Motion Acquisition (MOTN) and DocGo Announce DocGo's Record Preliminary Third Quarter 2021 Revenue
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Motion Acquisition Corp. ("Motion") (Nasdaq: MOTN), a special purpose acquisition company, and its merger partner Ambulnz, Inc., dba DocGo, a leading provider of Mobile Health services and integrated medical mobility solutions, announced today that DocGo has disclosed select preliminary unaudited financial results for its third quarter ended September 30, 2021.
"We are pleased to report another strong quarter of positive business momentum highlighted by 201% revenue growth, positive net income and positive Adjusted EBITDA1," said Stan Vashovsky, CEO of DocGo. "We continue to see increasing demand for our high quality, highly affordable Mobile Health services as we continue to deliver exceptional patient care and value across medical mobility and mobile health to generate sustainable, long-term growth. We are increasing our full year 2021 revenue outlook to $260 million as a result."
Preliminary Third Quarter Financial Highlights and Increased 2021 Full-Year Revenue Outlook
- On a preliminary basis, total revenue was $81 million in the third quarter of 2021, representing all-time record quarterly revenue for the sixth consecutive quarter for DocGo, and a 201% increase from $26.9 million in the third quarter of 2020.
- Results were aided by the inclusion of revenues from several large new and expanded Mobile Health contracts.
- Mobile Health revenue increased to approximately $60.6 million in the third quarter of 2021, compared to $11.4 million in the prior-year period. Medical mobility revenue was approximately $20.4 million, up 32% from $15.5 million in Q3 of 2020.
- DocGo's net income was $0.6 million in the third quarter of 2021, which represents a substantial improvement over the net loss of $2.7 million in the third quarter of last year. Adjusted EBITDA1 grew to approximately $3.5 million in the third quarter of 2021 even with significant investments made in regional expansion and personnel, versus an Adjusted EBITDA1 loss of $0.9 million in the prior-year period.
- Excluding COVID-related testing from both periods, revenue in the third quarter of 2021 more than tripled year-over-year, when compared to the results of the third quarter of 2020, with ongoing positive momentum in the core business.
- As a result of earlier investments in sustainable long-term opportunities and overall positive business trends expected for the balance of the year, DocGo is raising its outlook for full-year 2021 revenue to $260 million, compared to its prior increased outlook for 2021 revenue of at least $170 million. The company is also increasing its prior full-year 2021 Adjusted EBITDA1 guidance from $6 million, to $10 million, even while planning for continued investments in future growth.
1 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measure" at the end of this release for a discussion of this measure, including certain limitations thereof, and a reconciliation to net income (loss), the most directly comparable GAAP measure.
Recent Business Highlights
- Launched medical transport services in London to service NHS partners.
- Launched Mobile Health services in Maryland and Michigan.
- Partnered with NYC Health + Hospitals to launch one of the largest public flu testing programs in the U.S. using DocGo's Mobile Health units.
- To meet the growing demand for services, hired 780 new employees in Q3 2021, bringing total hires for the year to 1,741, and total number of medical providers to over 3,500.
- Announced plans to establish a National Sales Team and hire 20 top-performing industry sales executives to further accelerate business growth and continue building on the proven success of DocGo's Mobile Health model.
"Today's preliminary third quarter results and raised outlook for 2021 further validate the compelling opportunity DocGo represents for investors," commented Michael Burdiek, Chief Executive Officer of Motion. "There are very few businesses that successfully reach scale and experience ongoing triple digit growth, and DocGo is one of the rare few. The disciplined investments that the company has made over the last year are really starting to pay dividends through sustainable, long-term opportunities as evidenced by the revised full year outlook. We look forward to supporting Stan and the entire DocGo team as we move through the process towards a near-term public listing for DocGo."
The foregoing unaudited preliminary financial results represent the most current information available to DocGo and are based on calculations or figures prepared internally that have not yet been reviewed by DocGo's independent registered public accounting firm. Actual third quarter and year-to-date financial results may be materially different from the preliminary results described above and are subject to the risk factors and uncertainties identified in this press release and in the filings with the Securities and Exchange Commission (SEC) made by Motion and DocGo.
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