NASDAQ$DCGO
Docgo Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported strong first quarter results with increased revenue and net income.
DocGo reported a strong first quarter in 2024, marked by a 70% increase in total revenue, reaching $192.1 million, and a significant improvement in net income, which rose to $10.6 million compared to a net loss in the previous year. The company also revised its 2024 revenue guidance due to the accelerated wind-down of migrant-related services, while maintaining a positive outlook for its base business.
- Total revenue increased by 70% to $192.1 million compared to Q1 2023.
- Net income improved to $10.6 million, a 372% increase from a net loss in Q1 2023.
- Mobile Health Services revenue increased by 97% to $143.9 million.
- Adjusted EBITDA increased by 330% to $24.1 million.
Headline financials
Revenue & EPS history
Docgo · Revenue · Quarterly
$192M
Revenue by segment
Docgo · $187M total across 2 segments · Q3 2023
- Mobile Health Services$139M—74.7%
- Transportation Services$47.2M—25.3%
Forward guidance
DocGo revised its 2024 revenue guidance to $600-$650 million due to the accelerated wind-down of migrant-related services, with an expected $320-$350 million contribution from migrant-related revenue. The revenue expectation for the base businesses is $280 - $300 million. 2024 adjusted EBITDA guidance is revised to $65-75 million. The company expects to generate $70-$80 million in cash flow from operations for calendar year 2024.
Tailwinds
- Base business (medical transportation and non-migrant mobile health) expected to generate $280 - $300 million in revenue for 2024.
- Base business expected to grow in excess of 30% in 2025.
- Adjusted EBITDA margin for base business expected to exceed 10% in 2025.
- Cash flow from operations expected to be $70-$80 million for 2024.
- Expanded programs with major insurance companies and strong medical transportation business.
Headwinds
- 2024 revenue guidance revised downward from $720-$750 million to $600-$650 million.
- Reduction solely due to accelerated wind down of migrant related programs.
- 2024 adjusted EBITDA guidance revised to $65-75 million, from a previous range of $80-$85 million.
- Migrant-related revenue expected to contribute $320-350 million in 2024.
- The accelerated wind down of migrant work will allow the company to redirect substantial resources and management’s efforts to support various growth opportunities
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+1.9%
Avg return
Earnings day
+2.0%
Avg return
5 days after
-1.6%
Avg return
30 days after
57%
12 / 21 earnings
Positive
+32.3%
Q2 2021
Best reaction
-40.4%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.3% | +0.2% | -2.6% | |
| Q4 2025 | +17.7% | +4.0% | -9.7% | |
| Q3 2025 | +0.0% | -3.6% | -15.3% | |
| Q1 2025 | -40.4% | -39.9% | -34.3% | |
| Q4 2024 | -21.2% | -22.4% | -32.7% | |
| Q3 2024 | +9.6% | +14.0% | +11.8% | |
| Q2 2024 | +18.2% | +7.8% | +18.2% | |
| Q1 2024 | -13.5% | -11.2% | -12.6% | |
| Q4 2023 | +4.1% | +0.3% | +3.3% | |
| Q3 2023 | +1.2% | -5.3% | -9.3% | |
| Q2 2023 | +13.9% | +12.1% | -15.6% | |
| Q1 2023 | +5.2% | +2.4% | +11.3% | |
| Q4 2022 | -1.5% | -4.9% | -4.7% | |
| Q3 2022 | -7.7% | -5.1% | -19.8% | |
| Q2 2022 | +4.1% | +16.9% | +11.5% | |
| Q1 2022 | -0.8% | -7.3% | +16.7% | |
| Q2 2021 | +32.3% | +48.9% | +36.2% | |
| Q4 2021 | +13.2% | +39.2% | +29.7% | |
| Q3 2021 | +4.0% | -2.2% | -15.9% | |
| Q1 2021 | -0.4% | -0.4% | -0.1% | |
| Q4 2020 | -0.8% | -0.5% | +0.3% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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