NASDAQ$DCGO
Docgo Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
DocGo's Q4 2022 financial results, including full-year achievements and forward-looking guidance, were announced.
DocGo reported full-year revenue of $440.5 million, a 38% increase compared to 2021. The company introduced full-year 2023 revenue guidance of $500-$510 million and adjusted EBITDA guidance of $45-$50 million.
- Full-year revenue increased to $440.5 million, a 38% increase year-over-year.
- Full-year revenue increased 75% year-over-year excluding mass Covid testing.
- The company is implementing a 'rapid normalization initiative' to reduce onboarding costs.
- A backlog of more than $180 million of new contract awards was created.
Headline financials
Revenue & EPS history
Docgo · Revenue · Quarterly
$109M
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 anticipates 2023 revenue to be approximately $500-$510 million, representing growth of approximately 14% to 16% over 2022. Adjusted EBITDA is anticipated to be approximately $45-$50 million. Full-year gross margin is expected to be approximately 35%.
Tailwinds
- Continued strong demand from customers for mobile health and transportation services solutions.
- Anticipated revenue growth of approximately 14% to 16% over 2022.
- Expected adjusted EBITDA of approximately $45-$50 million.
- Full-year gross margin is expected to be approximately 35%.
- Focus on 'rapid normalization initiative' to reduce onboarding costs.
Headwinds
- Substantial costs associated with the launch of numerous new projects.
- Estimated incremental costs of approximately $12 million from the usage of subcontracted agency labor in 2022.
- $3 million from rental vehicle fees in 2022.
- $14 million from overtime rates in 2022.
- Negative gross margin impact of more than 600 basis points in 2022 due to project launch costs.
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 Q4 2022
+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 | — | — | — |
Discussion
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