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Key Takeaways From Our Second Quarter

By Lee Bienstock, Chief Executive Officer

On Thursday, we reported our second-quarter results for 2025 and the key milestones that bring us closer to our goal of bringing quality healthcare to any address and our mission of making high-quality, highly accessible care available to all.

The second quarter was marked by accomplishments that included a substantial increase in our cash balance, key reductions to SG&A, delivering strong operational metrics, and winning multiple new contracts – all of which position us to achieve our goals for 2025, and for the many growth opportunities ahead.    

To our valued team, patients, partners, and investors, I’m excited to share key highlights from our second quarter.

1. Growth in our Home Visit Program

This quarter, DocGo collectively exceeded 1.2 million assigned lives to engage for care gap closure services since inception, up from 900,000 just three months ago. This growth demonstrates both the increasing need for care in the home, and our insurance payer customers’ confidence in DocGo’s ability to provide these services.

We completed more in-home visits in the first half of 2025 than in all of 2024, and we also drove a 50% increase in patient conversions in Q2 relative to the previous quarter.  In addition to providing momentum for the continued growth of this program, these metrics are a testament to the dedication of our clinical teams and the scalability of our operational model.

2. Forging New Partnerships & Programs

This quarter, we advanced our leadership in proactive healthcare through new partnerships and programs.

In the Northeast, we expanded our care gap closure relationship with a major insurance company and launched Primary Care Provider services for their members, allowing individuals to receive preventive and chronic care right in their homes.

In New Mexico, we partnered with the Mescalero Apache Tribe and the New Mexico Department of Health to bring preventive wellness, women’s health, behavioral health, and chronic disease management to rural communities. For many in these areas, healthcare access has meant traveling long distances or going without care entirely — this program is helping change that. We also announced a contract to provide mobile health vaccination services for San Diego County, which is slated to launch this August.

3. Expanding Our Role in Patient Transportation & Transitional Care

From emergency response to planned discharges, patient transportation is a critical link in both the healthcare system and our business. Q2 saw major developments in this vertical. We signed a multi-year deal to provide medical transport for the Albany Stratton VA Medical Center, and renewed contracts with an academic medical center in Wisconsin and our 911 Basic Life Support Services contract with the City of Atlantic City in New Jersey.  We also continued to grow both the number of facilities and our trip volumes in Dallas, Texas.

Subsequent to quarter end, we began services under a multi-year contract to coordinate all discharge transportation and provide dedicated ambulance services for one of the largest academic medical systems in the New York metro area. Using Dara, our proprietary SaaS transportation management platform, we streamline scheduling, routing, and tracking to ensure patients get where they need to go safely and on time. Feedback from our partners continues to affirm Dara’s impact as a game-changer in healthcare transportation. 

Together, these contracts reinforce our position as a leader in integrating transportation into the broader continuum of care, helping bridge the gap between hospital discharge and home-based or follow-up care. 

4. Strengthening Our Financial Foundation

Cash and equivalents reached $128.7 million as of June 30, 2025, with $33.6 million in cash flow from operations this quarter, fueled by continued collections of HPD-related receivables. Despite the need to ramp up hiring field personnel in anticipation of growth in our key markets and ahead of a major new contract launch in New York, we still drove a 200-basis point year-over-year improvement in medical transportation adjusted gross margins, which were 31.1% in Q2 2025 compared to 29.1% in Q2 2024.  We also witnessed improved margins in our early-stage mobile health payer and provider business.  We reaffirmed our full-year revenue guidance of $300-330 million, and subsequent to quarter-end, we paid off our $30 million line of credit, bringing the outstanding balance to $0.

With our solid balance sheet, we’re well-resourced to enter more than half a dozen new states in our payer and provider verticals by the end of 2026.

5. Recognized As a Top Workplace in Healthcare

Behind every patient served and every mile traveled is our dedicated team of thousands of clinicians and support staff. Their skill, compassion, and commitment are the driving forces behind DocGo’s success, and this quarter, our culture of excellence was once again recognized externally.

For 2025–2026, U.S. News & World Report named DocGo one of the Best Companies to Work For in healthcare. It’s an honor that highlights the environment we’ve built to support and empower our people, and we couldn’t be more proud.

Looking Ahead

The momentum we’ve built in the first half of 2025 gives us confidence in the growth we’re poised to deliver in the quarters ahead. We’re expanding our payer and provider businesses – both with our current customers, and with additional top 10 national insurance providers, and we believe these relationships represent significant, long-term potential. 

In our transportation vertical, new multi-year agreements are already in motion, including the July 1 launch of services for a major New York market customer. We anticipate these will help drive the highest-ever revenue and trip volumes we’ve seen in this vertical in the second half of the year. 

Financially, our strong cash position, balance sheet, and disciplined operations give us the flexibility to invest in growth while continuing to deliver shareholder value. 

The Centers for Medicare and Medicaid Services has projected that home healthcare expenditures will double from 2021 to 2031 to reach an estimated $250 billion. We believe our company is at the vanguard of this trend – bringing quality care to the home.   We are doing so at a scale we believe few other companies can match, with a purpose-built technology platform and contracts with some of the biggest names in the healthcare industry – and most importantly, patients love opening the door for DocGo.   

Thanks to the dedication of our team, the trust of our partners, and the strong demand we’re seeing for our proactive healthcare solutions, we see enormous opportunity ahead, and we’re ready to seize it.

Lee Bienstock, Chief Executive Officer, DocGo

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Forward-Looking Statements

DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring and ambulance services. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, 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 advanced practice provider, 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. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.

Forward-Looking Statements

This article includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the plans, strategies, outcomes, and prospects, both business and financial, of the Company, including the Company’s expectations around the performance and growth of its payer & provider and transportation businesses and demand; cash flow and cash collections; and the Company’s cash balances. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking, including, but not limited, to statements regarding the Company’s future actions, business strategies or models, plans, goals, future events, future revenues, future margins, current and future revenue guidance, future growth or performance, financing needs, business trends, results of operations, objectives and intentions with respect to future operations, services and products, and new and existing contracts or partnerships. In some cases, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “might,” “will,” “should,” “could,” “can,” “would,” “design,” “potential,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or the negative of these terms or similar expressions.

Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company’s control, and which may cause its actual results or outcomes, or the timing of its results or outcomes, to differ materially from those contained in its forward-looking statements, including, but not limited to the following: impacts related to accelerated wind down of migrant-related services; uncertainties related to future non-migrant municipal population health revenue; the Company’s ability to return to profitability and/or expand its programs with insurance partners, hospital systems, municipalities and other strategic partners; the Company’s ability to successfully implement its business strategy, including delivering value to shareholders via buybacks, funding new strategic relationships and potentially repaying its line of credit; the Company’s ability to establish, maintain and grow customer relationships; the Company’s ability to execute projects to the satisfaction of its customers; the Company’s ability to grow demand for its care gap closure programs; the Company’s ability to maintain or grow its cash balances; the Company’s reliance on and ability to maintain its contractual relationships with its healthcare provider partners and other strategic partners; the Company’s ability to compete effectively in a highly competitive industry, including conditions in the healthcare transportation and mobile health services markets; the Company’s ability to maintain existing contracts; the Company’s reliance on government contracts, including changes in government spending on healthcare and other social services; recent revenue growth derived from a small number of large customers; the Company’s ability to effectively manage its growth; the Company’s financial performance and future prospects; the Company’s ability to deliver on its business strategies or models, plans and goals; the Company’s ability to expand geographically; the Company’s M&A activity and success of its acquisition strategy; the Company’s ability to retain its workforce and management personnel and successfully manage leadership transitions; the availability of healthcare professionals and other personnel; changes in the cost of labor; the Company’s ability to collect on customer receivables; risks associated with the Company’s share repurchase program; overall macroeconomic and geopolitical conditions, including the interest rate environment, the inflationary environment, the potential recessionary environment, regional conflict and tensions, financial institution instability and the prospect of a shutdown of the U.S. federal government; the ability of the Company’s suppliers to meet its needs; the Company’s ability to obtain or maintain operating licenses; potential changes in federal, state or local government policies or priorities; expected impacts of geopolitical instability; the Company’s competitive position and opportunities, including its ability to realize the benefits from its operating model; the Company’s ability to improve gross margins; the Company’s ability to implement and deliver on cost-containment measures and ongoing cost rationalization initiatives; legislative and regulatory actions; the impact of legal proceedings and compliance risk; volatility of our stock price; the impact on the Company’s business and reputation in the event of information technology system failures, network disruptions, cyber incidents or losses or unauthorized access to, or release of, confidential information; the Company’s ability to comply with laws and regulations regarding data privacy and protection and other risk factors included in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this earnings release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this earnings release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this earnings release to reflect events or circumstances after the date of this earnings release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.