Q1 2024 DocGo Inc Earnings Call Transcript
Key Points
- DocGo Inc reported a significant increase in total revenue for Q1 2024, reaching $182.1 million, a 70% increase from Q1 2023.
- Adjusted EBITDA for Q1 2024 was the highest ever recorded at $24.1 million, more than four times the $5.6 million from the previous year's first quarter.
- Net income for Q1 2024 was $10.6 million, compared to a net loss of $3.9 million in Q1 2023, reflecting higher revenues and improved gross margins.
- DocGo Inc has expanded its service offerings, including launching a mobile x-ray program and a virtual primary care service, enhancing its healthcare delivery models.
- The company has secured multiple new contracts, including with two of the five largest health insurance companies in the country, and expanded its medical transportation services.
- DocGo Inc revised its 2024 revenue and adjusted EBITDA guidance downwards due to the accelerated wind-down of migrant-related projects, now expecting revenues of $600 million to $650 million.
- The company's reliance on migrant-related projects, which are subject to political and operational uncertainties, poses risks to stable revenue streams.
- Despite overall growth, some segments like non-migrant mobile health saw a decrease due to the expiration of COVID-adjacent projects early in the year.
- The company faces challenges in managing operating expenses effectively as it transitions away from high-revenue migrant projects.
- There was a significant increase in accounts receivable, indicating potential issues in cash flow management and collection processes.
Greetings and welcome to the DocGo first-quarter 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Mike Cole, Director of Investor Relations. Please go ahead, sir.
Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call other than statements of historical fact are forward-looking statements.
The words may will plan potential could goal, outlook, design, anticipate, and believe, estimate, expect, intend, guidance, confidence, target, project and other similar expressions may be used to identify such forward-looking statements.
These forward-looking statements are not guarantees of future performance, and we cannot assure you that we will achieve or realize our plans, intentions, outcomes, results or expectations.
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