Total Revenue

-39% (from $199.2M in Q4 2023 to $120.9M in Q4 2024)

Total revenue declined sharply primarily due to a major drop in the Mobile Health Services revenue, which decreased by nearly 52%, while Transportation Services remained almost flat, compounded by previous high levels from Q4 2023. " " "

Mobile Health Services Revenue

-52% (from $150.45M in Q4 2023 to $71.76M in Q4 2024)

The Mobile Health Services segment suffered a steep decline as its revenue dropped from $150.45M to $71.76M, likely driven by a planned wind-down of key programs that had significantly contributed in the previous period. " "

Transportation Services Revenue

+0.5% (from $48.79M in Q4 2023 to $49.05M in Q4 2024)

Transportation Services remained stable, with only a marginal increase from $48.79M to $49.05M, indicating that this segment was largely resilient even as the Mobile Health Services segment declined. " "

Operating Income

Negative shift (from $11.67M profit in Q4 2023 to -$7.47M in Q4 2024)

Operating performance turned sharply negative, as the dramatic revenue decline—mainly from the Mobile Health Services segment—combined with fixed or inadequately adjusted operating expenses led to a swing from a positive $11.67M to a loss of $7.47M. " "

Net Income

Swing from $7.99M profit to -$9.89M loss

Net income deteriorated drastically, with the loss of -$9.89M resulting from the revenue drop and margin pressure; this reversal, also reflected in the decline of EPS to -$0.03 (basic) and -$0.04 (diluted), underscores the impact of the weakened Mobile Health Services performance. " "

Revenue Guidance

FY 2025

$410 million to $450 million "

$410 million to $450 million "

no change

Gross Margin

FY 2025

no prior guidance

remain in line with or slightly better than those of 2024 "

no prior guidance

EBITDA Margin

FY 2025

no prior guidance

mid-single digits "

no prior guidance

Cash Flow from Operations

FY 2025

no prior guidance

significantly higher than $70 million generated in 2024 "

no prior guidance

Days Sales Outstanding (DSO)

FY 2025

no prior guidance

reduce consolidated DSO to the 90- to 100-day range by around the midpoint of 2025 "

no prior guidance

Core revenue guidance and performance

In Q1–Q3, guidance was closely discussed with Q1 setting a base range of $280–300M, Q2 reaffirming this target, and Q3 revising 2024 guidance downward while emphasizing the transition from migrant-related work. " " "

In Q4, core revenue performance met guidance with a Q4 base business revenue of approximately $66M and strong confidence in significant 2025 growth supported by a robust deal pipeline. " " "

Consistently monitored; sentiment remains positive with evolving confidence in future growth as the pipeline strengthens. " "

Pipeline and contract wins

Q1 highlighted expansion with major payer contracts. " " In Q2, a flurry of new contracts and diversified wins (including municipal and payer partnerships) was noted. " Q3 emphasized aggressive ramp-up with significant deal flow and geographic expansion. " "

Q4 showcased a robust pipeline with 27 municipal contracts, 29 health system deals, and over 120 payer/provider opportunities. There was strong conversion of deals and continued focus on evergreen opportunities. " "

Consistent growth; contract wins are expanding steadily with an increasing focus on long-term, sustainable opportunities. " "

Migrant-related revenue decline and project wind-down

From Q1 through Q3, discussions centered on declining migrant-related revenue—with Q1 setting revised revenue ranges, Q2 noting sequential declines and operational adjustments, and Q3 detailing continued wind-down and its impact on mobile health revenues. " " "

Q4 reiterated the significant decline, citing a Q4 migrant-related revenue of approximately $55M and detailed the wind-down of projects (e.g., HPD sites) with a clear transition strategy toward the base business. "

A continuing decline managed proactively; the company is reallocating resources to its core base business to offset the loss. "

Care gap closure program growth

Q1 introduced growth driven by payer quality metrics and expanding care gap initiatives. " " Q2 reported that patient numbers more than doubled sequentially, and Q3 provided extensive details on program expansion and future targets. " "

In Q4, strong investments in tech and field training were noted along with a world‐class NPS of 86, 1,000 visit per week run rate at year-end, and ambitious targets for 2025 (65K care gap closures, 10K primary care patients, 70K virtual care patients). " "

Consistently accelerating; investment and performance metrics indicate robust and growing program success. " "

Expansion into virtual and in-home primary care

Q1 emphasized differentiation by combining virtual care with in-person visits and highlighted payer partnerships. " " Q2 noted significant growth in mobile health, while Q3 detailed primary care patient enrollment and virtual care management scaling. " "

Q4 outlined clear expansion targets (10K primary care patients, 70K virtual care management patients) and noted strategic acquisition (mobile phlebotomy via PTI Health) to enhance in-home capabilities. " "

Strong upward trend; service offerings are expanding with targeted enrollment and strategic integration, reinforcing competitive advantage. " "

Transportation business performance and margin trends

Q1 reported robust revenue growth (20% increase) with high gross margins (over 33%). " Q2 noted moderate revenue gains alongside margin pressures from higher subcontractor costs and one-time adjustments. " Q3 showed steady performance with slight margin compression but some improvement. "

Q4 reported a modest revenue increase (1% rise) with a noted decline in adjusted gross margins (from 37.4% to 30.1%) due to the loss of one-time benefits and residual costs; management remains optimistic about margin recovery as cost issues are resolved. " "

Stable revenue growth amid cyclical margin fluctuations; overall sentiment is cautiously optimistic about recovery as cost pressures ease. "

EBITDA margin guidance and profitability concerns

Q1 projected an 11% adjusted EBITDA margin with efforts to offset the wind-down of migrant projects. " " Q2 maintained a target around 10%–12% with positive Q2 performance, while Q3 guided margins at 8%–10% amid modest profitability concerns due to growth investments. " "

Q4 saw a reduction in EBITDA margin guidance into the mid-single digits, attributed to ongoing strategic investments and the expedited wind-down of migrant-related revenues. " "

Increasing short-term margin pressure due to heavy investments; while profitability is challenged now, the long-term outlook remains tied to growth initiatives. " "

Strategic investments and associated margin compression risks

Q1 and Q2 provided little detailed discussion on this topic. In Q3, strategic investments related to expansion (e.g., care gap programs) were briefly linked to temporary margin compression. "

Q4 offered a detailed discussion on significant investments in technology, care gap infrastructure, and field training, explicitly acknowledging near-term margin compression as a trade-off for long-term growth. " "

An emerging focus that intensified in Q4; investments are now recognized as critical for future growth despite current margin compression risks. " "

Cash flow performance and liquidity challenges

Q1 outlined liquidity challenges from a negative working capital cycle and rising payables, with expectations for improvement through receivable collections. " " Q2 showed marked cash flow improvements, reduced DSO, and strengthened cash balances. " Q3 continued this positive trend with further cash flow and liquidity enhancements. " "

Q4 reported strong cash flow performance with $70M from operations, a 20% reduction in accounts receivable, and improvement in DSO—from 153 to 125 days—even though delayed HPD payments posed a short-term challenge; overall cash and cash equivalents reached $107.3M. " "

Consistent and progressive improvement; liquidity challenges are diminishing amid robust operational cash flow and effective receivables management. " "

Reputational risks from politicized migrant-related work

In Q1, the company acknowledged that politicization of its migrant-related work created reputational risks and market "noise," with one partner temporarily pausing engagement, though overall confidence was maintained through proactive communication. "

No mention in Q2, Q3, or Q4 earnings calls.

Topic has been de-emphasized or resolved; it is no longer a focus in recent periods. "

External factors impacting demand (e.g., Medicare Advantage star ratings)

Q1 detailed how factors like Medicare Advantage star ratings and HEDIS measures were driving demand for care gap closure programs. " " Q2 addressed external pressures from high medical cost ratios, increased utilization in Medicare and Medicaid. " Q3 noted a significant drop in star ratings by a major payer, thereby accentuating the need for DocGo's solutions. " "

Q4 emphasized that stricter quality measures imposed by CMS and states are intensifying payer focus on quality initiatives, driving demand for DocGo’s care gap closure programs. "

Consistently recognized as a catalyst for demand; discussion has evolved from cost pressures to broader regulatory and quality compliance factors, with a uniformly positive impact on program appeal. "