Business
DocGo Announces Strong Third Quarter 2022 Results
Q3 Revenue of $104.3 Million Up 22% Year-Over-Year; Company Raises Full-Year 2022 Revenue and Adjusted EBITDA Guidance Co-founder and CEO Stan Vashovsky
About this update from Docgo Inc.
[{"type":"text","content":"\nQ3 Revenue of $104.3 Million Up 22% Year-Over-Year; Company Raises Full-Year 2022 Revenue and Adjusted EBITDA Guidance\n\nCo-founder and CEO Stan Vashovsky announces his retirement effective December 31st; DocGo President Anthony Capone named new CEO; Mr. Vashovsky will consult with the Company through 2023 to assist with the transition\n\nCompany to host investor conference call and webcast today, November 7th, at 5:00 pm ET\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 third quarter ending September 30, 2022.\n\nThird Quarter Financial Highlights\n\n\nTotal revenue increased to $104.3 million compared to $85.8 million in Q3 2021, an increase of 22%.\n\n\nGross margin improved to 31.7% compared to 30.0% in Q3 2021.\n\n\nNet income increased to $2.5 million, compared to $0.8 million in Q3 2021, an increase of 213%. Excluding a one-time loss on the remeasurement of warrant liabilities in the third quarter of this year of $1.8 million, net income would have been $4.3 million.\n\n\nAdjusted EBITDA1 increased to $8.4 million compared to $4.0 million in Q3 2021, an increase of 110%.\n\n\nMobile Health revenue was $76.6 million compared to $67.9 million in Q3 2021, an increase of 12.9% year over year.\n\n\nTransportation Services revenue increased to $27.7 million compared to $17.9 million in Q3 2021, an increase of 55%.\n\n\nThe company estimates that Mass Covid testing-related revenues accounted for mid-single digits on a percentage basis of total revenue during the quarter, compared to approximately 35% of revenue in Q3 2021. The last Mass Covid testing contracts concluded in September of this year.\n\n\nNine-month revenues through September 30, 2022 increased to $331.7 million, compared to $197.4 million in the same period in 2021, an increase of 68%.\n\n\nNine-month net income through September 30, 2022 amounted to $23.6 million, compared to a net loss of $1.1 million in the nine months ended September 30, 2021, an improvement of $24.7 million.\n\n\nNine-month Adjusted EBITDA1 through September 30, 2022 increased to $34.5 million, compared to $7.8 million in the same period in 2021, an increase of 342%.\n\n\nTotal cash and cash equivalents at the end of the period were $179.4 million compared to $179.1 m...