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Key Takeaways From Our Third Quarter

At DocGo, we’re reimagining the way healthcare is delivered, with a goal of bringing high quality, highly accessible health care to all. As we approach year’s end—with new partners and expanded programs—I’m proud to say we’re closer to that goal than ever.

To our valued team, patients, partners, and investors, I’m excited to share key accomplishments from the third quarter and our vision for closing the year strong.

1. Expanding Our Impact to Hundreds of Thousands of New Patients

This quarter, DocGo significantly expanded its care gap closure services to meet increased demand from our payer partners.  We have been assigned over 500,000 patient lives in 2024 and have opened up new hubs up and down the West Coast to meet this demand. We doubled the average weekly number of visits, bringing at-home and mobile healthcare to thousands of new, underserved patients.

In the news just last month, one of the largest payers in the country announced a significant drop in its Medicare Advantage Star ratings, which according to analysts, could reduce its 2026 EBITDA by as much as 50%.  This is a crucial topic on the mind of every payer in the country and we believe our care gap closure programs are an ideal solution to help improve plan ratings and potentially have a material positive financial impact for our customers. 

This news, and the increase in our patient assignments underscores the need for care gap solutions nationwide—and DocGo’s growing capacity to meet the needs of larger and more diverse patient populations.

In September, we introduced care gap services to California Medi-Cal enrollees by partnering with a top-10 national insurer. This partnership allows our team to reach hundreds of thousands of California patients who have faced traditional barriers to healthcare access.

Through at-home and mobile clinics, DocGo will facilitate well-child visits, fluoride treatments, vaccinations, diabetes screenings, and other healthcare services for this population.

2. Bringing New, Nationally Recognized Leaders on Board

Last quarter, we introduced our Medical Advisory Board (MAB), bringing together top physicians and specialists from leading institutions. Over the past several months, the MAB has played a key role in identifying new ways for DocGo to expand its clinical offerings and meet patient needs.

This quarter, we appointed Dr. Stephen K. Klasko, a true healthcare visionary, as board chair. Dr. Klasko has decades of healthcare leadership experience, including eight years as President of Thomas Jefferson University and CEO of Jefferson Health, and he is currently a Special Advisor at venture capital firm General Catalyst.  As chair, he will guide our board’s efforts to transform healthcare delivery through proactive and value-based strategies.

Our success stems from healthcare leaders across specialties collaborating to find innovative solutions to help address some of today’s most pressing challenges. Dr. Klasko’s passion and expertise will be invaluable to this work.

3. Winning National Recognition for Our Commitment to Compliance

At DocGo, integrity is a cornerstone of our culture. Compliance and risk management are the starting point of everything we do.

Thanks to the dedication of our Chief Compliance Officer, Stephen Sugrue, our compliance committee, and every team member, I’m proud to share that we were named a finalist for two different independent awards – the 2024 NAVEX Excellence Awards in the Compliance & Risk Program of the Year category and the Best Compliance and Ethics Program (small to mid-cap) in Governance Intelligence’s 2024 Corporate Governance Awards.

4. Seeing Continued Strong Performance

We saw strong performance across all customer verticals in Q3, thanks to robust demand tailwinds and new contracts.

Total revenue for the quarter was $138.7 million, compared to $186.6 million in the third quarter of 2023, primarily due to the planned wind down of migrant-related programs. Net income was $4.5 million in Q3 of 2024, compared with net income of $4.6 million in the third quarter of 2023, as we were able to offset the impact of the decline in revenues with significantly improved gross margins.

And as of September 30, 2024, the company held total cash and cash equivalents of approximately $108.5 million, compared to $85.8 million on June 30, 2024.

Looking Ahead

As we close out the third quarter, I’m reflecting on DocGo’s remarkable achievements—and a personal milestone: one year as CEO.

It’s an honor to lead a company that has already made a profound impact on healthcare, but I can’t help but feel like we’re just getting started. Each quarter, we push more boundaries, reach new communities, and welcome more visionary healthcare professionals to our team.

Our company has accomplished incredible things over the last 12 months, including transporting over 1.1 million patients and facilitating care through more than 820,000 mobile health interactions.  Bringing care to this many people is a clear manifestation of our mission to bring high quality, highly accessible care to all. 

Looking ahead, I’m excited to see our new programs thrive—whether it’s expanding our well-child visits program, reaching more patients through care-gap closure services, or scaling initiatives like our mobile x-ray unit in New York City. I’m also looking forward to working closely with our new leaders, from the MAB to Dr. Klasko, whose passion and expertise further our mission.

But most of all, I’m excited to see our team bring fresh ideas to the table, because that’s what DocGo is all about: using innovation to make healthcare more proactive, accessible, and impactful for patients everywhere.

It was a strong quarter for DocGo—but as I said, we’re just getting started. Thank you to our patients, partners, and investors for your support. We look forward to continuing this journey with all of you.

Lee Bienstock, Chief Executive Officer, DocGo

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Forward-Looking Statements

This update 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 DocGo Inc. (the “Company”), including the provision of services under its existing contracts, including its contract with the New York City Department of Housing Preservation and Development (“HPD”) and the winding down of migrant-related services under such contract, and the expansion of the Company’s programs with insurance partners, hospital systems, municipalities and other strategic partners, including care gap closure programs. 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 the Company’s actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in the Company’s forward-looking statements, including, but not limited to the following: impacts related to accelerated wind down of migrant-related services; the Company’s provision of services under its contract with HPD and its ability to expand its programs with insurance partners, hospital systems, municipalities and other strategic partners; the Company’s ability to successfully implement its business strategy, including funding new strategic relationships; the Company’s ability to grow demand for its care gap closure programs; the Company’s ability to maintain sufficient cash balances; the Company’s reliance on and ability to maintain its contractual relationships with its healthcare provider partners and clients; the Company’s ability to compete effectively in a highly competitive industry; the Company’s ability to maintain existing contracts; the Company’s reliance on government contracts; 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; the Company’s ability to retain its workforce and management personnel and successfully manage leadership transitions; the Company’s ability to collect on customer receivables; the Company’s ability to maintain its cash position; risks associated with the Company’s share repurchase program; expected impacts of macroeconomic factors, including inflationary pressures, general economic slowdown or a recession, rising interest rates, foreign exchange rate volatility, changes in monetary pressure, financial institution instability or the prospect of a shutdown of the U.S. federal government; potential changes in federal, state or local government policies regarding immigration and asylum seekers; 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 the Company’s 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; and the ability of the Company 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.

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 update. 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 update 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 update to reflect events or circumstances after the date of this update 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.