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.
Recommended Articles
ECB Policy Outlook for 2026: What It Could Mean for the Euro’s Next MoveWith the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.
With the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.
My Top 5 Stock Market Predictions for 2026Five 2026 market predictions written in a native, news-style voice: AI’s winners and losers, broader sector leadership, dividend demand, valuation cooling as the Shiller CAPE sits at 39 (Dec. 31, 2025), and quantum-computing bursts—while keeping all original facts and numbers unchanged.
Five 2026 market predictions written in a native, news-style voice: AI’s winners and losers, broader sector leadership, dividend demand, valuation cooling as the Shiller CAPE sits at 39 (Dec. 31, 2025), and quantum-computing bursts—while keeping all original facts and numbers unchanged.
Financial Markets 2026: Volatility Catalysts in Gold, Silver, Oil, and Blue-Chip Stocks—A CFD Trader's OutlookGet a comprehensive financial market 2026 outlook exploring key economic drivers, volatility catalysts in gold, oil and stocks, and what the evolving economic outlook means for cfd trading strategies and risk management on global markets.
Get a comprehensive financial market 2026 outlook exploring key economic drivers, volatility catalysts in gold, oil and stocks, and what the evolving economic outlook means for cfd trading strategies and risk management on global markets.
Bitcoin Price Forecast: Persistent ETF inflows, easing Middle East tensions lift risk appetiteBitcoin (BTC) extends its gains, trading above $64,800 at the time of writing on Thursday, breaking above the key resistance zone. Institutional demand supports BTC price action with spot Exchange Traded Funds (ETFs) recording a third consecutive day of inflows so far this week.
Bitcoin (BTC) extends its gains, trading above $64,800 at the time of writing on Thursday, breaking above the key resistance zone. Institutional demand supports BTC price action with spot Exchange Traded Funds (ETFs) recording a third consecutive day of inflows so far this week.
Gold gains momentum to near $4,400 as Fed hike expectations drop despite Us-Iran tensionsGold price (XAU/USD) gains momentum to around $4,395 during the early Asian trading hours on Monday. The precious metal extends the rally as cooling US inflation data has dampened expectations for the US Federal Reserve (Fed) interest rate hike.
Gold price (XAU/USD) gains momentum to around $4,395 during the early Asian trading hours on Monday. The precious metal extends the rally as cooling US inflation data has dampened expectations for the US Federal Reserve (Fed) interest rate hike.
