DocGo Continues on Exponential Growth Track; Triples Third Quarter Revenues, Enters New Markets and Secures Major Partnerships
DocGo, a mobile health services provider, has announced its merger with Motion Acquisition Corp (Nasdaq: MOTN). For Q3, DocGo reported revenues of $81 million, a 200% increase year-over-year. The company is expected to generate $260 million in revenue for fiscal 2021. Recent initiatives include expanding into new markets such as Wisconsin and Illinois and securing a $90 million contract with South Carolina. Upon merger completion, the combined entity will operate as DocGo, Inc. on Nasdaq under the new ticker DCGO.
- Q3 revenues reached $81 million, up 200% year-over-year.
- Projected revenues of $260 million for fiscal 2021.
- Secured a $90 million contract with South Carolina.
- Expansion into new markets, including Wisconsin and Illinois.
- None.
NEW YORK, Oct. 27, 2021 /PRNewswire/ -- DocGo, a leading provider of last-mile mobile health services and integrated medical mobility solutions that has entered into an agreement to merge with Motion Acquisition Corp. ("Motion") (Nasdaq:MOTN), a special purpose acquisition company, continues on its exponential growth trajectory, reporting Q3 revenues of
Established in 2015, New York-based DocGo is redefining on-demand access to healthcare, leveraging its AI-powered proprietary technology and over 3,500+ expert healthcare professionals. The company employs highly trained CMAs, EMTs, paramedics, LPNs, RNs and APPs to facilitate "last mile" care, delivering Mobile Health services at scale for hospital networks, governmental entities and enterprise customers to unlock the full potential of telemedicine. DocGo's mobility solutions, enabled through highly coordinated logistics and focus on exceptional patient care, gives patients much-needed access to medical attention outside of the traditional four walls of the medical establishment. The company's range of mobile health services includes rapid and pre-op testing, ultrasounds, wound care, cardiac and blood pressure monitoring, Covid-19 testing and vaccinations, physicals, oral and IV treatments, and more.
Some of DocGo's partners include dialysis specialist Fresenius Medical Care, multi-state hospital network Jefferson Health headquartered in Philadelphia, and Colorado's UCHealth. Municipalities and other governmental entities such as New York's Department of Health and the City of Philadelphia, and companies like Carnival Corporation partner with DocGo for integrated mobile medical services. With more than 1.1 million patients registered on its HealthPoint platform, DocGo offers a continuum of care for patients with integrated Mobile Health and medical transportation offerings that allow for greater coordination between providers at different stages of treatment or recovery from an injury or illness.
The company is estimated to generate revenues of
"The future of medicine is bringing care to patients when and where they need it," says Stan Vashovsky, CEO of DocGo. "We're thrilled to be on the forefront of the industry, providing patient-centered care with our high-quality, highly affordable programs powered by best-in-class technology and our exceptionally trained and caring medical providers."
In addition to strong financial results, DocGo achieved the following recent milestones:
- Announced a going-public transaction through a
$1.1 billion merger with Motion Acquisition Corp. The company recently rebranded from Ambulnz to DocGo and on closing of the merger, the parent company will be renamed DocGo, Inc. and will trade on Nasdaq under the DCGO ticker. - Launched medical transport services in Wisconsin and Illinois to provide an improved transportation experience for Fresenius Medical Care North America kidney dialysis patients and grow DocGo's presence in those markets.
- Expanded relationships within the cruise industry by helping Carnival Corporation relaunch passenger cruises, and integrated the company's proprietary HealthPoint patient portal with SeaCare, the cruise industry's leading EMR system.
- Completed a rollout of 40 mobile testing units for NYC Health + Hospitals and NYC Test & Trace Corps, expanding the program to launch one of the largest public flu testing programs in the U.S., and is becoming a leading facilitator of vaccinations in New York State.
- Introduced Mobile Health, the company's 'last-mile' care services which offer home visit programs to Long Island Select Healthcare in New York and Martin Luther King Hospital in Los Angeles.
- Launched Mobile Health services in Michigan, with DocGo securing a
$15M contract from the Michigan Department of Health & Human Services. - Launched Street Health Outreach and Wellness program to facilitate a range of mobile medical services – including wound care, physicals, social work services and vaccines – to New York City's homeless population.
- Hired Aetna's former VP of North Atlantic Territory Michael Costa as EVP of Strategy, to bolster DocGo's senior management ranks, lead sales efforts across mobile health and transportation, and establish new payer relationships.
- Launched Mobile Health services in Arizona, Maryland, and Washington state.
- Launched medical transport services in London, England to service National Health Service partners.
- Won a new contract for up to
$90 million with the State of South Carolina.
"Traditionally, patients face challenges as a result of outdated logistics models and expensive transportation solutions, leaving them with limited options to get the treatment they need, either at home or onsite," Mr. Vashovsky added. "At DocGo, we are committed to taking mobile health services to the next level and disrupting this multi-billion-dollar industry."
DocGo's highly skilled employees, proprietary technology and operational acumen have significantly improved patient care across the country and in the UK. The company's leading-edge business model includes uptraining their clinical staff to work at the top of their licensure, which helps drive down the cost of treatment to save its customers and partners millions of dollars. In addition, its financial results reflect the tremendous strength of the company's reach and relationships with customers, making it well-positioned for continued long-term growth.
DocGo operates in 26 US markets and the UK, with license applications pending in an additional 14 states. For more information on DocGo, visit www.docgo.com.
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. DocGo and Motion Acquisition Corp. (Nasdaq: MOTN) previously announced their definitive business combination agreement and recently filed a registration statement on Form S-4 with the SEC. Upon closing of the transaction, the combined company will operate under the DocGo name and will be listed on Nasdaq under the new ticker symbol "DCGO". For more information, please visit www.docgo.com.
About Motion Acquisition Corp.
Motion Acquisition Corp. is a special purpose acquisition company (SPAC) founded by a management team and board comprised of seasoned business executives recognized as pioneers in the transportation software and technology sector that possess substantial operating and acquisition experience. Motion is listed on Nasdaq under the ticker symbol "MOTN." For more information, please visit https://motionacquisition.com.
Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are intended to identify forward-looking statements. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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SOURCE DocGo
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