DocGo (DCGO) Tops Q1 EPS by 2c, Updates Guidance

DocGo (NASDAQ: DCGO) reported Q1 EPS of $0.10, $0.02 better than the analyst estimate of $0.08. Revenue for the quarter came in at $192.1 million versus the consensus estimate of $187.92 million.

GUIDANCE:

DocGo sees FY2024 revenue of $600-650 million, versus the consensus of $714 million.

• Given that the previously forecasted wind-down of migrant related services has been accelerated, the Company is revising 2024 revenue guidance from $720-$750 million to $600-$650 million, with an expected contribution of $320-350 million of migrant-related revenue in 2024 from contracts with New York City Housing Preservation and Development and New York City Health and Hospitals.
• The revenue expectation for our 2024 base businesses going forward – medical transportation and non-migrant mobile health – is $280 - $300 million, in line with our previous expectations. In 2025, the Company expects this base business to grow in excess of 30%, with an adjusted EBITDA margin2 in excess of 10%.
• 2024 adjusted EBITDA2 guidance is revised to $65-75 million, from a previous range of $80-$85 million.
• The Company now expects to generate $70-$80 million in cash flow from operations for calendar year 2024, up from the prior forecast of $65-$75 million.

For earnings history and earnings-related data on DocGo (DCGO) click here.

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