DocGo Inc.

What they do

```json { "headline": "DocGo is a technology-enabled mobile health and medical transportation provider operating across all 50 U.S. states and the U.K., pivoting away from migrant-related work towards virtual care and care gap closure services.", "what_they_do": "DocGo delivers mobile health services, virtual care management, and ambulance services through a vertically integrated platform. It pairs telehealth providers with on-site clinicians to deliver care in homes and non-traditional settings, and operates a fleet of medical response vehicles. In 2025, it acquired SteadyMD, a 50-state virtual care network, and a northeast mobile phlebotomy provider.", "revenue_drivers": [ { "name": "Medical Transportation Services", "detail": "Ambulance and medical transport services; revenue was $51.9 million in Q1 2026, roughly 69% of total quarterly revenue, up from $50.8 million a year earlier." }, { "name": "Mobile Health Services", "detail": "On-site care, care gap closure, remote patient monitoring, and mobile phlebotomy; Q1 2026 revenue was $23.6 million. Excluding migrant-related programs (which had $35.0 million in Q1 2025), this segment grew 131% year-over-year, helped by SteadyMD." }, { "name": "Virtual Care (SteadyMD)", "detail": "White-labeled telehealth services for consumer, healthcare, and digital wellness brands, including Fortune 10 customers; contributes to Mobile Health revenue and is driving over 50% expected top-line growth in 2026." }, { "name": "Payor Care Gap Closure Programs", "detail": "Services for insurance payors assigned over 1.45 million patients, surpassing 1.6 million by Q1 2026; combined 'healthcare at any address' revenue grew 36% sequentially to $17.4 million in Q1 2026." } ], "recent_performance": "Q1 2026 revenue declined to $75.6 million from $96.0 million a year earlier, entirely due to the wind-down of migrant-related programs; ex-migrant revenue rose 19.3% to $75.6 million. Net loss widened to $16.7 million from $11.1 million, and adjusted EBITDA was negative $10.2 million versus negative $3.9 million. Full-year 2025 revenue was $322.2 million with a net loss of $196.4 million, versus $616.6 million revenue and $13.4 million net income in 2024. The company held $59.9 million in cash and investments as of March 31, 2026.", "strategy": "DocGo is shifting focus to virtual care and care gap closure, expanding partnerships with insurance payors and health plans. It plans to establish value-based reimbursement models with graduated risk-sharing. The company is pursuing selective acquisitions, as evidenced by SteadyMD and the phlebotomy provider, and executing on its share repurchase program. It also emphasizes operational efficiencies and growing complementary services like remote patient monitoring and mobile phlebotomy.", "risks": [ { "title": "Nasdaq delisting risk", "detail": "Received delisting notices in January and July 2026, indicating potential failure to maintain listing requirements." }, { "title": "Going concern uncertainty", "detail": "The company explicitly cites 'ability to continue as a going concern' as a forward-looking risk in its Q1 2026 10-Q." }, { "title": "Migrant services wind-down", "detail": "Zero revenue from migrant-related programs in Q1 2026 versus $35.0 million in Q1 2025 created a large year-over-year revenue gap." }, { "title": "Persistent losses and cash burn", "detail": "Q1 2026 net loss of $16.7 million and negative adjusted EBITDA; cash declined to $59.9 million from $68.3 million at year-end 2025." } ], "outlook": "Management raised full-year 2026 revenue guidance to $300-$315 million from $290-$310 million, citing strong virtual care demand. Adjusted EBITDA guidance remains at a loss of $5-$10 million for 2026. The company expects over 50% top-line growth at SteadyMD and even greater growth in mobile phlebotomy. It was selected for CMS's ACCESS Model program and anticipates expansion from health plan partners." "key_facts": [ { "label": "2025 revenue", "value": "$322.2 million" }, { "label": "2025 net income", "value": "-$196.4 million" }, { "label": "Q1 2026 cash", "value": "$59.9 million" }, { "label": "Patients assigned", "value": "1.6 million+" } ] } ```