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DocGo Announces Third Quarter 2026 Results and CEO Transition

  • DocGo Inc. reported Q3 2026 total revenue of $73.4 million, up from $70.8 million in Q3 2025.
  • GAAP gross margin improved to 29.7% in Q3 2026 from 20.0% in Q3 2025, a 280 basis point increase driven by profitability initiatives.
  • Adjusted gross margin for Q3 2026 was 33.3%, compared to 33.0% in the prior year period.
  • Net loss for Q3 2026 was $18.1 million, an improvement from $29.7 million in Q3 2025.
  • Adjusted EBITDA for Q3 2026 was ($3.2) million, improving from ($7.2) million in Q3 2025.
  • Medical Transportation Services revenue grew to $53.3 million in Q3 2026, while Mobile Health Services revenue decreased to $20.2 million.
  • The Board of Directors initiated a CEO search as Lee Bienstock's contract expires on December 31, 2026, with Bienstock remaining CEO through at least March 31, 2027.
  • Full-year 2026 revenue guidance was lowered to approximately $300 million due to the restructuring of unprofitable business lines.
  • Full-year 2026 adjusted EBITDA guidance remains ($17-$22) million.
  • The company expects the Hicuity Health acquisition to close in late November or early December 2026.
  • Unrestricted cash and cash equivalents stood at $19.1 million as of September 30, 2026, excluding debt funding from Perceptive Advisors received on October 1, 2026.
  • Record volumes were achieved in US medical transportation (up 13%), mobile phlebotomy (up 15%), cardiac monitoring (up 8.5%), and virtual care (up 12.5%) compared to Q3 2025.
  • Visit volume declined 26% year-over-year as the company prioritized profitability over home patient outreach.
  • The company surpassed 1.8 million patients assigned for care gap closure services since inception.
  • A new care gap closure program was launched with a major national health plan for Pennsylvania members.
  • Medical transportation gross margins reached 34.7% in Q3 2026, rising to 36.7% if excluding the upstate New York market planned for exit.