DocGo (DCGO) Stifel 2024 Cross Sector Insight Conference summary

Business overview and mission

• Operates as a leading mobile healthcare provider in the U.S. and U.K., serving 30 states and the NHS.

• Focuses on delivering care outside traditional hospital settings to hospital systems, municipalities, and payers.

• Programs aim to keep patients out of hospitals and lower total care costs while improving outcomes.

Recent events and contract disclosures

• Provided care for asylum seekers in New York City under contracts with Health and Hospitals and Housing Preservation and Development (HPD).

• Disclosed that $300–$350 million of 2024 revenue is from migrant-related programs, out of $600–$650 million total guidance.

• Broke out migrant revenue to increase transparency for investors and stakeholders.

• Base business (excluding COVID and migrant contracts) grew from under $50 million in 2019 to $280–$300 million in 2024, with $400 million targeted for 2025.

Contract evolution and transition

• HPD contract began in May 2023, expanded capacity for asylum seekers, and is being phased out through 2024.

• Transition out of HPD Downstate sites completed in mid-May; Upstate sites to be transitioned by year-end.

• Longstanding relationship with Health and Hospitals continues, providing services like medical transportation and radiology.

• Health and Hospitals expected to remain a core client into next year, even as asylum-related work winds down.