DocGo Inc.

Good afternoon, ladies and gentlemen, and welcome to DOCO First Quarter Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press the star zero for the operator. This call is being recorded on Monday, May 11, 2026. I would now like to turn the conference over to Mike Cole, Vice President of Investment Relations. Please go ahead.

Thank you, Operator. 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 Risk Factors and elsewhere in DOTCO's annual report on Form 10-K, quarterly reports on Form 10-Q, our earnings release for 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 and the current report on Form 8K that includes our earnings release, which is posted on our website, dot go dot com, as well as filed with the SEC. The information contained in this call is accurate as of only 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 DocGo. Lee, please go ahead.

Thank you, Mike, and thank you all for joining us today. We reported a strong top line of $75.6 million in revenue during the first quarter with an adjusted EBITDA loss of $10.2 million. Additionally, we increased our 2026 revenue guidance from a range of $290 to $310 million to $300 to $315 million while leaving our 2026 adjusted EBITDA guidance unchanged at a loss of $5 to $10 million. I would like to take a few minutes and break down the revenue and profitability aspects individually. First, a major driver of our strong revenue performance and increased revenue guidance is our virtual care offering, SteadyMD. We noted this upward trend in our last earnings call, and we are pleased to share that this trend has accelerated. During the first quarter, SteadyMD generated in excess of $9 million in revenue beating the previous high set in the fourth quarter of last year by roughly $1 million and completed approximately 1.1 million total visits and lab orders during the period, up 38% when compared to last year. SteadyMD recently entered into a new contract with a leading online pharmacy to provide virtual care services for weight loss prescriptions and a broad scope of general clinical services, which will fuel continued growth. Second, Our mobile phlebotomy offering is performing exceptionally well. While their revenue base is smaller, we are now projecting as much as 75% growth for this business in 2026, which is well above our previous expectation, and we anticipate our rate of home visits to increase from 600 per day currently to 900 per day by the end of 2026. We've opened new territories in upstate New York and Pennsylvania to meet demand for our services, and we are planning to launch services in Florida, which is a new state for us. We are expanding our use of technology as well, working with a major national lab to integrate our order intake into their applications to allow doctors to order home visits directly through the lab systems and deploying AI automation for order intake and customer service to help increase our margins. And third, We have signed recent new contracts and expansions with payers and providers for our care gap closure, PCP, and transition of care services. We have now surpassed 1.6 million lives assigned to us for care gap services since inception, and we've increased the number of visits completed 46% year over year. Also of note, we have begun an aggressive pace of onboarding for PCP and longitudinal care services, and our panel now has over 1,000 patients, the vast majority of which were enrolled in Q1. Our goal is for this business line to break even in late 2026, dramatically lessening the investment level that has been required to launch and grow this business over the last few years. Regarding our medical transportation business, we have recently had several significant renewals in addition to some smaller wins, further solidifying the long-term revenue profile of this business segment. We renewed our contract with one major New York hospital system for an additional year and renewed our contract with another major New York health system for two additional years and added their Staten Island facilities. We signed a contract to provide service for a long-term acute care hospital in Chattanooga, Tennessee, signed contracts to provide medical transportation with several hospice facilities in Wisconsin, and signed a new non-emergency patient transport services contract to the Great Western Hospitals NHS Foundation Trust in the United Kingdom. In addition to what we have factored into our updated revenue guidance, our business development pipeline remains strong and supportive of continued growth with multiple opportunities for medical transportation growth both in the U.S. and especially in our U.K. operations. Consistent with our approach, we will update guidance accordingly if and when contracts are entered into. Collectively, we cannot be more pleased with the near-term revenue growth opportunities for our consolidated business. Now, I'd like to shift gears and break down the gross margin and SGA lines to provide some color behind our decision to increase revenue expectations while keeping our adjusted EBITDA guidance unchanged. We experienced labor inefficiencies as a result of SteadyMD's exceptional growth. As I mentioned previously, we had high expectations for this business in 2026, and those lofty expectations are being exceeded. Their dramatic growth required us to pay increased incentives to our current clinicians to cover shifts while we worked to bridge a hiring gap. As a result, this negatively impacted our consolidated gross margin by approximately 60 basis points. During the first quarter, we leveraged DOTCO's recruiting expertise to increase SteadyMD's clinical workforce by over 45%, and we expect this added workforce to help meet pent-up demand for SteadyMD services in the second half of the year. In addition, we saw a significant increase in fuel costs in March driven by the war in the Middle East. We estimate that every $1 increase at the pump cost us about 35 basis points of consolidated gross margin. Our average price paid in March was $3.69 compared to an average cost of $2.93 per gallon in January and February. Average fuel costs in Q2 to date have remained at this elevated level, which we expect to be a continued drag on gross margin over the near term, unlike the temporary narrowing of SteadyMD's margins I just described, which has already corrected in the second quarter so far. And last, if we adjust our operating expenses to exclude depreciation, stock-based compensation, and other non-recurring items, we saw a decrease from $35.7 million in the fourth quarter of last year to $34.1 million in the first quarter of this year. We feel this is the most accurate representation of how our cost-cutting efforts are working their way through our financials. There is undoubtedly a lag in this process, and we are just starting to see the impact from many of the cost cuts made late last year. Our expectation is that we will see an acceleration in this improvement in the coming quarters based on steps that have already been taken and additional cuts already underway in the second quarter. We saw margin headwinds driven by the geopolitical tensions influencing fuel prices and the aggressive pace of operational expansion that was beyond our initial expectations. We believe that these margin constraints are temporary in nature and not reflective of our long-term profitability profile. Our top line is strong and getting even stronger. We achieved record volumes across all major business lines in the first quarter, with U.S. medical transportation increasing 17%, healthcare in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac and remote patient monitoring increasing 13%, and virtual care and lab orders increasing 37% year over year. Before handing it to Norm, I would also like to briefly address the strategic alternatives process that was announced on March 16th of this year. While I'm obviously limited in what I can say, the company's evaluation of strategic alternatives remains ongoing. While there can be no assurance that this process will result in DACO pursuing any particular transaction or other strategic outcome, we will share further developments as appropriate. Now, I will hand it over to Norm to review the financial details.