Telehealth and medical transportation company DocGo reported its second-quarter financial results, showing total revenue of $125.5 million, up from $109.5 million in the same period last year.
Revenue from the company’s mobile health services was $80.1 million in Q2 2023 compared to $87.3 million in Q2 2022, and it reported $45.4 million in revenue for its transportation services compared to $22.2 million in the second quarter of 2022.
The company reported mass COVID-testing revenues during the first and second quarter of the year were below $1 million compared to $28 million in the second quarter of 2022.
Reported net income was $1.3 million for Q2 compared to $11.8 million for the second quarter of 2022, and adjusted EBITDA was $9.1 million compared to $12.3 million.
DocGo reported that as of June 30, its total cash and cash equivalents equaled $123.8 million. It also reported it holds no material debt and maintains a $90 million line of credit.
The company increased its 2023 revenue guidance to $540-$550 million and adjusted its EBITDA to $48-$53 million.
“New project momentum at the end of the second quarter was exceptional, and that momentum accelerated further in July,” Anthony Capone, CEO of DocGo, said in a statement. “We are seeing strong growth in our core markets and strong demand from large payers for our proactive healthcare programs. We continue to strategically invest earnings from our municipal population health programs into our payer programs, such as remote patient monitoring, chronic care management and care gap closure. This approach allows us to fund our aggressive growth from our own balance sheet.”
Tennessee-based Medicare Advantage insurtech company Clover Health reported its Q2 2023 earnings days after announcing it avoided being delisted from NASDAQ thanks to regaining compliance with the minimum bid price requirement of closing at $1 or more per share for at least 10 consecutive days.
For the second quarter of this year, the company reported revenue of $513.6 million compared to $846.7 million in the same quarter last year. Insurance revenue grew 17% to $314.4 million, up from $268.5 million in Q2 2022.
Second-quarter net loss this year was $28.8 million compared to $104.4 million in Q2 last year, and adjusted EBITDA improved to a gain of $10 million compared to a second-quarter loss in 2022 of $83.9 million.
“We’re delighted to have delivered our first quarterly Adjusted EBITDA profit as a public company,” Clover Health CEO Andrew Toy said in a statement. “We have been strategically focused on demonstrating the strength of our model by maturing operations, driving efficiencies, and continuing to invest in Clover Assistant R&D and our home care capabilities. We have multiple exciting initiatives in each of these areas that we expect will allow us to maintain our momentum through the second half of the year and into 2024. We are reflecting that expectation via significantly improved full-year 2023 guidance for the Insurance segment and on a consolidated basis.”
Direct-to-consumer virtual care company Hims & Hers Health reported 83% year-over-year revenue in the second quarter of this year at $207.9 million, compared to $113.6 million in the same quarter last year.
Net loss was $7.2 million, down from $19.7 million in Q2 last year, and adjusted EBITDA was a $10.6 million gain compared to a $7.5 million loss in 2022’s second quarter.
The company raised its full-year revenue guidance for 2023 to range from $830 million to $850 million and its adjusted EBITDA guidance from $35 million to $40 million.
“We are excited by the progress made this quarter, which we believe sets that foundation for long-term growth at an attractive margin profile through distinct competitive advantages,” Yemi Okupe, chief financial officer of Hims & Hers Health, said in a statement. “Our economic flywheel is clearly working. It has enabled us to strategically bring highly sought-after personalized products to very attractive price points and simultaneously expand margins. We believe this uniquely positions us for significant market share gains.”