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DocGo reported a remarkable 219% year-over-year revenue increase for Q3 2021, reaching $85.8 million, driven by $67.9 million from Mobile Health. The net income turned positive at $0.8 million compared to a loss of $2.7 million in Q3 2020. With a year-to-date revenue of $197.4 million, also a 214% increase, the company is witnessing significant growth post-merger with Motion Acquisition Corp. The adjusted EBITDA for Q3 was $4.0 million, marking a strong turnaround.
Positive
Q3 2021 revenue reached $85.8 million, a 219% increase from $26.9 million in Q3 2020.
$67.9 million in Mobile Health revenues, up from $11.7 million in the previous year.
Net income improved to $0.8 million compared to a net loss of $2.7 million in Q3 2020.
Year-to-date revenue totaled $197.4 million, a 214% increase from $62.9 million in 2020.
Adjusted EBITDA for Q3 was $4.0 million, up from an adjusted EBITDA loss of $1.0 million in Q3 2020.
Negative
Despite positive growth, the company recorded a net loss of $1.2 million for the first nine months of 2021.
The reported adjusted EBITDA for the year-to-date remains low at $7.3 million compared to losses from the previous year.
Third quarter revenue increased 219% year-over-year
NEW YORK--(BUSINESS WIRE)--
DocGo,a leading provider of last-mile mobile health services and integrated medical mobility solutions (Nasdaq:DCGO), has filed a Current Report on Form 8-K/A concluding the administrative filings related to its merger with Motion Acquisition Corp. The Current Report on Form 8-K/A includes the results for the period ended September 30, 2021. Key financial highlights include a total third-quarter revenue of $85.8 million, including Mobile Health revenues of $67.9 million.
“We are enormously pleased to see DocGo's continued growth in the third quarter of 2021,” said Stan Vashovsky, CEO of DocGo. "As we celebrate the recent closing of our merger and Nasdaq listing, we look forward to continued expansion in the coming months."
Third Quarter Financial Highlights
Total revenues in the third quarter of 2021 amounted to $85.8 million, an increase of 219% from $26.9 million in the third quarter of 2020. Transport revenues were $17.9 million, up 18% from $15.2 million in the third quarter of 2020, while Mobile Health revenues were $67.9 million, compared to $11.7 million in last year’s third quarter.
Through the first nine months of 2021, total revenues were $197.4 million, up 214% from $62.9 million in the first nine months of 2020. Transport revenues were $65.7 million, up 38% from $47.6 million in the first nine months of 2020, while Mobile Health revenues were $131.7 million, compared to $15.3 million in the first nine months of 2020.
Net income in the third quarter of 2021 was $0.8 million, compared to a net loss of $2.7 million in last year’s third quarter. Adjusted EBITDA1 was $4.0 million, compared to an adjusted EBITDA loss of $1.0 million in the third quarter of 2020.
Through the first nine months of 2021, DocGo recorded a net loss of $1.2 million, compared to a net loss of $10.4 million in the first nine months of 2020. Through the first nine months of 2021, Adjusted EBITDA was $7.3 million, compared to an adjusted EBITDA loss of $5.6 million in the first nine months of 2020.
1 Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measure” at the end of this release for a discussion of this measure, including certain limitations thereof, and a reconciliation to net income (loss), the most directly comparable GAAP measure.
Reconciliation of Net Income to Adjusted EBITDA
Sep-21
In $ millions
Q3
YTD
2020
2021
2020
2021
Net Income/(loss) (GAAP)
-$2.7
$0.8
-$10.4
-$1.1
(+) Net interest expense/ (income)
$0.1
$0.1
$0.1
$0.4
(+) Income tax
$0.0
$0.6
$0.0
$0.6
(+) Depreciation & amortization
$1.4
$2.0
$4.1
$5.5
EBITDA
-$1.2
$3.5
-$6.3
$5.4
(+) Non-cash stock compensation
$0.2
$0.5
$0.5
$1.2
(+) Non-recurring expense
$0.0
$0.0
$0.1
$0.7
Adjusted EBITDA
-$1.0
$4.0
-$5.6
$7.3
About DocGo
DocGo is a leading provider of last-mile mobile care services and integrated medical mobility solutions. DocGo is disrupting the traditional four-wall healthcare system by providing care at the scale of humanity. DocGo's innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks, and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient's home or workplace. Together with DocGo's integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com.
This announcement contains forward-looking statements (including within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended) concerning DocGo. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and products, (ii) our competitive position and opportunities, and (iii) other statements identified by words such as "may", "will", "expect", "intend", "plan", "potential", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "predict" "project", "aim", "goal", “outlook”, “guidance”, and similar words, phrases or expressions. These forward-looking statements are based on management's current expectations and beliefs, as well as assumptions made by, and information currently available to, management, and current market trends and conditions. Forward-looking statements inherently involve risks and uncertainties, many of which are beyond our control, and which may cause actual results to differ materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect current or future results include possible accounting adjustments made in the process of finalizing reported financial results; any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; pricing declines; rates of growth in our target markets; our ability to improve gross margins; cost-containment measures; legislative and regulatory actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of information technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; and the ability of the company to comply with laws and regulations regarding data privacy and protection. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measure
"GAAP" refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This announcement includes Adjusted EBITDA, a measure calculated other than in accordance with GAAP. This non-GAAP financial measure is provided in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. DocGo defines Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization, stock-based compensation, litigation provisions and merger-related expenses. Internally, this non-GAAP measure is used by management for purposes of evaluating DocGo's core operating performance, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts, strategic planning, evaluating and valuing potential acquisition candidates, and benchmarking performance externally against competitors. DocGo believes this non-GAAP financial information provides additional insight into our financial performance and future prospects of the company's core business and have therefore chosen to provide this information to investors to help them evaluate our results of operations and enhance the ability to make period-to-period comparisons. Other companies, including companies in our industry, may not use Adjusted EBITDA or may calculate it differently than as presented below, limiting Its usefulness as a comparative measure. In evaluating these non-GAAP measures, you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments made in the calculations of Adjusted EBITDA and our presentation of it herein should not be construed to mean that our future results will be unaffected by such adjustments.
DocGo does not provide a reconciliation of forward-looking Adjusted EBITDA guidance to net income, the most directly comparable GAAP measure, because the impact and timing of certain of the adjustments cannot be determined without unreasonable efforts due to their inherent variability, complexity, and unpredictability. These items, which are necessary for a presentation of a reconciliation to net income, could have a potentially significant impact on DocGo’s GAAP results.
