DocGo Inc (DCGO, Financial), a leading provider of technology-enabled mobile health services, announced its financial and operating results for the quarter ended September 30, 2023, on November 6, 2023. The company reported a record third quarter, with significant increases in revenue, net income, and adjusted EBITDA.
Financial Performance
DocGo Inc (DCGO, Financial)'s total revenue for Q3 2023 was $186.6 million, a 49% increase from the $125.5 million reported in Q2 2023, and a 79% increase from the $104.3 million reported in Q3 2022. This revenue increase was driven by gains in nearly all business and project lines.
The company's net income for Q3 2023 was $4.6 million, a significant increase of 254% compared to the net income of $1.3 million in Q2 2023, and an 84% increase from the $2.5 million reported in Q3 2022. The net income margin was 2.5% for Q3 2023, compared to 1.0% in Q2 2023 and 2.4% in Q3 2022.
Adjusted EBITDA for Q3 2023 was $16.7 million, up 84% from $9.1 million in Q2 2023 and up 99% from $8.4 million in Q3 2022. The adjusted EBITDA margin for Q3 2023 was 9.0%, compared to 7.3% in Q2 2023 and 8.1% in Q3 2022.
Financial Outlook
Based on the strong performance in Q3 2023, DocGo Inc (DCGO, Financial) has raised its 2023 revenue guidance to $615-$625 million, up from a previous range of $540-$550 million. The company has also increased its adjusted EBITDA guidance to $50-$55 million, up from a previous range of $48-$53 million.
Company Highlights
DocGo Inc (DCGO, Financial) reported several significant corporate highlights for Q3 2023. The company's current backlog increased to $430 million in total contract value over approximately three years. The company also expanded its services with current customers, signed new customers, and won RFPs. Additionally, DocGo Inc (DCGO) increased the size of its team by over 26% in Q3 2023 to over 6,000 employees and agency staff due to increased demand for the company's services.
Management Commentary
Lee Bienstock, Chief Executive Officer of DocGo, commented,
The third quarter marked our strongest ever growth, and I am extremely proud of the focus our team has brought to expanding our suite of services, our operational execution, and our financial performance."Norm Rosenberg, Chief Financial Officer and Treasurer of DocGo, added,
As expected, we experienced significant earnings leverage in the third quarter due to our strong top line growth."
Explore the complete 8-K earnings release (here) from DocGo Inc for further details.
