Q2 2026 DocGo Inc. Earnings Call Transcript
Key Points
- DocGo Inc (DCGO) signed a definitive agreement to acquire Hicuity Health, a leading acute and critical care telemedicine provider, expanding its virtual care capabilities and cross-selling opportunities.
- The company achieved record volumes across all key business verticals in Q2, with U.S. medical transportation up 15%, health care in the home up 26%, and virtual care and lab orders up 58% year-over-year.
- DocGo Inc (DCGO) secured a new $50 million financing commitment from Perceptive Advisors, which will strengthen its balance sheet and support growth plans.
- The company's AI efficiency initiatives are gaining traction, with an AI communications tool handling 60% of inbound patient calls and AI data entry integrations accounting for 65% of orders, potentially saving $6 million annually.
- DocGo Inc (DCGO) signed a new contract with one of the largest national health plans to offer services in Pennsylvania, and grew its care gap closure patient base to 1.7 million.
- Adjusted EBITDA loss improved sequentially by nearly 40%, from $10.3 million in Q1 to $6.3 million in Q2, reflecting cost-cutting efforts and operational improvements.
- DocGo Inc (DCGO) widened its full-year 2026 adjusted EBITDA loss guidance to $17 million-$22 million, up from the previous $5 million-$10 million, due to slower-than-expected cost cuts and lower gross margins.
- Total revenue declined year-over-year to $73.4 million from $80.4 million, driven by the wind-down of migrant-related projects, which also impacted Mobile Health segment revenue.
- Adjusted gross margin decreased to 30.5% in Q2 from 31.6% in the prior year, with Mobile Health segment margins falling to 27% from 32.5% due to lower SteadyMD margins and higher fuel costs.
- The company's cash position declined to $48.1 million from $59.9 million at the end of Q1, with available cash down to $25.2 million, and collections of migrant-related receivables remain unpredictable.
- Medical Transportation gross margins are still restrained by higher-than-planned effective hourly wages and increased fuel costs, which strained margins by about 60 basis points year-over-year.
- The company faces potential regulatory and customer approval hurdles for the Hicuity acquisition, which could delay closing and impact the timing of expected synergies.
Good afternoon, ladies and gentlemen, and welcome to DocGo second-quarter earnings call. (Operator Instructions) This call is being recorded on Monday, August 17, 2026.
I would now like to turn the conference over to Mike Cole, Vice President of Investor Relations. Please go ahead.
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, aim, 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.
Forward-looking statements are
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