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Key Takeaways From Our Third Quarter

By Lee Bienstock, Chief Executive Officer

On Monday, we reported our third-quarter results for 2025, highlighting record volumes across every major business line and meaningful progress toward building a scalable, sustainable platform for proactive care.

This was a quarter defined by operational strength and strategic transition. Each of our service lines, with the exception of our care gap closure and primary care offerings, is adjusted EBITDA positive on a contribution basis. We continue to believe that the substantial investment we made this year into our care gap and primary care offerings, which bring the capabilities of a doctor’s office into the patient’s living room, offers significant strategic value, and we are seeing notable expansions with our major payer customers to support that view.

To our valued team, patients, partners, and investors, I’m excited to share the full highlights from our third quarter.

1. Achieving Record Volumes Across Our Core Businesses

DocGo achieved record volumes in the third quarter of 2025 across every major line of business. U.S. medical transportation rose by 2.5 percent compared to the same period last year, while care gap closure and transitions of care increased 320 percent. Mobile phlebotomy grew 11 percent, and remote patient monitoring rose 6 percent. These results reflect the operational strength of our teams and the increasing value that our partners see in our platform.

We also reached a new milestone in our payer and provider programs, with more than 1.3 million patients assigned to DocGo for care gap closure services (up from 1.2 million last quarter). This continued growth demonstrates how deeply our proactive care model is resonating with insurers and healthcare systems seeking to engage patients who have traditionally faced barriers to care.

2. Expanding Proactive Care and Telehealth Capabilities

This quarter, we made major progress toward building a more connected, proactive care ecosystem. We launched a new mobile health vaccination program for the County of San Diego, expanding access to preventive services for underserved populations. We also entered an agreement with a national insurance provider to launch care gap closure services in New Mexico just after the quarter ended, bringing our proactive care model to new communities.

In California, we began preparing for the launch of a longitudinal care program with a major health plan that will offer services to 10,000 members through a combination of telehealth and on-site care. This initiative allows us to deliver preventive, chronic care management, and transitional care directly where patients live, reinforcing our commitment to bringing the capabilities of a doctor’s office into the living room.

Subsequent to quarter end, we also completed the acquisition of SteadyMD, a virtual care platform that enables DocGo to offer telehealth services across all 50 states. This acquisition marks an extremely exciting milestone in DocGo’s mission to make high-quality, technology-powered healthcare more accessible. By combining SteadyMD’s nationwide virtual care platform with our mobile health services and infrastructure, we can provide our enviable roster of customers with an even more comprehensive platform of last mile care, and help realize our vision of providing patients with healthcare at any address.  We will continue to seek additional opportunities for acquisitions and partnerships that expand our capabilities and scale while enhancing shareholder value. It’s my pleasure to welcome Guy and Yarone to the DocGo family and you should expect to hear a lot more about SteadyMD in the coming months!

3. Expanding Our Role in Patient Transportation & Transitional Care

Transportation continues to serve as a foundational part of DocGo’s mobile health care offering. In the third quarter, we ramped up services under a multi-year contract with one of the largest academic medical systems in the New York metro area, coordinating all discharge transportation through our proprietary digital transportation management platform. Our platform allows hospitals and health systems to streamline scheduling, routing, and tracking in real time, helping ensure patients reach their next point of care safely and efficiently.

We also entered a new agreement with the Albany Stratton VA Medical Center to provide medical transportation for veterans: a responsibility we’re honored to fulfill. These partnerships reinforce our leadership in connecting transportation to the broader continuum of care and in building the infrastructure needed for seamless patient transitions.

4. Strengthening Our Financial Foundation

DocGo’s financial performance this quarter reflects both strong execution in our core businesses and disciplined management through a period of transition. Total revenue was $70.8 million, compared to $138.7 million in the third quarter of 2024. As expected, this decline was entirely due to the wind-down of migrant-related programs. Excluding those programs, total revenue increased 8 percent year over year, with Transportation Services rising to $50.1 million and Mobile Health Services increasing 23 percent to $20.7 million.

At quarter end, cash and equivalents totaled $95.2 million, reflecting the repayment of our $30 million line of credit. We generated $1.7 million in cash flow from operations during the period, continuing to build liquidity and flexibility as we invest in long-term growth. Our care gap and primary care programs, which bring comprehensive care into the home, remain our largest areas of investment. These investments are expected to reduce significantly in 2026 as early markets mature and become increasingly self-sustaining.

Looking Ahead

As we close out 2025, DocGo stands at an important inflection point. Our record operational volumes, expanding payer partnerships, and strengthened virtual care capabilities position us to deliver more proactive, accessible care than ever before. The steps we’ve taken this year, from scaling our transportation network to investing in home-based and virtual care, are setting the stage for long-term growth and profitability.

To our team, partners, and investors, thank you for your continued trust and support as we work to deliver high quality, highly accessible health care for all.

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.