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Dec 31, 2023
Docgo Q4 2023 Earnings Report
Announced record fourth quarter and full-year 2023 results and updated 2024 revenue guidance.
Key Takeaways
DocGo reported a strong fourth quarter with total revenues of $199.2 million, an 83% increase compared to the previous year. Net income increased by 13% to $8.0 million, and adjusted EBITDA saw a substantial rise of 232% to $22.6 million. The company's full-year revenue increased by 42% to $624.2 million.
Total revenues for Q4 2023 were $199.2 million, an increase of 83% compared to Q4 2022.
Net income for Q4 2023 was $8.0 million, a 13% increase compared to Q4 2022.
Adjusted EBITDA for Q4 2023 was $22.6 million, a 232% increase compared to Q4 2022.
Mobile Health Services revenues in Q4 2023 increased by 110% to $150.4 million compared to Q4 2022.
Revenue by Segment
Forward Guidance
DocGo expects full-year 2024 revenues to be between $720 million and $750 million and adjusted EBITDA to be between $80 million and $85 million.
Positive Outlook
- Full-year 2024 revenues are expected to be $720-750 million.
- Full-year 2024 adjusted EBITDA is expected to be $80-85 million.
- Full-year 2024 cash flow from operations is expected to be $65-$75 million.
- Payer relationships continue to expand with commercial rollouts in Michigan, Connecticut and New Jersey in late 2023.
- Work with major hospital systems has continued to grow.
Challenges Ahead
- Assumed some moderation in migrant-related revenues as the year progresses.
- There is typically a slight lag as these leading indicators transition to improved profitability, and we observed that play out late in 2023 and early in 2024.
- Gross margin for the fourth quarter of 2023 was 33.5%, compared to 39.0% in the fourth quarter of 2022.
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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