DocGo Inc.

Good afternoon, ladies and gentlemen, and welcome to the DocGo second quarter earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. At any time during this call, you require immediate assistance. Please press zero for the operator. This call is being recorded on Thursday, August 7th, 2025. I would now like to turn the conference over to Mike Cole, VP, Investor Relations. Please go ahead.

Thank you, Michael. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call, other than statements of historical fact, are forward-looking statements. The words may, will, plan, potential, could, goal, outlook, design, anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions may be used to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, and we cannot assure you that we will achieve or realize our plans, intentions, outcomes, results, or expectations. Forward-looking statements are inherently subject to substantial risks, uncertainties, and assumptions, many of which are beyond our control and which may cause our actual results or outcomes or the timing of results or outcomes to differ materially from those contained in our forward-looking statements. These risks, uncertainties, and assumptions include but are not limited to those discussed in our risk factors and elsewhere in DOTCO's annual report on Form 10-K, quarterly reports on Form 10-Q, our earnings release this quarter, and other reports and statements filed by DOTCO with the SEC to which your attention is directed. Actual outcomes and results or the timing of results or outcomes may differ materially from what is expressed or implied by these forward-looking statements. In addition, today's call contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release or the current report on Form 8K that includes our earnings release and an exhibit with additional information regarding certain non-GAAP financial measures, which are posted on our website, .go.com, as well as furnished with the SEC. The information contained in this call is accurate as of the date discussed Investors should not assume that statements will remain relevant and operative at a later time. We undertake no obligation to update any information discussed in this call to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events, except as to the extent required by law. At this time, it is now my pleasure to turn the call over to Mr. Lee Beanstalk, CEO of DOTCO. Lee, please go ahead.

Thank you, Mike, and thank you all for joining us today. On our last call, I shared how we are building DocGo around innovative solutions for payers, providers, and health systems that transform the manner in which proactive healthcare is delivered. I also shared confidence in the value and strong market need for our mobile health at any address and medical transportation platform. I could not be more excited about the path that we are on, and I am pleased to share our Q2 accomplishments, which include a substantial increase in our cash balance, making key reductions to SG&A, delivering strong operational metrics, and winning multiple new contracts, all of which position us to achieve our goals for 2025 and for the many growth opportunities ahead. Regarding our cash balance, we had a very strong cash flow from operations during the quarter, totaling more than $30 million, as we continued to make substantial progress collecting receivables from past migrant-related programs. Last quarter, we reported that we had approximately $120 million in migrant-related accounts receivable. At the end of Q2, that number is now roughly $54 million. Our total cash, which includes cash and restricted cash and investments, was $128.7 million as of the end of Q2, up from $103.1 million last quarter, an increase of $25.6 million. We continue to expect strong cash flow from operations and total net cash of more than $110 million at year-end. In addition to our strong cash collections, we made progress reducing SG&A. At the end of Q2, we undertook a substantial reduction in force that eliminated dozens of roles in HR, finance, operations, and IT, and made additional reductions to corporate overhead, resulting in an estimated $10 million annualized savings. We continue to evaluate our business structure to seek additional SG&A efficiencies and right-size where it is prudent, while at the same time working to position ourselves to capitalize on growth opportunities in each of our business verticals. We continue to make considerable progress delivering against our key operational metrics. To put the scope of our operations into perspective, during the quarter, we completed more than 176,000 medical transports, more than 6,000 gap closure and transitional care management visits, and more than 28,000 mobile phlebotomy visits, hitting our targets and all consistent with our goal of bringing healthcare to any address. The need for proactive healthcare at any address has never been more acute than it is today. Chronic disease is the biggest challenge in American healthcare, with trillions of dollars being spent treating chronic disease each year, creating a substantial challenge for payers, providers, hospitals, and the overall U.S. healthcare system. We're seeing payers wrestle with these challenges, including risk pool deterioration and escalating medical loss ratios. We believe we are helping address the root causes of these issues. We are already working with an enviable roster of customers to bring proactive care to people where they are, when they need it, and doing so at scale. As I normally do, I would like to spend a few minutes covering the progress in each of those verticals, payer and providers, health systems, and government population health. First, in our payer and provider vertical, we continue to make significant progress as we recently launched a new care gap closure program in Southern California with one of the largest not-for-profit Medicare and Medicaid public health plans in the U.S. Not only are we continuing to aggressively expand with our existing customer base in the Northeast and California, but we are also anticipating adding services in more than a dozen and a half dozen new states by the end of 2026 across multiple payers. In addition to our care gap closure program, we are seeing strong interest in our transition to care program designed to provide in visits for recently discharged patients to reduce readmissions. An early pilot for these services at one hospital in Southern California is now expanding to four locations where an on-site transition coordinator will help manage discharges that are at high risk for readmission across all business lines for this payer. This is one of our most significant customer expansions to date and highlights the fact that while relationships in this vertical do take time to mature, the customer base we are already contracted with has tremendous potential for growth. We have collectively exceeded 1.2 million assigned lives to engage with since the inception of our care gap closure program, up from 900,000 just a quarter ago. We are seeing increased velocity in our gap closure business. In the first half of 2025, we've already completed more at-home visits than we did in the entirety of 2024. We are also seeing a positive trend in patient conversions as we test, learn, and optimize our outreach strategies, with a 50% increase in patient conversions in Q2 relative to the previous quarter. We also expanded our care gap closure relationship with a major insurance company in the Northeast to now include primary care services. We continue to invest to build our capacity and capabilities to meet this growing level of demand, and our payer vertical pipeline has never been stronger. We are already working with two of the top 10 national payers and are in active discussions with both of these customers to expand those contracts. Additionally, we are in contracting with two more of the top 10 national payers and have an additional 35 deals with payers at various stages in our business development pipeline. Our solutions address real issues for insurance payers and clearly they're resonating with this audience. We are on track to end the year at more than 31,000 care gap visits and believe we can increase that number to more than 54,000 by the end of 2026. We anticipate converting a large percentage of these care gap patients to Docco's primary care practice, which we believe represents a much larger revenue opportunity. Not only are we scaling our impact, We continue to push the frontier of how technology and now AI can be incorporated into our operations to more efficiently engage patients and bring care to where it's needed. For example, our engineering team built a text-based AI agent to automate appointment reminders, confirmations, and rescheduling in seven different languages. Recently launched, this AI agent has already confirmed over 3,000 appointments and rescheduled another 350. saving roughly 10% of our live operator's time. We are now training this agent to sign patients up for CareGap services as well and look forward to sharing additional results on future calls. Second, in our medical transportation business, as I mentioned previously, we completed more than 176,000 transports across our fee-for-service and leased-hour trips in the U.S., and the UK during the quarter as we invested and prepared resources for a major new customer launch in New York that began on July 1st. This new rollout is expected to help drive record trip volumes and top line revenue for our medical transportation business in the second half of the year. Our engineering team integrated our proprietary software platform with this customer's electronic health record system in under five weeks, providing the hospital with a single centralized platform to order, track, and manage patient transportation across their entire health system. Additionally, we signed a multi-year deal to provide medical transport for the Albany Stratton VA Medical Center, renewed medical transportation contracts with the City of Atlantic City, and with an academic medical center in Wisconsin, and continue to grow both the number of facilities and our trip volumes in Dallas, Texas. Third, in our population health vertical, We continue to wind down the migrant-related programs with the vast majority of this work concluding in late June. We launched a project with the Mescalero Apache Tribe and the New Mexico Department of Health to help expand access to preventative wellness care, women's health services, chronic disease management, and behavioral health services for rural communities in New Mexico. We also announced a new contract to provide mobile health vaccination services for San Diego County. We continue to selectively pursue government and agency opportunities that we perceive as evergreen and not emergency response or episodic in nature. We are seeing interest in areas such as general population behavioral health, which is an area we gained significant experience with over the last couple of years. We will continue to update you on progress and plan to break out and report on the revenue impact of this municipal population health work, which Norm will touch on in his remarks. I'd like to close with this. On June 19th, we rang the closing bell at NASDAQ to celebrate both our company's 10 year anniversary and our 10 millionth patient interaction. Both of these milestones are a testament to the scale and impact of our accomplishments. We have just completed the first decade of this hundred year journey to fundamentally transform how healthcare is delivered. And I see endless opportunity ahead of us in the next 90 years and beyond. Now I'll hand it over to Norm to cover the financials.