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Washington, D.C. 20549



Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): May 9, 2022



(Exact name of registrant as specified in its charter)


Delaware 001-39618 85-2515483
(State or other jurisdiction
of incorporation)
File Number)
(IRS Employer
Identification No.)


35 West 35th Street, Floor 6, New York, New York
(Address of principal executive offices)
(Zip Code)


(844) 443-6246

(Registrant’s telephone number, including area code)



(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class  




Name of each exchange on

which registered

Common stock, par value $0.0001 per share   DCGO   The Nasdaq Stock Market LLC
Warrants, each exercisable for one share of common stock at an exercise price of $11.50 per share   DCGOW   The Nasdaq Stock Market LLC


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.






Item 2.02 Results of Operations and Financial Condition


On May 9, 2022, DocGo Inc. (the “Company”) issued a press release that announced earnings results for the quarter ended March 31, 2022. This press release is furnished as Exhibit 99.1 to this report.


The information in Item 2.02 of this report and the exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.


Item 9.01 Financial Statements and Exhibits


(d) Exhibits


Exhibit No. Description
99.1 Press release of DocGo Inc. dated May 9, 2022
104 Cover Page Interactive Data File (formatted as Inline XBRL)







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  By: /s/ Andre Oberholzer
    Name: Andre Oberholzer
    Title:   Chief Financial Officer


Date: May 9, 2022




Exhibit 99.1


DocGo Announces Strong First Quarter 2022 Results

Q1 Revenue of $118 Million Up 137% Over Comparable Prior Year Period

Bolsters Senior Staff, Expands Market Footprint

NEW YORK, NY, May 9, 2022 - DocGo (Nasdaq:DCGO), a leading provider of last-mile mobile health services and integrated medical transportation solutions, today announced financial and operating results for the first quarter ending March 31, 2022.

“During the first quarter we were able to continue our momentum from 2021, as we began the transition of some Covid-related services to longer term non-Covid related work both with new and existing customers.  Our goal is to make this transition as seamless as possible. While there are challenges, we are making great progress,” stated Stan Vashovsky, Chief Executive Officer and Co-Founder of DocGo.  “We also continue to expand our breadth and geographic reach, adding new services in new states, while bolstering the strength of our operational team.  Not only did DocGo grow revenue 137% over the year-ago period, but we also generated strong net income and cash flow, and we expect to see continued improvements in profitability over time. We continue to operate in a vast, untapped market with a scalable and capital efficient business model. Our first quarter results represent a strong start to what I anticipate will be a successful 2022, and I look forward to sharing additional updates.”


First Quarter Financial Highlights

·Total revenue was $117.9 million. The Company estimates that Q1 2022 Covid testing revenues amounted to $38 million.
·Q1 2022 total revenue of $117.9 million represents an increase of 137% over $49.7 million in total revenue for the first quarter of 2021, which included $20.4 million of Covid testing revenues. Excluding Covid testing revenues from both periods, total revenues in Q1 2022 increased by approximately 173% from Q1 2021.
·The Company estimates that Covid testing revenue accounted for approximately 32% of total revenues in Q1 2022, compared to 41% in Q4 2021.
·Mobile Health revenue increased to approximately $90.1 million, compared to $30.6 million in the first quarter of 2021. The increase reflects the extension of certain key contracts as well as a number of new contracts.
·Medical transport revenue was approximately $27.8 million, up 46% from $19.1 million in the first quarter of 2021.
·Net income was $9.4 million, compared to a net loss of $2.0 million in the first quarter of 2021.
·Adjusted EBITDA(1) grew to approximately $13.6 million, versus Adjusted EBITDA of $0.4 million in the first quarter of 2021.





Select Corporate Highlights


·Expanded our presence in New York and New Jersey through a new, multi-year contract with Aetna for our DocGo On-Demand Mobile Urgent Care service. The service will be provided to Aetna’s commercial and Medicare Advantage members in New York and New Jersey.
·Strengthened our senior management ranks by hiring Lee Bienstock, a seasoned professional who spent the last 10 years at Google across various business units and initiatives, as DocGo’s Chief Operating Officer.
·Interacted with 1.1 million patients in Q1 2022, representing an 88% increase over the same period in 2021.
·Announced the launch of America’s first all-electric EV ambulance, and DocGo’s ‘Zero Emission’ initiative with the goal of converting our entire fleet of ambulances to EV by 2032. Subsequently, we completed our first patient transport in partnership with Jefferson Health.
·Awarded three new contracts in the UK, adding new service areas to East England and Central England, and further expanding our footprint in Greater Manchester.
·Expanded our relationship with Carnival Corporation, adding 15 additional ships and launching services in Mobile, Alabama.
·Acquired new medical transportation licenses in Delaware and Maryland, expanding our US transportation footprint to eleven states.
·Hosted a “Fireside Chat” format investor event featuring marquee customers Carnival Corporation and Thomas Jefferson University, who discussed why they chose DocGo for their companies’ mobile health and medical transportation needs.

2022 Guidance

The company continues to see strong demand from its customers for both mobile health and transportation services. Accordingly, the company is reiterating its prior revenue guidance for fiscal year 2022 of approximately $400-420 million. This represents growth of 25-32% over 2021 revenues. Excluding estimated Covid testing revenues from both years, its 2022 revenue guidance would represent an annual increase of 65% - 75% over 2021(3). Adjusted EBITDA(2) is anticipated to be approximately $35-41 million for 2022.



1 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below for additional information on this non-GAAP financial measure and a reconciliation to the most comparable GAAP measure.

2 Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled Adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measure (net income). Forward- looking estimates of Adjusted EBITDA are made in a manner consistent with the relevant definitions and assumptions noted herein.

3 See table below for additional detail.




Conference call and webcast

DocGo management will host a conference call and webcast to discuss the first quarter results tomorrow, May 10, at 8:30 am ET. To access the conference call, please dial 1-877-407-0784 (U.S.) or 1-201-689-8560 (international). Reference conference ID 13728508.

The webcast can be accessed using the following link:


or under “Events” on the “Investors” section of the company’s website, https://ir.docgo.com/. A replay of the webcast will be archived on the company’s investor relations page through June 2, 2022 at approximately 5:00 PM Eastern Time. 

About DocGo

DocGo is a leading provider of last-mile mobile care services and integrated medical transportation solutions. DocGo is disrupting the traditional four-wall healthcare system by providing care to patients where and when they need it. DocGo's innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks, and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in the comfort of a patient's home or workplace. Together with DocGo's integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com.

Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended) concerning DocGo. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and products, including our transition to non-COVID related services, geographic expansion, new and existing contracts and our “Zero Emission” initiative, (ii) our competitive position and opportunities, , including our ability to realize the benefits from our operating model, and (iii) other statements identified by words such as "may", "will", "expect", "intend", "plan", "potential", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "predict" "project", "aim", "goal", "outlook", "guidance", and similar words, phrases or expressions. These forward-looking statements are based on management's current expectations and beliefs, as well as assumptions made by, and information currently available to, management, and current market trends and conditions. Forward-looking statements inherently involve risks and uncertainties, many of which are beyond our control, and which may cause actual results to differ materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect current or future results include possible accounting adjustments made in the process of finalizing reported financial results; any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; pricing declines; rates of growth in our target markets; our ability to improve gross margins; cost-containment measures; legislative and regulatory actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of information technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; and the ability of the company to comply with laws and regulations regarding data privacy and protection. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

The following information provides definition and reconciliation of the non-GAAP financial measure presented in this earnings release to the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (GAAP). The company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measure should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measure in this earnings release may differ from similarly titled measures used by other companies.



Adjusted EBITDA

Adjusted EBITDA is considered a non-GAAP financial measure under the Securities and Exchange Commission’s (“SEC”) rules because it excludes certain amounts included in net income (loss) calculated in accordance with GAAP. Management believes that Adjusted EBITDA is a meaningful measure to share with investors because it facilitates comparison of the current period performance with that of the comparable prior period. In addition, Adjusted EBITDA affords investors a view of what management considers to be the Company’s core operating performance as well as the ability to make a more informed assessment of such operating performance as compared with that of the prior period.

The table below reflects the calculation of Adjusted EBITDA for the three months ended March 31, 2022 compared to the prior year’s first quarter ended March 31, 2021:


DocGo Inc. and Subsidiaries




   March 31,   December 31, 
   2022   2021 
   Unaudited   Audited 
Current assets:        
Cash and cash equivalents  $188,353,909   $175,537,221 
Accounts receivable, net of allowance of $8,023,348 and $7,377,389 as of March 31, 2022 and December 31, 2021, respectively   76,167,670    78,383,614 
Prepaid expenses and other current assets   3,649,206    2,111,656 
Total current assets   268,170,785    256,032,491 
Property and equipment, net   12,624,427    12,733,889 
Intangibles, net   10,579,310    10,678,049 
Goodwill   8,686,966    8,686,966 
Restricted cash   10,370,398    3,568,509 
Operating lease right-of-use assets   3,962,805    4,195,682 
Finance lease right-of-use assets   8,658,897    9,307,113 
Equity method investment   520,063    589,058 
Other assets   1,622,653    3,810,895 
Total assets  $325,196,304   $309,602,652 
Current liabilities:          
Accounts payable  $15,120,928   $15,833,970 
Accrued liabilities   38,174,025    35,110,877 
Line of credit   1,025,881    25,881 
Notes payable, current   593,831    600,449 
Due to seller   1,411,169    1,571,419 
Operating lease liability, current   1,404,651    1,461,335 
Finance lease liability, current   3,262,004    3,271,990 
Total current liabilities   60,992,489    57,875,921 
Notes payable, non-current   1,171,306    1,302,839 
Operating lease liability, non-current   2,788,103    2,980,946 
Finance lease liability, non-current   6,402,846    6,867,420 
Warrant liabilities   13,577,251    13,518,502 
Total liabilities   84,931,995    82,545,628 
Commitments and Contingencies          
Common stock ($0.0001 par value; 500,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 100,475,958 and 100,133,953 shares issued and outstanding as of March 31, 2022 and December 31,2021, respectively)   10,208    10,013 
Additional paid-in-capital   284,938,732    283,161,216 
Accumulated deficit   (52,927,020)   (63,556,714)
Accumulated other comprehensive loss   (38,364)   (32,501)
Total stockholders’ equity attributable to DocGo Inc. and Subsidiaries   231,983,556    219,582,014 
Noncontrolling interests   8,280,753    7,475,010 
Total stockholders’ equity   240,264,309    227,057,024 
Total liabilities and stockholders’ equity  $325,196,304   $309,602,652 




DocGo Inc. and Subsidiaries





   Three Months Ended 
   March 31, 
   2022   2021 
Revenue, net  $117,891,552   $49,688,856 
Cost of revenues (exclusive of depreciation and amortization, which is shown separately below)   77,987,573    35,860,742 
Operating expenses:          
General and administrative   23,860,616    12,035,526 
Depreciation and amortization   2,201,021    1,597,676 
Legal and regulatory   1,347,983    656,658 
Technology and development   1,141,833    569,351 
Sales, advertising and marketing   1,257,961    842,861 
Total expenses   107,796,987    51,562,814 
Income (loss) from operations   10,094,565    (1,873,958)
Other income (expenses):          
Interest income (expense), net   (135,606)   (115,009)
Loss on remeasurement of warrant liabilities   (58,749)   - 
Loss on initial equity method investments   (83,341)   - 
Other income (loss)   (4,253)   - 
Total other income (expense)   (281,949)   (115,009)
Net income (loss) before income tax benefit (expense)   9,812,616    (1,988,967)
Income tax expense   (440,179)   (10,029)
Net income (loss)   9,372,437    (1,998,996)
Net loss attributable to noncontrolling interests   (1,257,257)   (320,632)
Net income (loss) attributable to stockholders of DocGo Inc. and Subsidiaries   10,629,694    (1,678,364)
Other comprehensive income (loss)          
Foreign currency translation adjustment   (5,863)   7,998 
Total comprehensive gain (loss)  $10,623,831   $(1,670,366)
Net income (loss) per share attributable to DocGo Inc. and Subsidiaries - Basic  $0.11   $(0.03)
Weighted-average shares outstanding - Basic   100,177,082    58,388,866 
Net income (loss) per share attributable to DocGo Inc. and Subsidiaries - Diluted  $0.09   $(0.03)
Weighted-average shares outstanding - Diluted   115,652,049    58,388,866 




DocGo Inc. and Subsidiaries




   Three Months Ended 
   March 31, 
   2022   2021 
Net income (loss)  $9,372,437   $(1,998,996)
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation of property and equipment   711,878    528,840 
Amortization of intangible assets   633,363    422,024 
Amortization of finance lease right-of-use assets   855,781    646,812 
Loss from equity method investment   68,995    - 
Bad debt expense   1,154,235    678,840 
Stock based compensation   1,422,937    391,534 
Loss on remeasurement of warrant liabilities   (58,749)   - 
Changes in operating assets and liabilities:          
Accounts receivable   1,061,709    (7,138,675)
Prepaid expenses and other current assets   (1,537,550)   (2,121,543)
Other assets   2,188,242    (113,384)
Accounts payable   (671,744)   (583,363)
Accrued liabilities   3,063,148    7,903,736 
Net cash provided by (used in) operating activities   18,264,682    (1,384,175)
Acquisition of property and equipment   (602,416)   (760,049)
Acquisition of intangibles   (534,624)   (515,246)
Acquisition of businesses   -    (759)
Net cash used in investing activities   (1,137,040)   (1,276,054)
Proceeds from revolving credit line   1,000,000    - 
Repayments of notes payable   (138,151)   (282,115)
Due to seller   (160,250)   - 
Noncontrolling interest contributions   2,063,000    333,025 
Proceeds from exercise of stock options   374,344    - 
Equity costs   (19,570)   - 
Payments on obligations under finance lease   (622,575)   (601,501)
Net cash provided by (used in) financing activities   2,496,798    (550,591)
Effect of exchange rate changes on cash and cash equivalents   (5,863)   7,998 
Net increase (decrease) in cash and restricted cash   19,618,577    (3,202,822)
Cash and restricted cash at beginning of period   179,105,730    34,457,273 
Cash and restricted cash at end of period  $198,724,307   $31,254,451 





DocGo Inc. and Subsidiaries





Supplemental disclosure of cash and non-cash transactions:


Cash paid for interest  $68,222   $2,365 
Cash paid for interest on finance lease liabilities  $153,327   $121,356 
Cash paid for income taxes  $440,179   $7,225 
Right-of-use assets obtained in exchange for lease liabilities  $722,716   $1,454,029 
Reconciliation of cash and restricted cash          
Cash  $188,353,909   $28,134,967 
Restricted Cash   10,370,398    3,119,484 
Total cash and restricted cash shown in statement of cash flows  $198,724,307   $31,254,451 





   Three Months Ended 
   March 31, 
   2022   2021 
Primary Geographical Markets        
United States  $115,053,431   $47,681,374 
United Kingdom   2,838,121    2,007,482 
Total revenue  $117,891,552   $49,688,856 
Major Segments/Service Lines          
Transportation Services  $27,812,510   $19,124,020 
Mobile Health   90,079,042    30,564,836 
Total revenue  $117,891,552   $49,688,856 


    Q1 2021    Q1 2022 
    2021    2022 
Net Income/(loss) (GAAP)  $-2.0   $9.4 
(+) Net Interest expense/ (income)  $0.1   $0.1 
(+) Income Tax  $0.0   $0.4 
(+) Depreciation & amortization  $1.6   $2.2 
(+) Remeasurement of Warrant Liabilities  $0.0   $0.1 
   $-0.3   $12.2 
(+) Non-cash stock compensation  $0.4   $1.4 
(+) Non-recurring expense  $0.3   $0.0 
Adjusted EBITDA  $0.4   $13.6 


Forecasted 2022 Revenue Growth Rate with and without Covid Testing
in $MM  FY 2021   FY 2022   % Change 
Total Revenues  $319     $400-$420     25%-32% 
Estimated Covid Testing Revenues  $110    $55    -50%
All non-Covid testing Revenues  $209     $345-$365     65%-75% 


Media Contact:

Janine Warner

Crowe PR


(646) 916-5314

Investor Contacts:

Steven Halper

LifeSci Advisors