DocGo reported a decrease in revenue due to the planned wind down of migrant-related programs, but net income and adjusted EBITDA increased. The company expanded its geographic footprint on the West Coast and saw strong demand for its care gap closure programs.
Total revenue for Q3 2024 was $138.7 million, a decrease of 26% compared to Q3 2023.
Net income was $4.5 million for Q3 2024, a decrease of 2% compared to Q3 2023.
Adjusted EBITDA was $17.9 million for Q3 2024, an increase of 7% compared to Q3 2023.
Full-year 2024 revenue guidance has been tightened to $620-$630 million, and cash flow from operations is expected to be $90-$100 million.
DocGo provided full-year 2024 and 2025 guidance. Full-year 2024 revenue is expected to be $620-$630 million, adjusted EBITDA is expected to be $70-$75 million, and cash flow from operations is expected to be $90-$100 million. Full-year 2025 revenue is expected to be $410-$450 million, and adjusted EBITDA margin is expected to be 8%-10%.
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