DocGo Inc. Q4 FY2025 earnings call

• Virtual care offering SteadyMD had stellar performance in Q4 2025, exceeding $8 million in revenue for the first time, with full year 2025 exceeding 4 million patient interactions. Integration efforts on track to consolidate provider networks by end of second quarter. - Medical transportation segment saw improvement in hiring rates, filled 206 EMT and paramedic roles, overtime rate gradually declining. - Continued expanding care gap closure programs with top 10 national insurance payer customer, saw 12% sequential gain in assigned lives. - Planning to leverage SteadyMD's clinical network for virtual portions of visits starting in Q2 and expanding use of agentic AI and workflow automation. - Launched efficiency innovation portfolio in Q4 with over a dozen projects to increase efficiency and operating leverage, anticipated to deliver $5 to $6 million savings in 2026 and $20 to $24 million in 2027. - Initiated process to explore strategic alternatives to maximize shareholder value.

Fourth quarter 2025 total revenue was $74.9 million. Medical transportation services revenue in Q4 2025 was $50.2 million, up from $49.1 million in Q4 2024. Mobile health revenue in Q4 2025 was $24.8 million, down from $71.8 million in Q4 2024. Excluding migrant-related revenues, Q4 2025 revenue increased 11% year-over-year. Full year 2025 total revenue was $322.2 million. SteadyMD exceeded $8 million in revenue in Q4 2025, with full year 2025 exceeding 4 million patient interactions. Medical transportation trips increased 11% in Q4 2025 vs Q4 2024, healthcare in the home visits up 113%, mobile phlebotomy visits up 16%, remote patients monitored up 16%, telehealth and lab orders up 50%. Remote patient monitoring generated record revenue of $4 million and $830,000 in adjusted EBITDA in Q4 2025.

• Increased 2026 revenue guidance to $290 to $310 million from previous $280 to $300 million. - Expect adjusted EBITDA loss of $5 to $10 million in 2026 compared to prior projected loss of $15 to $25 million. - Revenue increase driven by increased volumes in medical transportation and SteadyMD, gross margin improvement with reduced overtime, and focus on reducing SG&A by 10 to 15% through efficiency innovation portfolio.

• Uncertainties regarding collectability of migrant-related accounts receivable. - Working capital pressures due to growth-related initiatives. - Need to work with credit line provider to remedy financial covenant issues which may increase borrowing costs. - Risks associated with forward-looking statements including substantial risks, uncertainties, and assumptions beyond control.

Q: Can you give color on the strategic alternative process?

A: Engaged an investment bank to run a formal process to maximize shareholder value, can't share more at this time.

Q: Split up improvement in 2026 guidance?

A: Increased volumes in medical transportation and SteadyMD are primary drivers of revenue increase. EBITDA improvement due to revenue increase providing more gross profit, gross margin improvement with reduced overtime, and reducing SG&A with efficiency innovation portfolio.

Q: Free cash flow pressures and covenant renegotiation?

A: Cash balance lower due to migrant receivables not coming in as expected and working capital needs. Working with credit line provider to address EBITDA covenant issues.

Q: Payer business pipeline?

A: Continues to see momentum, expansion into Kentucky with insurance payer, focus on growing efficiently and balancing investment.

Q: Gross margins in 2026?

A: Consolidated blended gross margin expected to be around 33%, transport side expected to be somewhat higher than north of 33%, mobile health mix impacting margins.

Q: Cross-selling effort?

A: Great opportunity to cross-sell and up-sell services, examples include turning care gap patients into primary care patients, mobile labs with consumer healthcare companies.

Q: EBITDA cadence in 2026?

A: Adjusted EBITDA loss focused on first half, turning to profitability in second half, driven by reducing corporate expenses and using technology to automate for efficiency.

Q: Mobile growth cadence?

A: Based on current contracts, staff, and volumes, linear growth expected on mobile health, integrating SteadyMD.

Q: Migrant-related cash collection?

A: Audit was gating item, now wrapped up, expect initial wave of payment within days.