DocGo Inc.

Second-quarter 2026 revenue was $73.4 million, down from $80.4 million in Q2 2025. Adjusted EBITDA was a loss of $6.3 million versus a loss of $6.1 million a year ago, and adjusted gross margin was 30.5% compared with 31.6% in the prior-year quarter. Management said revenue excluding migrant-related business rose 19% year over year, and excluding both migrant revenue and SteadyMD revenue, revenue still increased about 5% year over year. For full-year 2026, DocGo narrowed revenue guidance to $305 million-$310 million and widened adjusted EBITDA loss guidance to $17 million-$22 million; these ranges exclude Hicuity revenue. Management said it expects a positive adjusted EBITDA run rate exiting the year.

Lee Bienstock framed the quarter as transformational, pointing to the Hicuity acquisition, new financing, record volumes, and progress toward a combined tech-enabled care platform spanning hospital, home, and virtual settings. He emphasized cross-selling between hospital systems, virtual care, and in-home services, and said DocGo is building a differentiated “care anywhere” model. His tone was notably optimistic, saying he has “never been more excited” about the company’s future and expects the platform to be set up for a very strong 2027.

Norm Rosenberg focused on the financial bridge from Q2 to the updated outlook. He said gross margin was pressured by higher-than-planned field labor wages, fuel costs, and temporarily lower SteadyMD margins, but noted sequential improvement in overtime to about 8.1% and said transport fuel costs reduced consolidated gross margin by about 40 basis points. He also highlighted cost actions, including a reduction in force that cut annual SG&A by approximately $4.5 million, plus about $300,000 spent on recruiting outreach, and said total cash and cash equivalents including restricted cash and investments was $48.1 million at June 30, down from $59.9 million at March 31. He also pointed to Hicuity’s approximate $65 million of trailing-12-month revenue and $4.5 million of adjusted EBITDA, plus Perceptive’s commitment for up to $50 million of financing, as a balance-sheet reset that should support growth.

Analysts focused on Hicuity’s growth, customer overlap, closing risks, and how the deal could create cross-sell opportunities. Management said Hicuity’s hospital-system customer base overlaps meaningfully with DocGo’s transportation relationships, and that the combined company can offer virtual care plus in-home services such as mobile phlebotomy and transitional care; Norm said Hicuity is growing at roughly 10%-12% annually. Questions also centered on CMS’s proposed RPM reimbursement changes, and Lee said only about 2,000 RPM patients could be exposed while roughly 55,000 monitored patients are implantable cardiac device patients that he sees as largely unaffected. Management said the Hicuity close mainly depends on state regulatory approvals and some customer consents, which they do not view as major hurdles beyond timing.