DocGo Q4 Earnings Call Highlights

Key Points

• DocGo reported Q4 revenue of $74.9 million and an adjusted EBITDA loss of about $11–12 million; management said revenue beat guidance and, excluding the impact of the migrant-program wind‑down, Q4 revenue rose about 11% year‑over‑year.
• The company raised 2026 guidance to $290–$310 million in revenue and narrowed its adjusted EBITDA loss outlook to $5–$10 million, targeting adjusted‑EBITDA profitability in the back half of 2026 with SteadyMD and Remote Patient Monitoring cited as key growth drivers.
• DocGo has launched a process to explore strategic alternatives, took non‑cash impairments (roughly $72 million combined) to write goodwill and intangibles to zero, and finished the year with $68.3 million in cash while noting about $20 million of migrant receivables still outstanding and potential near‑term working‑capital pressure.

DocGo NASDAQ: DCGO reported fourth-quarter revenue of $74.9 million and an adjusted EBITDA loss of $11.6 million, capping what management described as a “strong close to the year” despite lingering costs tied to the final wind-down of migrant-related programs.

CEO Lee Bienstock said revenue exceeded expectations and topped the company’s revenue guidance, while the adjusted EBITDA loss came in slightly worse than anticipated due largely to non-recurring wind-down costs. With new customer expansions and improved hiring rates, DocGo raised its 2026 outlook and said it expects losses to narrow meaningfully as cost initiatives take hold.

Quarterly results shaped by migrant program wind-down

CFO Norm (Norman) said the year-over-year revenue decline in the quarter was “entirely due” to the wind-down of migrant-related projects. Total revenue fell to $74.9 million in Q4 2025 from $120.8 million in Q4 2024. Excluding migrant-related revenue in both periods, the company said Q4 revenue increased 11% year over year.

For the full year, revenue was $322.2 million in 2025 compared to $616.6 million in 2024, again reflecting the runoff of migrant-related work.

• Medical Transportation: Q4 revenue rose to $50.2 million from $49.1 million a year earlier, with growth cited in markets including New York, Texas, and Tennessee.
• Mobile Health: Q4 revenue was $24.8 million, down from $71.8 million in the prior-year period. The company said about $7.4 million of Q4 2025 mobile health revenue was migrant-related; non-migrant mobile health revenue increased 47%, driven by care gap closures, Remote Patient Monitoring, Mobile Phlebotomy, and two months of SteadyMD revenue following the October acquisition.

Adjusted EBITDA for Q4 2025 was a loss of $11.3 million, compared with adjusted EBITDA of $1.1 million in Q4 2024. For the full year 2025, adjusted EBITDA was a loss of $28.6 million versus adjusted EBITDA of $60 million in 2024.

Margins: transportation improved; mobile health impacted by wind-down costs

DocGo’s adjusted gross margin was 32.5% in Q4 2025 compared with 33.5% in Q4 2024. Medical Transportation adjusted gross margin improved to 32.8% from 30.1% and was described as the segment’s highest level since Q1 2024, though management said margins remain constrained by higher-than-planned effective hourly wages for field labor.

Overtime continued to be a notable factor. Norm said overtime accounted for about 13% of hourly wages in Q4 and has been running between 11% and 13% for several quarters. Bienstock noted the company filled 206 EMT and paramedic roles out of 546 that were open at the end of the prior quarter, and said overtime rates were in the teens in Q4 versus a mid-single-digit target, but are gradually declining as hiring improves.

Mobile Health adjusted gross margin was 31.8% versus 35.9% a year earlier. Management attributed the decline to the migrant program wind-down, noting those revenues carried gross margins below 20% in the quarter due to stranded costs and staffing held through project completion. The company expects mobile health margins to improve in 2026 without those wind-down costs and with a larger mix from higher-margin service lines such as Remote Patient Monitoring, Mobile Phlebotomy, and virtual care.

SteadyMD and Remote Patient Monitoring highlighted as growth drivers

Bienstock pointed to “stellar performance” from the virtual care offering SteadyMD. SteadyMD exceeded $8 million in Q4 revenue for the first time on a standalone basis, though DocGo recorded $6.1 million in Q4 results because the acquisition closed in late October. Management said SteadyMD’s year-over-year gross margins improved from about 30% to 37%, with additional gains expected in 2026.

For full-year 2025, SteadyMD recorded more than 4 million patient interactions, including about 3 million lab orders and 1 million telehealth visits (synchronous and asynchronous), up from about 2.5 million interactions in 2024. The company attributed momentum to customer expansions tied to branded GLP-1 weight loss programs. DocGo said it is targeting consolidation of provider networks so SteadyMD clinicians can support patients across DocGo’s mobile health offerings by the end of the second quarter.

Remote Patient Monitoring was another “bright spot,” with record Q4 revenue of $4 million and adjusted EBITDA of $830,000. The company said the number of monitored patients rose 16% versus Q4 2024, with growth in virtual care management, and management expects continued profitability improvements as the business scales.

Strategic alternatives, non-cash impairments, and cash collection timing

DocGo disclosed it has initiated a process to explore a range of strategic alternatives intended to maximize shareholder value. In response to an analyst question, Bienstock said the company has engaged an investment bank to run a formal process, but did not provide additional details and cautioned there is no assurance the process will yield a transaction.

On GAAP results, Norm detailed several non-recurring non-cash items, including impairments driven by the gap between market capitalization and carrying values. In Q4, DocGo recorded a goodwill impairment of $49.5 million and an additional $22.6 million impairment of intangible assets, leaving goodwill and intangible assets written down to zero at year-end. The company also impaired a prior equity investment, recording a $5 million impact in other expense. Norm emphasized these write-downs were accounting-driven and non-cash, and said they did not reflect a change in management’s outlook for underlying business prospects.

Year-end cash, cash equivalents, restricted cash, and investments totaled $68.3 million, down from $95.2 million at September 30, 2025. The company cited the SteadyMD acquisition ($12.5 million in cash plus about $1.5 million of transaction-related costs), operating losses, and delayed collections of migrant-related accounts receivable from New York City’s Department of Housing Preservation and Development (HPD). Norm said roughly $20 million of migrant receivables remained outstanding, with 97% collected to date overall, and the company still expects to collect the remainder—potentially with an initial tranche “imminent” following an audit HPD conducted with a major accounting and consulting firm.

Management also discussed potential working capital pressure in 2026, citing continued operating losses in the first half, growth-related working capital needs, and the timing of receivables. Norm said DocGo is working with its credit line provider to remedy issues tied to financial covenants and to maintain flexibility, noting the company has not drawn on the line since paying it back in August of the prior year.

2026 guidance raised; profitability targeted in second half

DocGo increased 2026 revenue guidance to $290 million to $310 million, up from $280 million to $300 million, citing increased medical transportation volumes, staffing progress, and upside in SteadyMD. The company also improved its adjusted EBITDA outlook to a loss of $5 million to $10 million, compared with a prior expected loss of $15 million to $25 million, attributing the change to higher gross profit dollars, reduced overtime, and efforts to cut SG&A—including targeted reductions of 10% to 15% from recent levels.

On revenue composition, Bienstock said that at the midpoint of guidance, the company expects approximately $215 million from transportation and about $85 million to $88 million from mobile health, with mobile health excluding migrant revenue and excluding municipal or population health revenue. He added that SteadyMD had previously been discussed as a $25 million to $30 million revenue contributor, with potential upside.

Management reiterated an expectation to reach profitability on an adjusted EBITDA basis in the back half of 2026, with losses concentrated earlier in the year. The company also outlined an “efficiency innovation portfolio” of more than a dozen projects intended to create operating leverage, with anticipated savings of about $5 million to $6 million in 2026 and about $20 million to $24 million in 2027 when the full annual benefit is realized. Initiatives discussed included automation in pre-billing, agentic AI for patient outreach, and broader workflow standardization.

About DocGo NASDAQ: DCGO

DocGo, 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.

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