DocGo Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, DocGo generated revenues of $138.7 million, a decrease of 25.7% from $186.6 million in the same period of 2023. This decline was primarily attributed to a significant reduction in Mobile Health Services revenues, which fell by 34.9% to $90.7 million, largely due to the wind-down of migrant-related services that peaked earlier in the year. In contrast, Transportation Services revenues increased slightly by 1.7% to $48.0 million, driven by an 8.5% rise in trip volumes.

Despite the drop in revenues, the company reported an increase in income from operations, which rose to $10.1 million from $8.8 million year-over-year. Net income for the quarter was $4.5 million, a slight decrease from $4.6 million in Q3 2023. However, net income attributable to stockholders increased to $5.5 million, up from $4.8 million in the prior year.

For the nine months ended September 30, 2024, total revenues reached $495.7 million, an increase of 16.6% compared to $425.0 million in the same period of 2023. The Mobile Health Services segment saw revenues rise by 20.2% to $351.3 million, while Transportation Services revenues increased by 8.8% to $144.4 million. Net income for the nine-month period surged to $21.0 million, a substantial increase from $2.1 million in the previous year, with net income attributable to stockholders rising to $23.2 million from a loss of $0.7 million.

DocGo's total assets as of September 30, 2024, were $493.9 million, slightly up from $490.5 million at the end of 2023. The company reported a significant improvement in retained earnings, moving from an accumulated deficit of $(21.4) million to a positive balance of $1.9 million. Total stockholders’ equity increased to $325.2 million from $300.8 million.

Strategically, DocGo has focused on expanding its Mobile Health Services, particularly through government contracts, which have been a substantial revenue source. The company has also engaged in share repurchase programs, repurchasing approximately 3.0 million shares for $11.1 million during the nine months ended September 30, 2024.

Overall, while facing challenges in certain service areas, DocGo has demonstrated strong growth in its overall financial performance, particularly in net income and stockholder equity, alongside strategic investments in its service offerings.