DocGo Inc (NASDAQ:DCGO) Reports Mixed Q3 2025 Results Amid Strategic Shift

DocGo Inc (NASDAQ:DCGO) reported its financial results for the third quarter of 2025, delivering a mixed performance against analyst expectations. The company, a provider of mobile health and medical transportation services, fell short on revenue but managed a slight beat on the bottom line, though both metrics reflect a company in a significant transitional phase.

Earnings and Revenue Versus Estimates

The company's top and bottom-line results presented a nuanced picture for the quarter.

• Revenue: DocGo reported Q3 revenue of $70.8 million, which came in below the analyst consensus estimate of approximately $71.2 million.
• Earnings Per Share (EPS): The company reported a non-GAAP EPS loss of $0.11, a narrower loss than the estimated loss of $0.118 per share.

The market's immediate reaction was decisively negative, with the stock falling approximately 9% in after-hours trading following the earnings release. This suggests that investors were focused on the broader financial trajectory and forward guidance rather than the minor EPS beat.

Financial Performance and Strategic Shift

The earnings report highlighted a period of substantial transformation for DocGo, largely driven by the wind-down of its migrant-related service programs. This strategic shift had a pronounced impact on the company's financials, creating a stark contrast between its GAAP and adjusted figures.

• Net Loss: The company posted a GAAP net loss of $29.7 million, a significant reversal from the $4.5 million net income reported in the same quarter last year. This loss included $16.7 million in non-cash impairments of intangible assets and goodwill.
• Adjusted EBITDA: On an adjusted basis, EBITDA showed a loss of $7.2 million, compared to a positive $17.9 million in the prior year period.
• Core Business Growth: Excluding the migrant-related programs, which generated $80.7 million in Q3 2024 versus just $8.4 million in Q3 2025, the company's base revenue increased 8% year-over-year to $62.4 million. Mobile Health Services, excluding the migrant business, grew 23%.

Corporate Highlights and Outlook

Despite the financial losses, DocGo emphasized record operational volumes across its core business lines, including care gap closure, medical transportation, and mobile phlebotomy. The company also announced several new contract wins and the acquisition of SteadyMD, a virtual care platform, subsequent to the quarter's end.

Management provided financial guidance for both the full year 2025 and 2026, offering a clear view of its post-transition expectations.

• 2025 Guidance: Revenue is expected to be between $315-$320 million, which includes $68-$70 million from migrant programs. Adjusted EBITDA is projected to be a loss of $25-$28 million.
• 2026 Guidance: For the full year 2026, which includes no migrant-related revenue, the company forecasts revenue of $280-$300 million and an adjusted EBITDA loss of $15-$25 million.

This 2026 revenue outlook represents a projected 12%-20% increase in the base business but falls short of the current analyst sales estimate of $323.91 million for 2025, underscoring the financial impact of the concluded migrant contracts.

Conclusion

DocGo's third-quarter results paint a picture of a company successfully growing its underlying core services while navigating a major, deliberate contraction of a previously large revenue stream. The narrower-than-expected EPS loss indicates some cost control, but the revenue miss and a 2026 revenue guidance that implies a year-over-year decline have clearly disappointed the market, as evidenced by the sharp after-hours sell-off. The path to renewed profitability rests on the company's ability to rapidly scale its core mobile health and transportation services to fill the void left by the migrant program wind-down.

For a detailed look at historical earnings and future analyst estimates for DocGo, visit the earnings estimates page for DCGO.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.