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Dec 31, 2022
Docgo Q4 2022 Earnings Report
DocGo's Q4 2022 financial results, including full-year achievements and forward-looking guidance, were announced.
Key Takeaways
DocGo reported full-year revenue of $440.5 million, a 38% increase compared to 2021. The company introduced full-year 2023 revenue guidance of $500-$510 million and adjusted EBITDA guidance of $45-$50 million.
Full-year revenue increased to $440.5 million, a 38% increase year-over-year.
Full-year revenue increased 75% year-over-year excluding mass Covid testing.
The company is implementing a 'rapid normalization initiative' to reduce onboarding costs.
A backlog of more than $180 million of new contract awards was created.
Forward Guidance
DocGo anticipates 2023 revenue to be approximately $500-$510 million, representing growth of approximately 14% to 16% over 2022. Adjusted EBITDA is anticipated to be approximately $45-$50 million. Full-year gross margin is expected to be approximately 35%.
Positive Outlook
- Continued strong demand from customers for mobile health and transportation services solutions.
- Anticipated revenue growth of approximately 14% to 16% over 2022.
- Expected adjusted EBITDA of approximately $45-$50 million.
- Full-year gross margin is expected to be approximately 35%.
- Focus on 'rapid normalization initiative' to reduce onboarding costs.
Challenges Ahead
- Substantial costs associated with the launch of numerous new projects.
- Estimated incremental costs of approximately $12 million from the usage of subcontracted agency labor in 2022.
- $3 million from rental vehicle fees in 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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