DocGo 2025 Q3 Earnings Sharp Net Loss Deteriorates 752%

DocGo (DCGO) reported Q3 2025 results marked by a significant revenue decline and a net loss, missing expectations. The company’s shares posted mixed post-earnings performance, while management outlined aggressive 2026 growth targets.

Revenue

DocGo’s total revenue plummeted 48.9% year-over-year to $70.81 million in Q3 2025, driven by the wind-down of migrant-related programs, which contributed $8.4 million in the quarter. Transportation Services remained resilient, generating $50.12 million in revenue, while Mobile Health Services fell to $20.69 million—down from $90.7 million in the prior-year period. The Corporate segment reported no revenue. Excluding migrant-related projects, core business revenue rose 8% to $62.4 million.

Earnings/Net Income

The company swung to a loss of $0.28 per share in Q3 2025, a 660% negative change from a $0.05 profit in Q3 2024. Net income deteriorated to a $29.66 million loss, representing a 752.4% decline year-over-year. This sharp deterioration underscores operational challenges despite core business growth.

Post-Earnings Price Action Review

A strategy of buying DocGo shares on revenue raise announcements has historically yielded a 9.5% average return over 30 days. For instance, the 2023 Q3 announcement drove a 22.5% return, while the 2024 Q2 and 2025 Q3 events generated 13.5% and 5% returns, respectively. However, the Q3 2025 result saw a muted 3% one-day gain and a 2% 30-day return, reflecting investor caution amid declining revenue.

CEO Commentary

CEO Lee Bienstock emphasized progress in core segments, including Medical Transportation and a Payer/Provider vertical. The acquisition of SteadyMD, adding 500+ clinicians and a 50-state virtual care network, is positioned as a strategic catalyst. Despite 2025 EBITDA losses, Bienstock expressed optimism about a “transformational” shift toward technology-driven care delivery.

Guidance

DocGo set 2026 revenue guidance at $280–$300 million, with full-year adjusted EBITDA losses projected at $15–$25 million. For 2025, full-year revenue is expected to reach $315–$320 million, with an adjusted EBITDA loss of $25–$28 million. Management highlighted that new contracts or M&A will be incremental to 2026 targets.

Additional News

DocGo’s acquisition of SteadyMD in 2025 marked a pivotal expansion into virtual care, adding 500+ clinicians and a 50-state network. The company also announced 13 new remote patient monitoring contracts in 2025, signaling a strategic push into tech-enabled clinical solutions. CEO Lee Bienstock reiterated confidence in scaling primary care services and reducing healthcare costs through integrated technology.

Key Risks and Outlook

Continued revenue decline and EBITDA losses pose short-term risks, but management’s focus on core business growth and strategic acquisitions could drive long-term value. Investors should monitor migrant-related program wind-downs and the integration of SteadyMD.