DocGo NASDAQ: DCGO Chief Executive Officer Lee Bienstock outlined the company’s transition away from COVID-related, migrant and emergency-response programs and toward its “evergreen” medical transportation and mobile health businesses during a presentation at the 21st Annual Needham Technology, Media, and Consumer Conference.
Bienstock said the company’s mission is to provide “high quality, highly accessible healthcare for all” by bringing care to patients where they are, including in the home, virtually and through remote monitoring. He described DocGo as a provider of tech-driven mobile healthcare with a foundational medical transportation business and a rapidly growing care-in-the-home platform.
Q1 Results and 2025 Guidance
Bienstock said DocGo generated more than $75 million in revenue in the first quarter, noting that for the first time in several years, the company had no COVID-related or migrant-related revenue in the period. He said the revenue was tied to ongoing programs in medical transportation and mobile health.
According to Bienstock, DocGo recorded a 31.6% adjusted gross margin in the quarter and an adjusted EBITDA loss of $10.2 million. He said the company raised its full-year guidance and now expects revenue of $300 million to $315 million, with an adjusted EBITDA loss of $5 million to $10 million. Bienstock said the company expects to reach profitability as it moves through the year and into the second half.
DocGo’s first-quarter revenue included about $52 million from medical transportation and about $23.5 million from mobile health, Bienstock said. He added that the company has no long-term debt and about $60 million in cash on its balance sheet.
Medical Transportation Remains Core Business
Bienstock said DocGo’s medical transportation business is expected to generate more than $200 million in revenue and remains a foundational part of the company. In the first quarter, U.S. trip volume increased 17% year-over-year, and the company completed about 75,000 patient transports in the U.S., he said. Across the U.S. and the U.K., DocGo completed more than 700,000 medical transports last year.
He said DocGo works with hospital systems including Mount Sinai and Jefferson, and that its ordering platform is integrated with Epic and athenahealth. Bienstock said the integration allows hospital staff to order transportation directly from a patient chart and see when an ambulance will arrive, helping hospitals prepare beds and discharge patients more efficiently.
Bienstock also said the company is increasingly using artificial intelligence to automate scheduling, patient confirmations, appointment management, pre-billing processes and reviews of medical transport reports used to substantiate ambulance needs.
Mobile Health, Home Care and SteadyMD
Bienstock said DocGo’s care-in-the-home business grew 131% year-over-year, including the benefit of its SteadyMD acquisition. Excluding that acquisition, he said the business was up 40% year-over-year. He said DocGo’s healthcare-in-the-home volume increased 46% year-over-year in the first quarter, mobile phlebotomy was up 8%, cardiac and remote patient monitoring grew 13%, and virtual care and lab orders rose 37%.
The company monitors about 55,000 patients and has a patient monitoring business with roughly 60% gross margins and 15% to 20% EBITDA margins, Bienstock said. He also said DocGo completed more than 1 million telehealth visits in the first quarter through asynchronous and synchronous visits.
Bienstock highlighted the company’s model of sending a licensed practical nurse, phlebotomist or certified medical assistant into the home while an advanced practice provider directs the visit virtually. He said the model is intended to make home-based care more efficient than sending a physician, nurse practitioner or physician assistant door to door.
DocGo closes more than 40 types of care gaps in the home, including diabetic retinal scans, osteoporosis screenings, vaccinations, annual wellness visits, depression screenings and cancer screenings, Bienstock said. He said the company works with health plans including Molina, Elevance, L.A. Care, Emblem and Inland Empire Health Plan in California, and has been given lists totaling 1.6 million patients with open care gaps.
Bienstock said SteadyMD, which DocGo acquired in recent months, has a $36 million annual run rate and is growing quickly. SteadyMD provides telehealth, lab ordering and lab review services for digital health and consumer health companies, charging a per-visit rate, he said. He also discussed demand tied to online pharmacies and GLP-1 medications, saying patients must be reviewed by a clinician before receiving prescriptions.
Pipeline, Profitability and Cost Initiatives
Responding to a question from Ryan MacDonald, senior analyst at Needham & Company, Bienstock said DocGo’s pipeline grew 13% quarter-over-quarter in the first quarter. He said demand is coming from medical transportation opportunities, hospital RFPs, two large RFPs in the U.K., technology platform opportunities and expansions with existing customers into new states, geographies and services.
Bienstock said DocGo is being measured about entering new geographies, especially as it works to bring its Care Anywhere platform to profitability. He said the company is focusing on density in existing markets and expanding into new geographies when large customers request it and when the patient volume supports scaling.
On cost savings, Bienstock said DocGo is integrating SteadyMD’s clinical practice group with its legacy clinical practice group. He said the company is also using lower-cost clinicians, such as phlebotomists and medical assistants, when appropriate instead of sending a licensed practical nurse to every visit. He added that DocGo has reviewed headcount and vendors, is renegotiating or replacing vendors in some cases, and holds a daily efficiency meeting focused on reducing costs and improving profitability.
CMS ACCESS Model
Bienstock said DocGo was one of 150 healthcare providers selected to participate in CMS’s ACCESS program, which he described as a model intended to reward improved health outcomes. He said the program includes a small upfront payment and back-end rewards when providers improve measures such as obesity management, chronic condition management, blood pressure, weight and A1C levels.
He said the economics of the program remain to be seen, but described the model as a move toward rewarding providers when patients are healthier and use the healthcare system less. Bienstock said DocGo plans to participate, learn from the program and provide feedback to CMS.
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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