DocGo Inc.

Greetings and welcome to DocGo First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Steven Halfer of LifeSite Advisors. Please go ahead, sir.

Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements in this conference call, other than historical facts, are indeed forward-looking statements. The words anticipate, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions are used typically to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and may involve and are subject to certain risks and uncertainties and other factors that may affect DOTCO's business, financial condition, and other operating results. These include but are not limited to the risk factors and other qualifications contained in DOTCO's annual report on Form 10-K, quarterly reports filed on Forms 10-Q, and other reports and statements filed by DOTCO with the SEC to which your attention is directed. Actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. DOTCO expressly disclaims any intent or obligation to update these forward-looking statements. At this time, it is now my pleasure to turn the call over to Stan Wachowski, CEO and co-founder of DOTCO. Stan?

Thank you, Steve. And thank you to everyone for joining our first quarter 2022 results conference call. As is our practice, I'll make a few remarks about our business and then turn the call over to Andre to review the financials. We will then take your questions. During the first quarter of fiscal 2022, we were able to sustain the momentum with which we exited 2021. For the quarter, we generated total revenue of $118 million, representing growth of 137% over the first quarter a year ago. Approximately $38 million of our Q1-22 revenue was related to COVID testing, which is down from approximately $50.1 million in Q4 of 2021. Revenue growth was again driven by our mobile health division, which generated revenue of $90.1 million, an increase of 193% over 2020. $30.7 million in the first quarter of 2021. Of this, $90 million of mobile health revenue, more than 90% came from customers with whom DACO is operating under the terms of extended or expanded contracts. We have worked hard to cultivate our customer base to build broader, long-lasting relationships. Our first quarter of 2022 transport revenue was $27.8 million, an increase of 46% over $19 million in the first quarter of 2021. We generated adjusted EBITDA of $13.9 million in Q1, representing solid profitability and a substantial improvement over adjusted EBITDA of $0.4 million that we generated in the first quarter of last year. Adjusted EBITDA margin was 11.8%, a significant improvement over a year-ago period. We continue to expect our adjusted EBITDA margins to expand towards 20% over the next three to five years. Finally, net income for the first quarter was $9.4 million, also a significant improvement as compared to a net loss of $2 million in the first quarter of last year. DIGO continues to retain a leadership position as a provider of mobile medical services. During the first quarter, we began the transition of some COVID-related services to longer-term, non-COVID-related work with new and existing customers. Our goal is to make this transition as seamless as possible. While there are challenges, we are making great progress. A robust growth in revenue was again driven by the extension of existing contracts and signing of new contracts, and the expansion of our services into new markets throughout 2022 that are now fully implemented and contributing revenue. As of March 31st, 2022, we acquired licenses and assets to offer medical transportation services in Maryland and Delaware. Our clinicians interacted with 1.1 million patients in Q1, representing an 80% increase over the same period in 2021. Today, between our two business divisions, we have provided services in 29 states and the United Kingdom. We have significant opportunity in front of us to both further expand in existing states while entering new ones. Taken together, we estimate that our markets are less than 1% penetrated today. Since this is only our second conference call as a public company, we thought it would be beneficial to take a few minutes and review the DACO story for the benefit of anyone listening who may be new to the story. We are a leading provider of last mile healthcare delivery services, meaning that we deliver high quality, highly affordable healthcare services to patients where they are, when they need it most. We operate in two distinct divisions, mobile health and medical transportation. Mobile health, the most significant driver of our growth, brings in-person healthcare to patients where a visit to a doctor's office or hospital may not be necessary. Many companies provide patient care in nontraditional settings. What differentiates our mobile health business is DACA's use of highly trained, licensed practical nurses and paramedics who work under physician's license in our network of medical practices across the United States. This allows our clinicians to perform a much broader scope of service at a lower cost to the overall healthcare system. This innovative model has enabled us to build a large, cost-efficient labor workforce to facilitate a host of medical treatments that are traditionally provided by more expensive nurses, physician assistants, and medical doctors. This approach has enabled us to significantly scale up our medical workforce to facilitate a wide range of high-quality medical treatments and interventions to patients at lower costs than the traditional model. In addition to our LPNs and paramedics, DACO also employs hundreds of registered nurses, nurse practitioners, physician's assistants, and medical doctors to provide a range of higher acuity services and procedures to our patients. By leveraging this workforce to provide care to patients in their homes, their offices, and in other non-traditional settings, we help avoid costly and unnecessary visits to hospitals or emergency rooms. Our services include bedside procedures, preventative care, medicine administration, monitoring, and various vaccinations, EKGs, ultrasounds, and much more. We contract directly with government agencies, corporations, insurers, and hospitals, and then provide services directly to their constituents. We rarely do fee-for-service. Most of our mobile health work is paid for on a clinician basis. This model gives us more opportunity to align our revenues with our costs, helps us mitigate volume risks, and better allows us to pass along cost increases to our customers. It is worth reiterating that we employ the majority of our practitioners. They are not contractors. We believe this leads to more satisfied customers and loyal employees, and ultimately, better care for our patients. A key metric that demonstrates our employee satisfaction is DACO's stellar rating on leading internet employment portals. Hundreds of our employees have left ratings of their experience working for our company, and we enjoy a 4.2 rating on Glassdoor and 4.1 on Indeed, impressive scores for our industry. One of the new services we're most excited about is our DACO on-demand direct-to-consumer offering. As medical co-pays and deductibles continue to increase, we see an opportunity to provide cost-effective treatment alternatives directly to patients and employees who are seeking medical treatment for non-emergency conditions. We are in the early stages of piloting this B2C offering and have plans to take the learnings from this pilot and expand these services to a number of markets in the future. The backbone of our mobile health service is our purpose-built technology platform that plugs seamlessly into the existing healthcare EMRs and other IT systems that provide better coordination of care. Designed to be used by patients and their families, care providers and facilities, among its many core functions and benefits, it integrates into electronic health records from well-known leaders in the field, ensuring that all patient information is in a single repository. The ability to interface with these complex EMR systems provides DOTCO with a significant and, we believe, a sustainable competitive advantage. Our other offering is medical transportation, which basically refers to providing Uber-like, pre-scheduled, on-demand ambulance patient transfer solutions between clinical settings. While we have a small number of wheelchair vans and medical sedans, Over 99% of our transportation revenue comes from high-margin ambulance transports. We developed a CapEx-like model for our ambulances, where we lease vehicles through GE Capital for five-year terms with no money down. We maintain long-term, multi-year partnerships with some of the largest and highly regarded healthcare providers in the industry, including Fresenius, Jefferson, UC Health, as well as Northwell and HCA. Our customers are increasingly moving towards a leased-hour model where we provide vehicles, equipment, and staff for a daily fee away from the traditional fee-for-service model. Not only does this provide our customers with dedicated resources, but it creates recurring, predictable revenue and strong gross margin performance to our company. This is just one example how we think outside the box to develop solutions that are in the best interest of our customers and their patients, while still creating value for DACO. We currently provide medical transportation services in 11 states with additional licenses pending. So as with mobile health, we have significant untapped greenfield opportunity in front of us to further grow this business. At this point, I'd like to hit on a few key operational highlights from the quarter. We touched upon this last quarter, but it is worth recapping. In January, we announced a multi-year contract to provide mobile at-home healthcare services to Aetna commercial and Medicare Advantage members across New York and New Jersey. This gives us the opportunity to provide a range of at-home healthcare services to 2.5 million lives, including episodic and emergency care. We bolstered our senior management ranks by hiring Lee Beanstock as DACO's Chief Operating Officer. Lee has spent the last 10 years at various business units at Google and has a proven track record of scaling businesses for profitable growth. His experience and unique perspectives will help increase our market footprint, expand our mobile health initiatives, and introduce new technologies. We expanded our presence in the United Kingdom with three new contracts. These contracts enable us to introduce our services into new territories, including the east of England and central England, while expanding our footprint in greater Manchester. Additional international expansion will remain a key growth driver for our company this year and beyond, even while we pursue what is largely an untapped U.S. market. We unveiled the first zero-emissions all-electric ambulance in the United States, debuted it at the New York International Auto Show, and completed our first patient transport in partnership with Jefferson Health in Pennsylvania. This vehicle marks the first step in our zero-emission initiative as we work to convert to an all-electric fleet by 2032. We expanded our relationship with Carnival Corporation, adding 15 additional ships and launching services in Mobile, Alabama. This makes DACO one of the largest providers of healthcare at sea. We acquired new medical transportation licenses in Delaware and Maryland to service both vicinity medical patients and additional hospital customers in those areas. With this acquisition, we have expanded our U.S. transportation footprint to 11 states. We saw sizable growth in the new market of patients we treated across our mobile health and medical transportation businesses. In Q1 2022, we had a total of 1.1 million patient interactions, which represents an 88% increase over the same period in 2021. Now turning to the market opportunity, as we indicated last quarter, the U.S. addressable market for our services is significant and largely untapped. A February 2022 report by McKinsey & Company concludes that up to $265 billion in medical care currently delivered in healthcare facilities will shift to home-based care by 2025. I believe companies like DocGo who are able to provide care in the home and other non-traditional settings and to be among the biggest beneficiaries of this shift. Clearly, we have barely scratched the surface, but with the investments that we have made, particularly in our technology and people, we believe we have created a significant competitive advantage. At this point, I'd like to turn the call over to our CFO, Andre Oberholzer, who will review our financials.