ADDING and REPLACING DocGo Announces Record Fourth Quarter and Full Year 2021 Results
Q4 and full year revenue increased 289% and 239%, respectively, over comparable prior year periods
Positive adjusted EBITDA and net income for both the quarter and full year
The updated release reads:
DOCGO ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 2021 RESULTS
Q4 and full year revenue increased 289% and 239%, respectively, over comparable prior year periods
Positive adjusted EBITDA and net income for both the quarter and full year
“The fourth quarter caps a year in which we made substantial progress, further penetrating into existing markets while launching in nine new ones, all while continuing to invest in a world class clinical team and transitioning to a publicly-traded company,” stated
Fourth Quarter Financial Highlights
-
Total revenue was
$121.3 million , representing growth of 289% over$31.2 million in the fourth quarter of 2020. -
Mobile Health revenue increased to approximately$102.6 million , compared to$15.8 million in the fourth quarter of 2020. The increase reflects the extension of certain key contracts as well as significant recent contract wins. -
Medical transport revenue was approximately
$18.7 million , up 21% from$15.4 million in the fourth quarter of 2020. -
Adjusted EBITDA grew to approximately
$17.3 million , versus an Adjusted EBITDA loss of$2.9 million in the fourth quarter of 2020. -
Net income was
$20.3 million , which represents a substantial improvement over the net loss of$4.4 million in the fourth quarter of last year, reflecting the strong increase in revenues during the quarter, which occurred while certain overhead costs remained in line with prior periods. Net income in Q4 2021 includes a gain of approximately$5.2 million relating to the remeasurement of warrant liabilities.
Full Year Financial Highlights
-
Total revenue was
$318.7 million , an increase of 239% from$94.1 million in 2020. -
Mobile Health revenue increased to approximately$234.4 million in 2021, compared to$30.9 million in 2020. The increase reflects the expansion of the services offered by this segment in 2021, with growth accelerating throughout the year, asDocGo increased both its customer base and geographic reach. The year witnessed the extension of certain key contracts as well as significant new contract wins. -
Medical transport revenue was approximately
$84.3 million in 2021, up 33% from$63.2 million in 2020. Both trip volumes and average price per trip increased from 2020 levels. -
Covid testing-related revenue is estimated to be approximately
$110 million . -
Adjusted EBITDA grew to approximately
$25.1 million in 2021, even with significant investments made in regional expansion and personnel, versus an Adjusted EBITDA loss of$8.1 million in 2020. -
Net income was
$19.2 million for the full year 2021, which represents a substantial improvement over a net loss of$14.8 million in 2020. Net income in 2021 includes a gain of approximately$5.2 million relating to the remeasurement of warrant liabilities. -
As of
December 31, 2021 , the company held cash and cash equivalents of$175.5 million with insignificant debt, and an additional$78.4 million of accounts receivable.
Corporate Highlights
-
Closed merger with
Motion Acquisition Corp. and raised net proceeds of approximately$158 million , including an associated PIPE financing. -
Hired 2,340 new employees in 2021, bringing total number of medical providers to over 3,800 as of
December 31 .
2022 Guidance
The company sees strong demand from our customers for both mobile health and transportation services, and anticipates 2022 revenue to be approximately
Conference call and webcast
The webcast can be accessed using the following link: https://viavid.webcasts.com/starthere.jsp?ei=1529651&tp_key=a6273f4fcd or under “Events” on the “Investors” section of the company’s website, https://ir.docgo.com/.
About
Forward-Looking Statements
This announcement contains forward-looking statements (including within the meaning of Section 21E of the
| Reconciliation of Adjusted EBITDA to GAAP Net Income | ||||
| Q4 | YTD | |||
|
2020 |
2021 |
2020 |
2021 |
|
| Net Income/(loss) (GAAP) |
- |
|
- |
|
| (+) Net Interest expense/ (income) |
- |
|
|
|
| (+) Income Tax |
|
- |
|
|
| (+) Depreciation & amortization |
|
|
|
|
| (+) Remeasurement of Liabilities |
|
- |
|
-5.2 |
| EBITDA |
- |
|
- |
|
|
|
|
|
|
|
| (+) Non-cash stock compensation |
|
|
|
|
| (+) Non-recurring expense |
|
|
|
|
| Adjusted EBITDA |
- |
|
- |
|
| CONSOLIDATED BALANCE SHEETS | |||||
| Years Ended |
|||||
|
2021 |
2020 |
||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents |
$ |
175,537,221 |
$ |
32,418,220 |
|
| Accounts receivable, net of allowance of |
|
78,383,614 |
|
24,854,957 |
|
| Prepaid expenses and other current assets |
|
2,111,656 |
|
1,150,491 |
|
| Total current assets |
|
256,032,491 |
|
58,423,668 |
|
| Property and equipment, net |
|
12,733,889 |
|
9,105,597 |
|
| Intangibles, net |
|
10,678,049 |
|
10,674,106 |
|
|
|
8,686,966 |
|
6,610,557 |
||
| Restricted cash |
|
3,568,509 |
|
2,039,053 |
|
| Operating lease right-of-use assets |
|
4,195,682 |
|
4,997,407 |
|
| Finance lease right-of-use assets |
|
9,307,113 |
|
7,001,644 |
|
| Equity method investment |
|
589,058 |
|
- |
|
| Other assets |
|
3,810,895 |
|
1,320,331 |
|
| Total assets |
$ |
309,602,652 |
$ |
100,172,363 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable |
$ |
15,833,970 |
$ |
3,954,123 |
|
| Accrued liabilities |
|
35,110,877 |
|
14,254,438 |
|
| Line of credit |
|
25,881 |
|
- |
|
| Notes payable, current |
|
600,449 |
|
664,357 |
|
| Due to seller |
|
1,571,419 |
|
1,125,522 |
|
| Operating lease liability, current |
|
1,461,335 |
|
1,620,470 |
|
| Finance lease liability, current |
|
3,271,990 |
|
1,876,765 |
|
| Total current liabilities |
|
57,875,921 |
|
23,495,675 |
|
| Notes payable, non-current |
|
1,302,839 |
|
594,494 |
|
| Operating lease liability, non-current |
|
2,980,946 |
|
3,638,254 |
|
| Finance lease liability, non-current |
|
6,867,420 |
|
5,496,899 |
|
| Warrant liabilities |
|
13,518,502 |
|
- |
|
| Total liabilities |
|
82,545,628 |
|
33,225,322 |
|
|
|
||||||||
|
CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||||
| Years Ended |
||||||||
|
|
2021 |
|
|
2020 |
|
|||
| STOCKHOLDERS' EQUITY: | ||||||||
| Class A common stock ( |
|
10,013 |
|
|
- |
|
||
| Additional paid-in-capital |
|
283,161,216 |
|
|
142,346,852 |
|
||
| Accumulated deficit |
|
(63,556,714 |
) |
|
(87,300,472 |
) |
||
| Accumulated other comprehensive loss |
|
(32,501 |
) |
|
(48,539 |
) |
||
| Total stockholders' equity attributable to |
|
219,582,014 |
|
|
54,997,841 |
|
||
| Noncontrolling interests |
|
7,475,010 |
|
|
11,949,200 |
|
||
| Total stockholders' equity |
|
227,057,024 |
|
|
66,947,041 |
|
||
| Total liabilities and stockholders' equity |
$ |
309,602,652 |
|
$ |
100,172,363 |
|
||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||
| Years Ended |
||||||||
|
|
2021 |
|
|
2020 |
|
|||
| Revenue, net |
$ |
318,718,580 |
|
$ |
94,090,658 |
|
||
| Expenses: | ||||||||
| Cost of revenues (exclusive of depreciation and amortization, which is shown separately below) |
|
208,971,062 |
|
|
62,743,607 |
|
||
| Operating expenses: | ||||||||
| General and administrative |
|
74,892,828 |
|
|
34,913,395 |
|
||
| Depreciation and amortization |
|
7,511,579 |
|
|
5,507,655 |
|
||
| Legal and regulatory |
|
3,907,660 |
|
|
3,747,865 |
|
||
| Technology and development |
|
3,320,183 |
|
|
1,189,583 |
|
||
| Sales, advertising and marketing |
|
4,757,970 |
|
|
746,236 |
|
||
| Total expenses |
|
303,361,282 |
|
|
108,848,341 |
|
||
| Income (loss) from operations |
|
15,357,298 |
|
|
(14,757,683 |
) |
||
| Other income (expenses): | ||||||||
| Interest income (expense), net |
|
(763,030 |
) |
|
(204,632 |
) |
||
| Gain from PPP loan forgiveness |
|
142,667 |
|
|
- |
|
||
| Gain (loss) on disposal of fixed assets |
|
(34,342 |
) |
|
30,546 |
|
||
| Gain on remeasurement of warrant liabilities |
|
5,199,496 |
|
|
- |
|
||
| Loss on initial equity method investment |
|
(66,818 |
) |
|
- |
|
||
| Other income (loss) |
|
(40,086 |
) |
|
300,000 |
|
||
| Total other income (expense) |
|
4,437,887 |
|
|
125,914 |
|
||
| Net income (loss) before income tax benefit (expense) |
|
19,795,185 |
|
|
(14,631,769 |
) |
||
| Income tax expense |
|
(615,697 |
) |
|
(167,443 |
) |
||
| Net income (loss) |
|
19,179,488 |
|
|
(14,799,212 |
) |
||
| Net loss attributable to noncontrolling interests |
|
(4,564,270 |
) |
|
(439,268 |
) |
||
| Net income (loss) attributable to stockholders of |
|
23,743,758 |
|
|
(14,359,944 |
) |
||
| Other comprehensive income (loss) | ||||||||
| Foreign currency translation adjustment |
|
16,038 |
|
|
196,345 |
|
||
| Total comprehensive gain (loss) |
$ |
23,759,796 |
|
$ |
(14,163,599 |
) |
||
| Net income (loss) per share attributable to |
$ |
0.30 |
|
$ |
(0.25 |
) |
||
| Weighted-average shares outstanding - Basic |
|
80,293,959 |
|
|
58,370,157 |
|
||
| Net income (loss) per share attributable to |
$ |
0.25 |
|
$ |
(0.25 |
) |
||
| Weighted-average shares outstanding - Diluted |
|
94,863,613 |
|
|
58,370,157 |
|
||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| Years Ended |
|||||||
|
|
2021 |
|
|
2020 |
|
||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net Income (loss) |
$ |
19,179,488 |
|
$ |
(14,799,212 |
) |
|
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation of property and equipment |
|
2,312,437 |
|
|
1,874,069 |
|
|
| Amortization of intangible assets |
|
1,845,193 |
|
|
1,451,214 |
|
|
| Amortization of finance lease right-of-use assets |
|
2,913,925 |
|
|
2,182,372 |
|
|
| Loss (Gain) on disposal of assets |
|
34,342 |
|
|
(30,546 |
) |
|
| Loss from equity method investment |
|
66,818 |
|
|
- |
|
|
| Gain from PPP loan forgiveness |
|
(142,667 |
) |
|
- |
|
|
| Bad debt expense |
|
4,467,956 |
|
|
1,885,457 |
|
|
| Stock based compensation |
|
1,376,353 |
|
|
687,072 |
|
|
| Due to seller write off |
|
- |
|
|
(300,000 |
) |
|
| Gain on remeasurement of warrant liabilities |
|
(5,199,496 |
) |
|
- |
|
|
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable |
|
(57,996,613 |
) |
|
(16,153,948 |
) |
|
| Prepaid expenses and other current assets |
|
(961,165 |
) |
|
94,091 |
|
|
| Other assets |
|
(2,490,564 |
) |
|
(218,099 |
) |
|
| Accounts payable |
|
11,879,850 |
|
|
3,006,187 |
|
|
| Accrued liabilities |
|
20,766,723 |
|
|
9,666,651 |
|
|
| Net cash used in operating activities |
|
(1,947,420 |
) |
|
(10,654,692 |
) |
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Acquisition of property and equipment |
|
(4,808,409 |
) |
|
(4,361,501 |
) |
|
| Proceeds from disposal of property and equipment |
|
74,740 |
|
|
276,224 |
|
|
| Acquisition of intangibles |
|
(1,849,136 |
) |
|
(1,954,745 |
) |
|
| Acquisition of businesses |
|
(1,300,000 |
) |
|
- |
|
|
| Acquisition of leased assets |
|
(50,504 |
) |
|
- |
|
|
| Investments in equity method investment |
|
(655,876 |
) |
|
- |
|
|
| Net cash used in investing activities |
|
(8,589,185 |
) |
|
(6,040,022 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from revolving credit line |
|
8,000,000 |
|
|
- |
|
|
| Repayments of revolving credit line |
|
(8,000,000 |
) |
|
- |
|
|
| Repayments of notes payable |
|
(604,826 |
) |
|
(798,371 |
) |
|
| Due to seller |
|
(595,528 |
) |
|
(34,002 |
) |
|
| Noncontrolling interest contributions |
|
333,025 |
|
|
1,500,002 |
|
|
| Acquisition of |
|
(479,331 |
) |
|
- |
|
|
| Proceeds from exercise of stock options |
|
628,592 |
|
|
- |
|
|
| Issuance costs related to merger recapitalization |
|
(19,961,460 |
) |
|
- |
|
|
| Proceeds from issuance of Class A common stock, net of transaction cost |
|
178,102,313 |
|
|
- |
|
|
| Payments on obligations under finance lease |
|
(2,216,309 |
) |
|
(1,479,722 |
) |
|
| Net cash provided by (used in) financing activities |
|
155,206,476 |
|
|
(812,093 |
) |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
(21,414 |
) |
|
196,345 |
|
|
| Net increase (decrease) in cash and restricted cash |
|
144,648,457 |
|
|
(17,310,462 |
) |
|
| Cash and restricted cash at beginning of period |
|
34,457,273 |
|
|
51,767,735 |
|
|
| Cash and restricted cash at end of period |
$ |
179,105,730 |
|
$ |
34,457,273 |
|
|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) | ||||||
| Years Ended |
||||||
|
|
2021 |
|
2020 |
|||
| Supplemental disclosure of cash and non-cash transactions: | ||||||
| Cash paid for interest |
$ |
315,272 |
$ |
608,262 |
||
| Cash paid for interest on finance lease liabilities |
$ |
525,476 |
$ |
440,852 |
||
| Cash paid for income taxes |
$ |
615,697 |
$ |
117,443 |
||
| Right-of-use assets obtained in exchange for lease liabilities |
$ |
5,271,662 |
$ |
1,600,289 |
||
| Fixed assets acquired in exchange for notes payable |
$ |
1,113,102 |
$ |
- |
||
| Due to Seller non cash |
$ |
434,494 |
$ |
- |
||
| Gain from PPP loan forgiveness |
$ |
142,667 |
$ |
- |
||
| Reconciliation of cash and restricted cash | ||||||
| Cash |
$ |
175,537,221 |
$ |
32,418,220 |
||
| Restricted Cash |
|
3,568,509 |
|
2,039,053 |
||
| Total cash and restricted cash shown in statement of cash flows |
$ |
179,105,730 |
$ |
34,457,273 |
||
| Non-cash investing activities Acquisition of business funded by acquisition payable |
|
1,028,942 |
|
837,168 |
||
| Years Ended |
|||||
|
|
2021 |
|
2020 |
||
| Primary Geographical Markets | |||||
|
$ |
309,218,594 |
$ |
88,362,445 |
||
|
|
9,499,986 |
|
5,728,213 |
||
| Total revenue |
$ |
318,718,580 |
$ |
94,090,658 |
|
| Major Segments/Service Lines | |||||
| Transportation Services |
$ |
84,268,817 |
$ |
63,188,855 |
|
|
|
234,449,763 |
|
30,901,803 |
||
| Total revenue |
$ |
318,718,580 |
$ |
94,090,658 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220314005727/en/
Media:
Crowe PR
docgo@crowepr.com
(646) 916-5314
Investors:
shalper@lifesciadvisors.com
or
ir@docgo.com
646-876-6455
Source: