NASDAQ$DCGO
Docgo Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
DocGo announced record third quarter results, raising revenue and adjusted EBITDA guidance for 2023.
DocGo reported a strong third quarter with a 79% increase in revenue compared to Q3 2022, driven by gains in nearly all business and project lines. Net income and Adjusted EBITDA also saw significant increases. The company raised its full-year 2023 revenue and adjusted EBITDA guidance.
- Total revenue increased by 79% year-over-year to $186.6 million.
- Net income increased by 84% year-over-year to $4.6 million.
- Adjusted EBITDA increased by 99% year-over-year to $16.7 million.
- Full-year 2023 revenue guidance increased to $615-$625 million.
Headline financials
Revenue & EPS history
Docgo · Revenue · Quarterly
$187M
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 increased its full-year 2023 revenue guidance to $615-$625 million and adjusted EBITDA guidance to $50-$55 million.
Tailwinds
- Full-year 2023 revenue guidance increased to a range of $615-$625 million, up from a previous range of $540-$550 million.
- Full-year 2023 adjusted EBITDA guidance increased to a range of $50-$55 million, up from a previous range of $48-$53 million.
- Expect further improvements in Q4 and beyond.
- Expect continued strong growth in 2024.
- Experienced significant earnings leverage in the third quarter due to our strong top line growth.
Headwinds
- Experienced higher costs associated with the aggressive ramp-up of new projects.
- Decline in cash balance was driven by substantial receivables associated with the large HPD project under which payments have commenced.
- Uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant.
- Macroeconomic factors, including inflationary pressures, general economic slowdown or a recession, rising interest rates, foreign exchange rate volatility, changes in monetary pressure, financial institution instability or the prospect of a shutdown of the U.S. federal government
- Expected impacts of geopolitical instability, including the conflict in Ukraine, conflict in Israel and surrounding areas and rising tensions between China and Taiwan
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 Q3 2023
+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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