The following is a summary of the DocGo Inc. (DCGO) Q1 2024 Earnings Call Transcript:
Financial Performance:
DocGo's Q1 2024 revenue reached $192.1 million and recorded an adjusted EBITDA of $24.1 million.
Due to termination of migrant-related projects more rapidly than expected, the company has revised its financial forecast. It now anticipates full-year 2024 revenues between $600 million and $650 million, and an adjusted EBITDA ranging from $65 million to $75 million.
A forecasted decrease in annual revenue by roughly $100 million is predicted due to a dip in migrant-related projects.
Q1 saw high revenues but these are anticipated to decline in Q2, Q3, and further into Q4 due to a significant drop in HPD revenue.
Business Progress:
DocGo is broadening its care gap closure programs with key insurance companies and continues to make meaningful progress in offering health services to underserved communities.
Two new initiatives include a primary care offering and a mobile X-ray program.
Revenue generated from various segments in 2024: non-migrant mobile health revenues are predicted at approximately $105 million, with transportation revenues expected to hit $195 million.
Aiming for growth into 2025, the company is targeting $400 million in revenue from their base business, an increase of over 30% from 2024.
They also foresee growth of around 15% in the medical transportation business into 2023 to 2025. The monitoring business, though small, is the fastest growing, with growth expected from expanding existing payer associations and fostering new ones.
Expansion of healthcare offerings will also come from introducing more mobile health programs with health system partners.
Upcoming municipal business expansion will focus on core medical services such as vaccination deployment and behavioral health care services.
High growth rates are expected in the virtual primary care business, aiming to serve patients who lack access to persistent healthcare.
A $70 million to $80 million cash flow from operations is expected for 2024, slightly higher than the projected EBITDA.
More details: DocGo IR
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