DocGo (DCGO) 15th Annual Midwest IDEAS Investor Conference summary

Company overview and business model

• Operates as a technology-driven mobile healthcare provider, expanding from ambulance services to a broad range of mobile health offerings since 2015.

• Serves patients in 29 U.S. states and parts of the U.K., focusing on preventative care and keeping patients out of hospitals.

• Delivered care to about one million patients last year and interacted with nearly seven million since inception.

• Two-thirds of business is government work, primarily billing municipalities rather than patients.

• Provides a mix of episodic, chronic care, and event-based medical services, with a proprietary tech platform optimizing operations.

Financial performance and guidance

• Q2 revenues reached $165 million, with $6 million net income and $17 million in EBITDA.

• Full-year revenue guidance is $600–$650 million, with adjusted EBITDA projected at $65–$75 million.

• Cash flow from operations guidance increased to $80–$90 million, driven by improved working capital.

• Base business expected to grow over 30% to about $400 million in 2025, as migrant-related revenue phases out.

• Maintains a strong balance sheet, expecting about $100 million in net cash by year-end.

Service lines and operational strategy

• Mobile Health currently accounts for 70% of revenue, with a shift toward a 50/50 mix as migrant work declines.

• Municipal contracts are typically one year with auto-renew, often expanding in scope upon renewal.

• Medical transportation is primarily non-emergency, with a move toward fixed-fee and leased-hour models for margin certainty.

• Focuses on deploying the right clinical staff for each service, investing in training and career progression.

• Labor costs represent 70–75% of cost of goods sold, with a preference for W-2 employees over subcontractors.