DocGo Q1 2026 Earnings Report

DocGo EPS Results

• Actual EPS: -$0.12
• Consensus EPS: -$0.02
• Beat/Miss: Missed by -$0.10
• One Year Ago EPS: N/A

DocGo Revenue Results

• Actual Revenue: $75.55 million
• Expected Revenue: $72.48 million
• Beat/Miss: Beat by +$3.07 million
• YoY Revenue Growth: N/A

DocGo Announcement Details

• Quarter: Q1 2026
• Date: 5/11/2026
• Time: After Market Closes
• Conference Call Date: Monday, May 11, 2026
• Conference Call Time: 5:00PM ET

DocGo (NASDAQ:DCGO), Inc. is a U.S.-based integrated healthcare company that delivers on-demand and mobile healthcare services. The company’s business model centers on deploying customized medical clinics paired with a digital care platform to bring primary and acute care directly to patients. Through a combination of telemedicine and over-the-road medical units, DocGo addresses routine medical exams, chronic disease management, occupational health screenings, specialist consultations and urgent care interventions.

In addition to its mobile clinic fleet, DocGo’s digital platform offers 24/7 virtual care, facilitating remote consultations via video, phone or secure messaging. The company also partners with public health agencies, employers, universities and event organizers to administer diagnostic testing services for COVID-19 and other infectious diseases. By integrating telehealth, remote patient monitoring and mobile diagnostic capabilities, DocGo aims to streamline access to care, reduce strain on traditional facilities and improve patient outcomes.

DocGo became a publicly traded company in June 2021 following a business combination with SPAC sponsor GigCapital3 Inc., trading on the Nasdaq under the ticker DCGO. Headquartered in Austin, Texas, the company has expanded its reach across multiple U.S. markets, including metropolitan areas in California, Florida, Texas and New York. DocGo’s on-demand approach leverages technology and logistics to enhance convenience, affordability and quality of care for both urban and rural communities.

DocGo Q1 2026 Earnings Call Transcript

Key Takeaways

• Neutral Sentiment: Raised 2026 revenue guidance to $300M–$315M while keeping full-year adjusted EBITDA guidance unchanged at a $5M–$10M loss, reflecting stronger top-line momentum but continued near-term profitability targets that remain negative.
• Positive Sentiment: SteadyMD accelerated in Q1 with >$9M revenue, ~1.1M visits and lab orders (up 38% YoY), and a new online-pharmacy contract for weight‑loss and general clinical services—management said SteadyMD drove the majority of the guidance increase.
• Positive Sentiment: Home-health and mobile phlebotomy are scaling quickly—management projects up to 75% growth in mobile phlebotomy in 2026, expanding into new territories (Upstate NY, Pennsylvania, launching Florida) and integrating lab systems and AI to improve margins.
• Negative Sentiment: Margin pressures and higher operating costs weighed on results—Q1 adjusted EBITDA was a $(10.2)M loss, with management citing temporary labor inefficiencies from rapid SteadyMD hiring and higher fuel costs as near-term drags on gross margin.
• Negative Sentiment: Near-term cash/working-capital pressure—cash fell to $59.9M at quarter-end, management collected ~$8M on April 1 but said roughly $13M from NYC HPD remains outstanding and is expected to be collected over the balance of 2026.

Presentation

[Operator]

Good afternoon, ladies and gentlemen, and welcome to DocGo First Quarter Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Monday, May 11, 2026. I would now like to turn the conference over to Mike Cole, Vice President of Investor Relations. Please go ahead.

[Mike Cole, VP of Investor Relations at DocGo]

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 inherently subject to substantial risks, uncertainties, and assumptions, many of which are beyond our control and which may cause our actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in our forward-looking statements.

[Mike Cole, VP of Investor Relations at DocGo]

These risks, uncertainties, and assumptions include, but are not limited to, those discussed in risk factors and elsewhere in DocGo's annual report on Form 10-K, quarterly reports on Form 10-Q, our earnings release for this quarter, and other reports and statements filed by DocGo with the SEC to which your attention is directed. Actual outcomes and results, or the timing of results or outcomes, may differ materially from what is expressed or implied by these forward-looking statements. In addition, today's call contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and the current report on Form 8-K that includes our earnings release, which is posted on our website, docgo.com, as well as filed with the SEC.

[Mike Cole, VP of Investor Relations at DocGo]

The information contained in this call is accurate as of only the date discussed. Investors should not assume that statements will remain relevant and operative at a later time. We undertake no obligation to update any information discussed in this call to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events, except as to the extent required by law. At this time, it is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee, please go ahead.

[Lee Bienstock, CEO at DocGo]

Thank you, Mike, and thank you all for joining us today. We reported a strong top line of $75.6 million in revenue during the first quarter with an adjusted EBITDA loss of $10.2 million. Additionally, we increased our 2026 revenue guidance from a range of $290 million-$310 million to $300 million-$315 million while leaving our 2026 adjusted EBITDA guidance unchanged at a loss of $5 million-$10 million. I would like to take a few minutes and break down the revenue and profitability aspects individually. A major driver of our strong revenue performance and increased revenue guidance is our virtual care offering, SteadyMD. We noted this upward trend in our last earnings call, and we are pleased to share that this trend has accelerated.

[Lee Bienstock, CEO at DocGo]

During the first quarter, SteadyMD generated in excess of $9 million in revenue, beating the previous high set in the fourth quarter of last year by roughly $1 million and completed approximately 1.1 million total visits and lab orders during the period, up 38% when compared to last year. SteadyMD recently 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, which will fuel continued growth. Second, our mobile phlebotomy offering is performing exceptionally well.

[Lee Bienstock, CEO at DocGo]

While their revenue base is smaller, we are now projecting as much as 75% growth for this business in 2026, which is well above our previous expectation. We anticipate our rate of home visits to increase from 600 per day currently to 900 per day by the end of 2026. We've opened new territories in Upstate New York and Pennsylvania to meet demand for our services. We are planning to launch services in Florida, which is a new state for us. We are expanding our use of technology as well, working with a major national lab to integrate our order intake into their applications to allow doctors to order home visits directly through the lab systems and deploying AI automation for order intake and customer service to help increase our margins.

[Lee Bienstock, CEO at DocGo]

Third, we have signed recent new contracts and expansions with payers and providers for our care gap closure, PCP, and transition of care services. We have now surpassed 1.6 million lives assigned to us for care gap services since inception, and we've increased the number of visits completed 46% year-over-year. Also of note, we have begun an aggressive pace of onboarding for PCP and longitudinal care services, and our panel now has over 1,000 patients, the vast majority of which were enrolled in Q1. Our goal is for this business line to break even in late 2026, dramatically lessening the investment level that has been required to launch and grow this business over the last few years.

[Lee Bienstock, CEO at DocGo]

Regarding our medical transportation business, we have recently had several significant renewals in addition to some smaller wins, further solidifying the long-term revenue profile of this business segment. We renewed our contract with one major New York hospital system for an additional year and renewed our contract with another major New York health system for two additional years and added their Staten Island facilities. We signed a contract to provide service for a long-term acute care hospital in Chattanooga, Tennessee, signed contracts to provide medical transportation with several hospice facilities in Wisconsin, and signed a new non-emergency patient transport services contract to the Great Western Hospitals NHS Foundation Trust in the United Kingdom.

[Lee Bienstock, CEO at DocGo]

In addition to what we have factored into our updated revenue guidance, our business development pipeline remains strong and supportive of continued growth with multiple opportunities for medical transportation growth both in the U.S. and especially in our U.K. operations. Consistent with our approach, we will update guidance accordingly if and when contracts are entered into. Collectively, we could not be more pleased with the near-term revenue growth opportunities for our consolidated business. I'd like to shift gears and break down the gross margin and SG&A lines to provide some color behind our decision to increase revenue expectations while keeping our adjusted EBITDA guidance unchanged. We experienced labor inefficiencies as a result of SteadyMD's exceptional growth. As I mentioned previously, we had high expectations for this business in 2026, and those lofty expectations are being exceeded.

[Lee Bienstock, CEO at DocGo]

Their dramatic growth required us to pay increased incentives to our current clinicians to cover shifts while we worked to bridge a hiring gap. As a result, this negatively impacted our consolidated gross margin by approximately 60 basis points. During the first quarter, we leveraged DocGo's recruiting expertise to increase SteadyMD's clinical workforce by over 45%, and we expect this added workforce to help meet pent-up demand for SteadyMD services in the second half of the year. In addition, we saw a significant increase in fuel costs in March driven by the war in the Middle East. We estimate that every $1 increase at the pump costs us about 35 basis points of consolidated gross margin. Our average price paid in March was $3.69 compared to an average cost of $2.93 per gallon in January and February.

[Lee Bienstock, CEO at DocGo]

Average fuel costs in Q2 to date have remained at this elevated level, which we expect to be a continued drag on gross margin over the near term, unlike the temporary narrowing of SteadyMD's margins I just described, which has already corrected in the second quarter so far. Last, if we adjust our operating expenses to exclude depreciation, stock-based compensation, and other non-recurring items, we saw a decrease from $35.7 million in the fourth quarter of last year to $34.1 million in the first quarter of this year. We feel this is the most accurate representation of how our cost-cutting efforts are working their way through our financials. There is undoubtedly a lag in this process, and we are just starting to see the impact from many of the cost cuts made late last year.

[Lee Bienstock, CEO at DocGo]

Our expectation is that we will see an acceleration in this improvement in the coming quarters based on steps that have already been taken and additional cuts already underway in the second quarter. In sum, we saw margin headwinds driven by the geopolitical tensions influencing fuel prices and the aggressive pace of operational expansion that was beyond our initial expectations. We believe that these margin constraints are temporary in nature and not reflective of our long-term profitability profile. Our top line is strong and getting even stronger. We achieved record volumes across all major business lines in the first quarter, with U.S. medical transportation increasing 17%, healthcare in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac and remote patient monitoring increasing 13%, and virtual care and lab orders increasing 37% year-over-year.

[Lee Bienstock, CEO at DocGo]

Before handing it to Norm, I would also like to briefly address the strategic alternatives process that was announced on March 16th of this year. While I'm obviously limited in what I can say, the company's evaluation of strategic alternatives remains ongoing. While there can be no assurance that this process will result in DocGo pursuing any particular transaction or other strategic outcome, we will share further developments as appropriate. Now, I will hand it over to Norm to review the financial details.

[Norman Rosenberg, CFO at DocGo]

Thank you, Lee, and good afternoon. Total revenue for the first quarter of 2026 was $75.6 million compared to $96 million in the first quarter of 2025. The year-over-year revenue decline was entirely due to the wind down of migrant-related projects. Removing migrant-related revenues, we saw a revenue increase of 24% year-over-year in Q1. This was partially due to the recent acquisition of SteadyMD, which added a 9.5 million dollars in revenues in Q1 of this year. Removing the impact of both the migrant-related revenues in the 2025 period and the SteadyMD revenues in the 2026 period, revenues still increased by about 8% year-over-year.

[Norman Rosenberg, CFO at DocGo]

Medical transportation services revenue increased to $51.9 million in Q1 of 2026 from $50.8 million in transport revenues that we recorded in the first quarter of 2025 and were the highest quarterly transport revenues in DocGo's history. Revenues were driven higher by gains in both large and small U.S. markets with some of the strongest growth in markets like New York, Texas, and Tennessee. We continue to see increasing demand across most of our markets. Mobile health revenue for the first quarter of 2026 was $23.6 million, down from $45.2 million in the first quarter of last year, driven again by the wind down of migrant revenues.

[Norman Rosenberg, CFO at DocGo]

Non-migrant mobile health revenues more than doubled, driven by increases in care gap closures, remote patient monitoring, and mobile phlebotomy, and by the inclusion of revenues from SteadyMD, which we acquired during the fourth quarter of 2025. Removing the impact of SteadyMD, mobile health revenues still increased by about 38% year-over-year. Adjusted EBITDA for the first quarter of 2026 was a negative $10.2 million compared to an adjusted EBITDA of negative $3.9 million in the first quarter of 2025. The adjusted gross margin, which removes the impact of depreciation and amortization and is the measure of margins that we track most closely, was 31.6% in the first quarter of 2026 compared to 32.1% in the first quarter of 2025.

[Norman Rosenberg, CFO at DocGo]

Looking at only the revenues from business lines that were active in both periods, thereby removing migrant revenues of $35 million and gross profits of $12.3 million from the first quarter of 2025 and removing SteadyMD revenues of $9.5 million and gross profits of $2.8 million from the first quarter of 2026, the adjusted gross margins of the underlying business would have been 31.9% in Q1 2026, up about a 0.5 from 30.4% in last year's first quarter. During the first quarter of 2026, adjusted gross margins for the medical transportation segment were 31.9% compared to 30.8% in Q1 2025. Medical transportation gross margins are still being restrained by higher-than-planned effective hourly wages for field labor.

[Norman Rosenberg, CFO at DocGo]

However, we took solid strides toward increasing our field headcount in the first quarter of 2026, and we saw the overtime rate decline in the first quarter of 2026, closer to the sub 10% overtime rates we saw in the first half of 2024. Transport gross margins were also impacted by increased fuel costs, as Lee described earlier. Mobile health segment adjusted gross margin was 31% versus 30.8% in the first quarter of 2025. SteadyMD gross margins were several points lower than normal, reflecting the aggressive hiring in the first quarter to catch up to the increased demand from large customers. This factor, which is expected to reverse itself starting in Q2, was offset by greater relative contributions from higher-margin service lines within mobile health, such as remote patient monitoring and mobile phlebotomy.

[Norman Rosenberg, CFO at DocGo]

While revenue came in well above expectations and gross margins were generally in line, operating expenses came in higher than anticipated. This was due to the need to ramp up the hiring, onboarding, and training of mobile health clinical staff to meet customer demand, as well as the fact that our cost-cutting decisions regarding vendor spending and corporate headcount made in late Q4 and into 2026 won't meaningfully impact our income statement until the second quarter. With SteadyMD's recent hiring push behind us, our continued cost-cutting efforts in Q1 and additional savings from the efficiency portfolio initiative that we discussed on last quarter's call and that are anticipated to have a positive impact on our second-half 2026 results, we continue to expect sequential declines in SG&A in dollar terms as we go throughout the year.

[Norman Rosenberg, CFO at DocGo]

As of March 31, 2026, our total cash and cash equivalents, including restricted cash and investments, came to $59.9 million, down from $68.3 million at the end of 2025. Our cash balance at quarter end was lower than we had expected due to the delay in collecting migrant-related accounts receivable owed by New York City Department of Housing Preservation and Development, which we had expected to see during the first quarter. However, on April 1st, the first day of the second quarter, we received approximately $8 million in these receivables, and we are working on collecting the remainder of these receivables. With some further, albeit smaller, operating losses in Q2 of 2026 and several growth-related initiatives requiring working capital, we would expect further declines in cash in the near term.

[Norman Rosenberg, CFO at DocGo]

This could create some working capital pressure, which is expected to ease in the second half of the year in line with our planned return to profitability. Turning to the rest of 2026. As Lee mentioned in his comments earlier, and as we pointed out in our press release, we have updated and increased our revenue guidance for the year based upon what we have seen in the first four-plus months of the year and the positive volume trends across most of our business lines. We now see full-year revenues in a range of $300 million-$315 million, up from the range of $290 million-$300 million that we shared in mid-March and higher than our initial guidance of $280 million-$300 million.

[Norman Rosenberg, CFO at DocGo]

This does not include any revenues from migrant-related projects and would represent a 19%-25% growth over 2025's base revenues. We continue to anticipate a full-year adjusted EBITDA loss in the range of $5 million-$10 million, which is unchanged from our previous guidance. At this point, I'd like to turn the call back over to the operator for the question and answer session. Operator, please proceed.

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, please press star one on your telephone keypad. To withdraw your question, please press star two. With that, your first question comes from the line of Ryan MacDonald with Needham. Please go ahead.

[Matthew Shea, VP and Equity Research Analyst at Needham]

Hey, thanks for taking the question. This is Matthew Shea on for Ryan. Maybe starting with the SteadyMD business. Nice to see the momentum continuing from last quarter, especially with the new win. Lee, maybe just double-click on this segment. What kind of pipeline are you seeing for new logos versus growth with existing logos? Are you seeing most of this demand from online pharmacies for weight loss or any other customer types worth calling out? Norm, maybe when thinking about the top-line guidance, seems like majority was driven by the SteadyMD weight loss customers, but curious if you can put any finer points on that. Thanks.

[Lee Bienstock, CEO at DocGo]

Absolutely. Hi, Matt. Great to hear from you. Really appreciate the question. On the part of the question relating to the growth and the pipeline of what we're seeing in SteadyMD, as I mentioned in our prepared remarks, you know, we're very, very encouraged and excited about the growth prospects there. I think the growth is coming from really both avenues. Our existing customer base, we continue to grow our capacity and grow our volumes with our existing customer base that we've been working with now for quite some time. We have been adding new logos pretty consistently over the course of the end of last year and as we head into this year, which is also fueling further growth.

[Lee Bienstock, CEO at DocGo]

The big push we made really in the first quarter of this year was to ramp the hiring in order to meet this growth and meet the demand. In terms of the types of customers we're working with, we're really working with, you mentioned it, the online pharmacies. I mentioned one that we're expanding with quickly. Digital health companies, wellness companies, digital wearable companies as well are all partnering with us, as well as your typical labs that you might expect as well. Really seeing growth from across that space. Yes, it's weight loss, but it's also general wellness. General wellness trend as well as sort of the consumerization of healthcare is really pushing growth for us there. We're really excited about it.

[Lee Bienstock, CEO at DocGo]

The SteadyMD team is a great team, a great addition. As we go through the year here, some of the growth is also gonna come from DocGo's in-home visits. We really want to drive SteadyMD's telehealth capacity to be a key component of overseeing, prescribing, treatment planning the visits that are happening in the home with our mobile health clinicians. That's a big, big area of integration for us as we go throughout the year here and will help us also expand our margins for those in-home visits. We're really seeing it across the board. Really great addition to the team, really fits nicely into the future of healthcare, care anywhere vision that we're pursuing, and we couldn't be more excited. Norm?

[Norman Rosenberg, CFO at DocGo]

Yeah, Matt, in terms of the top line, I think you're referring to the guidance that we've given where we're going to a range of 300 to 315, so let's say a midpoint of 307.5. You compare that to where we were before, which was 290 to 300, so let's take a 295 midpoint. We essentially are adding $12 million to the guidance. There are a couple ways of looking at it. Number one, I would say that when I look at our quarterly results for Q1, the number that we did, which is about 75.5, 75.6, is probably about anywhere from $3 million-$4 million ahead of where we thought we would be.

[Norman Rosenberg, CFO at DocGo]

That, that gets us off to a good start. When you break it down by the different business entities, the $12 million or so increase in guidance for the top line, midpoint to midpoint, I'd say about $8 million-$9 million of that is probably related to SteadyMD. We necessarily projected it in a somewhat conservative way, right? We only had the company for about a month or two at the time that we gave our last guidance, and it's pleasantly surprised us with that volume growth, as Lee has mentioned. That's only one part of it. The transport business is performing very well.

[Norman Rosenberg, CFO at DocGo]

You know, we had a thesis that we've talked about on this call a couple of times wherein if we knew we had the demand. We looked at the number of calls and trips that we couldn't take because we didn't have enough personnel, and we knew that if we would add to our headcount, if we would add to our field labor, that would translate into more volume, and that's worked. So far that part is definitely working. If you think about it that way, you know, that definitely adds to the growth as well, or at least it validates the transport growth we expected.

[Norman Rosenberg, CFO at DocGo]

You have some of our smaller business lines within mobile health, like the mobile phlebotomy business and the RPM business, remote patient monitoring business, which grew like 20% year-over-year in the first quarter. Again, I would say that the majority of the increase relates to SteadyMD, but we're seeing some solid volume growth, as Lee mentioned in his prepared comments, really across all of our business lines.

[Matthew Shea, VP and Equity Research Analyst at Needham]

Okay. That's great color. I appreciate that from both of you. Maybe touching on another area that sounded really strong this quarter, again, with being the payer and the care gap closure business. Nice to see lives there crossing the, you know, 1.5 million mark. I know it's a very dynamic year for the payers. Any changes in terms of how they're looking to use you for these care gap closures or any services they want you to prioritize more maybe than what had been prioritized in the past? Second, I think earlier this year at our conference, you'd sort of talked about a pipeline of two to four more incremental payers that you could sign on in the first half of this year.

[Matthew Shea, VP and Equity Research Analyst at Needham]

Wasn't sure from your prepared remarks if you had brought one or two on maybe this quarter, but maybe just update us on that thinking there, if that's still the right way to think about the incremental payers you're bringing on in the first half and maybe where you're at on that so far. Thanks.

[Lee Bienstock, CEO at DocGo]

Yeah, absolutely. I'm glad you mentioned that. In terms of what the payers are looking for us to do, I think it's pretty consistent with what we've been seeing as we've built this out really over the last 18 to 24 months, which is really absolutely the care gap service, care gap closure, particularly for patients that are falling through the cracks, drifting, unattached. That continues to be, you know, a big need in the market. Really no change there, and we've been ramping up our ability and growing our volumes year-over-year as we go throughout building up that business.

[Lee Bienstock, CEO at DocGo]

I think the other piece that we're really seeing is when we go visit the care gap, the open care gap patients, we are seeing that a lot of them are just also unattached or don't know who their primary care provider is. A very large percentage, the majority of which that don't have a PCP, are opting for us to become their PCP. Those are the services really that we're adding on top of the care gap closure services, and we've continued to do that. You know, we saw in the first quarter, it was pretty interesting, when we go to see the patients in their homes for care gap and also for PCP services, we're seeing that 60% of the patients we go and visit have two or more chronic conditions.

[Lee Bienstock, CEO at DocGo]

A big percentage of them have three or more chronic conditions. 20% of them have social needs or risks that are impacting their health outcomes. We also see that 42% of the patients had chronic conditions that had never before been documented. These are big drivers for the health plans. That we're able to uncover this, that we're able to meet patients where they're at. You know, that goes along with our 50%+ readmission reduction that we're seeing with our longitudinal care patients that we've been working with. We're really seeing great impact on health outcomes. We're really starting to provide more longitudinal care in addition to the care gap services.

[Lee Bienstock, CEO at DocGo]

Uncovering chronic conditions that had been undocumented before is a big, big benefit to the health plan and of course to the patient. That's really what the plans are using us for. That's the data and the insight that we're providing back to them, and it's proving out to be very, very valuable. Of course, we think we'll be successful and continue to grow the company, you know, as we provide more and more value. The majority of all of the plans that we work with have told us that they would like to expand with us, you know, over the coming year. Again, that's really given us a lot of excitement and optimism and enthusiasm for what we're doing there. On the new logos, I know you mentioned that, Matt.

[Lee Bienstock, CEO at DocGo]

On the new logos, you know, we'll announce them as it makes sense, but we're absolutely on pace to add two to four new logos in the first half of this year.

[Matthew Shea, VP and Equity Research Analyst at Needham]

Okay, great to hear. Thanks so much for the questions.

[Lee Bienstock, CEO at DocGo]

Yep, thank you.

[Operator]

The next question comes from the line of Pito Chickering with Deutsche Bank. Please go ahead.

[Kieran Ryan, Equity Research Associate at Deutsche Bank]

Hi there, everyone. This is Kieran Ryan on for Pito. Thanks for taking the questions. Appreciate all the color that you gave there. I guess just stepping back, could you maybe just help us just understand kind of the puts and takes around the reiteration of the EBITDA guidance, as far as kind of how the tailwinds from, you know, the really strong outperformance on revenues and with SteadyMD, maybe offset by some incremental headwinds on kind of the labor costs and transportation and with SteadyMD and then on the fuel side. Just how should we think about that all kind of balancing out towards the reiterated range? Thanks.

[Norman Rosenberg, CFO at DocGo]

Sure. To sort of answer the question itself, Kieran, what's happening is we feel we have some really good momentum on the revenue side, as evidenced by the fact that we outperformed our number for Q1 and that we raised the guidance for the full year. The reason why we left the overall EBITDA guidance the same, even with a higher revenue expectation, is for those reasons that you mentioned, right? There'll be a little bit of pressure on gross margins and the transport piece in Q2 because of fuel prices. Lee mentioned that our average gas price was about $3.69 per gallon in March, up from about $2.90 in January and February. That number is currently running at about $4.

[Norman Rosenberg, CFO at DocGo]

We don't think that that's going to last really beyond the second quarter, but that's something that we have to take into account. Granted, you know, we're not as leveraged to fuel prices, maybe as we were in the past when we were only an ambulance company. But it still will have an impact and could have an impact for us of, you know, maybe a third of a point to half a point in gross margin, which will obviously have an impact on, you know, will offset some of the gain that we would have from having higher margins than we were originally projecting. On the, on the operating expense side, some of the stuff that Lee mentioned relates to SteadyMD.

[Norman Rosenberg, CFO at DocGo]

You know, I did say in my comments that our, there's been a lag in our cost-cutting or in the way that that sort of flows its way through to our income statement. We expect to pick up some benefit there in Q2, but we're starting at a somewhat higher point. We just want to build in a little bit of conservatism as far as that goes as well, if operating expenses continue to run a little bit hot compared to where we expected things.

[Kieran Ryan, Equity Research Associate at Deutsche Bank]

Got it. That's helpful. Thanks. I think you had said, if we adjust for both SteadyMD and the Migrant revenues in 1Q 2025, mobile health growth was 38% in the quarter. I see you're kind of grouping some business lines in together, healthcare at any address, which seems to account for the most of the dollars in mobile health. Can you just help us kind of understand which business lines are driving the most growth on a dollar basis, ex SteadyMD? 'Cause there's obviously some really strong percentage growth rates there that are all contributing, but just so we can understand that a bit better.

[Lee Bienstock, CEO at DocGo]

Yeah. I think on a dollar basis, you're seeing our patient monitoring business have really strong growth year-over-year. Also, you know, really strong profitability profile as well in that growth. You also see, you know, growth in the healthcare in the home business. Our care gap and primary care is continues to grow year-over-year, and you're seeing growth in our mobile phlebotomy offering as well. Those are the three pieces, and then of course, SteadyMD, which you mentioned. Those are really the pieces that are growing the fastest. They're starting to integrate with one another. SteadyMD overseeing the DocGo visits in the home, utilizing phlebotomists for the care gap visits in the home, utilizing patient monitoring for patients where it makes sense when we go and visit them in the home.

[Lee Bienstock, CEO at DocGo]

That care at any address, healthcare anywhere portfolio, we're really excited to see that growing and one playing and feeding the other is sort of a vision that we have as we go to provide care virtually, in person and remotely. That's the piece that's growing the fastest at the company right now.

[Kieran Ryan, Equity Research Associate at Deutsche Bank]

Thanks a lot, guys.

[Lee Bienstock, CEO at DocGo]

Of course.

[Operator]

The next question comes from the line of Richard Close with Canaccord Genuity. Please go ahead.

[Richard Close, Managing Director at Canaccord Genuity]

Maybe just a follow-up to that last question and some of the earlier questions. Just with respect to SteadyMD first, I think, you know, coming out of the fourth quarter, you had said something that's like a $25 million-$30 million business and call it in 2026. I guess based on the comments on the guidance, you know, call it $34 million-$39 million a good number for SteadyMD now for 2026? Why don't we start there?

[Lee Bienstock, CEO at DocGo]

Yeah. Hi, hi Richard. Appreciate it. I think as Norm mentioned, SteadyMD did about $9.5 million in the quarter for Q1. We do tend to see Q1 and Q4 as the highest levels for SteadyMD, sort of as you go in those winter months, as you close out the year and start the year. You know, as you're mentioning, that $9.5 million kind of puts them at that, you know, $36 million run rate for the year. Understanding that, you know, the middle months of the year tend to be a little bit lower on the volume. That being said, we are bringing on additional customers. We are onboarding additional customers that will potentially smooth that out as we go throughout the year.

[Lee Bienstock, CEO at DocGo]

That's basically as you mentioned, that's the pace they're on as we exit Q1.

[Richard Close, Managing Director at Canaccord Genuity]

Okay. Then just to be clear, with respect to the, you know, call it $23.6 million for mobile health, you have the $9.5 million for SteadyMD. There's like absolutely no, you know, migrant in any of those numbers, or the, or the mobile health for the quarter. That's completely gone, correct?

[Norman Rosenberg, CFO at DocGo]

That's correct.

[Richard Close, Managing Director at Canaccord Genuity]

Okay. Then, you know, maybe get back to the question right before me in terms of, if we looked at like remote monitoring, if we X out the mobile SteadyMD from the $23.6 million of total mobile, is remote monitoring, you know, the biggest chunk of, you know, what's remaining in there?

[Norman Rosenberg, CFO at DocGo]

Hey, Richard. It's the biggest single one. It was a little bit more than $4 million, I'd say $4.1 in the quarter. You know, to give you an idea, the clinical staffing business was about $3.8, $3.7, $3.8. It was a close second. Yes, it is actually the biggest one operating at a margin for the quarter of over 60%.

[Richard Close, Managing Director at Canaccord Genuity]

Okay.

[Norman Rosenberg, CFO at DocGo]

Natural margin is probably a little bit lower than that, but it's, you know, solidly over 50%, so that really helps the overall margin picture for mobile health.

[Richard Close, Managing Director at Canaccord Genuity]

Okay. We're throwing around a bunch of terms here, but clinical staffing is care gap closure and PCP, is that correct?

[Lee Bienstock, CEO at DocGo]

The clinical staffing is basically our portion of the business where we support mobile clinics and clinical staffing for our healthcare partners. It's essentially programs that we run on behalf of clinical groups like. We have groups like radiology groups and so forth that we run staffed clinics for.

[Norman Rosenberg, CFO at DocGo]

Yeah. It's that legacy government medical services business that we bought in, I think back in 2022.

[Richard Close, Managing Director at Canaccord Genuity]

Okay. Remote monitorings, $4.1 million. You got staffing at $3.8 million, it would be care gap closure piece or the home, healthcare in the home mobile.

[Lee Bienstock, CEO at DocGo]

Correct.

[Richard Close, Managing Director at Canaccord Genuity]

Phlebotomy? Okay.

[Lee Bienstock, CEO at DocGo]

Yeah. The healthcare in the home, you know, we again, the mobile phlebotomy is one of the service offerings that we do in the home, right?

[Richard Close, Managing Director at Canaccord Genuity]

Okay.

[Lee Bienstock, CEO at DocGo]

Primary care gap closure, mobile phlebotomy. In those scenarios, we're sending a clinician into the home. That's sort of the care in the home service line. We're calling out mobile phlebotomy ’cause it's one of the fastest-growing components of that care in the home business.

[Richard Close, Managing Director at Canaccord Genuity]

Okay. A big growth in a lot of those off of relatively small, but, you know, continued progress there. With respect to fuel prices, when you say, you know, you would expect some relief there, just maybe on transport, you know, how much is the, you know, the fixed rate programs versus or the lease rate, you know, programs as a percentage? How is that trending? Do you get any relief on fuel, on those agreements, or how do we think about that?

[Norman Rosenberg, CFO at DocGo]

On the leased hour arrangements?

[Richard Close, Managing Director at Canaccord Genuity]

Yeah.

[Norman Rosenberg, CFO at DocGo]

No, I don't think there's anything that's built in there. I mean, we were talking about it here over the last few weeks. In general, whether it's on the headcount side or the fuel side, we really need to go back on some of our contracts and try to work in some sort of, you know, automatic, indexed cost adjustment, but it doesn't exist on the vast majority of our contracts. Where this plays out is that from a leased hour perspective versus a fee for service, you know, then we kind of look at it and say, the fewer trips we have, the better, 'cause we're not using up the fuel. Other than that, you know, that's not something really that's under our control.

[Richard Close, Managing Director at Canaccord Genuity]

Okay. Okay. Then with respect to the cost savings, you know, in this they're kicking in the second quarter. When do you get like the full, sort of like the full positive impact from the cost-cutting? Is that like midway through the third quarter or actually here in the second quarter?

[Norman Rosenberg, CFO at DocGo]

I would say the full impact would probably be sometime in the third quarter. I say that thinking about, you know, the sort of list we have of the very specific cost-cutting measures. You know, Richard, part of the reason why we saw higher expenses than we would have expected, we initially expected in Q1 is, you know, typically what'll happen is we will swap out one vendor for another vendor that's lower priced, or we will just stop working with a vendor.

[Norman Rosenberg, CFO at DocGo]

It's the kind of thing where, you know, you've got a list of vendors and you've got these cost savings that are identified and executed, but there's a lag because I might have a contract with that vendor that goes through the end of March, even though, you know, I told them in January that we're not using their services anymore, or I told them back in December, I'm not using their services anymore. It's the same thing with some of the personnel.

[Norman Rosenberg, CFO at DocGo]

You know, as we sort of shift into more of the corporate layer here, where we're trying to take some cost out, what ends up happening is that we'll have situations where someone is told, "Hey, look, you know, we've identified this position for elimination, but we need you to stick around for another 30 days or 60 days." It sort of gets you into that next quarter, and that's why that ends up happening. Knowing what we have executed so far in Q2 and what we have on the calendar to execute between now and the end of Q2, I would say that we're not gonna get the full benefit of all of those things during this quarter. But by third quarter, we should get, you know, almost all of it.

[Norman Rosenberg, CFO at DocGo]

Obviously, in Q4, we'll have whatever took place at the end of Q2 and Q3 hitting the P&L. If things flow through the way we anticipate and without other things coming up that would cause us to add to our headcount or to take on other vendors that we don't currently have, we would expect that sequential decline in operating expenses as we go into Q2, three and four.

[Richard Close, Managing Director at Canaccord Genuity]

Okay. Good job on collecting, I guess you said $8 million, April 1st or something like that.

[Norman Rosenberg, CFO at DocGo]

Yes.

[Richard Close, Managing Director at Canaccord Genuity]

How much is still?

[Norman Rosenberg, CFO at DocGo]

10.6.

[Richard Close, Managing Director at Canaccord Genuity]

Okay, thanks. How much is still out there, and what's the thought process on when that comes in?

[Norman Rosenberg, CFO at DocGo]

Yeah. From HPD, which is the one that we talked about, Housing Preservation Development, there's about, I guess, $13 million left. We are in the process of communicating with them, sending them, in some cases, the very same information that we sent them last time.

[Norman Rosenberg, CFO at DocGo]

In some cases, you know, sending it a different way. There's a formal process by which we would go through that. They have now laid out for us exactly what it is that is, you know, quote-unquote, missing in order for us to get paid on those items. We're gathering that information and are sending it over. I'm gonna say I mean, look, I look in their payment system. I think there's probably another $1 million or so that'll come in maybe in the next couple of weeks. Beyond that, we would expect it to come in over the balance of 2026. One thing that we have learned, even though we have now collected 97% of that contract, is that it gets really difficult to predict the exact timing.

[Richard Close, Managing Director at Canaccord Genuity]

Yeah.

[Norman Rosenberg, CFO at DocGo]

Of when those payments are gonna be made, we try to err on the side of being conservative. I will point out, when we talk about migrant revenues on the other hand, so there's HPD, but there's also NYC Health + Hospitals, the HERRC program that we talked about. All that's been collected, and that was collected on a very timely basis in terms of the stuff that we build as we came to the last days of those programs in late 2025. I don't think there's any material that's outstanding on any of those contracts. As we sit here, that was all brought in during Q1.

[Norman Rosenberg, CFO at DocGo]

It's really that $13 million or so that's sort of sitting out there that we are working very, very hard to collect.

[Richard Close, Managing Director at Canaccord Genuity]

Okay, thanks.

[Norman Rosenberg, CFO at DocGo]

Of course.

[Operator]

The next question comes from the line of David Larsen with BTIG. Please go ahead.

[Jenny Shen, Equity Research Associate at BTIG]

Hi, this is Jenny Shen on for Dave. Thanks for taking my question. I just wanted to ask more about the weight management program or business within SteadyMD. I think you mentioned in the prepared remarks, a new partnership or contract with an online pharmacy. Can you just speak more about that? Are you partnering with the pharmacy that offers the branded medications, or are they offering the compounds, and how does that revenue sharing work? Thanks.

[Lee Bienstock, CEO at DocGo]

Yeah. On the revenue, we charge a per visit rate. There's no revenue sharing. It's just we charge our contracted rate, as you mentioned, Jenny. In terms of your part of the question relating to the weight loss medication, we're working with the branded weight loss medications, the pharmacies that are offering those branded weight loss options and we're the clinical visit as part of that prescription, as part of that prescribing process. That's really what's driving that growth there. Of course, we're seeing obviously in the marketplace a big tailwind and growth in that space and we are participating in that.

[Jenny Shen, Equity Research Associate at BTIG]

Okay, perfect. Then, can you remind us how much of revenue do you expect the payer business to contribute in 2026 and how much is SteadyMD? Thanks.

[Lee Bienstock, CEO at DocGo]

Absolutely. As we mentioned, we updated the guidance to $300 million-$315 million for the year. We expect, again, as we shared on the last earnings call, we expect about $85 million-$100 million to come from the mobile health segment, and then about $210 million-$215 million to come from the medical transportation segment for the remainder of the year. SteadyMD, as was mentioned, I think Richard asked about it specifically. Again, SteadyMD exited Q1 at a $9.5 million quarter, and they're contributing roughly that $35 million-$36 million, you know, as we go throughout the year in our projections.

[Jenny Shen, Equity Research Associate at BTIG]

Perfect. Thank you.

[Lee Bienstock, CEO at DocGo]

Of course.

[Operator]

That concludes your question and answer session. I would like to turn it back to Lee Bienstock for closing remarks.

[Lee Bienstock, CEO at DocGo]

Thank you so much. Appreciate everybody joining us, and looking forward to speaking with you again soon. Have a great evening.

[Operator]

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

Participants

Executives

• Lee Bienstock, CEO
• Mike Cole, VP of Investor Relations
• Norman Rosenberg, CFO

Analysts

• Jenny Shen, Equity Research Associate at BTIG
• Kieran Ryan, Equity Research Associate at Deutsche Bank
• Matthew Shea, VP and Equity Research Analyst at Needham
• Richard Close, Managing Director at Canaccord Genuity