Good afternoon, ladies and gentlemen, and welcome to the DocGo Third Quarter Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded on Monday, November 10, 2025. I would now like to turn the conference call over to Mr. Mike Cole, Vice President, Investor Relations. Please go ahead.

Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call other than statements of historical fact are forward-looking statements. The words may, will, plan, potential, could, goal, outlook, design, anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions may be used to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and we cannot assure you that we will achieve or realize our plans, intentions, outcomes, results, or expectations. Forward-looking statements are inherently subject to substantial risks, uncertainties, and assumptions many of which are beyond our control and which may cause our actual results or outcomes or the timing of results or outcomes to differ materially from those contained in our forward-looking statements. These risks, uncertainties, and assumptions include, but are not limited to those discussed in its risk factors and elsewhere in DocGo's annual report on Form 10-K, quarterly reports on Form 10-Q, our earnings release for this quarter, and other reports and statements filed by DocGo with the SEC to which your attention is directed. Actual outcomes and results or timing of results or outcomes may differ materially from what is expressed or implied by these forward-looking statements. In addition, today's call contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release on the current report on Form 8-Ks includes our earnings release, which is posted on our website, docgo.com, as well as filed with the SEC. The information contained in this call is accurate as of only the date discussed. Investors should not assume that statements will remain relevant and operative at a later time. We undertake no obligation to update any information discussed in this call to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events, except as to the extent required by law. At this time, it is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee, please go ahead.

Thank you, Mike. Thank you all for joining us today. 2025 has been an important year of transition for DocGo. And I would like to start our call by sharing four key headlines from the quarter before sharing more specifics about our performance. First, we experienced record volumes across all of our base business offerings in the quarter. Our strategy to build a robust evergreen healthcare business is coming to fruition. Second, we continue to have a strong balance sheet with cash we intend to use to fund our growth and capitalize on the opportunities in front of us. Third, we are extremely excited about our acquisition of SteadyMD and how their 50-state virtual care network and over 500 advanced practice providers will allow us to scale more efficiently. And fourth, today we announced 2026 guidance of $280 million to $300 million in revenue and a full year 2026 adjusted EBITDA loss of $15 million to $25 million with the majority of this adjusted EBITDA loss expected to be realized in the first half of the year. Our 2026 revenue guidance represents 12% to 20% year-over-year base business growth. Any potential acquisitions or new contract wins would be incremental to that amount, and we would provide updates on 2026 guidance as needed. At the top end of our revenue guidance range for 2026, we would expect to exit the year on an adjusted EBITDA positive run rate. We have a bold vision building a company that brings the capabilities of a doctor's office into a patient's living room. I am excited about our investment to build these capabilities, which I believe is a small price to pay for the promise of something that has transformational potential both for our company and our industry. Before I cover the individual business verticals,…

Thank you, Lee, and good afternoon. Total revenue for 2025 was $70.8 million compared to $138.7 million in 2024. The year-over-year revenue decline was entirely due to the sunset of migrant-related projects. Excluding revenue from migrant-related programs, revenue increased by 8% to $62.4 million in 2025 from $58 million in 2024. Medical transportation services revenue increased to $50.1 million in 2025, from $48 million in transport revenues that we recorded in 2024. Revenues were driven higher by gains in nearly all of our U.S. markets, with some of the strongest growth in Texas and Tennessee. Mobile health revenue for 2025 was $20.7 million, down from $90.7 million in the third quarter of last year, driven by the wind-down of migrant services. Included in this year's amount was approximately $8 million in migrant-related revenues. Non-migrant mobile health revenues increased by more than 20% year-over-year, driven by increases in care gap closures, remote patient monitoring, and mobile phlebotomy. Adjusted EBITDA for 2025 was a loss of $7.1 million compared to adjusted EBITDA of $17.9 million in 2024. The adjusted gross margin, which removes the impact of depreciation and amortization, and several one-off items, and is the measure of margins that we track most closely, was 33% in 2025 compared to 36% in 2024. During 2025, adjusted gross margins for the medical transportation segment were 31.7% compared to 30.7% in 2024 and the highest gross margins we've seen in this segment since 2024. During the third quarter, our transportation business ran at the highest utilization rates that we've seen. Given these utilization rates, it will be critical for us to expand our field labor team, which we would expect to lead to higher revenues and improved gross margins for transport in 2026. Mobile Health segment adjusted gross margin was 36.2% versus 38.8% in…

Thank you. Ladies and gentlemen, we'll now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. And your first question comes from Pito Chickering from Scotiabank. Please go ahead.

Hey, good afternoon guys and thanks for taking my question. Looking at the implied margins for the fourth quarter, I think it looks like negative 13%. Can you just help bridge us versus margins we saw in the third quarter of down 10%? How much came from the SteadyMD acquisition services core ops just bridging 3Q to 4Q margins.

So there wasn't anything in Q3 on SteadyMD. SteadyMD showed up in October, so you're gonna get most of the quarter of SteadyMD. You know, we think that number should be somewhere around $5 million in a little bit, you know, right a little bit more than $5 million in revenue for the quarter. And I would say slightly EBITDA negative for that period. So it really shouldn't have a material impact. It's gonna have an impact on the margin percentage but otherwise, it's not gonna have much of an impact. We will have lower we will have basically no revenue from or very small revenue number from the migrant-related revenue. So that's also gonna have an impact on the margin a little bit.

Okay. And then for 2026 EBITDA guidance, you know, the implied margins there for next year are negative 7% yet reciting quarter at sort of negative 13% margin. Can you just walk us through kind of how that improves throughout the year? And what should we be modeling in the first half of your EBITDA versus the back half of your EBITDA?

Yeah. Sure. So there are a couple of areas where we think we'll do a little bit better in terms of our model. First of the gross margin percentage. So it's interesting to note that the Q3 adjusted gross margin as we walk through, worked out to about 33%. That's higher than what we did in Q1 or Q2 of this year, and we think that it's something of a proxy for where we go in the next few quarters going forward. There are some projects that we have, especially on the transport side, that we think will raise the gross margin a little bit. But realistically, those will probably have more of an impact in the second, third, and fourth quarter of next year than here in 2025. Or 2026. So there's a little bit of room over there as well. And then on the operating expense side, so we continue to work hard at trying to reduce our SG&A. And as we were able to take a couple of million dollars out per quarter in SG&A, that should also have an impact towards the back half of next year. And then there's a scale. So our expectation, Pito, is that whatever we see in terms of revenue in Q1, will be the low point of 2026. It'll go up then. And consequently, the EBITDA loss or profitability, the way we model it out into Q2, into Q3, into Q4, will improve every quarter as we go, Q1, two, three, and four. So we think that that's gonna have the impact. So going to your second question as far as the breakdown, I would say the bulk of the expectation for a negative EBITDA number is going to come in that in the first half of the year. It's clearly going to be skewed towards the first half of the year in terms of those losses. And then you get a much smaller loss in the third quarter and, you know, maybe even perhaps we think, positive number in the fourth quarter.

Okay. And then last question for me. Looking at for 2026 revenue guidance, how much do you assume, from migrants, for next year? How should we be modeling, transport versus mobile health? Next year? Thanks.

Absolutely, Pito. This is Lee. So in terms of migrant-related revenues for 2026, we don't expect any migrant-related revenues for 2026. So that number will be zero for next year. In terms of the breakdown for the guide, it's important to note that the guide really is a current guidance is based on the baseline of the business as we see it today. Any new contract wins, or M&A would be in addition to the number we're sharing tonight. The breakdown is about two-thirds transport, one-third mobile health. That's essentially the way to look at it.

Great. Thanks so much.

Of course.

Thank you. And your next question comes from Sarah James from Cantor. Please go ahead.

Thank you. Wanted to dig a little bit more into the payer provider revenue growth. So you guys obviously have a very strong pipeline there. Sounds like when you step up from $50 million in '25 to $85 million in '26, am I right in annualizing the SteadyMD impact to be $15 million of that, and then you'd have $20 million from organic growth? Then what kind of deal closure assumptions does that for the pipeline that you talked about with possibly expanding your existing two national payers or adding in two others?

Absolutely, Sarah. Thanks for the question. So first off, the $85 million per payer and provider for next year includes about $25 million from the SteadyMD acquisition. That's the run rate the business is on. Of course, we announced that acquisition a few weeks ago, so we're in the process of integrating it. So we have a $25 million of the $85 million as a SteadyMD contribution for next year, and the remaining would be the $60 million from our current payer and provider baseline business. To answer your question, specifically, I'm glad you asked it, it does not include any deal closures or additional M&A or contribution from our pipeline. We're looking at the contracts we currently have today. We're looking at the geographies we currently operate in today, the list of patients that have been provided to us so far, and our current customer set, and basing our guidance for next year off of that. Both for payer and provider and the transportation portions of the business.

Great. And can you help us understand what does it look like when you expand the payer provider contract going from transition of care to care gap closure to longitudinal, what are the orders of magnitude of revenue that that could impact or the way it could change your margin profile for that segment?

Absolutely. So as you mentioned, Sarah, mostly our payer and provider contracts typically start with either care gap closure services where the payers provide us with a list of patients that have open care gaps. They have been seen. This could be diabetic retinal exams, bone density scans, annual wellness visits, vaccinations. And then we go engage those patients. We meet them where they are. And we help close out those care gaps. And these are chronically ill patients. They're typically patients that are costing the health plans a lot of money. And so the health plans are heavily incentivized to make sure that they're reaching these patients. And if they don't, their quality scores for their plan are negatively impacted, and then, of course, patients end up landing in the hospital. That costs the payers lots of money. So they're providing us with lists of patients. These are the patients that have open gaps in care. And we're going to see them. So they either start with care gap closure or transitional management. And so as a patient is being discharged from the hospital, they've already been hospitalized or they visited the emergency room, they're leaving the hospital we work with them to make sure that their transition of care to the next setting could be their home, could be another facility, we make sure that their discharge plan is well taken care of and that we're redressing the incision site, titrating meds, making sure we're checking their vitals so that their transition of care is well taken care of. And they don't end up back in the hospital. That's where our services typically start with the payers. What we're also finding is a lot of these patients need primary care services and preventative care. And so as I…

Thank you very much.

Absolutely.

Thank you. And your next question comes from Ryan McDonald from Needham. Please go ahead.

Hi. Thanks for taking my questions. Maybe to start on the transportation side. So it's great to hear about the heightened levels of utilization and sort of that being a signal for incremental investment scale the team. But how do you balance sort of supply demand in terms of what you're seeing so that as you continue to scale the team that, you have enough demands to sort of utilize those teams in an optimal way so we're, you know, it's not becoming margin dilutive? Thanks.

Absolutely, Ryan. Thanks for the question. So I thought it was important for us to mention how many trips we're currently outsourcing or handing off to other vendors. And so we looked at that number over the last twelve months. It's added up to about 26,000 trips. So that's really the number we're using as sort of the embedded demand we have and the contracts we have. And how much staff and supply we need in order to meet that demand. And that's really the number we're working off of. Of course, new contract wins, we'd have to hire more. But that's the number we're working off of. And we've been able to quantify those trips in all of our markets, and then the corresponding level of staff that we would need in order to satisfy those trips and not outsource them. And so that's where we're basing our entire hiring plan around. If you add those up, those 26,000 trips across all of our markets, it looks like we have to hire about another seven to 800 staff. Now I'll tell you we've made progress on that over the past number of weeks here, but we're continuing to ramp that up pretty intensively right now. We have big work streams going within the company to make sure that we're both retaining the great staff we have, and attracting new team members to join so that we can scale those efforts. But it's really based off of the number of trips that we're already outsourcing from the embedded demand we have from our contracts.

Helpful color there. Thanks, Lee. And then maybe as a follow-up, you know, obviously, great to hear about the continued scaling and growth in the remote patient monitoring business. You have 13 contracts this year, eight more proposals. Can you just talk about what some of the core areas and point sort of care areas that you're focused in with remote and really genesis of the question is a bit is, obviously, the recent news about United rolling back, you know, RPM except for any chronic heart failure and hyper during pregnancy. Just kind of curious what you're hearing in the market of does that sort of create a knock-on effect at all for other payers in the market?

Yeah. Ryan, I'm so glad you mentioned that. It's actually our core offering on remote patient monitoring is really in the cardiology space. So you mentioned, you know, chronic heart failure and other insurance companies rolling back coverage to address cardiology and heart disease. That actually would bode well for us. We have a deep expertise in cardiology and implantable cardiac devices like loop recorders, pacemakers, and so forth. So that's really our specialty. And that's the area where we're investing in. So that's the focus of our remote patient monitoring efforts is these devices that are transmitting data, particularly for heart failure and other cardiology-related chronic conditions. We have been expanding since from that into other specialties like diabetes and others, but the core focus of our group right now is in cardiology.

Awesome. Appreciate all the color, Lee.

Of course.

Thank you. Your next question comes from David Larsen from BTIG. Please go ahead.

Hi. This is Jenny Shen on for David. Thanks for taking my question. First, I just wanted to ask about your current view of the hospital and hospital spending environment as a whole. We've spoken to some hospital executives who've said some of the uncertainty in the market, including around things like ACA and Medicaid have caused them to be more cautious with their budget. And they're expecting there could be pressure on volumes and spending. Have you had or heard any of that sentiment with your customers so far? But it looks like volumes are strong. Just any thoughts on hospital customer sentiment on spending? Thank you.

Oh, absolutely, Jenny. It's great to hear from you, and it's a great question. So yeah. Look. I think it's still early to tell what really the impacts will be from any new legislation, but you can certainly see an area where perhaps there's more Americans that are underinsured or uninsured, and they end up in hospitals' emergency rooms, and really straining capacity. And then, of course, perhaps those hospitals won't be able to recoup reimbursement from underinsured or uninsured patients. So it's definitely a concern. We spend a lot of time with hospital executives, and I speak to hospital system CEOs very regularly. And I think our core focus is on how we can save them money and be more efficient. That's really always been our focus. We feel like we can help them manage their patient flow, make sure patients are not staying an extra night in the hospital if they don't need to because they couldn't get the medical transportation coordinated. We help with that. Our platform specifically is designed for that. And so we feel like we've gotten receptivity from hospital systems very recently to that. And then, of course, on the payer and provider side, our whole goal again whether it be with hospital systems or payers, is we want to help lower their costs and their utilization. And so that transitional care management program I described, when a patient is getting discharged, that is a critical moment in patient engagement. They're leaving the hospital. And so we're there bedside often scheduling follow-up appointments, making sure that we're gonna go and see them perhaps in their home to make sure their discharge planning is being taken care of. That is very valuable, and that will help patients stay out of the hospital. And that helps hospitals because hospitals get penalized if patients bounce back within a thirty-day window. And so we're helping keep patients from doing that. And it helps the payers because, again, patients are most costly when they're in the hospital. So again, we really are excited by what we're building here. We think it is very timely. We think it's incredibly strategic to the healthcare ecosystem. And, really, it's all designed on trying to save the system money, the hospital's money, and the payers' money, and that what we think will be successful with that.

Yeah. Jenny, what I would add to that is that I can say anecdotally that in the last six months or a year, we've had conversations with hospital systems that, you know, we've been in the ambulance business for quite some time. But there are some big hospital systems we've spoken to that we had not really spoken to prior to, let's say, the last six or twelve months who are now thinking about precisely that. Outsourcing the management of the flow of patients into and out of their facilities. Something that they had always done on their own. It's always been a pain point to them, and now they really have to think about being more efficient and getting it off their plate. So we're having we have opportunities that I don't think even existed a couple of years ago.

That sounds great. And then, for a quick follow-up, have you seen any impact from the government shutdown? Has that impacted any municipal decision-making at all? Thank you.

Yeah. Absolutely. So we've shared over the past several earnings calls. We've actually emphasized less our work in the population government space. So we've really been focused on the hospital systems, the payers, the providers, you know, SteadyMD's now customer set. It's gonna get more and more of our attention, time, and resources. And so, you know, that's really where our big focus is. And again, I think, honestly, it's very early to tell any impact from some of this legislation or policy changes. We don't see it yet. And frankly, a lot of the policy changes kick in later on down the road, next year, the year after. So we're really heads down. We think our value prop speaks to whatever environment the healthcare system or policy may be. Whatever situation the healthcare system may be in or whatever policy that there may be in effect because again, we're there to help save the system money. Help save hospital systems money, help CMS save money, help our insurance partners save money. And that's really our goal, and we think that'll be germane and relevant no matter what going forward here.

That's great. Thank you.

Thank you. And your last question comes from Mike Latimore from Northland Capital. Please go ahead.

Hi. This is Aditi on behalf of Mike Latimore. Could you give some color on how are the bookings in the third quarter and how much did they grow sequentially?

For which business?

Like, overall. Yeah.

Well, I mean, we saw sequential growth in almost all of our businesses. In transport, we would see, let's say, the US, and, you know, we look at it in terms of the number of trips that we carried. So we saw, like, a mid-single-digit sequential growth in trip count which, you know, for a quarter-over-quarter number, that's very, very good. We're happy with that. Obviously, our payer and provider business lines all show some growth during the quarter. I think every one of those business lines showed a higher revenue number for Q3 than for Q4. So in fact, when we look towards 2026, if we would simply take the Q3 results and annualize them, that would already put us in pretty good shape as far as the guidance that we gave. So we definitely saw a pickup in volumes. I think we mentioned in the release or elsewhere that we did see record volumes. Now granted, it wasn't, you know, blowing away our previous records, but we did see higher volumes across all of those business lines in Q3 than we had ever seen.

Got it. And how much cash do you expect to have at the end of the year?

So just using the end of Q3 as a baseline, we had $95 million when you take cash and the restricted cash as well. Or $73 million if you just look at the unrestricted cash. We would expect that number to go up net by a few million dollars assuming that as we expect, we will collect on the remainder of the large migrant-related invoices that are out there. That would be enough to cover any kind of operating loss. And we should be able to squeeze out some operating cash flow on that basis. So we would expect that the number will go up a little bit by the end of Q4. As we've shared, we think that that number from there starts to go down at Q1, at Q2 before picking up in the back half of the year. But we feel that we would exit 2026 at a number that's about $65 million or higher.

Alright. Got it. Thank you.

Of course.

Thank you. And there are no further questions at this time. I would now like to turn the call back over to Mr. Lee Bienstock. Please continue.

Thank you, and thank you all for joining us today. Be well.

Ladies and gentlemen, this concludes your conference call for today. We thank you very much for your participation. You may now disconnect. Have a great day.