Loading...
•
Mar 31, 2024
Docgo Q1 2024 Earnings Report
Reported strong first quarter results with increased revenue and net income.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
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.
Positive Outlook
- Base business (medical transportation and non-migrant mobile health) expected to generate $280 - $300 million in revenue for 2024.
- Base business expected to grow in excess of 30% in 2025.
- Adjusted EBITDA margin for base business expected to exceed 10% in 2025.
- Cash flow from operations expected to be $70-$80 million for 2024.
- Expanded programs with major insurance companies and strong medical transportation business.
Challenges Ahead
- 2024 revenue guidance revised downward from $720-$750 million to $600-$650 million.
- Reduction solely due to accelerated wind down of migrant related programs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...