs.
Key financial performance metrics highlighted in the report include a total revenue of $138.7 million for the third quarter of 2024, a 26% decrease from the same quarter in 2023. However, for the first nine months of 2024, total revenue increased by 17% compared to the same period in 2023. The company’s GAAP gross margin improved to 33.0%, and adjusted gross margin rose to 36.0% for the third quarter of 2024. Net income for the quarter was slightly lower at $4.5 million, while adjusted EBITDA increased by 7% to $17.9 million.
DocGo’s strategic advancements included the doubling of the number of patients assigned for care gap closure services and a significant expansion across the West Coast. The company secured contracts to enhance healthcare access in California and continued to provide vital life support services in New Jersey.
Looking ahead, DocGo’s management expressed optimism about the company’s continued growth, citing strong demand for its care gap closure programs and a robust cash flow outlook. The company remains focused on expanding its infrastructure and strategic partnerships to support its growth initiatives across multiple regions.
