Reports Q4 revenue $108.8M, consensus $103.8M. Q4 adjusted EBITDA was $6.8 million for the fourth quarter of 2022 compared to $17.3 million for the fourth quarter of 2022. Adjusted EBITDA in the fourth quarter of 2021 was positively impacted by approximately $50 million of non-recurring mass COVID testing revenue and Adjusted EBITDA in the fourth quarter of 2022 was negatively impacted by startup costs associated with onboarding numerous new contracts. CEO Anthony Capone commented, "DocGo began 2022 with revenue guidance of $400 million – $420 million and we closed the year at $440.5 million. We meticulously replaced non-recurring mass COVID testing revenue with new contracts and programs, both in the U.S. and U.K. In 2023, we are highly focused on our new ‘rapid normalization initiative’ which seeks to reduce the time and costs associated with onboarding new contracts, which historically has ranged from 90 to 120 days, down to 60 days. Additionally, we have already created a backlog of more than $180 million of new contract awards. Overall, I am extremely pleased with our performance both during the fourth quarter and full-year, and I am very confident about what we can achieve this year and beyond."
Published first on TheFly