Business
DocGo Announces Record Second Quarter 2023 Results
Company Raises 2023 Revenue Guidance To $540-$550 Million Increases Adjusted EBITDA1 Guidance To $48-$53 Million NEW YORK--(BUSINESS WIRE)-- DocGo Inc.
About this update from Docgo Inc.
[{"type":"text","content":"\nCompany Raises 2023 Revenue Guidance To $540-$550 Million\n\n\nIncreases Adjusted EBITDA1 Guidance To $48-$53 Million\n\n\n NEW YORK--(BUSINESS WIRE)--\nDocGo Inc. (Nasdaq: DCGO), a leading provider of last-mile mobile health services today announced financial and operating results for the quarter ended June 30, 2023.\n\n\nQ2 2023 Financial Highlights\n\n\n\nTotal revenue for the second quarter of 2023 was $125.5 million, up from $113.0 million in the first quarter of 2023 and $109.5 million in the second quarter of 2022. Mass COVID-testing revenues during each of the first two quarters of 2023 were less than $1.0 million, compared to approximately $28.0 million of mass COVID-testing revenue in the second quarter of 2022. Excluding Mass Covid-testing revenues from both second quarter periods, revenues grew 53%, year over year.\n\n\n\nGross margin for the second quarter of 2023 was 33.4%, compared to 28.1% in the first quarter of 2023 and 35.9% in the second quarter of 2022.\n\n\n\nNet income was $1.3 million for the second quarter of 2023 compared to a net loss of $3.9 million in the first quarter of 2023 and net income of $11.8 million for the second quarter of 2022. Net income in the second quarter of 2022 included gains of $3.0 million on the remeasurement of warrant liabilities and $1.4 million on the remeasurement of finance leases.\n\n\n\nAdjusted EBITDA2 was $9.1 million for the second quarter of 2023 compared to $5.6 million in the first quarter of 2023 and $12.3 million for the second quarter of 2022. Adjusted EBITDA2 in the second quarter of 2022 was positively impacted by approximately $28.0 million of mass Covid-testing revenue.\n\n\n\nDocGo’s current backlog,3 defined as contracts which have been awarded but not fully rolled out, increased to $325 million in total contract value over approximately three years driven entirely by new wins in the Mobile Health segment. As of our last report on May 8, 2023, the backlog was $205 million.\n\n\n\nMobile Health revenue for the second quarter of 2023 was $80.1 million, compared to $72.9 million in the first quarter of 2023 and $87.3 million for the second quarter of 2022. The second quarter of 2023 included less than $1.0 million of mass COVID-testing revenue compared to approximately $28.0 million in the prior year period.\n\n\n\nTransportation Services revenue in the sec...