Company Increases 2026 Revenue Guidance Based on Strong Demand for Virtual Care Services
Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time
NEW YORK--(BUSINESS WIRE)--May 11, 2026--
DocGo Inc. (Nasdaq: DCGO) ("DocGo" or the "Company"), a leading provider of technology-enabled mobile health and medical transportation services, today announced financial and operating results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
-- Total revenue for the first quarter of 2026 was $75.6 million, compared
to $96.0 million in the first quarter of 2025. This decline was entirely
due to the wind-down of migrant-related programs, which generated zero
revenue in the first quarter of 2026 and $35.0 million in the first
quarter of 2025. Excluding revenue from migrant-related programs, revenue
increased 19.3% to $75.6 million in the first quarter of 2026 from $61.0
million in the first quarter of 2025.
-- GAAP gross margin (which includes depreciation and amortization
expenses) for the first quarter of 2026 was 28.1%, compared to 28.2% in
the first quarter of 2025.
-- Adjusted gross margin1 for the first quarter of 2026 was 31.6%,
compared to 32.1% in the first quarter of 2025.
-- Net income for the first quarter of 2026 was ($16.7) million, compared
to net income of ($11.1) million in the first quarter of 2025.
-- Adjusted EBITDA1 was ($10.2) million for the first quarter of 2026,
compared to adjusted EBITDA of ($3.9) million for the first quarter of
2025.
-- Medical Transportation Services revenue in the first quarter of 2026
was $51.9 million, compared to $50.8 million for the first quarter of
2025.
-- Mobile Health Services revenue for the first quarter of 2026 was $23.6
million, compared to $45.2 million for the first quarter of 2025. This
decline was entirely due to the wind-down of migrant-related programs.
Excluding revenue from migrant-related programs, Mobile Health Services
revenue increased 131% to $23.6 million in the first quarter of 2026 from
$10.2 million in the first quarter of 2025, driven by organic growth and
the inclusion of revenue from SteadyMD.
-- As of March 31, 2026, the Company held total cash and cash equivalents,
including restricted cash and investments, of approximately $59.9 million,
compared to $68.3 million as of December 31, 2025.
Select Corporate Highlights for the First Quarter of 2026 and Recent Weeks
-- Combined revenues from the Company's "healthcare at any address"
business -- which includes our care gap closure, transitions of care,
remote patient monitoring, mobile phlebotomy and virtual care services --
increased on a sequential basis from $12.8 million in the fourth quarter
of 2025 to approximately $17.4 million in the first quarter of 2026, an
increase of 36%.
-- Company achieved record volumes across all major business lines, with
US medical transportation increasing 17%, healthcare in the home
increasing 46%, mobile phlebotomy increasing 8%, cardiac & remote patient
monitoring increasing 13%, and virtual care & lab orders increasing 37%
when comparing the first quarter of 2026 to the first quarter of 2025.
-- SteadyMD entered into a new contract with a leading online pharmacy to
provide virtual care services for weight loss prescriptions and a broad
scope of general clinical services.
-- Company's Q1 health plan partnership client satisfaction survey found
that 93% of survey participants were likely or very likely to recommend
DocGo's services, and a majority of survey participants said they plan on
expanding services with DocGo in 2026.
-- Company surpassed 1.6 million patients assigned by the Company's payer
and provider partners to engage for care gap closure services, up from
1.45 million last quarter.
-- Company was one of 150 healthcare providers selected to participate in
CMS's ACCESS Model program, which is aimed at improving chronic disease
management through technology-supported care.
-- Company received two prestigious industry awards subsequent to quarter
end -- DocGo was recognized as one of the 2026 World's Most Ethical
Companies$(R)$ by Ethisphere, and was also awarded "Best Overall Healthcare
Cybersecurity Company" in the 10th annual MedTech Breakthrough Awards.
Financial Guidance
-- Full-year 2026 revenue is expected to be $300-$315 million, an increase
from the Company's prior guidance of $290-$310 million, and initial
guidance of $280-$300 million.
-- Full-year 2026 adjusted EBITDA2 is expected to be ($5-$10) million,
unchanged from the Company's prior guidance.
Lee Bienstock, Chief Executive Officer of DocGo, commented, "We continued to experience strong volumes across all key business verticals, and especially in our virtual care provider, SteadyMD. We now expect in excess of 50% top-line growth this year at SteadyMD compared to 2025, and even greater growth in our mobile phlebotomy business. As a result of this strength, we are increasing our consolidated 2026 revenue guidance midpoint by $7.5 million dollars." Bienstock added, "Our strategic alternatives process is also ongoing, and we look forward to providing further updates when prudent."
Norm Rosenberg, Chief Financial Officer of DocGo, commented "While we are very pleased with the momentum in our top line, this accelerated growth has created some margin inefficiency over the immediate term. This is largely due to an increased pace of hiring, and the use of incentives with our current mobile health workforce to bridge gaps as new full-time hires enter the field. We are also experiencing a meaningful negative impact from the increase in fuel prices caused by the war in the Middle East. We view both factors as temporary and continue to expect favorable margin trends to resume as these forces abate and recent cost cutting and efficiency initiatives flow through in their entirety." Rosenberg continued, "Subsequent to quarter end, we made progress on collections of the final remaining migrant-related receivables. We believe that we have sufficient liquidity to support our growth initiatives, and our goal remains to achieve adjusted EBITDA profitability in the back half of the year."
Michael Burdiek, current Chair of DocGo's audit committee and incoming Chair of the Board, added "As incoming Chair of the Board, the Board of Directors and I look forward to working with management and the recently formed operational review subcommittee to identify additional operational and cost efficiencies that accelerate the Company's pathway to profitability, growth and financial flexibility."
1. Adjusted gross margin and adjusted EBITDA are non-GAAP financial
measures. See "Non-GAAP Financial Measures" below for additional
information on these non-GAAP financial measures and reconciliations to
the most comparable GAAP measures.
2. Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled
adjusted EBITDA outlook to the most comparable GAAP outlook because it is
not possible to do so without unreasonable efforts due to the uncertainty
and potential variability of reconciling items, which are dependent on
future events and often outside of management's control and which could
be significant. Because such items cannot be reasonably predicted with
the level of precision required, we are unable to provide outlooks for
the comparable GAAP measure (net income). Forward-looking estimates of
adjusted EBITDA are made in a manner consistent with the relevant
definitions and assumptions noted herein.
Conference Call and Webcast Details
Monday, May 11(th) , 2026, at 5:00 PM ET
1-800-717-1738 - Investors Dial
1-646-307-1865 - Int'l Investors Dial
Conference ID: 15300
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1760676&tp_key=d2cf48e722
The webcast can also be accessed under Events on the Investors section of the Company's website, https://ir.docgo.com/.
About DocGo
DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo's proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, 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 advanced practice provider, 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. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.
Forward-Looking Statements
This earnings release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the plans, strategies, outcomes, and prospects, both business and financial, of the Company, including the Company's expectations around projected revenues and adjusted EBITDA for fiscal year 2026; the performance and growth of SteadyMD and the Company's mobile phlebotomy business and other core business lines; the launch of new Mobile Health programs; the demand for and expansion of the Company's services; cash flow and cash collections; the Company's cash balances; margin improvements; and the Company's achievement of profitability. These statements are based on the beliefs and assumptions of the Company's management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking, including, but not limited, to statements regarding the Company's future actions, business strategies or models, plans, goals, future events, future revenues, future margins, current and future revenue guidance, future growth or performance, financing needs, business trends, results of operations, objectives and intentions with respect to future operations, services and products, and new and existing contracts or partnerships. In some cases, these statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "might," "will," "should," "could," "can," "would," "design," "potential, " "seeks," "plans," "scheduled," "anticipates," "intends" or the negative of these terms or similar expressions.
Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company's control, and which may cause its actual results or outcomes, or the timing of its results or outcomes, to differ materially from those contained in its forward-looking statements, including, but not limited to the following: impacts related to the wind down of migrant-related services; the Company's ability to continue as a going concern; the Company's ability to maintain its listing on Nasdaq; the Company's ability to pursue strategic initiatives to deliver on shareholder value; the Company's ability to expand its programs with insurance partners, hospital systems, municipalities and other strategic partners; the Company's ability to successfully implement its business strategy, including delivering value to shareholders via buybacks and funding new strategic relationships; the Company's ability to establish, maintain and grow customer relationships; the Company's ability to execute projects to the satisfaction of its customers; the Company's ability to grow demand for its care gap closure programs and other services; the Company's ability to maintain or grow its cash balances; the Company's reliance on and ability to maintain its contractual relationships with its healthcare provider partners and other strategic partners; the Company's ability to compete effectively in a highly competitive industry, including conditions in the healthcare transportation and mobile health services markets; the Company's ability to maintain existing contracts; the Company's reliance on government contracts, including changes in government spending on healthcare and other social services; recent revenue growth derived from a small number of large customers; the Company's ability to effectively manage its growth; the Company's financial performance and future prospects; the Company's ability to deliver on its business strategies or models, plans and goals; the Company's ability to expand geographically; the Company's M&A activity and success of its acquisition strategy; the Company's ability to retain its workforce and management personnel and successfully manage leadership transitions; the availability of healthcare professionals and other personnel; changes in the cost of labor; the Company's ability to collect on customer receivables; risks associated with the Company's share repurchase program; overall macroeconomic and geopolitical conditions, including the interest rate environment, the inflationary environment, the potential recessionary environment, regional conflict and tensions, financial institution instability and the ongoing or any future shutdown of the U.S. federal government; the ability of the Company's suppliers to meet its needs; the Company's ability to obtain or maintain operating licenses; potential changes in federal, state or local government policies or priorities; expected impacts of geopolitical instability; the Company's competitive position and opportunities, including its ability to realize the benefits from its operating model; the Company's ability to improve gross margins; the Company's ability to implement and deliver on cost-containment measures and ongoing cost rationalization initiatives; legislative and regulatory actions; the impact of legal proceedings and compliance risk; volatility of our stock price; the impact on the Company's business and reputation in the event of information technology system failures, network disruptions, cyber incidents or losses or unauthorized access to, or release of, confidential information; the Company's ability to comply with laws and regulations regarding data privacy and protection and other risk factors included in the Company's filings with the Securities and Exchange Commission ("SEC").
Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this earnings release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this earnings release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this earnings release to reflect events or circumstances after the date of this earnings release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
DocGo Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2026 2025
-------------- ----------------
Unaudited Audited
ASSETS
Current assets:
Cash and cash equivalents $ 35,675,081 $ 51,018,657
Accounts receivable, net of
allowance for credit loss of
$8,503,759 and $8,299,053 as of
March 31, 2026 and December 31,
2025, respectively 93,965,449 92,893,216
Prepaid expenses 5,276,630 4,790,215
Other current assets 3,248,628 3,697,371
------------ ------------
Total current assets 138,165,788 152,399,459
Property and equipment, net 13,637,905 14,558,427
Intangibles, net 644,134 --
Restricted cash and cash equivalents 11,140,255 1,466,121
Restricted investments (amortized
cost of $13,101,884 and $15,737,694
as of March 31, 2026 and December
31, 2025, respectively) 13,119,276 15,845,875
Operating lease right-of-use assets 10,248,516 11,520,781
Finance lease right-of-use assets 18,120,270 17,420,424
Deferred tax assets 814,032 538,864
Other assets 3,336,687 3,353,061
------------ ------------
Total assets $ 209,226,863 $ 217,103,012
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 13,866,403 $ 11,110,867
Accrued liabilities 44,728,154 42,789,440
Notes payable, current 49,278 51,740
Due to seller 338,360 336,982
Contingent consideration, current 8,100,376 3,040,377
Operating lease liability,
current 4,288,907 4,650,953
Finance lease liability, current 5,845,230 5,509,687
------------ ------------
Total current liabilities 77,216,708 67,490,046
Notes payable, non-current 171,714 183,843
Contingent consideration,
non-current 2,476,216 4,776,215
Operating lease liability,
non-current 6,610,293 7,563,664
Finance lease liability, non-current 11,541,541 11,217,907
------------ ------------
Total liabilities 98,016,472 91,231,675
------------ ------------
Commitments and contingencies
Stockholders' equity:
Common stock ($0.0001 par value;
500,000,000 shares authorized as
of March 31, 2026 and December
31, 2025; 98,778,413 and
98,640,059 shares issued and
outstanding as of March 31, 2026
and December 31, 2025,
respectively) 9,878 9,864
Additional paid-in-capital 328,618,933 325,416,366
Accumulated deficit (198,564,926) (183,801,795)
Accumulated other comprehensive
income 2,247,984 2,387,404
------------ ------------
Total stockholders' equity
attributable to DocGo Inc. and
Subsidiaries 132,311,869 144,011,839
------------ ------------
Noncontrolling interests (21,101,478) (18,140,502)
------------ ------------
Total stockholders' equity 111,210,391 125,871,337
------------ ------------
Total liabilities and
stockholders' equity $ 209,226,863 $ 217,103,012
============ ============
DocGo Inc. and Subsidiaries UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended
March 31,
------------------------------
2026 2025
----------- -----------
Revenues, net $ 75,550,484 $ 96,033,055
Expenses:
Cost of revenues (exclusive of
depreciation and amortization,
which is shown separately below) 51,667,588 65,185,060
Operating expenses:
General and administrative 30,835,068 32,902,070
Depreciation and amortization 2,647,107 3,761,391
Legal and regulatory 5,034,130 4,210,823
Technology and development 3,705,049 3,639,444
Sales, advertising and marketing 372,633 331,705
----------- -----------
Total expenses 94,261,575 110,030,493
----------- -----------
Loss from operations (18,711,091) (13,997,438)
----------- -----------
Other income (expense):
Interest expense, net (99,732) (426,284)
Loss on change in fair value of
contingent consideration (2,760,000) --
Insurance proceeds 4,687,798 --
Loss on equity method investment -- (40,698)
Loss on remeasurement of operating
and finance leases -- (40,837)
(Loss) gain on disposal of fixed
assets (62,493) 15,139
Other income (expense) 264,964 (312,869)
----------- -----------
Total other income (expense) 2,030,537 (805,549)
----------- -----------
Net loss before income tax
(expense) benefit (16,680,554) (14,802,987)
(Provision for) benefit from income
taxes (19,283) 3,723,687
----------- -----------
Net loss (16,699,837) (11,079,300)
Net loss attributable to
noncontrolling interests (1,936,706) (1,673,985)
----------- -----------
Net loss attributable to stockholders
of DocGo Inc. and Subsidiaries (14,763,131) (9,405,315)
Other comprehensive (loss) income
Unrealized loss on investments, net
of tax (71,904) --
Foreign currency translation
adjustment (67,516) 495,538
----------- -----------
Total comprehensive loss $(14,902,551) $ (8,909,777)
=========== ===========
Net loss per share attributable to
DocGo Inc. and Subsidiaries - Basic $ (0.15) $ (0.09)
----------- -----------
Weighted-average shares outstanding -
Basic 98,746,095 101,594,579
----------- -----------
Net loss per share attributable to
DocGo Inc. and Subsidiaries -
Diluted $ (0.15) $ (0.09)
----------- -----------
Weighted-average shares outstanding -
Diluted 98,746,095 101,594,579
----------- -----------
DocGo Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
------------------------------
2026 2025
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(16,699,837) $(11,079,300)
Adjustments to reconcile net loss to
net cash (used in) provided by
operating activities:
Depreciation of property and
equipment 1,266,513 1,220,806
Amortization of intangible
assets 21,038 1,299,142
Amortization of finance lease
right-of-use assets 1,359,556 1,241,443
Loss (gain) on disposal of
fixed assets 62,493 (15,139)
Deferred income tax expense (253,775) (3,927,428)
Accretion of discount related
to restricted investments (78,004) --
Loss on equity method
investments -- 40,698
Bad debt expense 1,732,911 1,247,991
Stock-based compensation 3,224,784 4,830,312
Loss on remeasurement of
operating and finance leases -- 40,837
Loss on change in fair value
of contingent consideration 2,760,000 --
Changes in operating assets and
liabilities:
Accounts receivable (2,803,766) 31,437,734
Prepaid expenses and other
current assets (37,672) (386,734)
Other assets 16,374 538,190
Accounts payable 2,700,501 (8,308,173)
Accrued liabilities 1,938,714 (9,148,984)
Operating lease liabilities
and right-of-use assets 132,363 185,334
----------- -----------
Net cash (used in) provided by
operating activities (4,657,807) 9,216,729
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (430,310) (1,029,626)
Purchase of intangibles (665,172) (712,711)
Acquisition of a business, net of cash
acquired -- (3,646,318)
Purchase of restricted investments (1,731,066) --
Proceeds from sale and maturity of
restricted investments 4,463,765 --
Proceeds from disposal of property and
equipment 21,903 94,341
----------- -----------
Net cash provided by (used in)
investing activities 1,659,120 (5,294,314)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of notes payable (14,551) (3,060)
Earnout payments on contingent
liabilities -- (265,538)
Distributions paid to noncontrolling
interest (1,024,270) --
Payments for taxes related to shares
withheld for employee taxes (22,203) (1,200,977)
Common stock repurchased -- (5,751,954)
Payments on obligations under finance
lease (1,403,655) (1,296,887)
----------- -----------
Net cash used in financing activities (2,464,679) (8,518,416)
----------- -----------
Effect of exchange rate changes on
cash and cash equivalents (206,076) 317,738
Net decrease in cash, cash
equivalents, restricted cash and
restricted cash equivalents (5,669,442) (4,278,263)
Cash, cash equivalents, restricted
cash and restricted cash equivalents
at beginning of period 52,484,778 107,337,307
----------- -----------
Cash, cash equivalents, restricted
cash and restricted cash equivalents
at end of period $ 46,815,336 $103,059,044
=========== ===========
(MORE TO FOLLOW) Dow Jones Newswires
May 11, 2026 16:05 ET (20:05 GMT)
Comments