DocGo Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
DocGo Inc. Reports Q2 2024 Financial Results
DocGo Inc. (NASDAQ:DCGO), a leading provider of technology-enabled mobile health services, has announced its financial and operating results for the quarter ended June 30, 2024.
Financial Performance Summary
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Total Revenue | $164.9 million | $125.5 million | +31% |
| GAAP Gross Margin | 31.3% | 30.3% | +1.0% |
| Adjusted Gross Margin | 33.9% | 33.4% | +0.5% |
| Net Income | $5.9 million | $1.3 million | +354% |
| Adjusted EBITDA | $17.2 million | $9.1 million | +89% |
Interpretation: DocGo Inc. showed significant growth in its financial metrics, with total revenue increasing by 31% year-over-year and substantial gains in net income and adjusted EBITDA, signaling robust business performance and operational efficiency.
Segment Revenue Breakdown
| Segment | Q2 2024 | Q2 2023 | YoY Change | 1H 2024 | 1H 2023 | Change |
|---|---|---|---|---|---|---|
| Mobile Health Services | $116.7 million | $80.1 million | +46% | $260.7 million | $153.0 million | +70% |
| Transportation Services | $48.2 million | $45.4 million | +6% | $96.4 million | $85.5 million | +13% |
Interpretation: The Mobile Health Services segment witnessed a robust 46% increase year-over-year, significantly contributing to the company's growth. Transportation Services showed a modest yet positive growth of 6%, indicating stable performance in this segment.
Management Commentary
CEO Lee Bienstock expressed his satisfaction with DocGo's operational execution and the strategic value of new contract wins. CFO Norm Rosenberg highlighted the substantial increase in cash balance and active management of cash collections, contributing to strong financial health.
Share Repurchase Program
The Board of Directors authorized a new share repurchase program of up to $26 million, effective through the end of the year.
Forward Guidance
DocGo reiterated its 2024 revenue guidance of $600-$650 million and adjusted EBITDA guidance of $65-$75 million. The company also raised its cash flow from operations guidance to $80-$90 million, up from the previously expected $70-$80 million.
Stock Price Movement
Following the earnings release, DocGo's stock price experienced a decrease of approximately 2.61%.
For further details, please refer to the official release or visit DocGo's investor relations website.
The report has been organized into a more readable format, and unnecessary columns have been removed.
