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Sep 30, 2023
Docgo Q3 2023 Earnings Report
DocGo announced record third quarter results, raising revenue and adjusted EBITDA guidance for 2023.
Key Takeaways
DocGo reported a strong third quarter with a 79% increase in revenue compared to Q3 2022, driven by gains in nearly all business and project lines. Net income and Adjusted EBITDA also saw significant increases. The company raised its full-year 2023 revenue and adjusted EBITDA guidance.
Total revenue increased by 79% year-over-year to $186.6 million.
Net income increased by 84% year-over-year to $4.6 million.
Adjusted EBITDA increased by 99% year-over-year to $16.7 million.
Full-year 2023 revenue guidance increased to $615-$625 million.
Revenue by Segment
Forward Guidance
DocGo increased its full-year 2023 revenue guidance to $615-$625 million and adjusted EBITDA guidance to $50-$55 million.
Positive Outlook
- Full-year 2023 revenue guidance increased to a range of $615-$625 million, up from a previous range of $540-$550 million.
- Full-year 2023 adjusted EBITDA guidance increased to a range of $50-$55 million, up from a previous range of $48-$53 million.
- Expect further improvements in Q4 and beyond.
- Expect continued strong growth in 2024.
- Experienced significant earnings leverage in the third quarter due to our strong top line growth.
Challenges Ahead
- Experienced higher costs associated with the aggressive ramp-up of new projects.
- Decline in cash balance was driven by substantial receivables associated with the large HPD project under which payments have commenced.
- Uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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