DocGo Posts Adjusted Loss of $0.17 per Share, Cuts 2026 Revenue Outlook
Key Facts
DocGo reported on Nov. 9 results for the quarter ended Sept. 30, 2026, posting an adjusted loss of $0.17 per share, compared with analysts’ estimate of a $0.06 loss, according to Investing.com. Revenue was $73.43 million, below the market estimate of $77.05 million, the same source said. In its official filing, the company reported revenue of $73.4 million, versus $70.8 million in the third quarter of 2025. The results show a continued loss despite revenue growth and improvement in some operating metrics. The company also lowered its annual revenue outlook, citing the termination and restructuring of unprofitable business lines.
Gross margin under generally accepted accounting principles improved to 29.7% in the third quarter, from 20.0% in the year-earlier period. Adjusted earnings before interest, taxes, depreciation and amortization loss narrowed to $3.2 million, compared with a $7.2 million loss a year earlier. On a quarterly basis, adjusted gross margin rose to 33.3% from 30.5% in the second quarter of 2026, according to Investing.com. The figures combine continued losses with improved margins and a smaller adjusted earnings loss. The company said it expects an adjusted earnings before interest, taxes, depreciation and amortization loss of between $17 million and $22 million for fiscal 2026, unchanged from its prior guidance.
Overall revenue growth came amid mixed performance across the company’s two businesses. Medical transportation services revenue rose to $53.3 million from $50.1 million in the third quarter of 2025. By contrast, mobile health services revenue fell to $20.2 million from $20.7 million. The company attributed the decline in health activity in part to the continued wind-down of services tied to migrant programs, while virtual care revenue from SteadyMD helped offset the decline. DocGo acquired SteadyMD in October 2025. The company also said home-care visits fell 26% year over year after it deliberately reduced patient outreach and clinical operations to focus on profitability.
DocGo lowered its 2026 revenue outlook to about $300 million, from its previous range of $305 million to $310 million. It said the revision reflects the continued exit from and restructuring of unprofitable business lines. The filing does not indicate a change to its adjusted earnings before interest, taxes, depreciation and amortization loss outlook, which remained at $17 million to $22 million for the year. The company expects margins to improve and visit volumes to increase as it resumes patient outreach and changes its physician mix. It also said it is targeting positive adjusted earnings before interest, taxes, depreciation and amortization in 2027, while Investing.com reported that medical transportation activity may grow at a high-single-digit rate that year.
Unrestricted cash and cash equivalents totaled $19.1 million on Sept. 30, 2026, compared with $25.2 million on June 30. The September balance does not include debt financing from Perceptive Advisors completed on Oct. 1, according to the company’s filing. On leadership, the board began searching for a new chief executive as Lee Bienstock’s contract ends on Dec. 31, 2026. The company said Bienstock will remain in his role until a successor is appointed and will stay with the company through at least March 31, 2027, to ensure a transition. The leadership change adds a transition process to the operating and financial restructuring plan.
DocGo said its pending acquisition of Hicuity Health remains on track and that it expects to complete it in late November or early December 2026. It added that its current financial guidance does not include a contribution from the acquisition before the deal closes. After the results announcement, the stock closed the regular session on Nov. 9 up 2.78% at $0.252, then rose 1.27% in extended trading to $0.255, according to Investing.com. The stock had closed at $0.245 on Nov. 6, according to EL7 data. The company lists completion of the deal and the expected executive transition among upcoming events, while its annual revenue guidance remains below its previous range.