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DocGo Sees FY24 Revenue $720M-$750M Vs $747M Estimate

Author: Benzinga Newsdesk | May 08, 2024 04:17pm

2024 Guidance

Given that the previously forecasted wind-down of migrant related services has been accelerated, the Company is revising 2024 revenue guidance from $720-$750 million to $600-$650 million, with an expected contribution of $320-350 million of migrant-related revenue in 2024 from contracts with New York City Housing Preservation and Development and New York City Health and Hospitals.

  • The revenue expectation for our 2024 base businesses going forward – medical transportation and non-migrant mobile health – is $280 - $300 million, in line with our previous expectations. In 2025, the Company expects this base business to grow in excess of 30%, with an adjusted EBITDA margin2 in excess of 10%.
  • 2024 adjusted EBITDA2 guidance is revised to $65-75 million, from a previous range of $80-$85 million.
  • The Company now expects to generate $70-$80 million in cash flow from operations for calendar year 2024, up from the prior forecast of $65-$75 million.

Posted In: DCGO


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