DocGo (DCGO) Q2 2026 Earnings Call: Hicuity Acquisition and Revised Outlook
Source Tradingkey
Key takeaways
- DocGo reported Q2 2026 revenue of $73.4 million, down from $80.4 million a year earlier due entirely to the wind-down of migrant-related projects. Excluding those projects, revenue increased 19% year over year.
- Adjusted EBITDA was negative $6.3 million, improving from a negative $10.3 million in Q1 2026 but slightly wider than the negative $6.1 million recorded in Q2 2025.
- The company agreed to acquire Hicuity Health, which generated approximately $65 million in trailing 12-month revenue and $4.5 million in adjusted EBITDA. Management said Hicuity has been growing at roughly 10% to 12%.
- DocGo narrowed its 2026 revenue guidance to $305 million-$310 million but widened its projected adjusted EBITDA loss to $17 million-$22 million from $5 million-$10 million previously.
- Management continues to target a positive adjusted EBITDA run rate exiting 2026, supported by revenue growth, margin normalization and further SG&A reductions.
- Record volumes were reported across major business lines, including 15% growth in U.S. medical transportation, 26% in healthcare in the home and 58% in virtual care and lab orders.
Key financial data
| Metric | Q2 2026 | Comparison | Commentary |
|---|---|---|---|
| Total revenue | $73.4 million | $80.4 million in Q2 2025 | Decline attributed entirely to migrant-project wind-down |
| Revenue excluding migrant projects | — | Up 19% YoY | Includes $8.9 million from SteadyMD |
| Organic revenue growth | — | About 5% YoY | Excludes prior-year migrant revenue and current-year SteadyMD revenue |
| Medical Transportation revenue | $52.0 million | $49.6 million in Q2 2025 | Highest quarterly transport revenue in company history |
| Mobile Health revenue | $21.4 million | $30.8 million in Q2 2025 | Non-migrant Mobile Health revenue increased 78% |
| Adjusted EBITDA | $(6.3) million | $(6.1) million in Q2 2025; $(10.3) million in Q1 2026 | Sequential loss narrowed by nearly 40% |
| Adjusted gross margin | 30.5% | 31.6% in Q2 2025 | Affected by fuel costs and temporarily lower SteadyMD margins |
| Medical Transportation adjusted gross margin | 32.0% | 31.1% in Q2 2025 | Overtime fell to 8.1% |
| Mobile Health adjusted gross margin | 27.0% | 32.5% in Q2 2025 | Continuing business-line margin improved by more than 500 basis points excluding migrant projects |
| Total cash, restricted cash and investments | $48.1 million | $59.9 million at March 31, 2026 | Available cash was $25.2 million |
Business and operating performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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