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Dec 31, 2024
Docgo Q4 2024 Earnings Report
DocGo reported a decrease in total revenue primarily due to the wind-down of migrant-related programs, while full-year GAAP gross margin improved.
Key Takeaways
DocGo's fourth quarter 2024 revenue decreased to $120.8 million from $199.2 million in the prior year, mainly due to the wind-down of migrant-related programs. The company reported a net loss of $7.6 million for the quarter, compared to a net income of $8.0 million in Q4 2023. Full-year 2024 revenue was $616.6 million, with a GAAP gross margin of 32.1%.
Total revenue for Q4 2024 was $120.8 million, a significant decrease from $199.2 million in Q4 2023, primarily due to the wind-down of migrant-related programs.
The company reported a net loss of $7.6 million in Q4 2024, contrasting with a net income of $8.0 million in Q4 2023.
Adjusted EBITDA for Q4 2024 was $1.1 million, down from $22.6 million in Q4 2023.
Full-year 2024 revenue was $616.6 million, with full-year GAAP gross margin improving to 32.1% from 28.7% in 2023.
Revenue by Segment
Forward Guidance
DocGo expects full-year 2025 revenue to be between $410 million and $450 million, unchanged from previous estimates. However, the adjusted EBITDA margin for 2025 is now expected to be approximately 5%, down from the previous estimate of 8%-10%.
Positive Outlook
- Full-year 2025 revenue guidance remains unchanged at $410-$450 million.
- Continued strong demand for care gap closure programs in payer and provider verticals.
- Expansion of training initiatives and broadening of service scope.
- High Net Promoter Score (NPS) of 86 for care gap closure programs in Q4, indicating strong patient and customer satisfaction.
- Confidence in second-half revenues from government population health pipeline, including subcontracted and direct opportunities.
Challenges Ahead
- Full-year 2025 adjusted EBITDA margin is now expected to be approximately 5%, down from the previous estimate of 8%-10%.
- Increased investment to support the growth of care gap closure programs.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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