DocGo reported a strong first quarter in 2024, marked by a 70% increase in total revenue, reaching $192.1 million, and a significant improvement in net income, which rose to $10.6 million compared to a net loss in the previous year. The company also revised its 2024 revenue guidance due to the accelerated wind-down of migrant-related services, while maintaining a positive outlook for its base business.
Total revenue increased by 70% to $192.1 million compared to Q1 2023.
Net income improved to $10.6 million, a 372% increase from a net loss in Q1 2023.
Mobile Health Services revenue increased by 97% to $143.9 million.
Adjusted EBITDA increased by 330% to $24.1 million.
DocGo revised its 2024 revenue guidance to $600-$650 million due to the accelerated wind-down of migrant-related services, with an expected $320-$350 million contribution from migrant-related revenue. The revenue expectation for the base businesses is $280 - $300 million. 2024 adjusted EBITDA guidance is revised to $65-75 million. The company expects to generate $70-$80 million in cash flow from operations for calendar year 2024.
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