Docgo Inc · Q2 2022 earnings

Briefing

DocGo's Q2 2022 earnings exceeded expectations, driven by new business wins and expansion, despite the wind-down of mass COVID testing revenue.

DocGo reported a strong second quarter with revenue of $109.5 million, a 76% increase year-over-year. The company's performance was driven by new contracts and expansion, which offset the decline in COVID-19 testing revenue. DocGo also raised its full-year 2022 guidance.

• Revenue for Q2 2022 reached $109.5 million, marking a 76% increase compared to the same period last year.
• The company secured three new national payer contracts and six new hospital contracts.
• DocGo expanded its operations by winning three large municipal RFPs, adding a new international cruise line customer, and entering two new states.
• DocGo has over $200 million in total cash and expects to remain active in pursuing synergistic M&A opportunities while also funding organic growth and other capital deployment activities, including its share repurchase program.

Headline financials

Revenue & EPS history

DocGo anticipates contributions from new business wins across the spectrum, and expects to remain active in pursuing synergistic M&A opportunities while also funding organic growth and other capital deployment activities, including their share repurchase program.