Business
DocGo Announces Strong First Quarter 2022 Results
Q1 Revenue of $118 Million Up 137% Over Comparable Prior Year Period Bolsters Senior Staff, Expands Market Footprint NEW YORK--(BUSINESS WIRE)-- DocGo
About this update from Docgo Inc.
[{"type":"text","content":"\nQ1 Revenue of $118 Million Up 137% Over Comparable Prior Year Period\n\nBolsters Senior Staff, Expands Market Footprint\n\n NEW YORK--(BUSINESS WIRE)--\nDocGo (Nasdaq:DCGO), a leading provider of last-mile mobile health services and integrated medical transportation solutions, today announced financial and operating results for the first quarter ending March 31, 2022.\n\n“During the first quarter we were able to continue our momentum from 2021, as we began the transition of some Covid-related services to longer term non-Covid related work both with new and existing customers. Our goal is to make this transition as seamless as possible. While there are challenges, we are making great progress,” stated Stan Vashovsky, Chief Executive Officer and Co-Founder of DocGo. “We also continue to expand our breadth and geographic reach, adding new services in new states, while bolstering the strength of our operational team. Not only did DocGo grow revenue 137% over the year-ago period, but we also generated strong net income and cash flow, and we expect to see continued improvements in profitability over time. We continue to operate in a vast, untapped market with a scalable and capital efficient business model. Our first quarter results represent a strong start to what I anticipate will be a successful 2022, and I look forward to sharing additional updates.”\n\nFirst Quarter Financial Highlights\n\n\nTotal revenue was $117.9 million. The Company estimates that Q1 2022 Covid testing revenues amounted to $38 million.\n\n\nQ1 2022 total revenue of $117.9 million represents an increase of 137% over $49.7 million in total revenue for the first quarter of 2021, which included $20.4 million of Covid testing revenues. Excluding Covid testing revenues from both periods, total revenues in Q1 2022 increased by approximately 173% from Q1 2021.\n\n\nThe Company estimates that Covid testing revenue accounted for approximately 32% of total revenues in Q1 2022, compared to 41% in Q4 2021.\n\n\nMobile Health revenue increased to approximately $90.1 million, compared to $30.6 million in the first quarter of 2021. The increase reflects the extension of certain key contracts as well as a number of new contracts.\n\n\nMedical transport revenue was approximately $27.8 million, up 46% from $19.1 million in the first quarter of 2021.\n\n\nNet income was $9.4 m...