Business
DocGo Announces Strong Second Quarter 2024 Results
Company Raises Cash Flow From Operations Guidance to $80-$90 Million, Reiterates 2024 Revenue Guidance of $600-$650 Million and Adjusted EBITDA1 Guidance of
About this update from Docgo Inc.
[{"type":"text","content":"\nCompany Raises Cash Flow From Operations Guidance to $80-$90 Million, Reiterates 2024 Revenue Guidance of $600-$650 Million and Adjusted EBITDA1 Guidance of $65-$75 Million \n\n\nManagement to Host Conference Call and Webcast Today at 5:00 PM Eastern Time\n(Note Corrected Call Information Below)\n\n\n NEW YORK--(BUSINESS WIRE)--\nDocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled mobile health services, today announced financial and operating results for the quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nTotal revenue for the second quarter of 2024 was $164.9 million, compared to $125.5 million in the second quarter of 2023, an increase of 31%.\n\n\n\nGAAP gross margin (which includes non-cash depreciation expenses) for the second quarter of 2024 was 31.3%, compared to 30.3% in the second quarter of 2023.\n\n\n\nAdjusted gross margin2 for the second quarter of 2024 was 33.9%, compared to 33.4% in the second quarter of 2023.\n\n\n\nNet income was $5.9 million for the second quarter of 2024, compared to $1.3 million in the second quarter of 2023, an increase of 354%.\n\n\n\nAdjusted EBITDA2 was $17.2 million for the second quarter of 2024, compared to $9.1 million for the second quarter of 2023, an increase of 89%.\n\n\n\nMobile Health Services revenue for the second quarter of 2024 was $116.7 million, compared to $80.1 million for the second quarter of 2023, an increase of 46%. For the first half of 2024, Mobile Health Services revenue was $260.7 million, compared to $153.0 million for the first half of 2023, an increase of 70%.\n\n\n\nTransportation Services revenue in the second quarter of 2024 was $48.2 million, compared to $45.4 million for the second quarter of 2023, an increase of 6%. For the first half of 2024, Transportation Services revenue was $96.4 million, compared to $85.5 million for the first half of 2023, an increase of 13%.\n\n\n\nAs of June 30, 2024, the Company held total cash and cash equivalents, including restricted cash, of approximately $85.8 million, compared to $58.9 million as of March 31, 2024.\n\n\n\n2024 Guidance\n\n\n\nFull-year 2024 revenue is expected to be $600-$650 million.\n\n\n\nFull-year 2024 adjusted EBITDA2 is expected to be $65-$75 million.\n\n\n\nRevenue for our 2024 base business is expected to be $280-$300 ...