Business
DocGo Announces Third Quarter 2021 Results
Third quarter revenue increased 219% year-over-year NEW YORK--(BUSINESS WIRE)-- DocGo, a leading provider of last-mile mobile health services and integrated
About this update from Docgo Inc.
[{"type":"text","content":"\nThird quarter revenue increased 219% year-over-year\n\n NEW YORK--(BUSINESS WIRE)--\nDocGo, a leading provider of last-mile mobile health services and integrated medical mobility solutions (Nasdaq:DCGO), has filed a Current Report on Form 8-K/A concluding the administrative filings related to its merger with Motion Acquisition Corp. The Current Report on Form 8-K/A includes the results for the period ended September 30, 2021. Key financial highlights include a total third-quarter revenue of $85.8 million, including Mobile Health revenues of $67.9 million.\n\n“We are enormously pleased to see DocGo's continued growth in the third quarter of 2021,” said Stan Vashovsky, CEO of DocGo. \"As we celebrate the recent closing of our merger and Nasdaq listing, we look forward to continued expansion in the coming months.\"\n\nThird Quarter Financial Highlights\n\n\nTotal revenues in the third quarter of 2021 amounted to $85.8 million, an increase of 219% from $26.9 million in the third quarter of 2020. Transport revenues were $17.9 million, up 18% from $15.2 million in the third quarter of 2020, while Mobile Health revenues were $67.9 million, compared to $11.7 million in last year’s third quarter.\n\n\nThrough the first nine months of 2021, total revenues were $197.4 million, up 214% from $62.9 million in the first nine months of 2020. Transport revenues were $65.7 million, up 38% from $47.6 million in the first nine months of 2020, while Mobile Health revenues were $131.7 million, compared to $15.3 million in the first nine months of 2020.\n\n\nNet income in the third quarter of 2021 was $0.8 million, compared to a net loss of $2.7 million in last year’s third quarter. Adjusted EBITDA1 was $4.0 million, compared to an adjusted EBITDA loss of $1.0 million in the third quarter of 2020.\n\n\nThrough the first nine months of 2021, DocGo recorded a net loss of $1.2 million, compared to a net loss of $10.4 million in the first nine months of 2020. Through the first nine months of 2021, Adjusted EBITDA was $7.3 million, compared to an adjusted EBITDA loss of $5.6 million in the first nine months of 2020.\n\n\n1 Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measure” at the end of this release for a discussion of this measure, including certain limitations thereof, and a reconciliation to net income (loss), the most directly comparable G...