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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 13, 2023

 

DOCGO INC.

(Exact name of registrant as specified in its charter)

 

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

 

35 West 35th Street, Floor 6, New York, New York   10001
(Address of principal executive offices)   (Zip Code)

 

(844) 443-6246

(Registrant’s telephone number, including area code)

 

N/A

(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  

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.0001 per share   DCGO   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 March 13, 2023, DocGo Inc. (the “Company”) issued a press release that announced earnings results for the year ended December 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 are being furnished and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall they be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

  

Item 7.01 Regulation FD Disclosure.

 

On March 13, 2023, the Company also issued a press release that announced recent single and multi-year revenue contract wins as well as contract expansions. This press release is furnished as Exhibit 99.2 to this report.

 

The information in Item 7.01 of this report and the exhibit attached hereto are being furnished and shall not be deemed “filed” for purposes of the Exchange Act, nor shall they be deemed incorporated by reference into any registration statement or other filing under the Securities Act, 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 March 13, 2023 announcing earnings release
99.2   Press release of DocGo Inc. dated March 13, 2023 announcing new contract wins and expansions
104   Cover Page Interactive Data File (formatted as Inline XBRL)

 

1

 

 

SIGNATURES

 

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.

 

  DOCGO INC.
     
  By: /s/ Norman Rosenberg
    Name:  Norman Rosenberg
    Title:    Chief Financial Officer

 

Date: March 13, 2023

 

 

2

 

 

Exhibit 99.1

 

 

DocGo Announces Fourth Quarter and Full-Year 2022 Results

 

2022 Revenue Increased to $440.5 Million, Versus $318.7 Million in 2021, an Increase of 38%

 

Full Year Revenue up 75% Year-Over-Year Excluding Mass Covid Testing

 

Company introduces Full-Year 2023 Revenue and Adjusted EBITDA1 Guidance of $500-$510 million and $45-$50 million, respectively

 

Company to host investor conference call and webcast today, March 13th, at 5:00 pm ET

 

NEW YORK, NY, March 13, 2023 - DocGo Inc. (Nasdaq: DCGO), a leading provider of last-mile mobile health services, today announced financial and operating results for the fourth quarter and full-year ended December 31, 2022.

 

Full Year 2022 Financial Highlights

 

Full-year 2022 revenue increased to $440.5 million, compared to $318.7 million for the full-year 2021, an increase of 38%.

 

Gross Margin for 2022 was 35% compared to 34% in 2021.

 

Mobile Health revenue was approximately $325.9 million in 2022, compared to $234.4 million in 2021, an increase of 39%.

 

Medical transport revenue was approximately $114.6 million in 2022, compared to $84.3 million in 2021, an increase of 36%.

 

Full-year net income amounted to $30.7 million, compared to net income of $19.2 million for the full-year 2021, an increase of 60%.

 

Full-year 2022 Adjusted EBITDA2 was $41.3 million, compared to $25.1 million for the full-year 2021, an increase of 65%.

 

As of December 31, 2022, the company held total cash and cash equivalents, including restricted cash, of $164.1 million.

 

 

1Adjusted EBITDA is a non-GAAP financial measure. See footnote 3 below.

2Adjusted 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.

 

 

 

 

Fourth Quarter 2022 Financial Highlights

 

Total Q4 2022 revenue was $108.8 million, which includes approximately $1 million of COVID testing revenue, compared to $121.3 million in Q4 2021, which includes approximately $50 million of non-recurring COVID testing revenue.

 

Mobile Health revenue was $71.8 million, which includes approximately $1 million of COVID testing revenue, compared to $102.6 million for the fourth quarter of 2021, which includes approximately $50 million of COVID testing revenue.

 

Transportation Services revenue was $37 million compared to $18.7 million for the fourth quarter of 2021, an increase of 98%.

 

Net income was $7.1 million for the fourth quarter of 2022, compared to $20.3 million for the fourth quarter of 2021. Net income in the fourth quarter of 2021 was positively impacted by approximately $50 million of non-recurring mass COVID testing revenue, compared to $1 million in Q4 2022.

 

Adjusted EBITDA2 was $6.8 million for the fourth quarter of 2022 compared to $17.3 million for the fourth quarter of 2022. Adjusted EBITDA in the fourth quarter of 2021 was positively impacted by approximately $50 million of non-recurring mass COVID testing revenue and Adjusted EBITDA in the fourth quarter of 2022 was negatively impacted by startup costs associated with onboarding numerous new contracts.

 

2023 Guidance

 

The company sees continued strong demand from its customers for both mobile health and transportation services solutions and anticipates 2023 revenue to be approximately $500-$510 million, representing growth of approximately 14% to 16% over 2022 on an as-reported basis, or growth of 36% to 40% if non-recurring mass Covid testing revenue of approximately $75 million in 2022 is excluded. Adjusted EBITDA3 is anticipated to be approximately $45-$50 million. Full-year gross margin is expected to be approximately 35%.

 

Select Corporate Highlights

 

Entered into a partnership with Redirect Health, a platform that creates and manages healthcare solutions for businesses and employees nationwide, to provide on-demand, urgent mobile care to patients in New Jersey and New York. Through Redirect Health’s referral team, DocGo’s high quality, on-demand mobile health services are now available to thousands of Redirect Health’s members residing in those states.

 

Announced the appointment of veteran human resources executive Vina Leite, MS, to its Board of Directors.

 

 

3Adjusted 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.

 

2

 

 

Awarded a new Rapid Falls Response Service contract in the U.K., via its U.K. subsidiary, Ambulnz Community Partners, potentially helping elderly patients recover from falls without requiring a trip to the emergency room and establishing clinical pathways to help prevent future incidents.

 

Launched an app integrated with the EPIC Health Information Technology platform which allows clinical staff to order DocGo’s medical transport services and/or mobile health visits from within the EPIC system.

 

Secured a $90 million line of credit with Citibank, N.A. The line includes a $50 million accordion option and carries a five year term which remains unused as of today.

 

DocGo’s current Backlog4 is $180 million over three years, of which all related contracts are expected to be fully rolled out by the end of Q3 2023.

 

DocGo currently has 34 active RFPs pending award, totaling over $1 billion in aggregate contract value. None of these RFPs are included in our current guidance as any award to DocGo is not guaranteed.

 

Anthony Capone, Chief Executive Officer of DocGo, commented, “DocGo began 2022 with revenue guidance of $400 million - $420 million and we closed the year at $440.5 million. We meticulously replaced non-recurring mass COVID testing revenue with new contracts and programs, both in the U.S. and U.K. In 2023, we are highly focused on our new ‘rapid normalization initiative’ which seeks to reduce the time and costs associated with onboarding new contracts, which historically has ranged from 90 to 120 days, down to 60 days. Additionally, we have already created a backlog of more than $180 million of new contract awards. Overall, I am extremely pleased with our performance both during the fourth quarter and full-year, and I am very confident about what we can achieve this year and beyond.”

 

Norm Rosenberg, Chief Financial Officer of DocGo, added, “During the year, the company experienced substantial costs associated with the launch of numerous new projects. These costs included estimated incremental costs of approximately $12 million from the usage of subcontracted agency labor, $3 million from rental vehicle fees and $14 million from overtime rates, all in excess of the expected steady-state expense levels. We estimate that collectively, this created a negative gross margin impact of more than 600 basis points in 2022. Fortunately, all of these costs are a byproduct of our substantial growth, and we expect our rapid normalization initiative to significantly mitigate these costs over time.”

 

******

 

4The company defines backlog as projects that have been awarded, but not yet started or fully rolled out.

 

3

 

 

Conference call and webcast

 

DocGo management will host a conference call and webcast to discuss the fourth quarter results today, March 13th at 5:00 pm ET. To access the conference call, please dial 1-877-407-0784 (U.S.) or 1-201-689-8560 (international). Reference conference ID 13736245.

 

To access the Call me™ option, which avoids having to wait for an operator, click here.

 

The webcast can be accessed at: https://viavid.webcasts.com/starthere.jsp?ei=1596989&tp_key=4882d58a60 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 March 20th, 2023 at approximately 5:00 pm ET.

 

About DocGo

 

DocGo is a leading provider of last-mile mobile health services. 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, normalization initiative, new and existing contracts, M&A activity, workforce growth, leadership transition, cash position and share repurchase program, (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.

 

4

 

 

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. Specifically, Adjusted EBITDA is arrived at by taking reported GAAP Net Income and adding back the following items: net interest expense/ (income), Provision/(benefit) for income taxes, depreciation and amortization, other (income)/expense, non-cash equity-based compensation and certain other non-recurring expenses consisting of expenses incurred in relation to the Company’s merger with Motion in 2021, certain one-time legal settlements and certain one-time expenses incurred in connection with acquisitions, beyond those that are typically incurred.

 

The Company’s management believes that its Adjusted EBITDA measure is useful in evaluating DocGo’s operating performance, as the calculation of this measure generally eliminates the effect of financing and income taxes and the accounting effects of capital spending and acquisitions, as well as other items of a non-recurring and/or non-cash nature. Adjusted EBITDA is not intended to be a measure of GAAP cash flow, as this measure does not consider certain cash-based expenses, such as payments for taxes or debt service. Management believes that using Adjusted EBITDA in conjunction with GAAP measures such as net income assists investors in getting a more complete picture of the Company’s financial results and operations, affording them with a more complete view of what management considers to be the Company’s core operating performance as well as offering the ability to assess such performance as compared with that of prior periods and management’s public guidance. While many companies use Adjusted EBITDA as a performance measure, not all companies use identical calculations for determining Adjusted EBITDA. As such, DocGo’s presentation of Adjusted EBITDA might not be comparable to similarly titled measures of other companies.

 

The table below reflects the reconciliation of Net Income (Loss) to Adjusted EBITDA for the three and twelve months ended December 31, 2022 compared to the same periods in 2021 (in millions):

 

   Q4   YTD 
   2021   2022   2021   2022 
Net Income/(loss) (GAAP)  $20.3   $7.1   $19.2   $30.7 
(+) Net Interest expense/ (income)  $0.3   $(0.5)  $0.8   $(0.8)
(+) Income Tax  $(0.4)  $(9.1)  $0.6   $(7.9)
(+) Depreciation & amortization  $2.0   $3.3   $7.5   $10.6 
(+) Other (income)/expense  $(5.2)  $2.5   $(5.2)  $(0.2)
EBITDA  $17.0   $3.3   $22.9   $32.4 
                     
(+) Non-cash stock compensation  $0.2   $3.5   $1.3   $8.1 
(+) Non-recurring expense  $0.1   $0.0   $0.9   $0.8 
                     
Adjusted EBITDA  $17.3   $6.8   $25.1   $41.3 

 

5

 

 

DocGo Inc. and Subsidiaries

Consolidated Balance SheetS

 

   Years Ended December 31, 
   2022   2021 
   Audited   Audited 
ASSETS        
         
Current assets:        
Cash and cash equivalents  $157,335,323   $175,537,221 

Accounts receivable, net of allowance of $7,818,702 and $7,377,389 as of December 31, 2022 and December 31, 2021, respectively

   102,995,397    78,383,614 
Prepaid expenses and other current assets   6,269,841    2,111,656 
Assets Held for Sale   4,480,344    - 
           
Total current assets   271,080,905    256,032,491 
           
Property and equipment, net   21,258,175    12,733,889 
Intangibles, net   22,969,246    10,678,049 
Goodwill   38,900,413    8,686,966 
Restricted cash   6,773,751    3,568,509 
Operating lease right-of-use assets   9,074,277    4,195,682 
Finance lease right-of-use assets   9,039,663    9,307,113 
Equity method investment   597,977    589,058 
Deferred tax assets   9,957,967    - 
Other assets   3,625,254    3,810,895 
Total assets   393,277,628    309,602,652 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Current liabilities:          
Accounts payable   21,582,866    15,833,970 
Accrued liabilities   31,573,031    35,110,877 
Line of credit   -    25,881 
Notes payable, current   664,913    600,449 
Due to seller   26,244,133    1,571,419 
Contingent Consideration   10,555,540    - 
Operating lease liability, current   2,325,024    1,461,335 
Liabilities Held for Sale   4,480,344    - 
Finance lease liability, current   2,732,639    3,271,990 
Total current liabilities   100,158,490    57,875,921 
           
Notes payable, non-current   1,236,601    1,302,839 
Operating lease liability, non-current   7,040,982    2,980,946 
Finance lease liability, non-current   5,914,164    6,867,420 
Warrant liabilities   -    13,518,502 
Total liabilities   114,350,237    82,545,628 
           
STOCKHOLDERS' EQUITY:          
Class A common stock ($0.0001 par value; 500,000,000 shares authorized as of  December 31, 2022 and December 31,2021; 102,411,162 and 100,133,953 shares issued and outstanding as of December 31, 2022 and December 31,2021, respectively)   10,241    10,013 
Additional paid-in-capital   301,451,435    283,161,216 
Accumulated deficit   (28,972,216)   (63,556,714)
Accumulated other comprehensive loss   741,206    (32,501)
Total stockholders’ equity attributable to DocGo Inc. and Subsidiaries   273,230,666    219,582,014 
Noncontrolling interests   5,696,725    7,475,010 
Total stockholders' equity   278,927,391    227,057,024 
Total liabilities and stockholders' equity  $393,277,628   $309,602,652 

 

6

 

 

DocGo Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 

   Years Ended December 31 
   2022   2021 
         
Revenue, net  $440,515,746   $318,718,580 
Expenses:          
Cost of revenues (exclusive of depreciation and amortization, which is shown separately below)   285,794,520    208,971,062 
Operating expenses:          
General and administrative   103,403,416    74,892,828 
Depreciation and amortization   10,565,578    7,511,579 
Legal and regulatory   8,780,590    3,907,660 
Technology and development   5,384,853    3,320,183 
Sales, advertising and marketing   4,755,161    4,757,970 
Total expenses   418,684,118    303,361,282 
Income from operations   21,831,628    15,357,298 
           
Other income (expenses):          
Interest income (expense), net   762,685    (763,030)
Gain on remeasurement of warrant liabilities   1,127,388    5,199,496 
Gain (loss) on initial equity method investments   8,919    (66,818)
Gain on remeasurement of finance leases   1,388,273    -   
Gain on bargain purchase   1,593,612    -   
Gain from PPP loan forgiveness   -      142,667 
Loss on disposal of fixed assets   (21,173)   (34,342)
Goodwill impairment   (2,921,958)   -   
Other expense   (987,482)   (40,086)
Total other income   950,264    4,437,887 
           
Net income before income tax benefit (expense)   22,781,892    19,795,185 
Income tax benefit (provision)   7,961,321    (615,697)
Net income   30,743,213    19,179,488 
Net income attributable to noncontrolling interests   (3,841,285)   (4,564,270)
Net income attributable to stockholders of DocGo Inc. and Subsidiaries   34,584,498    23,743,758 
Other comprehensive income          
Benefit Plans   -      -   
Foreign currency translation adjustment   773,707    16,038 
Total comprehensive gain  $35,358,205   $23,759,796 
           
Net income per share attributable to DocGo Inc. and Subsidiaries - Basic  $0.34   $0.30 
Weighted-average shares outstanding - Basic   101,228,369    80,293,959 
           
Net income per share attributable to DocGo Inc. and Subsidiaries - Diluted  $0.34   $0.25 
Weighted-average shares outstanding - Diluted   102,975,831    94,863,613 

 

7

 

 

DocGo Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   Years Ended December 31, 
   2022   2021 
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income  $30,743,213   $19,179,488 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation of property and equipment   4,114,346    2,312,437 
Amortization of intangible assets   3,214,814    1,845,193 
Amortization of finance lease right-of-use assets   3,236,418    2,913,925 
Loss on disposal of assets   21,173    34,342 
Deferred tax asset   (9,957,967)   - 
Gain from PPP loan forgiveness   -    (142,667)
Gain (loss) from equity method investment   (8,919)   66,818 
Bad debt expense   3,815,187    4,467,956 
Stock based compensation   8,054,571    1,376,353 
Gain on remeasurement of finance leases   (1,388,273)   - 
Gain on remeasurement of warrant liabilities   (1,127,388)   (5,199,496)
Gain on bargain purchase   (1,593,612)   - 
Goodwill impairment   2,921,958    - 
Changes in operating assets and liabilities:          
Accounts receivable   (8,415,793)   (57,996,613)
Assets held for sale   190,312      
Prepaid expenses and other current assets   (4,181,035)   (961,165)
Other assets   1,557,655    (2,490,564)
Accounts payable   3,637,305    11,879,850 
Accrued liabilities   (5,964,064)   20,766,723 
Net cash provided by operating activities   28,869,901    (1,947,420)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Acquisition of property and equipment   (3,198,234)   (4,808,409)
Acquisition of intangibles   (2,299,558)   (1,849,136)
Acquisition of businesses   (32,953,179)   (1,300,000)
Proceeds from disposal of property and equipment   3,000    74,740 
Acquisition of leased assets   -    (50,504)
Investments in equity method investment   -    (655,876)
Net cash used in investing activities   (38,447,971)   (8,589,185)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from revolving credit line   -    8,000,000 
Repayments of revolving credit line   (25,881)   (8,000,000)
Repayments of notes payable   (925,151)   (604,826)
Due to seller   (2,535,521)   (595,528)
Noncontrolling interest contributions   2,063,000    333,025 
Proceeds from exercise of stock options   1,980,585    628,592 
Acquisition of UK Ltd remaining 20% shares   -    (479,331)
Common stock repurchased   (3,731,712)   - 
Equity costs   (19,570)   - 
Payments on obligations under finance lease   (2,985,568)   (2,216,309)
Issuance costs related to merger recapitalization   -    (19,961,460)
Proceeds from issuance of Class A common stock, net of transaction cost   -    178,102,313 
Net cash provided by financing activities   (6,179,818)   155,206,476 
           
Effect of exchange rate changes on cash and cash equivalents   761,232    (21,414)
           
Net increase in cash and restricted cash   (14,996,656)   144,648,457 
Cash and restricted cash at beginning of period   179,105,730    34,457,273 
Cash and restricted cash at end of period  $164,109,074   $179,105,730 

 

8

 

 

Contacts

 

Media:

 

Alex Cole

Allison+Partners

203-962-4036

Alex.Cole@Allisonpr.com

 

Investors:

 

Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com

Steve Halper
LifeSci Advisors
646-876-6455
shalper@lifesciadvisors.com
ir@docgo.com

 

 

9

 

Exhibit 99.2

 

DocGo Awarded $180M in New Business in the United States, United Kingdom Since January as Demand for Mobile Healthcare Grows

 

Volume of new business demonstrates strong growth across
key mobile health, medical transportation service lines

 

March 13, 2023 -- (New York, NY) DocGo (Nasdaq:DCGO), a leading provider of last-mile mobile health services, announced today that since the start of 2023 DocGo has had multiple new single and multi-year revenue contract wins as well as contract expansions valued at over $180 million over the next three years. These include new customer relationships with a premier not-for-profit health system serving Philadelphia and its western suburbs, a leading hospital network on Long Island, multiple federally funded hospitals, a Primary Care Network in South West London, UK, as well as expanded relationships with Philadelphia’s largest hospital network, and with the largest municipal health care system in the nation.

 

With these contracts, DocGo will expand mobile health services to include population health programs in New York, paramedic-led home visit services in the UK, the rights to offer remote patient monitoring to patients in Pennsylvania, medical transportation to more than 25 acute-care hospitals, event medical standby and hospital support services. The company expects all related contracts to be fully rolled out by the end of Q3 2023.

 

“These new agreements underscore how DocGo’s innovative, technology-driven care delivery model is resonating with health systems and municipalities,” said President and COO Lee Bienstock. “Our approach to RFP responses is rapidly maturing, resulting in more awards of increasing size.”

 

To accommodate this growth, DocGo will hire hundreds of clinicians and will increase the size of its fleet by more than 100 vehicles. As part of DocGo’s Zero Emission initiative to have an all-electric fleet by 2032, DocGo will be adding a number of EV vehicles as part of this effort, demonstrating a continued commitment to sustainability.

 

About DocGo

DocGo is a leading provider of last-mile mobile care services. DocGo is disrupting the traditional four-wall healthcare system by providing high quality, highly affordable 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 tandem with a remote physician, 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, normalization initiative, new and existing contracts, M&A activity, workforce growth, leadership transition, cash position and share repurchase program, (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.

 

Media:
Alex Cole

Allison + Partners PR

203-962-4036

Alex.Cole@Allisonpr.com 

 

Investors:
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com

Steve Halper
LifeSci Advisors
646-876-6455
shalper@lifesciadvisors.com
ir@docgo.com