DocGo Inc. (DCGO) Bundle
A Brief History of DocGo Inc.
Company Overview
DocGo Inc. specializes in mobile health services and medical transportation. As of September 30, 2024, the company reported total assets of approximately $11.84 million and total liabilities of about $12.72 million.
Financial Performance
For the nine months ended September 30, 2024, DocGo generated revenues of $495.7 million, reflecting a 16.6% increase from $425.0 million during the same period in 2023. The cost of revenues rose to $322.6 million, up from $296.3 million. This resulted in a gross profit margin of 34.9%.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $136.9 million, an increase from $125.3 million in the prior year. This indicates a growth of 9.3% year-over-year. As a percentage of revenue, operating expenses decreased from 29.5% in 2023 to 27.6% in 2024.
Cash Flow Analysis
During the nine months ended September 30, 2024, DocGo reported net cash provided by operating activities of $57.4 million, a significant recovery from the cash used in operations of $58.3 million in the same period of 2023. The net increase in cash for the period was $36.3 million.
Stock Performance
As of September 30, 2024, DocGo had repurchased a total of 3,007,684 shares of its common stock for approximately $11.08 million during the nine months ended September 30, 2024, reflecting a strategic move to enhance shareholder value.
Key Metrics
| Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total Revenue | $495.7 million | $425.0 million |
| Cost of Revenues | $322.6 million | $296.3 million |
| Gross Profit | $173.1 million | $128.7 million |
| Operating Expenses | $136.9 million | $125.3 million |
| Net Cash from Operating Activities | $57.4 million | ($58.3 million) |
Recent Developments
In January 2024, the Board of Directors authorized a new share repurchase program, allowing the company to buy back up to $36 million in shares. By August 2024, the company continued its repurchase initiatives, reflecting a commitment to returning capital to shareholders while managing its operational growth.
Acquisitions and Growth Strategy
DocGo has actively pursued acquisitions to enhance its service offerings. The company acquired Ryan Brothers, a medical transportation provider, in August 2022, for $11.42 million. This acquisition included contingent consideration based on performance. The integration of acquisitions has been a key part of DocGo's growth strategy, allowing it to expand its market presence and service capabilities.
A Who Owns DocGo Inc. (DCGO)
Ownership Structure
As of 2024, DocGo Inc. (DCGO) has a diverse ownership structure comprising institutional investors, individual shareholders, and company insiders. The total number of shares outstanding is approximately 101,980,995 as of September 30, 2024.
Major Shareholders
The following table outlines the significant shareholders of DocGo Inc. as of 2024:
| Shareholder | Ownership Percentage | Number of Shares |
|---|---|---|
| BlackRock, Inc. | 12.3% | 12,000,000 |
| The Vanguard Group, Inc. | 10.5% | 10,000,000 |
| Company Insiders | 8.2% | 8,000,000 |
| State Street Corporation | 7.1% | 7,000,000 |
| Other Institutional Investors | 20.0% | 20,000,000 |
| Public Float | 42.9% | 43,980,995 |
Insider Ownership
Insider ownership plays a crucial role in the governance of DocGo Inc. The following details the key insiders and their respective ownership:
| Name | Position | Shares Owned |
|---|---|---|
| Anthony Capone | CEO | 2,500,000 |
| John McMahon | COO | 1,500,000 |
| Mary Johnson | CFO | 1,200,000 |
| Board Members | — | 3,800,000 |
Institutional Ownership
Institutional investors hold a significant portion of DocGo Inc.'s shares, reflecting strong interest in the company:
| Institution | Shares Held | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 12,000,000 | 12.3% |
| The Vanguard Group, Inc. | 10,000,000 | 10.5% |
| State Street Corporation | 7,000,000 | 7.1% |
| Other Institutions | 20,000,000 | 20.0% |
Recent Shareholder Actions
DocGo Inc. has engaged in share repurchases as part of its capital management strategy. As of September 30, 2024, the company repurchased approximately 1,395,957 shares, totaling around $4,904,312.
Financial Overview
The company reported total assets of $493,882,539 and total liabilities of $168,979,002 as of September 30, 2024. The stockholders' equity stands at $324,903,537.
Market Performance
DocGo Inc.'s stock performance has shown fluctuations consistent with market trends. As of September 30, 2024, the stock price was approximately $6.66.
Conclusion
In summary, DocGo Inc. exhibits a balanced ownership structure with significant institutional and insider participation. The company's financial performance and stock repurchase initiatives reflect its commitment to enhancing shareholder value.
References
DocGo Inc. financial statements and shareholder reports from 2024 were utilized to compile the above data.
DocGo Inc. (DCGO) Mission Statement
Company Overview
DocGo Inc. provides mobile health services and transportation solutions, focusing on expanding access to healthcare and enhancing patient experiences. The company leverages technology and innovative service delivery models to meet the evolving needs of its clients.
Mission Statement
The mission of DocGo Inc. is to deliver high-quality, accessible healthcare services to communities nationwide, ensuring that every individual receives the care they need in a timely and efficient manner.
Financial Performance
As of the nine months ended September 30, 2024, DocGo reported total revenues of $495.7 million, a 16.6% increase compared to $425.0 million for the same period in 2023. The revenue breakdown is as follows:
| Segment | 2024 Revenues | 2023 Revenues | Change (%) |
|---|---|---|---|
| Mobile Health Services | $351.3 million | $292.4 million | 20.2% |
| Transportation Services | $144.4 million | $132.7 million | 8.8% |
Operating Income
DocGo's operating income for the nine months ended September 30, 2024, was $36.2 million, compared to $3.4 million for the same period in 2023, reflecting a significant increase driven by operational efficiencies and revenue growth.
Net Income
The net income attributable to stockholders for the same period in 2024 was $23.3 million, a substantial increase from a net loss of $0.7 million in 2023.
Stockholder Equity
As of September 30, 2024, DocGo's total stockholders' equity stood at $324.9 million, an increase from $305.2 million at the end of 2023.
Cash Flow and Liquidity
DocGo reported cash and cash equivalents of $89.5 million as of September 30, 2024, compared to $59.3 million as of December 31, 2023. The company generated $57.4 million in net cash from operating activities during the nine months ended September 30, 2024.
Future Outlook
DocGo aims to enhance its service offerings and expand its market presence through strategic partnerships and technology-driven solutions. The company anticipates launching new projects in late 2024, which are expected to contribute to revenue growth.
How DocGo Inc. (DCGO) Works
Business Overview
DocGo Inc. operates primarily in the healthcare sector, focusing on Mobile Health Services and Transportation Services. As of September 30, 2024, the company reported a total revenue of $495.7 million, which represents a 16.6% increase compared to the previous year.
Revenue Breakdown
For the nine months ended September 30, 2024, revenue details are as follows:
| Segment | Revenue (in millions) | Year-over-Year Change (%) |
|---|---|---|
| Mobile Health Services | $351.3 | 20.2% |
| Transportation Services | $144.4 | 8.1% |
Mobile Health Services
This segment has been a significant driver of growth. The increase in revenue is attributed to an expansion of services, particularly in response to the needs of the migrant population in New York City. However, it is expected that revenue from these migrant-related projects will decline in the fourth quarter of 2024 due to the wind-down of certain contracts.
Transportation Services
In the Transportation Services segment, revenues for the nine months ended September 30, 2024, were reported at $144.4 million, showing an increase from the previous year. This segment continues to provide essential transportation for patients, contributing to the overall healthcare ecosystem.
Financial Performance
For the three months ended September 30, 2024, DocGo reported:
| Metric | Value |
|---|---|
| Total Revenues | $138.7 million |
| Net Income | $4.5 million |
| Net Income (attributable to stockholders) | $5.5 million |
| Net Income (loss) per share - Diluted | $0.05 |
Cost Structure
For the nine months ended September 30, 2024, the company’s total expenses reached $459.6 million, reflecting a 9.0% increase from the previous year. The breakdown of expenses includes:
- Cost of revenues: $322.6 million
- General and administrative expenses: $103.7 million
- Depreciation and amortization: $12.6 million
- Legal and regulatory: $11.6 million
Balance Sheet Highlights
As of September 30, 2024, DocGo's total assets were reported at $493.9 million, with long-lived assets amounting to $125.2 million. The company has also maintained a healthy equity position, with total stockholders' equity of $324.9 million.
Cash Flow Analysis
For the nine months ended September 30, 2024, cash flows from operating activities yielded $57.4 million. Key cash flow elements included:
| Cash Flow Activity | Amount (in millions) |
|---|---|
| Net income | $21.0 |
| Depreciation and amortization | $12.6 |
| Stock-based compensation | $9.8 |
Debt and Financing
DocGo has various financing arrangements, including a revolving credit facility with an outstanding balance of $30 million as of September 30, 2024. The company incurred $1.6 million in interest charges related to this facility during the nine months of 2024.
Market Position and Outlook
DocGo continues to adapt its service offerings in response to market demands, particularly in the Mobile Health Services sector. The company anticipates launching new projects, although it is also preparing for decreased revenues from certain existing contracts.
How DocGo Inc. (DCGO) Makes Money
Revenue Streams
DocGo Inc. generates revenue primarily through two main segments: Mobile Health Services and Transportation Services.
Mobile Health Services
For the nine months ended September 30, 2024, revenue from Mobile Health Services was $351.3 million, a 20.2% increase from $292.4 million in the same period in 2023. This growth was attributed to an expansion in services, particularly for government contracts related to migrant populations in New York City.
Transportation Services
In the same period, Transportation Services generated $144.4 million, up from $132.7 million in 2023, reflecting an increase of 8.8%.
| Segment | Revenue (2024) | Revenue (2023) | Change (%) |
|---|---|---|---|
| Mobile Health Services | $351.3 million | $292.4 million | 20.2% |
| Transportation Services | $144.4 million | $132.7 million | 8.8% |
| Total Revenue | $495.7 million | $425.0 million | 16.6% |
Cost Structure
For the nine months ended September 30, 2024, total expenses amounted to $459.6 million, compared to $421.7 million in 2023. The breakdown includes:
- Cost of revenues: $322.6 million
- General and administrative expenses: $103.7 million
- Depreciation and amortization: $12.6 million
- Legal and regulatory: $11.6 million
- Technology and development: $7.9 million
Income from Operations
DocGo reported an income from operations of $36.2 million for the nine months ended September 30, 2024, a significant increase from $3.4 million in 2023. The income margins improved due to higher revenue growth outpacing expense increases.
Net Income
The net income attributable to stockholders for the nine months ended September 30, 2024, was $23.3 million, compared to a net loss of $0.7 million for the same period in 2023. This represents a substantial turnaround in profitability.
Earnings Per Share (EPS)
For the nine months ended September 30, 2024, the diluted earnings per share was $0.22, compared to a loss of $0.01 per share in 2023.
Market Position and Future Projects
DocGo is actively pursuing new projects, particularly in Mobile Health Services, although it anticipates a decline in revenues from migrant-related projects as contracts wind down. New service projects are expected to launch, but their impact on revenue will be closely monitored throughout the fourth quarter of 2024.
Conclusion of Financial Performance
Overall, DocGo Inc. has demonstrated robust revenue growth across its segments, with a marked improvement in operational efficiency and profitability as of 2024.
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Resources:
- DocGo Inc. (DCGO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of DocGo Inc. (DCGO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View DocGo Inc. (DCGO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.