$DCGO reports FY2022 revenue up 38%, expects 14-16% growth in FY2023
Mar 13th 2023, 8:33 pm
Analyst Summary: Mobile health service provider DocGo Inc. reported fiscal year 2022 revenue of $440.5 million, up 38 percent year-over-year, with non-COVID related revenue up 75 percent. For full-year 2023, the company expects adjusted EBITDA of $45-$50 million, gross margin of 35 percent, and revenue of $500-$510 million, representing growth of approximately 14 percent to 16 percent over 2022. DocGo also plans to launch its new 'rapid normalization initiative' which seeks to cut onboarding new contracts from 90 to 120 days to 60 days. The company reported costs associated with new projects launched in 2022 but expects its rapid normalization initiative to mitigate these costs in the future. DocGo CEO, Anthony Capone stated he was pleased with the company's performance during the quarter and full-year despite challenges brought on by the pandemic.