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ADDING and REPLACING DocGo Announces Record Fourth Quarter and Full Year 2021 Results

Q4 and full year revenue increased 289% and 239%, respectively, over comparable prior year periods

Positive adjusted EBITDA and net income for both the quarter and full year

Adding financial tables after last paragraph of release.

The updated release reads:

DOCGO ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Q4 and full year revenue increased 289% and 239%, respectively, over comparable prior year periods

Positive adjusted EBITDA and net income for both the quarter and full year

DocGo (Nasdaq:DCGO), a leading provider of last-mile mobile health services and integrated medical transportation solutions, today announced financial and operating results for the fourth quarter and full year ending December 31, 2021.

“The fourth quarter caps a year in which we made substantial progress, further penetrating into existing markets while launching in nine new ones, all while continuing to invest in a world class clinical team and transitioning to a publicly-traded company,” stated Stan Vashovsky, Chief Executive Officer and Co-Founder. “Our fourth quarter and full year revenue growth of 289% and 239%, respectively, reflects not only the significant unmet need that we are addressing within the healthcare ecosystem, but also the unique value proposition that we deliver to some of the largest government, corporate and health system entities in the country. We are operating in a vast, untapped market with a scalable and capital efficient business model, and I believe we are in the very early stages of accelerating recurring revenue growth. I look forward to a very successful 2022.”

Fourth Quarter Financial Highlights

  • Total revenue was $121.3 million, representing growth of 289% over $31.2 million in the fourth quarter of 2020.
  • Mobile Health revenue increased to approximately $102.6 million, compared to $15.8 million in the fourth quarter of 2020. The increase reflects the extension of certain key contracts as well as significant recent contract wins.
  • Medical transport revenue was approximately $18.7 million, up 21% from $15.4 million in the fourth quarter of 2020.
  • Adjusted EBITDA grew to approximately $17.3 million, versus an Adjusted EBITDA loss of $2.9 million in the fourth quarter of 2020.
  • Net income was $20.3 million, which represents a substantial improvement over the net loss of $4.4 million in the fourth quarter of last year, reflecting the strong increase in revenues during the quarter, which occurred while certain overhead costs remained in line with prior periods. Net income in Q4 2021 includes a gain of approximately $5.2 million relating to the remeasurement of warrant liabilities.

Full Year Financial Highlights

  • Total revenue was $318.7 million, an increase of 239% from $94.1 million in 2020.
  • Mobile Health revenue increased to approximately $234.4 million in 2021, compared to $30.9 million in 2020. The increase reflects the expansion of the services offered by this segment in 2021, with growth accelerating throughout the year, as DocGo increased both its customer base and geographic reach. The year witnessed the extension of certain key contracts as well as significant new contract wins.
  • Medical transport revenue was approximately $84.3 million in 2021, up 33% from $63.2 million in 2020. Both trip volumes and average price per trip increased from 2020 levels.
  • Covid testing-related revenue is estimated to be approximately $110 million.
  • Adjusted EBITDA grew to approximately $25.1 million in 2021, even with significant investments made in regional expansion and personnel, versus an Adjusted EBITDA loss of $8.1 million in 2020.
  • Net income was $19.2 million for the full year 2021, which represents a substantial improvement over a net loss of $14.8 million in 2020. Net income in 2021 includes a gain of approximately $5.2 million relating to the remeasurement of warrant liabilities.
  • As of December 31, 2021, the company held cash and cash equivalents of $175.5 million with insignificant debt, and an additional $78.4 million of accounts receivable.

Corporate Highlights

  • Closed merger with Motion Acquisition Corp. and raised net proceeds of approximately $158 million, including an associated PIPE financing.
  • Hired 2,340 new employees in 2021, bringing total number of medical providers to over 3,800 as of December 31.

2022 Guidance

The company sees strong demand from our customers for both mobile health and transportation services, and anticipates 2022 revenue to be approximately $400-420 million, representing growth of 27-32% over 2021, or a 65% increase if we exclude non-recurring Covid testing revenue from the second half of both years. Adjusted EBITDA is anticipated to be approximately $35-41 million.

Conference call and webcast

DocGo management will host a conference call and webcast to discuss the fourth quarter and full year results tomorrow, March 15, at 8:30am ET. To access the conference call, please dial 1-877-407-0784 (U.S.) or 1-201-689-8560 (international). Reference conference ID 13727132.

The webcast can be accessed using the following link: https://viavid.webcasts.com/starthere.jsp?ei=1529651&tp_key=a6273f4fcd or under “Events” on the “Investors” section of the company’s website, https://ir.docgo.com/.

About DocGo

DocGo is a leading provider of last-mile mobile care services and integrated medical transportation solutions. DocGo is disrupting the traditional four-wall healthcare system by providing care to patients where and when they need it. DocGo's innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks, and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, 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.

Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended) concerning DocGo. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and products, (ii) our competitive position and opportunities, and (iii) other statements identified by words such as "may", "will", "expect", "intend", "plan", "potential", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "predict" "project", "aim", "goal", "outlook", "guidance", and similar words, phrases or expressions. These forward-looking statements are based on management's current expectations and beliefs, as well as assumptions made by, and information currently available to, management, and current market trends and conditions. Forward-looking statements inherently involve risks and uncertainties, many of which are beyond our control, and which may cause actual results to differ materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect current or future results include possible accounting adjustments made in the process of finalizing reported financial results; any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; pricing declines; rates of growth in our target markets; our ability to improve gross margins; cost-containment measures; legislative and regulatory actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of information technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; and the ability of the company to comply with laws and regulations regarding data privacy and protection. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.

 
Reconciliation of Adjusted EBITDA to GAAP Net Income
Q4 YTD

2020

2021

2020

2021

Net Income/(loss) (GAAP)

-$4.4

$20.3

-$14.8

$19.2

(+) Net Interest expense/ (income)

-$0.2

$0.3

$0.2

$0.8

(+) Income Tax

$0.1

-$0.4

$0.2

$0.6

(+) Depreciation & amortization

$1.4

$2.0

$5.4

$7.5

(+) Remeasurement of Liabilities

$0.0

-$5.2

$0.0

-5.2

EBITDA

-$3.1

$17.1

-$9.0

$22.9

 

 

 

 

(+) Non-cash stock compensation

$0.2

$0.2

$0.7

$1.3

(+) Non-recurring expense

$0.0

$0.1

$0.2

$0.9

Adjusted EBITDA

-$2.9

$17.3

-$8.1

$25.1

 
DocGo Inc. and Subsidiaries
 
CONSOLIDATED BALANCE SHEETS
 
Years Ended December 31,

2021

2020

 
ASSETS
 
Current assets:
Cash and cash equivalents

$

175,537,221

$

32,418,220

Accounts receivable, net of allowance of $7,377,389 and $3,193,048 as of December 31, 2021 and 2020, respectively

 

78,383,614

 

24,854,957

Prepaid expenses and other current assets

 

2,111,656

 

1,150,491

 
Total current assets

 

256,032,491

 

58,423,668

 
Property and equipment, net

 

12,733,889

 

9,105,597

Intangibles, net

 

10,678,049

 

10,674,106

Goodwill

 

8,686,966

 

6,610,557

Restricted cash

 

3,568,509

 

2,039,053

Operating lease right-of-use assets

 

4,195,682

 

4,997,407

Finance lease right-of-use assets

 

9,307,113

 

7,001,644

Equity method investment

 

589,058

 

-

Other assets

 

3,810,895

 

1,320,331

Total assets

$

309,602,652

$

100,172,363

 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable

$

15,833,970

$

3,954,123

Accrued liabilities

 

35,110,877

 

14,254,438

Line of credit

 

25,881

 

-

Notes payable, current

 

600,449

 

664,357

Due to seller

 

1,571,419

 

1,125,522

Operating lease liability, current

 

1,461,335

 

1,620,470

Finance lease liability, current

 

3,271,990

 

1,876,765

Total current liabilities

 

57,875,921

 

23,495,675

 
Notes payable, non-current

 

1,302,839

 

594,494

Operating lease liability, non-current

 

2,980,946

 

3,638,254

Finance lease liability, non-current

 

6,867,420

 

5,496,899

Warrant liabilities

 

13,518,502

 

-

Total liabilities

 

82,545,628

 

33,225,322

 

DocGo Inc. and Subsidiaries

 

CONSOLIDATED BALANCE SHEETS (CONTINUED)

 
Years Ended December 31,

 

2021

 

 

2020

 

 
STOCKHOLDERS' EQUITY:
Class A common stock ($0.0001 par value; 500,000,000 and no par value 125,482,677 shares authorized as of December 31, 2021 and 2020, respectively; 100,133,953 and 76,489,205 shares issued and outstanding as of December 31, 2021 and 2020, respectively)

 

10,013

 

 

-

 

Additional paid-in-capital

 

283,161,216

 

 

142,346,852

 

Accumulated deficit

 

(63,556,714

)

 

(87,300,472

)

Accumulated other comprehensive loss

 

(32,501

)

 

(48,539

)

Total stockholders' equity attributable to DocGo Inc. and Subsidiaries

 

219,582,014

 

 

54,997,841

 

Noncontrolling interests

 

7,475,010

 

 

11,949,200

 

Total stockholders' equity

 

227,057,024

 

 

66,947,041

 

Total liabilities and stockholders' equity

$

309,602,652

 

$

100,172,363

 

 
DocGo Inc. and Subsidiaries
 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
 
 
Years Ended December 31,

 

2021

 

 

2020

 

 
 
Revenue, net

$

318,718,580

 

$

94,090,658

 

Expenses:
Cost of revenues (exclusive of depreciation and amortization, which is shown

separately below)

 

208,971,062

 

 

62,743,607

 

Operating expenses:
General and administrative

 

74,892,828

 

 

34,913,395

 

Depreciation and amortization

 

7,511,579

 

 

5,507,655

 

Legal and regulatory

 

3,907,660

 

 

3,747,865

 

Technology and development

 

3,320,183

 

 

1,189,583

 

Sales, advertising and marketing

 

4,757,970

 

 

746,236

 

Total expenses

 

303,361,282

 

 

108,848,341

 

Income (loss) from operations

 

15,357,298

 

 

(14,757,683

)

 
Other income (expenses):
Interest income (expense), net

 

(763,030

)

 

(204,632

)

Gain from PPP loan forgiveness

 

142,667

 

 

-

 

Gain (loss) on disposal of fixed assets

 

(34,342

)

 

30,546

 

Gain on remeasurement of warrant liabilities

 

5,199,496

 

 

-

 

Loss on initial equity method investment

 

(66,818

)

 

-

 

Other income (loss)

 

(40,086

)

 

300,000

 

Total other income (expense)

 

4,437,887

 

 

125,914

 

 
Net income (loss) before income tax benefit (expense)

 

19,795,185

 

 

(14,631,769

)

Income tax expense

 

(615,697

)

 

(167,443

)

Net income (loss)

 

19,179,488

 

 

(14,799,212

)

Net loss attributable to noncontrolling interests

 

(4,564,270

)

 

(439,268

)

Net income (loss) attributable to stockholders of DocGo Inc. and Subsidiaries

 

23,743,758

 

 

(14,359,944

)

Other comprehensive income (loss)
Foreign currency translation adjustment

 

16,038

 

 

196,345

 

Total comprehensive gain (loss)

$

23,759,796

 

$

(14,163,599

)

 
Net income (loss) per share attributable to DocGo Inc. and Subsidiaries - Basic

$

0.30

 

$

(0.25

)

Weighted-average shares outstanding - Basic

 

80,293,959

 

 

58,370,157

 

 
Net income (loss) per share attributable to DocGo Inc. and Subsidiaries - Diluted

$

0.25

 

$

(0.25

)

Weighted-average shares outstanding - Diluted

 

94,863,613

 

 

58,370,157

 

 
DocGo Inc. and Subsidiaries
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Years Ended December 31,

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss)

$

19,179,488

 

$

(14,799,212

)

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment

 

2,312,437

 

 

1,874,069

 

Amortization of intangible assets

 

1,845,193

 

 

1,451,214

 

Amortization of finance lease right-of-use assets

 

2,913,925

 

 

2,182,372

 

Loss (Gain) on disposal of assets

 

34,342

 

 

(30,546

)

Loss from equity method investment

 

66,818

 

 

-

 

Gain from PPP loan forgiveness

 

(142,667

)

 

-

 

Bad debt expense

 

4,467,956

 

 

1,885,457

 

Stock based compensation

 

1,376,353

 

 

687,072

 

Due to seller write off

 

-

 

 

(300,000

)

Gain on remeasurement of warrant liabilities

 

(5,199,496

)

 

-

 

Changes in operating assets and liabilities:
Accounts receivable

 

(57,996,613

)

 

(16,153,948

)

Prepaid expenses and other current assets

 

(961,165

)

 

94,091

 

Other assets

 

(2,490,564

)

 

(218,099

)

Accounts payable

 

11,879,850

 

 

3,006,187

 

Accrued liabilities

 

20,766,723

 

 

9,666,651

 

Net cash used in operating activities

 

(1,947,420

)

 

(10,654,692

)

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment

 

(4,808,409

)

 

(4,361,501

)

Proceeds from disposal of property and equipment

 

74,740

 

 

276,224

 

Acquisition of intangibles

 

(1,849,136

)

 

(1,954,745

)

Acquisition of businesses

 

(1,300,000

)

 

-

 

Acquisition of leased assets

 

(50,504

)

 

-

 

Investments in equity method investment

 

(655,876

)

 

-

 

Net cash used in investing activities

 

(8,589,185

)

 

(6,040,022

)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit line

 

8,000,000

 

 

-

 

Repayments of revolving credit line

 

(8,000,000

)

 

-

 

Repayments of notes payable

 

(604,826

)

 

(798,371

)

Due to seller

 

(595,528

)

 

(34,002

)

Noncontrolling interest contributions

 

333,025

 

 

1,500,002

 

Acquisition of UK Ltd remaining 20% shares

 

(479,331

)

 

-

 

Proceeds from exercise of stock options

 

628,592

 

 

-

 

Issuance costs related to merger recapitalization

 

(19,961,460

)

 

-

 

Proceeds from issuance of Class A common stock, net of transaction cost

 

178,102,313

 

 

-

 

Payments on obligations under finance lease

 

(2,216,309

)

 

(1,479,722

)

Net cash provided by (used in) financing activities

 

155,206,476

 

 

(812,093

)

 
Effect of exchange rate changes on cash and cash equivalents

 

(21,414

)

 

196,345

 

 
Net increase (decrease) in cash and restricted cash

 

144,648,457

 

 

(17,310,462

)

Cash and restricted cash at beginning of period

 

34,457,273

 

 

51,767,735

 

Cash and restricted cash at end of period

$

179,105,730

 

$

34,457,273

 

 
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
Years Ended December 31,

 

2021

 

2020

Supplemental disclosure of cash and non-cash transactions:
 
Cash paid for interest

$

315,272

$

608,262

 
Cash paid for interest on finance lease liabilities

$

525,476

$

440,852

 
Cash paid for income taxes

$

615,697

$

117,443

 
Right-of-use assets obtained in exchange for lease liabilities

$

5,271,662

$

1,600,289

 
Fixed assets acquired in exchange for notes payable

$

1,113,102

$

-

 
Due to Seller non cash

$

434,494

$

-

 
Gain from PPP loan forgiveness

$

142,667

$

-

 
Reconciliation of cash and restricted cash
Cash

$

175,537,221

$

32,418,220

 
Restricted Cash

 

3,568,509

 

2,039,053

 
Total cash and restricted cash shown in statement of cash flows

$

179,105,730

$

34,457,273

 
Non-cash investing activities Acquisition of business funded by acquisition payable

 

1,028,942

 

837,168

 
Years Ended December 31,

 

2021

 

2020

Primary Geographical Markets
United States

$

309,218,594

$

88,362,445

United Kingdom

 

9,499,986

 

5,728,213

Total revenue

$

318,718,580

$

94,090,658

 
Major Segments/Service Lines
Transportation Services

$

84,268,817

$

63,188,855

Mobile Health

 

234,449,763

 

30,901,803

Total revenue

$

318,718,580

$

94,090,658

 

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