Docgo Inc. · NASDAQ:DCGO
Docgo — Motion Acquisition — SPAC Merger (July 2021)
66 slides from Docgo's SPAC merger presentation, Jul 20, 2021
Slide 1: Analyst Day Presentation
© 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o ANALYST DAY P R ESE N T A TIO N WHERE TELEHEALTH STOPS, WE GO
Slide 2: Disclaimer
Disclaimer © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 2 This presentation contemplates a business combination pursuant to a merger agreement, by and among Ambulnz Inc. (dba “DocGo”), Motion Acquisition Corp. (“Motion”), and a wholly owned subsidiary of Motion, dated as of March 9, 2021.
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 3 Market and Industry Data Market data and industry data used throughout this presentation is based on information derived from third party sources, the knowledge of the management teams of DocGo and Motion regarding their r
Slide 4: Disclaimer (cont'd): Forward Looking Statements
Disclaimer (cont’d) © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 4 Forward Looking Statements (cont’d) Any financial projections in this presentation are forward - looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies,
Slide 5: Experienced Management Team
Experienced Management Team Norm Rosenberg CFO of Ambulnz Holdings, LLC Today’s Presenters Vrenely Munoz Chief Revenue Officer Rosemarie Milano VP, Human Resources • • Stan Vashovsky Co - Founder, Chief Executive Officer • Founded DocGo (f/k/a Ambulnz) in 2015 with the vision to revolutionize medica
Slide 6: Agenda
Agen d a © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 6 Topic Speaker(s) 5 minutes Introductions & Agenda Blueshirt, Management 15 minutes Strategic & Business Overview Stan Vashovsky 15 minutes Technology Overview Anthony Capone 30 minutes Deep Dive: Ambulnz Medical Mobility Segment Anth
Slide 7: Our Brand and Company Culture
Our Brand and Company Culture Where basic telehealth providers stop, we go. Where public health emergencies need a response, we go. Where homebound populations benefit from onsite treatment, we go. Where long waits in busy emergency rooms do more harm than good, we go. And when all reason says it ca
Slide 8: DocGo at a Glance
DocGo at a Glance Key Highlights (a) Rating based on 300+ reviews. (b) As of July 2021. Leveraging a proprietary technology platform and care logistics expertise to provide high quality, efficient “last - mile” healthcare delivery services 2,200,000+ Cumulative Patient Interactions (b) 88%+ 2019 - 2
Slide 9: Where Traditional Care Stops, DocGo Keeps Going
Where Traditional Care Stops, DocGo Keeps Going Limited options to get treated at home or on - site Current telehealth offerings do not provide immediate in - person care or follow - up as needed DocGo Mobile Health Solution x Mobility solutions that are enabled by highly coordinated and efficie
Slide 10: Delivering Value Across the Healthcare Ecosystem
Delivering Value Across the Healthcare Ecosystem Providers x Superior service x Economic value proposition Patients x More convenient x Better experience Payers x Lower cost x Members access cost - effective care Healthcare Professionals x More satisfaction x Better incentives © 2 0 2 1 A l l R i g
Slide 11: Illustrative Customers, Partners & Projects
Illustrative Customers, Partners & Projects © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 11 Tailored Go - to - Market for each Customer Segment Health Systems Enterprise / Corporates Government
Slide 12: Demonstrated History of Growth
$ 1 1 $31 $40 $48 $94 $ 1 12 $170 2016A 2017A 2018A 2019A 2020A 2021E Demonstrated History of Growth ($ millions) Revenue a) Represents funding at inception. 2017A 2018A 2016A 2019A 2020A Launched in NY 2017 Raised $4 0 m m Launched in UK, Entered into agreements with UCHealth and HCA 20 1 8 Entered
Slide 13: We Occupy a Unique Space in the Healthcare Landscape
We Occupy a Unique Space in the Healthcare Landscape Transportation Scheduling Telehealth Scheduling Emergency Services Telehealth Consultations In - Person Medical Care Integrated Digital Platform © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 13
Slide 14: Key Takeaways
Key Takeaways Significant market and growth opportunity with limited current market penetration Early stages of accelerating recurring revenue growth Unique value proposition to healthcare systems and patients Defensible competitive advantages in technology / network Mission - driven company with ex
Slide 15: Technology Overview
> Technology Overview
Slide 16: Technology Solutions Overview
Technology Solutions Overview Dara Mana • Ensures accurate payment for patient interactions at expected rates • Allows electronic capture of pertinent billing information (demographic, coverage details, etc) that are used to determine insurance eligibility / coverage in real time Driver A p p R e qu
Slide 17: Technology Demo
Technology Demo © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 17
Slide 18: Purpose-Built Technology Platform
Purpose - Built Technology Platform For Patients and Families Core Functionality and Benefits x Streamlined ordering process to reduce burden on © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 18 sta f f x Integration of electronic health records x Real - time visibility into transport statu
Slide 19: Fully-Integrated Front- and Back-End Tech
Fully - Integrated Front - and Back - End Tech Our digital platform is fully integrated with industry standard EHR providers and enables a seamless care logistics experience throughout the patient journey Mult i - moda l Soft w ar e t o Better Coordinate Care Modern Architecture and Design 100% 2 mi
Slide 20: Easy Ordering Enables Greater Speed and Superior Execution
Easy Ordering Enables Greater Speed and Superior Execution State - of - the - Art Mobile Ordering Platform x Easy ordering platform enables users to work smarter x Combining powerful mobile systems and proprietary AI - powered algorithms to create a first - of - its - kind dispatch ecosystem x Reque
Slide 21: Advanced Reporting Capabilities Ensure Quality and Consistency
Advanced Reporting Capabilities Ensure Quality and Consistency of Outcomes M arke t - L eve l T r i p Das hbo ar d • Ride volume per day • Trip List including billing facility • Service type, requester, destination details, pricing • On - time compliance by type Dispatch Incorporates Medical Necessi
Slide 22: HealthPoint Proprietary Patient Portal
HealthPoint Proprietary Patient Portal x HIPAA - compliant, patient - facing app enables turnkey registration, reporting and data storage x HL7 integration with CDC for vaccination reporting x Integrated with 9 different municipal systems and 16 different laboratories x Tableau integration allows ro
Slide 23: Deep Dive: Ambulnz Medical Mobility Segment
Deep Dive: Ambulnz Medical Mobility Segment
Slide 24: Segment Overview - Ambulnz Medical Mobility Solutions
$46 $63 $93 $190 2 0 19A 2 0 20A 2 0 21E 2 0 22E Segment Overview - Ambulnz A M BU L N Z M E D I CA L M O B I L I T Y S O L U T I O N S - Provides on - demand patient transfer solutions between clinical settings - Partnerships with Fresenius, Jefferson, UCHealth and Northwell - 300+ fleet of vehicle
Slide 25: Our Footprint and Reach
Our Footprint and Reach Our Footprint Operating in 26 US states and the UK Licensed to operate in 29 states; licenses pending in 14 additional states <1% market penetration today Medical Mobility Only Mobile Health Only Medical Mobility and Mobile Health © 2 0 2 1 A l l R i g h t s R e s e r v e d –
Slide 26: Quality Employed Providers
Quality Employed Providers Improved loyalty to company Improved facility NPS Improved insurance rates 2,000+ highly trained providers Employed mobile providers consisting of - EMTs (1,300+) - Paramedics (200+) - Nurses & RTs (50+) x Improved patient care Employed, Not Contracted Revolutionary pay pa
Slide 27: Network Effect Drives Efficiencies of Scale
Network Effect Drives Efficiencies of Scale (a) May enter certain markets before ambulance operations, based on consumer demand. Highly Replicable Go - to - Market Strategy Develop Partner / Health System Relationship Identify attractive, h i g h - g r ow t h m arke t and develop relationship with a
Slide 28: Transportation Serves as Foundation for Operational Leverage
Transportation Serves as Foundation for Operational Leverage Fully integrated solution provider facilitating high - quality, efficient patient transportation across all sites of care Pediatrics / Neonatal Intensive Care Unit Critical Care Transport Car Wheelchair Accessible Vehicle Ambulette Basic L
Slide 29: Integrated Scheduling
Integrated Scheduling Our platform provides facilities with a unified scheduler for both Mobile Health and medical transportation, ensuring increased utilization, efficiency and transparency © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 29
Slide 30: Partnerships Help Drive Predictable Growth
Partnerships Help Drive Predictable Growth Highly recurring and predictable revenue National footprint across select partners Evergreen contract structure with multi - year cancellation notice period $500M+ per year combined reve n ue opp ort unity (b) DocGo is engaged in discussions regarding sever
Slide 31: Why We Win
Why We Win DocGo’s industry - leading incentive package for its EMTs and paramedics allows us to attract and retain top talent The EMS licenses DocGo has strategically amassed is a significant asset and barrier to entry in the field Our differentiated technology suite arms our EMTs, health systems a
Slide 32: Deep Dive: DocGo Mobile Health Segment
Deep Dive: DocGo Mobile Health Segment
Slide 33: Telemedicine is Just Talk – Mobile Health is Hands On
For Patients… ✓ At home treatment is convenient, comfortable and results in an improved patient experience ✓ Accessibility to health professionals promotes better patient compliance with discharge treatment plans ✓ More focused care reduces unnecessary hospital readmissions For Providers… ✓ DocGo em
Slide 34: Segment Overview – Mobile Health Solutions
$2 $31 $77 $100 2 0 19A 2 0 20A 2 0 21E 2 0 22E Segment Overview – Mobile Health M O B I L E H E A L T H S O L U T I O N S - Provided mobile health services to multiple clients including Uber, HBO, NFL, GoodRx, and the state of New York - Working together with licensed medical practitioners, we faci
Slide 35: Overview of Mobile Health Services
Overview of Mobile Health Services Bedside Procedures C ar di a c M e di ca t i on s ( O ra l a n d IV ) Preventative Care • Rapid testing (blood work, including routine tests like Coumadin levels, Pregnancy, Strep, Urinalysis, Viruses (COVID - 19, HIV)) • Pre - op testing • Pulse oximetry • Ultraso
Slide 36: Differentiated Approach Creates Efficiency and Cost Savings
Differentiated Approach Creates Efficiency and Cost Savings Vaccination Bloodwork Oral Medicine Administration EKG IV Hydration DocGo Wound Care Industry Average Enabling Dramatic Mobile Health Cost Advantage Cost per patient EMTs, Paramedics, CNAs and LPNs have significantly lower hourly costs Nurs
Slide 37: Mobile Health for Hospitals
Mobile Health for Hospitals Overview • DocGo has formed relationships with health systems, hospitals and IDNs to provide at - home mobile health services to patients • These services are often in addition to broader Healthcare Mobility segment revenues for the same customers Services Offered • Scope
Slide 38: Mobile Health for Insurance Providers
Mobile Health for Insurance Providers Overview • DocGo provides a comprehensive suite of medical evaluation and health services for corporate clients through our Mobile Health offering • Work with insurance providers to provide medical care in the comfort of a patient’s home or remote location Servi
Slide 39: Mobile Health for Municipalities
Mobile Health for Municipalities Overview • DocGo provides medical care to service the needs of lower - income communities and the homeless Services Offered • Transportation: Basic Life Support, Advanced Life Support, Critical Care Transports • Mobile Health: At home visits, wound care, vital signs,
Slide 40: Partnership Case Study – Hospital Network
Partnership Case Study – Hospital Network Launched 911 in select geography. Hit 2,500 monthly calls Launched service at three additional facilities Expanded service to cover additional hospitals in an adjacent state. Hit 1,300 monthly calls Took over major metropolitan campus and CCT transportation.
Slide 41: Case Study: Department of Homeless Services
Case Study: Department of Homeless Services Added three additional Street Mobile Units and two Ambulance standby units Expanded to 11 medical teams, added COVID vaccinations Launched three Street Mobile Units , providing expanded medical services to street homeless Expanded to 16 medical teams servi
Slide 42: Future Growth Vectors
> Future Growth Vectors
Slide 43: Multiple Levers for Continued Growth
Multiple Levers for Continued Growth Identify potential providers with large patient base, significant need, and scalable population Identify untapped markets with compelling demographic tailwinds, attractive anchor pa rtn e rshi p op po r tunit i e s and unmet need Potential to expand in - home car
Slide 44: Significant Market Opportunity
Significant Market Opportunity U.S. Total Addressable Market Source: McKinsey “Telehealth: A quarter - trillion - dollar - post - COVID - 19 reality” report published 5/1/20 and management estimates. $95 billion market opportunity leaving long runway for rapid growth Last - Mile Urgent Care $35 B La
Slide 45: Expansion Into New Geographies
Expansion Into New Geographies Markets with Existing Services Near - Term Service Expansion (a) Market Expansion Timeline State Year WI Recently Launched WA 2021 OH 2021 MI 2022 AL 2022 FL 2022 SC 2022 NC 2022 IN 2022 AZ 2022 WV 2022 GA 2022+ VA 2022+ a) Dotted box represents markets where DocGo is
Slide 46: Service Line Extensions
Service Line Extensions Bedside Procedures Cardiac Existing Capabilities Medicatio n s (Oral and IV) Preventative Care Mobile Health Licen s e DARA P l atform Transport Brokerage Mob i le Ph l ebotomy Future Extensio n s Pa l l ia ti v e Care Chronic Dise a s e Mg m t. Feder a l Contract B2C Expansi
Slide 47: Acquisitions Help Accelerate Growth
Acquisitions Help Accelerate Growth DocGo’s M&A strategy is based on a focus toward accretive , highly synergistic opportunities that build upon the core businesses in medical mobility or mobile health and improve the company’s market position and helps create sustainable shareholder value . Some Ch
Slide 48: Financial Overview
, Financial Overview
Slide 49: Attractive Financial Characteristics
Attractive Financial Characteristics Revenue Growth and Visibility Scalability Profitability and Capital Efficiency • Significant revenue growth opportunity with limited penetration of the total market and existing newer markets, greenfield opportunities and expansion of new services offerings • Rec
Slide 50: Strong Growth Trajectory and Margin Profile
Strong Growth Trajectory and Margin Profile (a) Free Cash Flow is defined as Adjusted EBITDA less Capital Expenditures. ($9) $4 $29 2 0 20A 2 0 21E 2 0 22E $8 $13 $31 $62 $122 2 0 19A 2 0 20A 2 0 21E 2 0 22E ($29) ($16) ($7) $6 $44 2 0 19A 2 0 20A 2 0 21E 2 0 22E Revenue Gross Profit 29.5% 20.5% 94.
Slide 51: Achieving Scaled Profitability Through Operating Leverage
Achieving Scaled Profitability Through Operating Leverage 2018A 2019A 2020A 2021E 2022E Medium - T erm Target Gross Margin 21.3% 27.3% 33.3% 36.5% 42.3% 50% SG&A (% of Revenue) 94.5% 61.6% 43.2% 33.2% 27.1% 30% Adj. EBITDA Margin NM NM NM 3.6% 16.1% 20% © 2 0 2 1 A l l R i g h t s R e s e r v e d –
Slide 52: Recurring, Predictable Revenue Model
Recurring, Predictable Revenue Model • Data - driven market - by - market approach to identify highly visible, recurring transportation needs by provider • Base rate and average transport distance largely dependent upon geography • Base rate typically references a Medicare fee schedule and has histo
Slide 53: Attractive Reimbursement Mechanisms & Payer Mix
Attractive Reimbursement Mechanisms & Payer Mix • Significant relationships with municipalities support a stable payer profile • Established Medicare fee schedules provide visibility & predictability into expected payment across the majority of the business • Contracted rates with municipals and cor
Slide 54: Unit Economics for a New Ambulance
Unit Economics for a New Ambulance • Acquire operating license for a new market • Identify demand based on existing partnership contracts • Lease required number of vehicles to support initial demand • Recruit EMT and paramedic staff • Expand fleet as needed for new facilities beyond existing partne
Slide 55: 2022 Growth Drivers – Medical Mobility
Grow With Existing Partners and Customers in Existing Markets 2022 Growth Drivers – Medical Mobility Add New Customers Expand Geographic Presence • Expand on existing partnerships with Fresenius, UC Health, and Jefferson through expanded medical mobility services in core markets to capture increased
Slide 56: 2022 Growth Drivers – Mobile Health
Grow With Existing Partners and Customers in Existing Markets 2022 Growth Drivers – Mobile Health Add New Customers Expand Product Suite and Offerings • Expand relationships with current contracts to provide additional services in markets where employees have begun returning to work • Cross sell Mob
Slide 57: 1H 2021 Financial Update
1H 2021 Financial Update Preliminary 2nd Quarter 2021 Financial Highlights and 1 st Half review • Mobile Health revenue increased to more than $33 million in Q2, compared to $3.1 million in Q1 2020 • Transport revenues increased 47% in Q2 2021 from Q1 2020 levels • Excluding COVID - related testing,
Slide 58: Closing Remarks
> Closing Remarks
Slide 59: Investment Highlights
© 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o Investment Highlights Innovative digital - first medical mobility pioneer reimagining traditional care delivery Bridging the gap between physical and virtual care with ‘last mile’ mobile healthcare solutions Significant, untapped TAM opportunit
Slide 60: Appendices
> Appendices
Slide 61: Historical & Projected Financial Summary
Historical & Projected Financial Summary © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 61 ($ millions) 2018A 2019A 2020A 2021E 2022E Revenue $40 $48 $94 $170 $290 % growth 29.5% 20.5% 94.8% 81.2% 70.1% Gross Profit $8 $13 $31 $62 $122 % margin 21.3% 27.3% 33.3% 36.5% 42.3% Adjusted EBITDA
Slide 62: Estimated Transaction Sources & Uses
Estimated Transaction Sources & Uses ($ in millions) Sources Post - Money Valuation at Close ($ in millions) Pro forma Transaction (b) Illustrative Post - Transaction Ownership Uses SPAC Cash in Trust $115 PIPE Investor Cash $125 Total Sources $240 Cash to Balance Sheet $205 Transaction Expenses $35
Slide 63: DocGo vs Healthcare and Virtual Care Peers
DocGo Healthcare Peers Virtual Care Peers Peer Gro u p Average 2019A - 2022E Reve n u e CAGR 2021E Gross Profit Margin 20 19 A - 20 2 2 E Gross Profit CAGR 82% 55% 57% 44% 21% 48% 49% 30% 48% D ocGo Oak Street Signi f y Hims&Hers Am w ell Peer Gr o up Median 37% 7% 18% 45% 50% 68% 75% 37% 45% D ocGo
Slide 64: EV / Revenue and Gross Profit Multiples
EV/2021E Revenue DocGo 5.2x 11.2x Healthcare Peers 6.2x 11.6x 8.7x Virtual Care Peers 12.8x 6.8x 7.3x Peer Gro u p Median 8.7x DocGo Oak Street One Medical (a) Accolade (b) Signify Teladoc Hims&Hers Amwell Peer Gr o up Median EV/2021E Gross 14.1x NM 33.6x 26.1x 17.6x 18.9x 9.1x 19.5x 19.2x Profit Do
Slide 65: Non-GAAP Adjusted EBITDA Reconciliation
($ in thousands) CY2018A CY2019A CY2020A Net Loss (GAAP) ($32,500) ($21,100) ($14,799) (+) Net Interest Expense / (Income) 354 250 204 (+) Income Tax (17) 47 167 (+) Depreciation & Amortization 2,900 4,184 5,507 EBITDA ($29,263) ($16,619) ($8,921) (+) Non - Cash Stock Compensation 349 457 687 (+) No
Slide 66: Financial Statement Presentation
Financial Statement Presentation © 2 0 2 1 A l l R i g h t s R e s e r v e d – D o c G o 66 Income Statement Commentary Revenue The Company’s revenue consists of services provided by its ambulance Transportation segment and its Mobile Health segment Cost of Revenues Cost of revenues consists primari