DocGo Inc. — Call Transcript 2026

Good afternoon. My name's Sarah Conrad, and I'm on the GS Healthcare Services team here. Today, I am joined by DocGo and CEO Lee Bienstock. Lee, just for those who are a little less familiar with the story, can you give a high-level overview of the business today and how we're thinking about the core value proposition? Absolutely, Sarah. It's great to be here with you. For those less familiar with DocGo, essentially, we deliver healthcare, literally. We go into patients' homes and deliver healthcare. We provide virtual care services, remote care services, and we also have a very large Medical Transportation business where we go and take patients from one care setting to the next. That's essentially what our company is there to do. We're going to meet patients where they are or bring patients to where they need to get to, and we do that at great scale. Last year, we transported 700,000 patients, and we also visited about 150,000 patients in the home and did over 1 million telehealth visits. We're really excited. We're meeting patients where they are, and we think when you meet patients where they are, you have better health outcomes. You have better health outcomes, obviously it's great for the patients, it's great for the system, and we think we'll do well in that way. Yeah. The company's gone through a bit of transition over the last couple of years. You've moved away from your COVID and migrant-related work. Can you talk about the main pieces of the business today and how investors should think about what the normalized business should look like from here? Absolutely. You mentioned it. The company went public in 2021. At that time, we were a medical transportation company. We've been doing medical transportation now for over 10 years. When the company went public, we were doing about $100 million of medical transportation revenue in that year. This year, we'll do over $200 million. We've doubled the medical transportation business in that time. At the time, we were doing a lot of COVID work and over the last number of years, doing work relating to the migrant crisis in New York. The company was doing a lot of work with emergency response, right? Us being an ambulance company at heart, a medical transportation company at heart, we were mobile and dynamic in that way, and that was what was needed to respond to some of these emergencies. Really, the goal of the company has evolved into meeting patients where they are in an evergreen way, tackling their health and their chronic conditions in an evergreen, proactive way, and that's where the company has evolved. In Q1 of this year, that was the first quarter in years where the company did not have any COVID revenue or migrant-related revenue. We were providing medical care to the migrants that were being bused to New York. We didn't have any of that type of revenue. We had about $76 million of revenue in Q1 of this year, all of which was comprised of our medical transportation revenue and the Care Anywhere portfolio, as I say, the bringing care to where it's needed. That was an exciting moment for us. It was the first quarter, and people got a chance, and investors got a chance to see the business for the components that are evergreen and proactive in providing care where it's needed, and that was a big milestone for us. Yeah. Let's move on to medical transportation. This is your largest, most established vertical. Can you talk a little bit about the utilization environments there, what's driving the growth today, and also just the competitive environment within medical transportation? Yeah. Medical transportation has gotten a lot of excitement recently. I know we were talking about one of our peer companies, I'd say. AMR just went public a couple of months ago, and we're cheering them on as well, of course. I think really medical transportation is evolving. Patients need to get to the care facilities and care settings that they need to get to receive efficient care. As I mentioned, we've been doing it for over a decade now, and the real genesis for us to bring innovation to the space was really, how can we use technology to become more efficient? How can we use technology to help the system? That's basically what we set out to build over the last 10-11 years. We built a platform that's embedded within Epic, where a discharge nurse can literally click a button, and just like Uber, see exactly when the ambulance is going to arrive to pick up the patient. That is a really magical experience for a discharge nurse. If you think back, it used to be when you ordered an ambulance or medical transportation, you'd call the first company on the list. "Hey, can you come pick up my patient now?" "Great. We'll be there in an hour." You don't really know. Are they going to be there in an hour and 20 minutes? Are they going to be there in 40 minutes? Maybe they weren't available to pick up the patient. You'd call the second one on the list. Now with us, we have our platform. It's directly embedded within Epic, they click a button, and they can see exactly when we're arriving. The other piece is we've approached the market in a very different way. We're contracting with major hospital systems to provide medical transportation for their entire population. This is a big aspect because you can imagine if a hospital called up an ambulance company and said, "Hey, can you come pick up a patient?" If they didn't have such great insurance, maybe they're busy. If they didn't have any insurance, maybe they're not available. For us, we help the hospital system manage the patient. We contract in a way that we align incentives so that we can help them manage the patient flow, and that has been a big sort of breath of fresh air to the customers we work with. We work with some hospital systems like NYC Health + Hospitals, Mount Sinai, Jefferson Health. We work with Main Line Health. We work with Methodist. We work with a lot of great hospital systems that use our software, Northwell, and we help them manage that patient flow. That integration between software and services is very unique. I think that's a winning strategy. We can talk more about it, there's a lot of companies out there that are just doing the software, but they can't provide you with the services, or there are antiquated companies providing services, but they don't have the technology, and that's kind of our unique value proposition is we bring both to bear, both the platform and the services, all integrated into one seamless experience for the facility and the patient. You mentioned you take all types of payers. We've had a couple changes in the market recently with the ACA subsidies expiring, Medicaid challenges with DSH payments. Can you talk a little bit about how your payer mix has shifted over the last year or so? For us, really, we contract first and foremost either with the insurance companies directly or with the hospital systems. I'll tell you that there's a lot of strain on the system right now. Hospital systems are definitely worried about expenses and the reimbursement rates that they're going to be getting. Certainly, we believe there's going to be a lot of fewer population on some of the Medicaid plans. As a result, well, patients are going to end up in the hospital. The question is, do they have Medicaid or do they not have Medicaid? Do they have insurance, or do they not have insurance? The hospitals are going to have to grapple with how they're going to provide services for those patients. That's really why we exist. We're there to help them either mitigate that. We try to keep patients out of the hospital when they don't need to be there, and I'll tell a personal story in a second. Of course, if the patient does need to be there or needs to be transported out upon discharge, we help them do that efficiently. I think, to be more and more efficient. One of is really CMS's goal to reward outcomes, and the upfront reimbursements are so low, you have no choice but to use technology to drive down the cost. Otherwise, you won't be successful. It's pretty clear what the industry and what CMS is trying to do. They're trying to incentivize providers like us and hospital systems and insurance companies that we work with to drive the cost down, to improve outcomes, and to reward companies and providers for doing that. We've all had experiences where we've gone to the doctor or taken a child to the hospital, and there's just test after test. Providers get rewarded the sicker and sicker you get, the more and more times they visit the hospital, the more and more times they visit a doctor's office. The system has to change to where actually companies like mine, companies like ours, are successful, the healthier the patient is. That's what CMS, I believe, is trying to do. We sit at the intersection of that, and I think you're going to see more and more of that come down the pipe here. I think also, in some cases, you're going to see pressure on rates, but in some cases, you're going to see higher incentives. I think CMS is really pushing more preventative care. They're increasing the G codes on preventative care. They're improving reimbursements on proactive screenings and things of that nature, all with an effort to improve outcomes, which will ultimately drive down the total cost of care. That's really the piece of the strategy we're focused on. Yeah. I guess, sticking on Medical Transportation just for a little bit. What do you think customers are prioritizing when they're selecting their vendors? What do you think is driving your ability to continue to take share in this market? I think first and foremost, the customers we work with are prioritizing the transparency of the service delivery. When are we going to be there? How often do we arrive on time? How quickly can we move the patients and free up the bed for the next patient? That's the key. For example, when we're ordered, when a Medical Transportation is ordered through us, alerts go out across the hospital. The housekeeping team is notified. Now it's time to go and make up the room for the next patient. The intake team is notified, "Hey, the bed is freed up for the next patient." The discharge nurse knows exactly when to get the patient ready because they know exactly when we're going to be arriving. That transparency and understanding each piece of the service delivery is very, very valuable to the hospital system, and that's what the tech platform enables them to do. I also think the quality of the service is very, very important. They choose us based on that. They typically don't choose us based on price. We're not going to be the lowest cost provider. We're there to provide Medical Transportation to the entire patient population that they serve. Oftentimes, that requires the hospital system to invest alongside us. Part of the issue has been that all the ambulance companies happen to be busy when a patient that doesn't have insurance or has, say, low reimbursement insurance needs to be transported. We'll be there to take that patient. We want to provide great care and great access for all, the incentives have to be in line between the facility and the provider. In a lot of cases, we have a program where we call a dedicated fleet, where our ambulances are dedicated to that facility, and we'll transport any of the patients they need to transport, and we'll bill insurance. If we're able to collect our daily minimum, the hospital system doesn't owe us anything. If we're not able to collect, the hospital pitches in the shortfall. That aligns incentives. The other way we align incentives is we'll tell the hospital when we're going to arrive to pick up the patient. We show up there and the patient's not ready, and we just have to wait around. Everybody loses. The patient loses, the hospital loses, and we lose. We couldn't be the only ones to lose in that scenario where we're just waiting for the patient to be ready. That's the key, aligning all the incentives where the hospital system knows they can have reliable, great quality, transparent transportation and patient flow. We know that when we show up, the patient's going to be ready, so we could be really efficient and transport as many patients as we can throughout that shift, throughout that day. Of course, the patient benefits in a great way when there's great quality, predictable transportation to get them where they need to be. That's what we've set up. That's why we think we're going to be very successful. It's great hearing about those partnerships and relationships that you have. I want to pivot to the recent acquisition of SteadyMD, which had a really strong first quarter. Can you talk a little bit about how this business is operating post-acquisition, and how we should think about the pipeline of new logos and existing logos from here? Yes. We're very excited. We have a very talented team that's joined the company in SteadyMD. They had a record quarter in Q1. They're on a really great trajectory for the rest of this year. They continue to sign incredible customers and partners in the pharmacy space, in the digital wellness space, and I think we're very excited. The other piece that is very foundational, this idea of going to deliver care in the home. We don't send a doctor, we don't send an MD to the home. We don't send a nurse practitioner or physician's assistant into the home. There's just too much drive time. There's too much Time in between the patient interactions. What we do, which is very unique, is we'll send a medical assistant or an LPN into the home. They're the hands, eyes, and ears in the home that's able to vaccinate a patient, that's able to take a swab, take a lab sample, take a screening, and remotely, virtually, is the higher order clinician, and that's the SteadyMD network. We've really, through this acquisition, we've done two things. A. We've brought a great 50-state virtual care practice into the company, and we've created this network where now the SteadyMD clinicians are overseeing the DocGo visits in the home. That 400, 5, 600 clinician network is enabling us to scale the in-the-home visits way faster. That's why we're so excited about this, and we think, look, you have to be able to provide care in every modality, virtually, remotely, and in person. There are so many companies that could do it virtually, but they can't be in person. There are companies that could be in person, like the doctor's office, but they don't do the digital or remote well. We are building the competency to do all of it under one clinical practice. When the telehealth visit will do, we'll do a telehealth visit. When we need to be with the patient hands-on, we have the ability to do that as well. We can't take a blood sample through a Zoom call, through a virtual visit. We can't give a patient a vaccination through a screen. We can do a lot of things virtually, and that's the wonderful aspect of what we're building. We're building this Care Anywhere platform where we can be with the patient when it's needed. We can be virtual when it's efficient. We can be remote, so we're monitoring the patient throughout their daily lives, and we can intervene and be proactive in the moment in real time. That is very unique at the scale we're doing it. It's a very big vision. It's really, frankly, what's needed for the healthcare system because if the healthcare system keeps going the way it's going, where we spend 19% of GDP, I'm sure a lot of people are talking about this throughout the conference, patients are just getting sicker and sicker. Rewarding providers like ours for treating patients that just keep getting sicker and sicker, really frankly makes no sense. That's what CMS is really pushing. We applaud them for that. Rewarding folks like us for the healthier the patients get, the less they're bouncing back to the hospital is really where the system needs to go to save the system, frankly, from total collapse. Yeah. We talked a little bit about the flywheel of demand with the SteadyMD acquisition. As we think about the demand trajectory and also the margin profile, how should we think about this integrating into the company and driving additional efficiencies? Yeah. That is the big aspect. That integration where the SteadyMD clinical practice group. Before we acquired SteadyMD, we had our own clinical practice group, and then, of course, SteadyMD came with a clinical practice group. Now we've integrated the clinical practice group into one clinical practice group serving all the patients we see, whether they be the SteadyMD patients, DocGo patients, or any of the patients that we see. Again, marrying the SteadyMD network to the clinician in the home, when DocGo sends a clinician in the home, that's what's going to be driving the efficiency. We think that's going to improve the margins. A big aspect of the company is we've been investing into the ability to bring a doctor's office into a patient's living room. That's what we've been investing into. It's cost us money. Obviously, it's contributing to the EBITDA loss. We think that opportunity is just such a big opportunity. We also realize that we have to improve the margins as we go if we want to be effective and viable. SteadyMD allows us to improve the margins as we go, allows us to see the patients in the home, but also to serve other customers with virtual visits and that integration, integrating the clinical practice groups and integrating the competencies, DocGo's ability to go in the home, SteadyMD's ability to be virtual. Now it's all under one roof, and we can be very efficient going forward. Yeah, just double-clicking one more time into SteadyMD. There's been a little bit of focus on some of the current logos, like the online pharmacies for weight loss. Can you talk about, are there any other types of customers that you want to call out or additional logos that you would want to expand into that you think are a big opportunity? Yeah. You mentioned the online pharmacies. That's obviously a big, with the GLP-1 adoption, that's been a big growth driver for the company, and we've been at the forefront of that. I also think something that has not been talked about a lot is. Everyone's talking about AI, but everyone's talking about AI as sort of like a replacement or maybe to be more efficient. We actually think the clinician with AI is going to be very powerful. I'll give you an example. We work with a customer today, a dermatology AI-focused company, where you can upload a picture of, let's say, a skin condition, or you can engage with AI in a chat. Ultimately, if there's some diagnosis that's needed or there's some higher-level interaction that's needed where a patient actually wants to speak to a clinician, we can unlock that. I think, it's going to be our clinicians that are making sure that the AI is making the right diagnosis. It's our clinicians that are going to be sort of an off-ramp for when a patient actually does want to speak to a human clinician, I think you're going to see a lot of marrying between the two. Today, a clinician still has to review that dermatology assessment, we're working with a lot of AI companies to bring the clinical practice to whatever tools they're trying to build to make the healthcare system more efficient. Okay. Now that we've walked through a lot of the pieces of the business, I want to ask about the underlying demand trends that you're seeing across the portfolio in the second quarter. We've heard from some of our hospital companies, one last week, who said surgical volumes were down, potentially flagged a weaker demand environment. I guess just is there any color that you can give us on demand trends, throughout the second quarter so far? Yeah. Actually, we don't play with those higher order surgical procedures. Actually, if we're doing our job well, surgical procedures will go down, higher, more acute interventions will go down, that's really, frankly, what the healthcare system needs. Of course, hospitals play a vital role. If a patient truly needs that more acute surgical procedure, we want to be there to be able to maybe coordinate the transportation or to provide the follow-up care in the home to make sure that it's healing properly and so forth. We do all of that. I think the demand trends we're seeing is really around the consumerization of healthcare. I think a lot of the wearable companies are going to get more and more into healthcare. They are doing a wonderful job with some of the diagnostics they're able to do with the wearables, if they truly want to take the next leap into a medical device, they're going to need a clinical practice. Setting up a clinical practice is not so easy to do. Certainly to do it in all 50 states is not so easy to do. We're finding a lot of demand there, where you have the consumerization of healthcare, those digital health companies that want to offer actual medical advice, medical services to their members, to their subscribers, we unlock that for them. We're seeing a lot of growth there. I think we're also seeing a lot of growth, again, from the payer side, where they're trying to improve their MLR. They're trying to drive down costs. They're trying to reduce hospital readmissions. They're trying to improve their HEDIS quality score ratings. The only way to really do that, there's lots of ways to do that, the big way to do that is that are drifting, that are unattached, that are going without the care we're helping them address that. We're seeing a big tailwind there for sure. We're continuing to widen the scope that we're providing in the home. We're trying to meet patients before they end up in a hospitalization. We're trying to meet patients within that 30-day readmit window so that we can see them in the home, maybe re-dress that incision site, maybe make sure that they don't bounce back to the hospital. We work with a very large payer in California where they've been giving us the LACE score patients, the Length of Stay Acuity, chronic condition patients on a scale of one to 10. They've been giving us, I think, on average, 9.2 out of 10. These are the highest acuity patients. Our patient population they've been giving us has been bouncing back to the emergency department 60% less. Because, again, we're following up with their care plans in the home. I think this idea of meeting patients where they are is playing out and the payers that the majority of the customers we have on the payer side want to expand with us this year. Okay. Maybe all the demand's just shifting- Yeah out of those acute settings. You've outlined a path to profitability this year. How should we think about the key drivers and what the puts and takes are going to be? This is a big aspect for the company. We shared on our last earnings call that we plan to break even in the back half of the year, and it's really a factor of three, obviously, key components. The first is on a quarterly revenue basis, we want to achieve the $80 million-$85 million. We feel like that's the critical need, the sort of watermark that we need to get to on a revenue side in order to have the scale that we need. In Q1, I mentioned we did about $76 million of revenue. We feel like we're quite close to that, and of course, I mentioned a lot of the growth that we're seeing throughout the company. That is sort of within reach, if you will. That revenue base, that's one component of it, about $80 million-$85 million of quarterly revenue. On the gross margin side, we feel like we need to be in the 34%-35%. In Q1, we were at 31.6 adjusted gross margin. We feel like, again, we have about 200 basis points-400 basis points to go there. That's going to be driven by being more and more efficient in our delivery, reducing overtime hours for our staff, reducing shift bonuses, being much more efficient, again, in the field with the medical assistants and the licensed practical nurses alongside the SteadyMD clinicians and driving that gross margin up. As the Mobile Health portfolio takes more and more of the revenue component, that will drive margins up with it. As an example, our Mobile Phlebotomy offering has about 55% gross margins. Our Remote Patient Monitoring practice has about 60% gross margins. As those continue to grow and become a bigger component of the revenue base, it will also take gross margins with it. We need to cut about $4 million-$5 million of SG&A spend per quarter. We did a very large reduction in force recently, we took some costs out of the business, and we're continuing to work with the vendors that we work with to sort of pare back some of the spending there, and we think that we can get that done. Okay, that was some really good detail there on mix versus scale versus operating efficiency. As we think about 2027 and beyond, once we're past that break-even point, what do you think are the biggest levers going forward? Yeah, I think it's going to continue to be, from a growth perspective, it's going to continue to be the Care Anywhere platform. I think we're going to continue to have very nice growth in those components. We think the Care Anywhere platform, again, the virtual care, the care in the home, the Mobile Phlebotomy, the Remote Patient Monitoring aspects will grow about 30%-40% year-on-year. Medical Transportation less. As that grows, that'll be a continuing lever for that. I think we'll also continue to expand with the payers we work with. Right now, we work with a number of wonderful, fantastic name brand payers. I know some of them will be at the conference. We work with those payers, and we think over time, we're going to be thoughtful about it. There are a lot of markets that those payers want us to go to. I shared, and it's always, like you said, it's a balance there, right? We have a payer that we work with in California. We recently expanded with them to Kentucky and New Mexico. There's other states we could expand with them. I think it's, but we also want to be mindful. New markets require new investment, which require perhaps strain on the EBITDA. We're being very thoughtful about that. We're expanding to new states in a very measured way, and we think we're expanding to states in a way where we can do it profitably quickly. We announced a couple of weeks ago that we just launched Mobile Phlebotomy services in Southern Florida, actually, in this neck of the woods. We did that in partnership with one of the major labs, and we did it in a way where we were able to scale the staff cheaply and quickly, and the demand was already there for us. We didn't have to generate it, we think we're going to be profitable very quickly in that endeavor here in Southern Florida. That's the way we're going to be scaling the business. Yeah. We touched a little bit on the CMS Access Model a little earlier. I'd love to go more in-depth into both CMS Access, also, are there any other CMS or regulatory proposals that we should be aware of as it relates to your business? Yeah. The Access Model was a big program that CMS launched. Essentially, what that model is trying to incentivize is a much lower upfront, basically reimbursement for a preventative care. If you're successful in achieving health outcomes, which I'll give some examples of, then you get sort of incentive payments and bonus payments. That was a big move by CMS. They put out an RFP. I think a lot of companies responded to it. They ultimately ended up choosing 150 to participate. We are one of the 150 that was selected, and I think time will tell. We will launch in a measured way, where patients can be enrolled into our practice as part of the Access Program, and we will provide preventative care exactly like we're doing today and try to drive outcomes. I think we will see more programs like that from CMS. I think that's the only real solution. I think part of the aspect that people in healthcare don't talk enough about is in order to improve health outcomes, most of the time, you need a long-term view. By patients that have chronic conditions, it takes time to impact their health outcomes. It takes time to improve their condition. Our system is set up in a very short-term way. I may have one insurance provider this year, and next year, I might change my insurance provider. I might work for a company where I have one insurance, and then I go and work for another company that has a different insurance. How can an insurance company actually invest to make me healthier, try so hard this year to maybe perhaps help me, if I'm struggling with a chronic condition, only to see me go to another health insurance company if I were to change roles or change jobs or change insurance companies. That's the problem the system has. The only one that can solve that is CMS. I think that is CMS's responsibility, and I think they're going to continue to look there. All the conversations that we have around this from people that are in that orbit, advising in that space, are telling us that CMS is pushing more and more to develop programs that are incentivizing that, because otherwise the healthcare system is completely doomed. Even for us, we're a self-insured employer on the health side, we try so hard to help our employees, our team members that perhaps are high utilizers and have chronic conditions. Look, we feel a moral responsibility to try to help them, even if they are to go to move on to another company and have another insurance provider. We see it. You have to have a long-term view to impact someone's health, but the insurance industry and the healthcare industry is set up for short-term incentives. That has to be solved. Everybody's talking about all these things with AI and everything else. You can invest in anything you want. If it does not improve health outcomes over a period of time where you could actually make a return on that investment, which is how we're set up, which is the way it should be, right? I'm going to work so hard to make a patient healthier, only to see them go to another provider or go to another insurance company, and that insurance company is going to get all the benefit of all the investment I made into that patient, then that has to change. I think that's the types of programs you're seeing. The HEDIS quality scale is a big part of that, where insurance providers are incentivized to improve outcomes and have higher star ratings. I think it's about something like 40% of the plans, improvement in their reimbursement rate if they were stars, and they're missing out on that. 5% is a meaningful premium reimbursement to get from CMS uplift. I think that's where the system's going. It has to go that way. The only one that could actually push incentives like that is CMS, and I know from the Access program, as an example, they're really looking towards that. Okay. I've got one quick housekeeping modeling question. Fuel costs have been a big area of focus with the conflict in the Middle East. They weighed on earnings in the first quarter, but it seems like costs have come down. Is there any updated framing you can give us on how we should be thinking about that into the second quarter and the rest of the year? Yeah, it's funny, Sarah. Obviously I should have mentioned at the onset, we deliver healthcare. How do we do it? We have 1,000 vehicles. We have 4,000 clinicians in the field, all meeting patients where they are, taking patients to where they need to get to. Last year, we were bragging that we drove 11.5 million miles. The team, we were talking about it, and I said, "Hey, guys, actually, we should be bragging about how much fewer miles we can drive." That's part of the efficiency. If we didn't have our tech platform, I'm sure we'd be driving a lot more. As part of that, we purchase about 270,000 gallons of gasoline each quarter. It's pretty significant. For every dollar increase at the pump, we see about a 35 basis point margin hit. For every dollar, again, 35 basis point margin hit. Our biggest component in the business is really the vehicles and the labor, not the gas. We'd love it if the gas prices went lower, but it's about, for every dollar, it's about 35 basis points. Sometimes people think it would end up impacting our business more. It will be a headwind for us in Q2. We're seeing much higher gas prices in Q2. We think that will persist. We think, hopefully, it abates in the back half of the year, which will help on the gross margin side. The other piece that we're doing in order to offset things we can't control, like gas prices, is to invest in the things that we can control, like automating a lot of the aspects of the business. I mentioned on our last earnings call, we have an efficiency portfolio that includes a lot of automation in the business. For example, on our pre-billing, annual pre-billing function where we would go in and see pre-authorization to see if the patient has insurance, are we going to be able to collect, notify the hospital system of that, and now we're using AI to do that, as an example. We were using a lot of human capital to coordinate patient schedules, visits, rescheduling, confirming appointments, and now we're using AI more and more to do that. We are going to do the best we can to procure the gas for the cheapest possible way, but understanding we can't control the price. We are absolutely, sleeves rolled up on the aspects of the business that we can control, investing in automation so that we can improve the margins, which is a big facet of what we're doing to get to break even in the back half of the year. Yeah. How should we think about cash flow and capital needs over the medium term, and how should we think about capital allocation, given where we are today? Yeah. First and foremost, I've been resolute. In terms of the capital allocation, we're going to continue to fund the growth of the business and fund the capabilities of the business. We think that there's a lot of opportunity for us in the pipeline that we have in the business and the existing customer base we have. As I mentioned, the majority of our health plans are looking to expand with us this year. That's really first and foremost where the capital allocation priority will sit. I think, we have ability to access capital. We have a line of credit today that we're looking to slightly modify and have access to capital to help fund the growth of the business going forward. Okay, we've got about two minutes left, I just want to go over, what do you think investors are most misunderstanding about the DocGo business today? That's a good one, Sarah, thank you for asking that. Again, sometimes people look at our stock chart and say, "Lee, what am I missing? You have a $300 million healthcare service and technology company going and meeting patients where they are." Which is, again, one of the other pieces we didn't talk about is the federal government is also earmarking about $50 billion to help improve access to patients. You're doing all this. You have great scale. You have 1,000 vehicles, 4,000 clinicians. You're operating across all 50 states. What are we missing when we look at the stock chart? I think we, over the last couple of years, have really been digesting the comps from the COVID and the migrant. Like I said, I think Q1 was the first quarter where we didn't have any of that. In Q1 of last year, we had about $35 million of migrant revenues providing services to the humanitarian crisis in Europe relating to the migrants. When you look year-over-year, right, well, is the business growing or is it not? Again, when you take out the migrant revenues, it is. When you see it on that screening process, those year-over-year comps have been tough for us. That continues. I think we'll have some of that in Q2, but as we go throughout the year, that will abate. I also think, again, I think people are looking at really where we're investing into and they want to see the progress in the healthcare at any address, Care Anywhere program. I think we are showing that. We certainly showed that with all the volumes being up in Q1. We'll continue to show that as we go throughout the year here. Then as we hit that profitability threshold, I think we're going to be celebrating that. Yeah. We're super excited to watch the rest of the story from here and reaching breakeven profitability. Thank you so much for the time and attending our conference today. Thanks, Sarah. Appreciate it. Thank you to the Goldman team.

Speaker 2: Good afternoon. My name's Sarah Conrad, and I'm on the GS Healthcare Services team here. Today, I am joined by DocGo and CEO Lee Bienstock. Lee, just for those who are a little less familiar with the story, can you give a high-level overview of the business today and how we're thinking about the core value proposition? Good afternoon. good afternoon My name's Sarah Conrad, and I'm on the GS Healthcare Services team here. my name's sarah conrad and i'm on the gs healthcare services team here Today, I am joined by DocGo and CEO Lee Bienstock. today i am joined by docgo and ceo lee bienstock Lee, just for those who are a little less familiar with the story, can you give a high-level overview of the business today and how we're thinking about the core value proposition? lee just for those who are a little less familiar with the story can you give a high-level overview of the business today and how we're thinking about the core value proposition

Speaker 1: Absolutely, Sarah. It's great to be here with you. For those less familiar with DocGo, essentially, we deliver healthcare, literally. We go into patients' homes and deliver healthcare. We provide virtual care services, remote care services, and we also have a very large Medical Transportation business where we go and take patients from one care setting to the next. That's essentially what our company is there to do. We're going to meet patients where they are or bring patients to where they need to get to, and we do that at great scale. Last year, we transported 700,000 patients, and we also visited about 150,000 patients in the home and did over 1 million telehealth visits. We're really excited. We're meeting patients where they are, and we think when you meet patients where they are, you have better health outcomes. Absolutely, Sarah. absolutely sarah It's great to be here with you. it's great to be here with you For those less familiar with DocGo, essentially, we deliver healthcare, literally. for those less familiar with docgo essentially we deliver healthcare literally We go into patients' homes and deliver healthcare. we go into patients' homes and deliver healthcare We provide virtual care services, remote care services, and we also have a very large Medical Transportation business where we go and take patients from one care setting to the next. we provide virtual care services remote care services and we also have a very large medical transportation business where we go and take patients from one care setting to the next That's essentially what our company is there to do. that's essentially what our company is there to do We're going to meet patients where they are or bring patients to where they need to get to, and we do that at great scale. we're going to meet patients where they are or bring patients to where they need to get to and we do that at great scale Last year, we transported 700,000 patients, and we also visited about 150,000 patients in the home and did over 1 million telehealth visits. last year we transported 700,000 patients and we also visited about 150,000 patients in the home and did over 1 million telehealth visits We're really excited. we're really excited We're meeting patients where they are, and we think when you meet patients where they are, you have better health outcomes. we're meeting patients where they are and we think when you meet patients where they are you have better health outcomes You have better health outcomes, obviously it's great for the patients, it's great for the system, and we think we'll do well in that way. You have better health outcomes, obviously it's great for the patients, it's great for the system, and we think we'll do well in that way. you have better health outcomes obviously it's great for the patients it's great for the system and we think we'll do well in that way

Speaker 2: Yeah. The company's gone through a bit of transition over the last couple of years. You've moved away from your COVID and migrant-related work. Can you talk about the main pieces of the business today and how investors should think about what the normalized business should look like from here? Yeah. yeah The company's gone through a bit of transition over the last couple of years. the company's gone through a bit of transition over the last couple of years You've moved away from your COVID and migrant-related work. you've moved away from your covid and migrant-related work Can you talk about the main pieces of the business today and how investors should think about what the normalized business should look like from here? can you talk about the main pieces of the business today and how investors should think about what the normalized business should look like from here

Speaker 1: Absolutely. You mentioned it. The company went public in 2021. At that time, we were a medical transportation company. We've been doing medical transportation now for over 10 years. When the company went public, we were doing about $100 million of medical transportation revenue in that year. This year, we'll do over $200 million. We've doubled the medical transportation business in that time. At the time, we were doing a lot of COVID work and over the last number of years, doing work relating to the migrant crisis in New York. The company was doing a lot of work with emergency response, right? Us being an ambulance company at heart, a medical transportation company at heart, we were mobile and dynamic in that way, and that was what was needed to respond to some of these emergencies. Absolutely. absolutely You mentioned it. you mentioned it The company went public in 2021. the company went public in 2021 At that time, we were a medical transportation company. at that time we were a medical transportation company We've been doing medical transportation now for over 10 years. we've been doing medical transportation now for over 10 years When the company went public, we were doing about $100 million of medical transportation revenue in that year. when the company went public we were doing about $100 million of medical transportation revenue in that year This year, we'll do over $200 million. this year we'll do over $200 million We've doubled the medical transportation business in that time. we've doubled the medical transportation business in that time At the time, we were doing a lot of COVID work and over the last number of years, doing work relating to the migrant crisis in New York. at the time we were doing a lot of covid work and over the last number of years doing work relating to the migrant crisis in new york The company was doing a lot of work with emergency response, right? the company was doing a lot of work with emergency response right Us being an ambulance company at heart, a medical transportation company at heart, we were mobile and dynamic in that way, and that was what was needed to respond to some of these emergencies. us being an ambulance company at heart a medical transportation company at heart we were mobile and dynamic in that way and that was what was needed to respond to some of these emergencies Really, the goal of the company has evolved into meeting patients where they are in an evergreen way, tackling their health and their chronic conditions in an evergreen, proactive way, and that's where the company has evolved. In Q1 of this year, that was the first quarter in years where the company did not have any COVID revenue or migrant-related revenue. We were providing medical care to the migrants that were being bused to New York. We didn't have any of that type of revenue. We had about $76 million of revenue in Q1 of this year, all of which was comprised of our medical transportation revenue and the Care Anywhere portfolio, as I say, the bringing care to where it's needed. That was an exciting moment for us. Really, the goal of the company has evolved into meeting patients where they are in an evergreen way, tackling their health and their chronic conditions in an evergreen, proactive way, and that's where the company has evolved. really the goal of the company has evolved into meeting patients where they are in an evergreen way tackling their health and their chronic conditions in an evergreen proactive way and that's where the company has evolved In Q1 of this year, that was the first quarter in years where the company did not have any COVID revenue or migrant-related revenue. in q1 of this year that was the first quarter in years where the company did not have any covid revenue or migrant-related revenue We were providing medical care to the migrants that were being bused to New York. we were providing medical care to the migrants that were being bused to new york We didn't have any of that type of revenue. we didn't have any of that type of revenue We had about $76 million of revenue in Q1 of this year, all of which was comprised of our medical transportation revenue and the Care Anywhere portfolio, as I say, the bringing care to where it's needed. we had about $76 million of revenue in q1 of this year all of which was comprised of our medical transportation revenue and the care anywhere portfolio as i say the bringing care to where it's needed That was an exciting moment for us. that was an exciting moment for us It was the first quarter, and people got a chance, and investors got a chance to see the business for the components that are evergreen and proactive in providing care where it's needed, and that was a big milestone for us. It was the first quarter, and people got a chance, and investors got a chance to see the business for the components that are evergreen and proactive in providing care where it's needed, and that was a big milestone for us. it was the first quarter and people got a chance and investors got a chance to see the business for the components that are evergreen and proactive in providing care where it's needed and that was a big milestone for us

Speaker 2: Yeah. Let's move on to medical transportation. This is your largest, most established vertical. Can you talk a little bit about the utilization environments there, what's driving the growth today, and also just the competitive environment within medical transportation? Yeah. yeah Let's move on to medical transportation. let's move on to medical transportation This is your largest, most established vertical. this is your largest most established vertical Can you talk a little bit about the utilization environments there, what's driving the growth today, and also just the competitive environment within medical transportation? can you talk a little bit about the utilization environments there what's driving the growth today and also just the competitive environment within medical transportation

Speaker 1: Yeah. Medical transportation has gotten a lot of excitement recently. I know we were talking about one of our peer companies, I'd say. AMR just went public a couple of months ago, and we're cheering them on as well, of course. I think really medical transportation is evolving. Patients need to get to the care facilities and care settings that they need to get to receive efficient care. As I mentioned, we've been doing it for over a decade now, and the real genesis for us to bring innovation to the space was really, how can we use technology to become more efficient? How can we use technology to help the system? That's basically what we set out to build over the last 10-11 years. Yeah. yeah Medical transportation has gotten a lot of excitement recently. medical transportation has gotten a lot of excitement recently I know we were talking about one of our peer companies, I'd say. i know we were talking about one of our peer companies i'd say AMR just went public a couple of months ago, and we're cheering them on as well, of course. amr just went public a couple of months ago and we're cheering them on as well of course I think really medical transportation is evolving. i think really medical transportation is evolving Patients need to get to the care facilities and care settings that they need to get to receive efficient care. patients need to get to the care facilities and care settings that they need to get to receive efficient care As I mentioned, we've been doing it for over a decade now, and the real genesis for us to bring innovation to the space was really, how can we use technology to become more efficient? as i mentioned we've been doing it for over a decade now and the real genesis for us to bring innovation to the space was really how can we use technology to become more efficient How can we use technology to help the system? how can we use technology to help the system That's basically what we set out to build over the last 10- 11 years. that's basically what we set out to build over the last 10- 11 years We built a platform that's embedded within Epic, where a discharge nurse can literally click a button, and just like Uber, see exactly when the ambulance is going to arrive to pick up the patient. That is a really magical experience for a discharge nurse. If you think back, it used to be when you ordered an ambulance or medical transportation, you'd call the first company on the list. "Hey, can you come pick up my patient now?" "Great. We'll be there in an hour." You don't really know. Are they going to be there in an hour and 20 minutes? Are they going to be there in 40 minutes? Maybe they weren't available to pick up the patient. You'd call the second one on the list. Now with us, we have our platform. We built a platform that's embedded within Epic, where a discharge nurse can literally click a button, and just like Uber, see exactly when the ambulance is going to arrive to pick up the patient. we built a platform that's embedded within epic where a discharge nurse can literally click a button and just like uber see exactly when the ambulance is going to arrive to pick up the patient That is a really magical experience for a discharge nurse. that is a really magical experience for a discharge nurse If you think back, it used to be when you ordered an ambulance or medical transportation, you'd call the first company on the list. "Hey, can you come pick up my patient now?" "Great. if you think back it used to be when you ordered an ambulance or medical transportation you'd call the first company on the list "hey can you come pick up my patient now?" "great We'll be there in an hour." You don't really know. we'll be there in an hour." you don't really know Are they going to be there in an hour and 20 minutes? are they going to be there in an hour and 20 minutes Are they going to be there in 40 minutes? are they going to be there in 40 minutes Maybe they weren't available to pick up the patient. maybe they weren't available to pick up the patient You'd call the second one on the list. you'd call the second one on the list Now with us, we have our platform. now with us we have our platform It's directly embedded within Epic, they click a button, and they can see exactly when we're arriving. The other piece is we've approached the market in a very different way. We're contracting with major hospital systems to provide medical transportation for their entire population. This is a big aspect because you can imagine if a hospital called up an ambulance company and said, "Hey, can you come pick up a patient?" If they didn't have such great insurance, maybe they're busy. If they didn't have any insurance, maybe they're not available. For us, we help the hospital system manage the patient. We contract in a way that we align incentives so that we can help them manage the patient flow, and that has been a big sort of breath of fresh air to the customers we work with. It's directly embedded within Epic, they click a button, and they can see exactly when we're arriving. it's directly embedded within epic they click a button and they can see exactly when we're arriving The other piece is we've approached the market in a very different way. the other piece is we've approached the market in a very different way We're contracting with major hospital systems to provide medical transportation for their entire population. we're contracting with major hospital systems to provide medical transportation for their entire population This is a big aspect because you can imagine if a hospital called up an ambulance company and said, "Hey, can you come pick up a patient?" If they didn't have such great insurance, maybe they're busy. this is a big aspect because you can imagine if a hospital called up an ambulance company and said "hey can you come pick up a patient?" if they didn't have such great insurance maybe they're busy If they didn't have any insurance, maybe they're not available. if they didn't have any insurance maybe they're not available For us, we help the hospital system manage the patient. for us we help the hospital system manage the patient We contract in a way that we align incentives so that we can help them manage the patient flow, and that has been a big sort of breath of fresh air to the customers we work with. we contract in a way that we align incentives so that we can help them manage the patient flow and that has been a big sort of breath of fresh air to the customers we work with We work with some hospital systems like NYC Health + Hospitals, Mount Sinai, Jefferson Health. We work with Main Line Health. We work with Methodist. We work with a lot of great hospital systems that use our software, Northwell, and we help them manage that patient flow. That integration between software and services is very unique. I think that's a winning strategy. We can talk more about it, there's a lot of companies out there that are just doing the software, but they can't provide you with the services, or there are antiquated companies providing services, but they don't have the technology, and that's kind of our unique value proposition is we bring both to bear, both the platform and the services, all integrated into one seamless experience for the facility and the patient. We work with some hospital systems like NYC Health + Hospitals, Mount Sinai, Jefferson Health. we work with some hospital systems like nyc health + hospitals mount sinai jefferson health We work with Main Line Health. we work with main line health We work with Methodist. we work with methodist We work with a lot of great hospital systems that use our software, Northwell, and we help them manage that patient flow. we work with a lot of great hospital systems that use our software northwell and we help them manage that patient flow That integration between software and services is very unique. that integration between software and services is very unique I think that's a winning strategy. i think that's a winning strategy We can talk more about it, there's a lot of companies out there that are just doing the software, but they can't provide you with the services, or there are antiquated companies providing services, but they don't have the technology, and that's kind of our unique value proposition is we bring both to bear, both the platform and the services, all integrated into one seamless experience for the facility and the patient. we can talk more about it there's a lot of companies out there that are just doing the software but they can't provide you with the services or there are antiquated companies providing services but they don't have the technology and that's kind of our unique value proposition is we bring both to bear both the platform and the services all integrated into one seamless experience for the facility and the patient

Speaker 2: You mentioned you take all types of payers. We've had a couple changes in the market recently with the ACA subsidies expiring, Medicaid challenges with DSH payments. Can you talk a little bit about how your payer mix has shifted over the last year or so? You mentioned you take all types of payers. you mentioned you take all types of payers We've had a couple changes in the market recently with the ACA subsidies expiring, Medicaid challenges with DSH payments. we've had a couple changes in the market recently with the aca subsidies expiring medicaid challenges with dsh payments Can you talk a little bit about how your payer mix has shifted over the last year or so? can you talk a little bit about how your payer mix has shifted over the last year or so

Speaker 1: For us, really, we contract first and foremost either with the insurance companies directly or with the hospital systems. I'll tell you that there's a lot of strain on the system right now. Hospital systems are definitely worried about expenses and the reimbursement rates that they're going to be getting. Certainly, we believe there's going to be a lot of fewer population on some of the Medicaid plans. As a result, well, patients are going to end up in the hospital. The question is, do they have Medicaid or do they not have Medicaid? Do they have insurance, or do they not have insurance? The hospitals are going to have to grapple with how they're going to provide services for those patients. That's really why we exist. We're there to help them either mitigate that. For us, really, we contract first and foremost either with the insurance companies directly or with the hospital systems. I'll tell you that there's a lot of strain on the system right now. for us really we contract first and foremost either with the insurance companies directly or with the hospital systems. i'll tell you that there's a lot of strain on the system right now Hospital systems are definitely worried about expenses and the reimbursement rates that they're going to be getting. hospital systems are definitely worried about expenses and the reimbursement rates that they're going to be getting Certainly, we believe there's going to be a lot of fewer population on some of the Medicaid plans. certainly we believe there's going to be a lot of fewer population on some of the medicaid plans As a result, well, patients are going to end up in the hospital. as a result well patients are going to end up in the hospital The question is, do they have Medicaid or do they not have Medicaid? the question is do they have medicaid or do they not have medicaid Do they have insurance, or do they not have insurance? do they have insurance or do they not have insurance The hospitals are going to have to grapple with how they're going to provide services for those patients. the hospitals are going to have to grapple with how they're going to provide services for those patients That's really why we exist. that's really why we exist We're there to help them either mitigate that. we're there to help them either mitigate that We try to keep patients out of the hospital when they don't need to be there, and I'll tell a personal story in a second. Of course, if the patient does need to be there or needs to be transported out upon discharge, we help them do that efficiently. I think, to be more and more efficient. One of is really CMS's goal to reward outcomes, and the upfront reimbursements are so low, you have no choice but to use technology to drive down the cost. Otherwise, you won't be successful. It's pretty clear what the industry and what CMS is trying to do. They're trying to incentivize providers like us and hospital systems and insurance companies that we work with to drive the cost down, to improve outcomes, and to reward companies and providers for doing that. We try to keep patients out of the hospital when they don't need to be there, and I'll tell a personal story in a second. we try to keep patients out of the hospital when they don't need to be there and i'll tell a personal story in a second Of course, if the patient does need to be there or needs to be transported out upon discharge, we help them do that efficiently. of course if the patient does need to be there or needs to be transported out upon discharge we help them do that efficiently I think, to be more and more efficient. i think to be more and more efficient One of is really CMS's goal to reward outcomes, and the upfront reimbursements are so low, you have no choice but to use technology to drive down the cost. one of is really cms's goal to reward outcomes and the upfront reimbursements are so low you have no choice but to use technology to drive down the cost Otherwise, you won't be successful. otherwise you won't be successful It's pretty clear what the industry and what CMS is trying to do. it's pretty clear what the industry and what cms is trying to do They're trying to incentivize providers like us and hospital systems and insurance companies that we work with to drive the cost down, to improve outcomes, and to reward companies and providers for doing that. they're trying to incentivize providers like us and hospital systems and insurance companies that we work with to drive the cost down to improve outcomes and to reward companies and providers for doing that We've all had experiences where we've gone to the doctor or taken a child to the hospital, and there's just test after test. Providers get rewarded the sicker and sicker you get, the more and more times they visit the hospital, the more and more times they visit a doctor's office. The system has to change to where actually companies like mine, companies like ours, are successful, the healthier the patient is. That's what CMS, I believe, is trying to do. We sit at the intersection of that, and I think you're going to see more and more of that come down the pipe here. I think also, in some cases, you're going to see pressure on rates, but in some cases, you're going to see higher incentives. I think CMS is really pushing more preventative care. They're increasing the G codes on preventative care. We've all had experiences where we've gone to the doctor or taken a child to the hospital, and there's just test after test. we've all had experiences where we've gone to the doctor or taken a child to the hospital and there's just test after test Providers get rewarded the sicker and sicker you get, the more and more times they visit the hospital, the more and more times they visit a doctor's office. providers get rewarded the sicker and sicker you get the more and more times they visit the hospital the more and more times they visit a doctor's office The system has to change to where actually companies like mine, companies like ours, are successful, the healthier the patient is. the system has to change to where actually companies like mine companies like ours are successful the healthier the patient is That's what CMS, I believe, is trying to do. that's what cms i believe is trying to do We sit at the intersection of that, and I think you're going to see more and more of that come down the pipe here. we sit at the intersection of that and i think you're going to see more and more of that come down the pipe here I think also, in some cases, you're going to see pressure on rates, but in some cases, you're going to see higher incentives. i think also in some cases you're going to see pressure on rates but in some cases you're going to see higher incentives I think CMS is really pushing more preventative care. i think cms is really pushing more preventative care They're increasing the G codes on preventative care. they're increasing the g codes on preventative care They're improving reimbursements on proactive screenings and things of that nature, all with an effort to improve outcomes, which will ultimately drive down the total cost of care. That's really the piece of the strategy we're focused on. They're improving reimbursements on proactive screenings and things of that nature, all with an effort to improve outcomes, which will ultimately drive down the total cost of care. they're improving reimbursements on proactive screenings and things of that nature all with an effort to improve outcomes which will ultimately drive down the total cost of care That's really the piece of the strategy we're focused on. that's really the piece of the strategy we're focused on

Speaker 2: Yeah. I guess, sticking on Medical Transportation just for a little bit. What do you think customers are prioritizing when they're selecting their vendors? What do you think is driving your ability to continue to take share in this market? Yeah. yeah I guess, sticking on Medical Transportation just for a little bit. i guess sticking on medical transportation just for a little bit What do you think customers are prioritizing when they're selecting their vendors? what do you think customers are prioritizing when they're selecting their vendors What do you think is driving your ability to continue to take share in this market? what do you think is driving your ability to continue to take share in this market

Speaker 1: I think first and foremost, the customers we work with are prioritizing the transparency of the service delivery. When are we going to be there? How often do we arrive on time? How quickly can we move the patients and free up the bed for the next patient? That's the key. For example, when we're ordered, when a Medical Transportation is ordered through us, alerts go out across the hospital. The housekeeping team is notified. Now it's time to go and make up the room for the next patient. The intake team is notified, "Hey, the bed is freed up for the next patient." The discharge nurse knows exactly when to get the patient ready because they know exactly when we're going to be arriving. I think first and foremost, the customers we work with are prioritizing the transparency of the service delivery. i think first and foremost the customers we work with are prioritizing the transparency of the service delivery When are we going to be there? when are we going to be there How often do we arrive on time? how often do we arrive on time How quickly can we move the patients and free up the bed for the next patient? how quickly can we move the patients and free up the bed for the next patient That's the key. that's the key For example, when we're ordered, when a Medical Transportation is ordered through us, alerts go out across the hospital. for example when we're ordered when a medical transportation is ordered through us alerts go out across the hospital The housekeeping team is notified. the housekeeping team is notified Now it's time to go and make up the room for the next patient. now it's time to go and make up the room for the next patient The intake team is notified, "Hey, the bed is freed up for the next patient." The discharge nurse knows exactly when to get the patient ready because they know exactly when we're going to be arriving. the intake team is notified "hey the bed is freed up for the next patient." the discharge nurse knows exactly when to get the patient ready because they know exactly when we're going to be arriving That transparency and understanding each piece of the service delivery is very, very valuable to the hospital system, and that's what the tech platform enables them to do. I also think the quality of the service is very, very important. They choose us based on that. They typically don't choose us based on price. We're not going to be the lowest cost provider. We're there to provide Medical Transportation to the entire patient population that they serve. Oftentimes, that requires the hospital system to invest alongside us. Part of the issue has been that all the ambulance companies happen to be busy when a patient that doesn't have insurance or has, say, low reimbursement insurance needs to be transported. We'll be there to take that patient. That transparency and understanding each piece of the service delivery is very, very valuable to the hospital system, and that's what the tech platform enables them to do. that transparency and understanding each piece of the service delivery is very very valuable to the hospital system and that's what the tech platform enables them to do I also think the quality of the service is very, very important. i also think the quality of the service is very very important They choose us based on that. they choose us based on that They typically don't choose us based on price. they typically don't choose us based on price We're not going to be the lowest cost provider. we're not going to be the lowest cost provider We're there to provide Medical Transportation to the entire patient population that they serve. we're there to provide medical transportation to the entire patient population that they serve Oftentimes, that requires the hospital system to invest alongside us. oftentimes that requires the hospital system to invest alongside us Part of the issue has been that all the ambulance companies happen to be busy when a patient that doesn't have insurance or has, say, low reimbursement insurance needs to be transported. part of the issue has been that all the ambulance companies happen to be busy when a patient that doesn't have insurance or has say low reimbursement insurance needs to be transported We'll be there to take that patient. we'll be there to take that patient We want to provide great care and great access for all, the incentives have to be in line between the facility and the provider. In a lot of cases, we have a program where we call a dedicated fleet, where our ambulances are dedicated to that facility, and we'll transport any of the patients they need to transport, and we'll bill insurance. If we're able to collect our daily minimum, the hospital system doesn't owe us anything. If we're not able to collect, the hospital pitches in the shortfall. That aligns incentives. The other way we align incentives is we'll tell the hospital when we're going to arrive to pick up the patient. We show up there and the patient's not ready, and we just have to wait around. Everybody loses. The patient loses, the hospital loses, and we lose. We want to provide great care and great access for all, the incentives have to be in line between the facility and the provider. we want to provide great care and great access for all the incentives have to be in line between the facility and the provider In a lot of cases, we have a program where we call a dedicated fleet, where our ambulances are dedicated to that facility, and we'll transport any of the patients they need to transport, and we'll bill insurance. in a lot of cases we have a program where we call a dedicated fleet where our ambulances are dedicated to that facility and we'll transport any of the patients they need to transport and we'll bill insurance If we're able to collect our daily minimum, the hospital system doesn't owe us anything. if we're able to collect our daily minimum the hospital system doesn't owe us anything If we're not able to collect, the hospital pitches in the shortfall. if we're not able to collect the hospital pitches in the shortfall That aligns incentives. that aligns incentives The other way we align incentives is we'll tell the hospital when we're going to arrive to pick up the patient. the other way we align incentives is we'll tell the hospital when we're going to arrive to pick up the patient We show up there and the patient's not ready, and we just have to wait around. we show up there and the patient's not ready and we just have to wait around Everybody loses. everybody loses The patient loses, the hospital loses, and we lose. the patient loses the hospital loses and we lose We couldn't be the only ones to lose in that scenario where we're just waiting for the patient to be ready. That's the key, aligning all the incentives where the hospital system knows they can have reliable, great quality, transparent transportation and patient flow. We know that when we show up, the patient's going to be ready, so we could be really efficient and transport as many patients as we can throughout that shift, throughout that day. Of course, the patient benefits in a great way when there's great quality, predictable transportation to get them where they need to be. That's what we've set up. That's why we think we're going to be very successful. We couldn't be the only ones to lose in that scenario where we're just waiting for the patient to be ready. we couldn't be the only ones to lose in that scenario where we're just waiting for the patient to be ready That's the key, aligning all the incentives where the hospital system knows they can have reliable, great quality, transparent transportation and patient flow. that's the key aligning all the incentives where the hospital system knows they can have reliable great quality transparent transportation and patient flow We know that when we show up, the patient's going to be ready, so we could be really efficient and transport as many patients as we can throughout that shift, throughout that day. we know that when we show up the patient's going to be ready so we could be really efficient and transport as many patients as we can throughout that shift throughout that day Of course, the patient benefits in a great way when there's great quality, predictable transportation to get them where they need to be. of course the patient benefits in a great way when there's great quality predictable transportation to get them where they need to be That's what we've set up. that's what we've set up That's why we think we're going to be very successful. that's why we think we're going to be very successful

Speaker 2: It's great hearing about those partnerships and relationships that you have. I want to pivot to the recent acquisition of SteadyMD, which had a really strong first quarter. Can you talk a little bit about how this business is operating post-acquisition, and how we should think about the pipeline of new logos and existing logos from here? It's great hearing about those partnerships and relationships that you have. it's great hearing about those partnerships and relationships that you have I want to pivot to the recent acquisition of SteadyMD, which had a really strong first quarter. i want to pivot to the recent acquisition of steadymd which had a really strong first quarter Can you talk a little bit about how this business is operating post-acquisition, and how we should think about the pipeline of new logos and existing logos from here? can you talk a little bit about how this business is operating post-acquisition and how we should think about the pipeline of new logos and existing logos from here

Speaker 1: Yes. We're very excited. We have a very talented team that's joined the company in SteadyMD. They had a record quarter in Q1. They're on a really great trajectory for the rest of this year. They continue to sign incredible customers and partners in the pharmacy space, in the digital wellness space, and I think we're very excited. The other piece that is very foundational, this idea of going to deliver care in the home. We don't send a doctor, we don't send an MD to the home. We don't send a nurse practitioner or physician's assistant into the home. There's just too much drive time. There's too much Time in between the patient interactions. What we do, which is very unique, is we'll send a medical assistant or an LPN into the home. Yes. yes We're very excited. we're very excited We have a very talented team that's joined the company in SteadyMD. we have a very talented team that's joined the company in steadymd They had a record quarter in Q1. they had a record quarter in q1 They're on a really great trajectory for the rest of this year. they're on a really great trajectory for the rest of this year They continue to sign incredible customers and partners in the pharmacy space, in the digital wellness space, and I think we're very excited. they continue to sign incredible customers and partners in the pharmacy space in the digital wellness space and i think we're very excited The other piece that is very foundational, this idea of going to deliver care in the home. the other piece that is very foundational this idea of going to deliver care in the home We don't send a doctor, we don't send an MD to the home. we don't send a doctor we don't send an md to the home We don't send a nurse practitioner or physician's assistant into the home. we don't send a nurse practitioner or physician's assistant into the home There's just too much drive time. there's just too much drive time There's too much Time in between the patient interactions. there's too much time in between the patient interactions What we do, which is very unique, is we'll send a medical assistant or an LPN into the home. what we do which is very unique is we'll send a medical assistant or an lpn into the home They're the hands, eyes, and ears in the home that's able to vaccinate a patient, that's able to take a swab, take a lab sample, take a screening, and remotely, virtually, is the higher order clinician, and that's the SteadyMD network. We've really, through this acquisition, we've done two things. A. We've brought a great 50-state virtual care practice into the company, and we've created this network where now the SteadyMD clinicians are overseeing the DocGo visits in the home. That 400, 5, 600 clinician network is enabling us to scale the in-the-home visits way faster. That's why we're so excited about this, and we think, look, you have to be able to provide care in every modality, virtually, remotely, and in person. There are so many companies that could do it virtually, but they can't be in person. They're the hands, eyes, and ears in the home that's able to vaccinate a patient, that's able to take a swab, take a lab sample, take a screening, and remotely, virtually, is the higher order clinician, and that's the SteadyMD network. they're the hands eyes and ears in the home that's able to vaccinate a patient that's able to take a swab take a lab sample take a screening and remotely virtually is the higher order clinician and that's the steadymd network We've really, through this acquisition, we've done two things. we've really through this acquisition we've done two things A. a We've brought a great 50-state virtual care practice into the company, and we've created this network where now the SteadyMD clinicians are overseeing the DocGo visits in the home. we've brought a great 50-state virtual care practice into the company and we've created this network where now the steadymd clinicians are overseeing the docgo visits in the home That 400, 5, 600 clinician network is enabling us to scale the in-the-home visits way faster. that 400 5 600 clinician network is enabling us to scale the in-the-home visits way faster That's why we're so excited about this, and we think, look, you have to be able to provide care in every modality, virtually, remotely, and in person. that's why we're so excited about this and we think look you have to be able to provide care in every modality virtually remotely and in person There are so many companies that could do it virtually, but they can't be in person. there are so many companies that could do it virtually but they can't be in person There are companies that could be in person, like the doctor's office, but they don't do the digital or remote well. We are building the competency to do all of it under one clinical practice. When the telehealth visit will do, we'll do a telehealth visit. When we need to be with the patient hands-on, we have the ability to do that as well. We can't take a blood sample through a Zoom call, through a virtual visit. We can't give a patient a vaccination through a screen. We can do a lot of things virtually, and that's the wonderful aspect of what we're building. We're building this Care Anywhere platform where we can be with the patient when it's needed. We can be virtual when it's efficient. There are companies that could be in person, like the doctor's office, but they don't do the digital or remote well. there are companies that could be in person like the doctor's office but they don't do the digital or remote well We are building the competency to do all of it under one clinical practice. we are building the competency to do all of it under one clinical practice When the telehealth visit will do, we'll do a telehealth visit. when the telehealth visit will do we'll do a telehealth visit When we need to be with the patient hands-on, we have the ability to do that as well. when we need to be with the patient hands-on we have the ability to do that as well We can't take a blood sample through a Zoom call, through a virtual visit. we can't take a blood sample through a zoom call through a virtual visit We can't give a patient a vaccination through a screen. we can't give a patient a vaccination through a screen We can do a lot of things virtually, and that's the wonderful aspect of what we're building. we can do a lot of things virtually and that's the wonderful aspect of what we're building We're building this Care Anywhere platform where we can be with the patient when it's needed. we're building this care anywhere platform where we can be with the patient when it's needed We can be virtual when it's efficient. we can be virtual when it's efficient We can be remote, so we're monitoring the patient throughout their daily lives, and we can intervene and be proactive in the moment in real time. That is very unique at the scale we're doing it. It's a very big vision. It's really, frankly, what's needed for the healthcare system because if the healthcare system keeps going the way it's going, where we spend 19% of GDP, I'm sure a lot of people are talking about this throughout the conference, patients are just getting sicker and sicker. Rewarding providers like ours for treating patients that just keep getting sicker and sicker, really frankly makes no sense. That's what CMS is really pushing. We applaud them for that. We can be remote, so we're monitoring the patient throughout their daily lives, and we can intervene and be proactive in the moment in real time. we can be remote so we're monitoring the patient throughout their daily lives and we can intervene and be proactive in the moment in real time That is very unique at the scale we're doing it. that is very unique at the scale we're doing it It's a very big vision. it's a very big vision It's really, frankly, what's needed for the healthcare system because if the healthcare system keeps going the way it's going, where we spend 19% of GDP, I'm sure a lot of people are talking about this throughout the conference, patients are just getting sicker and sicker. it's really frankly what's needed for the healthcare system because if the healthcare system keeps going the way it's going where we spend 19% of gdp i'm sure a lot of people are talking about this throughout the conference patients are just getting sicker and sicker Rewarding providers like ours for treating patients that just keep getting sicker and sicker, really frankly makes no sense. rewarding providers like ours for treating patients that just keep getting sicker and sicker really frankly makes no sense That's what CMS is really pushing. that's what cms is really pushing We applaud them for that. we applaud them for that Rewarding folks like us for the healthier the patients get, the less they're bouncing back to the hospital is really where the system needs to go to save the system, frankly, from total collapse. Rewarding folks like us for the healthier the patients get, the less they're bouncing back to the hospital is really where the system needs to go to save the system, frankly, from total collapse. rewarding folks like us for the healthier the patients get the less they're bouncing back to the hospital is really where the system needs to go to save the system frankly from total collapse

Speaker 2: Yeah. We talked a little bit about the flywheel of demand with the SteadyMD acquisition. As we think about the demand trajectory and also the margin profile, how should we think about this integrating into the company and driving additional efficiencies? Yeah. yeah We talked a little bit about the flywheel of demand with the SteadyMD acquisition. we talked a little bit about the flywheel of demand with the steadymd acquisition As we think about the demand trajectory and also the margin profile, how should we think about this integrating into the company and driving additional efficiencies? as we think about the demand trajectory and also the margin profile how should we think about this integrating into the company and driving additional efficiencies

Speaker 1: Yeah. That is the big aspect. That integration where the SteadyMD clinical practice group. Before we acquired SteadyMD, we had our own clinical practice group, and then, of course, SteadyMD came with a clinical practice group. Now we've integrated the clinical practice group into one clinical practice group serving all the patients we see, whether they be the SteadyMD patients, DocGo patients, or any of the patients that we see. Again, marrying the SteadyMD network to the clinician in the home, when DocGo sends a clinician in the home, that's what's going to be driving the efficiency. We think that's going to improve the margins. A big aspect of the company is we've been investing into the ability to bring a doctor's office into a patient's living room. That's what we've been investing into. It's cost us money. Yeah. yeah That is the big aspect. that is the big aspect That integration where the SteadyMD clinical practice group. that integration where the steadymd clinical practice group Before we acquired SteadyMD, we had our own clinical practice group, and then, of course, SteadyMD came with a clinical practice group. before we acquired steadymd we had our own clinical practice group and then of course steadymd came with a clinical practice group Now we've integrated the clinical practice group into one clinical practice group serving all the patients we see, whether they be the SteadyMD patients, DocGo patients, or any of the patients that we see. now we've integrated the clinical practice group into one clinical practice group serving all the patients we see whether they be the steadymd patients docgo patients or any of the patients that we see Again, marrying the SteadyMD network to the clinician in the home, when DocGo sends a clinician in the home, that's what's going to be driving the efficiency. again marrying the steadymd network to the clinician in the home when docgo sends a clinician in the home that's what's going to be driving the efficiency We think that's going to improve the margins. we think that's going to improve the margins A big aspect of the company is we've been investing into the ability to bring a doctor's office into a patient's living room. a big aspect of the company is we've been investing into the ability to bring a doctor's office into a patient's living room That's what we've been investing into. that's what we've been investing into It's cost us money. it's cost us money Obviously, it's contributing to the EBITDA loss. We think that opportunity is just such a big opportunity. We also realize that we have to improve the margins as we go if we want to be effective and viable. SteadyMD allows us to improve the margins as we go, allows us to see the patients in the home, but also to serve other customers with virtual visits and that integration, integrating the clinical practice groups and integrating the competencies, DocGo's ability to go in the home, SteadyMD's ability to be virtual. Now it's all under one roof, and we can be very efficient going forward. Obviously, it's contributing to the EBITDA loss. obviously it's contributing to the ebitda loss We think that opportunity is just such a big opportunity. we think that opportunity is just such a big opportunity We also realize that we have to improve the margins as we go if we want to be effective and viable. we also realize that we have to improve the margins as we go if we want to be effective and viable SteadyMD allows us to improve the margins as we go, allows us to see the patients in the home, but also to serve other customers with virtual visits and that integration, integrating the clinical practice groups and integrating the competencies, DocGo's ability to go in the home, SteadyMD's ability to be virtual. steadymd allows us to improve the margins as we go allows us to see the patients in the home but also to serve other customers with virtual visits and that integration integrating the clinical practice groups and integrating the competencies docgo's ability to go in the home steadymd's ability to be virtual Now it's all under one roof, and we can be very efficient going forward. now it's all under one roof and we can be very efficient going forward

Speaker 2: Yeah, just double-clicking one more time into SteadyMD. There's been a little bit of focus on some of the current logos, like the online pharmacies for weight loss. Can you talk about, are there any other types of customers that you want to call out or additional logos that you would want to expand into that you think are a big opportunity? Yeah, just double-clicking one more time into SteadyMD. yeah just double-clicking one more time into steadymd There's been a little bit of focus on some of the current logos, like the online pharmacies for weight loss. there's been a little bit of focus on some of the current logos like the online pharmacies for weight loss Can you talk about, are there any other types of customers that you want to call out or additional logos that you would want to expand into that you think are a big opportunity? can you talk about are there any other types of customers that you want to call out or additional logos that you would want to expand into that you think are a big opportunity

Speaker 1: Yeah. You mentioned the online pharmacies. That's obviously a big, with the GLP-1 adoption, that's been a big growth driver for the company, and we've been at the forefront of that. I also think something that has not been talked about a lot is. Everyone's talking about AI, but everyone's talking about AI as sort of like a replacement or maybe to be more efficient. We actually think the clinician with AI is going to be very powerful. I'll give you an example. We work with a customer today, a dermatology AI-focused company, where you can upload a picture of, let's say, a skin condition, or you can engage with AI in a chat. Ultimately, if there's some diagnosis that's needed or there's some higher-level interaction that's needed where a patient actually wants to speak to a clinician, we can unlock that. Yeah. yeah You mentioned the online pharmacies. you mentioned the online pharmacies That's obviously a big, with the GLP-1 adoption, that's been a big growth driver for the company, and we've been at the forefront of that. that's obviously a big with the glp-1 adoption that's been a big growth driver for the company and we've been at the forefront of that I also think something that has not been talked about a lot is. i also think something that has not been talked about a lot is Everyone's talking about AI, but everyone's talking about AI as sort of like a replacement or maybe to be more efficient. everyone's talking about ai but everyone's talking about ai as sort of like a replacement or maybe to be more efficient We actually think the clinician with AI is going to be very powerful. we actually think the clinician with ai is going to be very powerful I'll give you an example. i'll give you an example We work with a customer today, a dermatology AI-focused company, where you can upload a picture of, let's say, a skin condition, or you can engage with AI in a chat. we work with a customer today a dermatology ai-focused company where you can upload a picture of let's say a skin condition or you can engage with ai in a chat Ultimately, if there's some diagnosis that's needed or there's some higher-level interaction that's needed where a patient actually wants to speak to a clinician, we can unlock that. ultimately if there's some diagnosis that's needed or there's some higher-level interaction that's needed where a patient actually wants to speak to a clinician we can unlock that I think, it's going to be our clinicians that are making sure that the AI is making the right diagnosis. It's our clinicians that are going to be sort of an off-ramp for when a patient actually does want to speak to a human clinician, I think you're going to see a lot of marrying between the two. Today, a clinician still has to review that dermatology assessment, we're working with a lot of AI companies to bring the clinical practice to whatever tools they're trying to build to make the healthcare system more efficient. I think, it's going to be our clinicians that are making sure that the AI is making the right diagnosis. i think it's going to be our clinicians that are making sure that the ai is making the right diagnosis It's our clinicians that are going to be sort of an off-ramp for when a patient actually does want to speak to a human clinician, I think you're going to see a lot of marrying between the two. it's our clinicians that are going to be sort of an off-ramp for when a patient actually does want to speak to a human clinician i think you're going to see a lot of marrying between the two Today, a clinician still has to review that dermatology assessment, we're working with a lot of AI companies to bring the clinical practice to whatever tools they're trying to build to make the healthcare system more efficient. today a clinician still has to review that dermatology assessment we're working with a lot of ai companies to bring the clinical practice to whatever tools they're trying to build to make the healthcare system more efficient

Speaker 2: Okay. Now that we've walked through a lot of the pieces of the business, I want to ask about the underlying demand trends that you're seeing across the portfolio in the second quarter. We've heard from some of our hospital companies, one last week, who said surgical volumes were down, potentially flagged a weaker demand environment. I guess just is there any color that you can give us on demand trends, throughout the second quarter so far? Okay. okay Now that we've walked through a lot of the pieces of the business, I want to ask about the underlying demand trends that you're seeing across the portfolio in the second quarter. now that we've walked through a lot of the pieces of the business i want to ask about the underlying demand trends that you're seeing across the portfolio in the second quarter We've heard from some of our hospital companies, one last week, who said surgical volumes were down, potentially flagged a weaker demand environment. we've heard from some of our hospital companies one last week who said surgical volumes were down potentially flagged a weaker demand environment I guess just is there any color that you can give us on demand trends, throughout the second quarter so far? i guess just is there any color that you can give us on demand trends throughout the second quarter so far

Speaker 1: Yeah. Actually, we don't play with those higher order surgical procedures. Actually, if we're doing our job well, surgical procedures will go down, higher, more acute interventions will go down, that's really, frankly, what the healthcare system needs. Of course, hospitals play a vital role. If a patient truly needs that more acute surgical procedure, we want to be there to be able to maybe coordinate the transportation or to provide the follow-up care in the home to make sure that it's healing properly and so forth. We do all of that. I think the demand trends we're seeing is really around the consumerization of healthcare. I think a lot of the wearable companies are going to get more and more into healthcare. Yeah. yeah Actually, we don't play with those higher order surgical procedures. actually we don't play with those higher order surgical procedures Actually, if we're doing our job well, surgical procedures will go down, higher, more acute interventions will go down, that's really, frankly, what the healthcare system needs. actually if we're doing our job well surgical procedures will go down higher more acute interventions will go down that's really frankly what the healthcare system needs Of course, hospitals play a vital role. of course hospitals play a vital role If a patient truly needs that more acute surgical procedure, we want to be there to be able to maybe coordinate the transportation or to provide the follow-up care in the home to make sure that it's healing properly and so forth. if a patient truly needs that more acute surgical procedure we want to be there to be able to maybe coordinate the transportation or to provide the follow-up care in the home to make sure that it's healing properly and so forth We do all of that. we do all of that I think the demand trends we're seeing is really around the consumerization of healthcare. i think the demand trends we're seeing is really around the consumerization of healthcare I think a lot of the wearable companies are going to get more and more into healthcare. i think a lot of the wearable companies are going to get more and more into healthcare They are doing a wonderful job with some of the diagnostics they're able to do with the wearables, if they truly want to take the next leap into a medical device, they're going to need a clinical practice. Setting up a clinical practice is not so easy to do. Certainly to do it in all 50 states is not so easy to do. We're finding a lot of demand there, where you have the consumerization of healthcare, those digital health companies that want to offer actual medical advice, medical services to their members, to their subscribers, we unlock that for them. We're seeing a lot of growth there. I think we're also seeing a lot of growth, again, from the payer side, where they're trying to improve their MLR. They're trying to drive down costs. They're trying to reduce hospital readmissions. They are doing a wonderful job with some of the diagnostics they're able to do with the wearables, if they truly want to take the next leap into a medical device, they're going to need a clinical practice. they are doing a wonderful job with some of the diagnostics they're able to do with the wearables if they truly want to take the next leap into a medical device they're going to need a clinical practice Setting up a clinical practice is not so easy to do. setting up a clinical practice is not so easy to do Certainly to do it in all 50 states is not so easy to do. certainly to do it in all 50 states is not so easy to do We're finding a lot of demand there, where you have the consumerization of healthcare, those digital health companies that want to offer actual medical advice, medical services to their members, to their subscribers, we unlock that for them. we're finding a lot of demand there where you have the consumerization of healthcare those digital health companies that want to offer actual medical advice medical services to their members to their subscribers we unlock that for them We're seeing a lot of growth there. we're seeing a lot of growth there I think we're also seeing a lot of growth, again, from the payer side, where they're trying to improve their MLR. i think we're also seeing a lot of growth again from the payer side where they're trying to improve their mlr They're trying to drive down costs. they're trying to drive down costs They're trying to reduce hospital readmissions. they're trying to reduce hospital readmissions They're trying to improve their HEDIS quality score ratings. The only way to really do that, there's lots of ways to do that, the big way to do that is that are drifting, that are unattached, that are going without the care we're helping them address that. We're seeing a big tailwind there for sure. We're continuing to widen the scope that we're providing in the home. We're trying to meet patients before they end up in a hospitalization. We're trying to meet patients within that 30-day readmit window so that we can see them in the home, maybe re-dress that incision site, maybe make sure that they don't bounce back to the hospital. They're trying to improve their HEDIS quality score ratings. they're trying to improve their hedis quality score ratings The only way to really do that, there's lots of ways to do that, the big way to do that is that are drifting, that are unattached, that are going without the care we're helping them address that. the only way to really do that there's lots of ways to do that the big way to do that is that are drifting that are unattached that are going without the care we're helping them address that We're seeing a big tailwind there for sure. we're seeing a big tailwind there for sure We're continuing to widen the scope that we're providing in the home. we're continuing to widen the scope that we're providing in the home We're trying to meet patients before they end up in a hospitalization. we're trying to meet patients before they end up in a hospitalization We're trying to meet patients within that 30-day readmit window so that we can see them in the home, maybe re-dress that incision site, maybe make sure that they don't bounce back to the hospital. we're trying to meet patients within that 30-day readmit window so that we can see them in the home maybe re-dress that incision site maybe make sure that they don't bounce back to the hospital We work with a very large payer in California where they've been giving us the LACE score patients, the Length of Stay Acuity, chronic condition patients on a scale of one to 10. They've been giving us, I think, on average, 9.2 out of 10. These are the highest acuity patients. Our patient population they've been giving us has been bouncing back to the emergency department 60% less. Because, again, we're following up with their care plans in the home. I think this idea of meeting patients where they are is playing out and the payers that the majority of the customers we have on the payer side want to expand with us this year. We work with a very large payer in California where they've been giving us the LACE score patients, the Length of Stay Acuity, chronic condition patients on a scale of one to 10. we work with a very large payer in california where they've been giving us the lace score patients the length of stay acuity chronic condition patients on a scale of one to 10 They've been giving us, I think, on average, 9.2 out of 10. they've been giving us i think on average 9.2 out of 10 These are the highest acuity patients. these are the highest acuity patients Our patient population they've been giving us has been bouncing back to the emergency department 60% less. our patient population they've been giving us has been bouncing back to the emergency department 60% less Because, again, we're following up with their care plans in the home. because again we're following up with their care plans in the home I think this idea of meeting patients where they are is playing out and the payers that the majority of the customers we have on the payer side want to expand with us this year. i think this idea of meeting patients where they are is playing out and the payers that the majority of the customers we have on the payer side want to expand with us this year

Speaker 2: Okay. Maybe all the demand's just shifting- Okay. okay Maybe all the demand's just shifting- maybe all the demand's just shifting-

Speaker 1: Yeah Yeah yeah

Speaker 2: out of those acute settings. You've outlined a path to profitability this year. How should we think about the key drivers and what the puts and takes are going to be? out of those acute settings. out of those acute settings You've outlined a path to profitability this year. you've outlined a path to profitability this year How should we think about the key drivers and what the puts and takes are going to be? how should we think about the key drivers and what the puts and takes are going to be

Speaker 1: This is a big aspect for the company. We shared on our last earnings call that we plan to break even in the back half of the year, and it's really a factor of three, obviously, key components. The first is on a quarterly revenue basis, we want to achieve the $80 million-$85 million. We feel like that's the critical need, the sort of watermark that we need to get to on a revenue side in order to have the scale that we need. In Q1, I mentioned we did about $76 million of revenue. We feel like we're quite close to that, and of course, I mentioned a lot of the growth that we're seeing throughout the company. That is sort of within reach, if you will. This is a big aspect for the company. this is a big aspect for the company We shared on our last earnings call that we plan to break even in the back half of the year, and it's really a factor of three, obviously, key components. we shared on our last earnings call that we plan to break even in the back half of the year and it's really a factor of three obviously key components The first is on a quarterly revenue basis, we want to achieve the $80 million-$85 million. the first is on a quarterly revenue basis we want to achieve the $80 million-$85 million We feel like that's the critical need, the sort of watermark that we need to get to on a revenue side in order to have the scale that we need. we feel like that's the critical need the sort of watermark that we need to get to on a revenue side in order to have the scale that we need In Q1, I mentioned we did about $76 million of revenue. in q1 i mentioned we did about $76 million of revenue We feel like we're quite close to that, and of course, I mentioned a lot of the growth that we're seeing throughout the company. we feel like we're quite close to that and of course i mentioned a lot of the growth that we're seeing throughout the company That is sort of within reach, if you will. that is sort of within reach if you will That revenue base, that's one component of it, about $80 million-$85 million of quarterly revenue. On the gross margin side, we feel like we need to be in the 34%-35%. In Q1, we were at 31.6 adjusted gross margin. We feel like, again, we have about 200 basis points-400 basis points to go there. That's going to be driven by being more and more efficient in our delivery, reducing overtime hours for our staff, reducing shift bonuses, being much more efficient, again, in the field with the medical assistants and the licensed practical nurses alongside the SteadyMD clinicians and driving that gross margin up. As the Mobile Health portfolio takes more and more of the revenue component, that will drive margins up with it. That revenue base, that's one component of it, about $80 million-$85 million of quarterly revenue. that revenue base that's one component of it about $80 million-$85 million of quarterly revenue On the gross margin side, we feel like we need to be in the 34%-35%. on the gross margin side we feel like we need to be in the 34%-35% In Q1, we were at 31.6 adjusted gross margin. in q1 we were at 31.6 adjusted gross margin We feel like, again, we have about 200 basis points- 400 basis points to go there. we feel like again we have about 200 basis points- 400 basis points to go there That's going to be driven by being more and more efficient in our delivery, reducing overtime hours for our staff, reducing shift bonuses, being much more efficient, again, in the field with the medical assistants and the licensed practical nurses alongside the SteadyMD clinicians and driving that gross margin up. that's going to be driven by being more and more efficient in our delivery reducing overtime hours for our staff reducing shift bonuses being much more efficient again in the field with the medical assistants and the licensed practical nurses alongside the steadymd clinicians and driving that gross margin up As the Mobile Health portfolio takes more and more of the revenue component, that will drive margins up with it. as the mobile health portfolio takes more and more of the revenue component that will drive margins up with it As an example, our Mobile Phlebotomy offering has about 55% gross margins. Our Remote Patient Monitoring practice has about 60% gross margins. As those continue to grow and become a bigger component of the revenue base, it will also take gross margins with it. We need to cut about $4 million-$5 million of SG&A spend per quarter. We did a very large reduction in force recently, we took some costs out of the business, and we're continuing to work with the vendors that we work with to sort of pare back some of the spending there, and we think that we can get that done. As an example, our Mobile Phlebotomy offering has about 55% gross margins. as an example our mobile phlebotomy offering has about 55% gross margins Our Remote Patient Monitoring practice has about 60% gross margins. our remote patient monitoring practice has about 60% gross margins As those continue to grow and become a bigger component of the revenue base, it will also take gross margins with it. as those continue to grow and become a bigger component of the revenue base it will also take gross margins with it We need to cut about $4 million-$5 million of SG&A spend per quarter. we need to cut about $4 million-$5 million of sg&a spend per quarter We did a very large reduction in force recently, we took some costs out of the business, and we're continuing to work with the vendors that we work with to sort of pare back some of the spending there, and we think that we can get that done. we did a very large reduction in force recently we took some costs out of the business and we're continuing to work with the vendors that we work with to sort of pare back some of the spending there and we think that we can get that done

Speaker 2: Okay, that was some really good detail there on mix versus scale versus operating efficiency. As we think about 2027 and beyond, once we're past that break-even point, what do you think are the biggest levers going forward? Okay, that was some really good detail there on mix versus scale versus operating efficiency. okay that was some really good detail there on mix versus scale versus operating efficiency As we think about 2027 and beyond, once we're past that break-even point, what do you think are the biggest levers going forward? as we think about 2027 and beyond once we're past that break-even point what do you think are the biggest levers going forward

Speaker 1: Yeah, I think it's going to continue to be, from a growth perspective, it's going to continue to be the Care Anywhere platform. I think we're going to continue to have very nice growth in those components. We think the Care Anywhere platform, again, the virtual care, the care in the home, the Mobile Phlebotomy, the Remote Patient Monitoring aspects will grow about 30%-40% year-on-year. Medical Transportation less. As that grows, that'll be a continuing lever for that. I think we'll also continue to expand with the payers we work with. Right now, we work with a number of wonderful, fantastic name brand payers. I know some of them will be at the conference. We work with those payers, and we think over time, we're going to be thoughtful about it. Yeah, I think it's going to continue to be, from a growth perspective, it's going to continue to be the Care Anywhere platform. yeah i think it's going to continue to be from a growth perspective it's going to continue to be the care anywhere platform I think we're going to continue to have very nice growth in those components. i think we're going to continue to have very nice growth in those components We think the Care Anywhere platform, again, the virtual care, the care in the home, the Mobile Phlebotomy, the Remote Patient Monitoring aspects will grow about 30%-40% year-on-year. we think the care anywhere platform again the virtual care the care in the home the mobile phlebotomy the remote patient monitoring aspects will grow about 30%-40% year-on-year Medical Transportation less. medical transportation less As that grows, that'll be a continuing lever for that. as that grows that'll be a continuing lever for that I think we'll also continue to expand with the payers we work with. i think we'll also continue to expand with the payers we work with Right now, we work with a number of wonderful, fantastic name brand payers. right now we work with a number of wonderful fantastic name brand payers I know some of them will be at the conference. i know some of them will be at the conference We work with those payers, and we think over time, we're going to be thoughtful about it. we work with those payers and we think over time we're going to be thoughtful about it There are a lot of markets that those payers want us to go to. I shared, and it's always, like you said, it's a balance there, right? We have a payer that we work with in California. We recently expanded with them to Kentucky and New Mexico. There's other states we could expand with them. I think it's, but we also want to be mindful. New markets require new investment, which require perhaps strain on the EBITDA. We're being very thoughtful about that. We're expanding to new states in a very measured way, and we think we're expanding to states in a way where we can do it profitably quickly. We announced a couple of weeks ago that we just launched Mobile Phlebotomy services in Southern Florida, actually, in this neck of the woods. There are a lot of markets that those payers want us to go to. there are a lot of markets that those payers want us to go to I shared, and it's always, like you said, it's a balance there, right? i shared and it's always like you said it's a balance there right We have a payer that we work with in California. we have a payer that we work with in california We recently expanded with them to Kentucky and New Mexico. we recently expanded with them to kentucky and new mexico There's other states we could expand with them. there's other states we could expand with them I think it's, but we also want to be mindful. i think it's but we also want to be mindful New markets require new investment, which require perhaps strain on the EBITDA. new markets require new investment which require perhaps strain on the ebitda We're being very thoughtful about that. we're being very thoughtful about that We're expanding to new states in a very measured way, and we think we're expanding to states in a way where we can do it profitably quickly. we're expanding to new states in a very measured way and we think we're expanding to states in a way where we can do it profitably quickly We announced a couple of weeks ago that we just launched Mobile Phlebotomy services in Southern Florida, actually, in this neck of the woods. we announced a couple of weeks ago that we just launched mobile phlebotomy services in southern florida actually in this neck of the woods We did that in partnership with one of the major labs, and we did it in a way where we were able to scale the staff cheaply and quickly, and the demand was already there for us. We didn't have to generate it, we think we're going to be profitable very quickly in that endeavor here in Southern Florida. That's the way we're going to be scaling the business. We did that in partnership with one of the major labs, and we did it in a way where we were able to scale the staff cheaply and quickly, and the demand was already there for us. we did that in partnership with one of the major labs and we did it in a way where we were able to scale the staff cheaply and quickly and the demand was already there for us We didn't have to generate it, we think we're going to be profitable very quickly in that endeavor here in Southern Florida. we didn't have to generate it we think we're going to be profitable very quickly in that endeavor here in southern florida That's the way we're going to be scaling the business. that's the way we're going to be scaling the business

Speaker 2: Yeah. We touched a little bit on the CMS Access Model a little earlier. I'd love to go more in-depth into both CMS Access, also, are there any other CMS or regulatory proposals that we should be aware of as it relates to your business? Yeah. yeah We touched a little bit on the CMS Access Model a little earlier. we touched a little bit on the cms access model a little earlier I'd love to go more in-depth into both CMS Access, also, are there any other CMS or regulatory proposals that we should be aware of as it relates to your business? i'd love to go more in-depth into both cms access also are there any other cms or regulatory proposals that we should be aware of as it relates to your business

Speaker 1: Yeah. The Access Model was a big program that CMS launched. Essentially, what that model is trying to incentivize is a much lower upfront, basically reimbursement for a preventative care. If you're successful in achieving health outcomes, which I'll give some examples of, then you get sort of incentive payments and bonus payments. That was a big move by CMS. They put out an RFP. I think a lot of companies responded to it. They ultimately ended up choosing 150 to participate. We are one of the 150 that was selected, and I think time will tell. We will launch in a measured way, where patients can be enrolled into our practice as part of the Access Program, and we will provide preventative care exactly like we're doing today and try to drive outcomes. I think we will see more programs like that from CMS. Yeah. yeah The Access Model was a big program that CMS launched. the access model was a big program that cms launched Essentially, what that model is trying to incentivize is a much lower upfront, basically reimbursement for a preventative care. essentially what that model is trying to incentivize is a much lower upfront basically reimbursement for a preventative care If you're successful in achieving health outcomes, which I'll give some examples of, then you get sort of incentive payments and bonus payments. if you're successful in achieving health outcomes which i'll give some examples of then you get sort of incentive payments and bonus payments That was a big move by CMS. that was a big move by cms They put out an RFP. they put out an rfp I think a lot of companies responded to it. i think a lot of companies responded to it They ultimately ended up choosing 150 to participate. they ultimately ended up choosing 150 to participate We are one of the 150 that was selected, and I think time will tell. we are one of the 150 that was selected and i think time will tell We will launch in a measured way, where patients can be enrolled into our practice as part of the Access Program, and we will provide preventative care exactly like we're doing today and try to drive outcomes. we will launch in a measured way where patients can be enrolled into our practice as part of the access program and we will provide preventative care exactly like we're doing today and try to drive outcomes I think we will see more programs like that from CMS. i think we will see more programs like that from cms I think that's the only real solution. I think part of the aspect that people in healthcare don't talk enough about is in order to improve health outcomes, most of the time, you need a long-term view. By patients that have chronic conditions, it takes time to impact their health outcomes. It takes time to improve their condition. Our system is set up in a very short-term way. I may have one insurance provider this year, and next year, I might change my insurance provider. I might work for a company where I have one insurance, and then I go and work for another company that has a different insurance. I think that's the only real solution. i think that's the only real solution I think part of the aspect that people in healthcare don't talk enough about is in order to improve health outcomes, most of the time, you need a long-term view. i think part of the aspect that people in healthcare don't talk enough about is in order to improve health outcomes most of the time you need a long-term view By patients that have chronic conditions, it takes time to impact their health outcomes. by patients that have chronic conditions it takes time to impact their health outcomes It takes time to improve their condition. it takes time to improve their condition Our system is set up in a very short-term way. our system is set up in a very short-term way I may have one insurance provider this year, and next year, I might change my insurance provider. i may have one insurance provider this year and next year i might change my insurance provider I might work for a company where I have one insurance, and then I go and work for another company that has a different insurance. i might work for a company where i have one insurance and then i go and work for another company that has a different insurance How can an insurance company actually invest to make me healthier, try so hard this year to maybe perhaps help me, if I'm struggling with a chronic condition, only to see me go to another health insurance company if I were to change roles or change jobs or change insurance companies. That's the problem the system has. The only one that can solve that is CMS. I think that is CMS's responsibility, and I think they're going to continue to look there. All the conversations that we have around this from people that are in that orbit, advising in that space, are telling us that CMS is pushing more and more to develop programs that are incentivizing that, because otherwise the healthcare system is completely doomed. How can an insurance company actually invest to make me healthier, try so hard this year to maybe perhaps help me, if I'm struggling with a chronic condition, only to see me go to another health insurance company if I were to change roles or change jobs or change insurance companies. how can an insurance company actually invest to make me healthier try so hard this year to maybe perhaps help me if i'm struggling with a chronic condition only to see me go to another health insurance company if i were to change roles or change jobs or change insurance companies That's the problem the system has. that's the problem the system has The only one that can solve that is CMS. the only one that can solve that is cms I think that is CMS's responsibility, and I think they're going to continue to look there. i think that is cms's responsibility and i think they're going to continue to look there All the conversations that we have around this from people that are in that orbit, advising in that space, are telling us that CMS is pushing more and more to develop programs that are incentivizing that, because otherwise the healthcare system is completely doomed. all the conversations that we have around this from people that are in that orbit advising in that space are telling us that cms is pushing more and more to develop programs that are incentivizing that because otherwise the healthcare system is completely doomed Even for us, we're a self-insured employer on the health side, we try so hard to help our employees, our team members that perhaps are high utilizers and have chronic conditions. Look, we feel a moral responsibility to try to help them, even if they are to go to move on to another company and have another insurance provider. We see it. You have to have a long-term view to impact someone's health, but the insurance industry and the healthcare industry is set up for short-term incentives. That has to be solved. Everybody's talking about all these things with AI and everything else. You can invest in anything you want. Even for us, we're a self-insured employer on the health side, we try so hard to help our employees, our team members that perhaps are high utilizers and have chronic conditions. even for us we're a self-insured employer on the health side we try so hard to help our employees our team members that perhaps are high utilizers and have chronic conditions Look, we feel a moral responsibility to try to help them, even if they are to go to move on to another company and have another insurance provider. look we feel a moral responsibility to try to help them even if they are to go to move on to another company and have another insurance provider We see it. we see it You have to have a long-term view to impact someone's health, but the insurance industry and the healthcare industry is set up for short-term incentives. you have to have a long-term view to impact someone's health but the insurance industry and the healthcare industry is set up for short-term incentives That has to be solved. that has to be solved Everybody's talking about all these things with AI and everything else. everybody's talking about all these things with ai and everything else You can invest in anything you want. you can invest in anything you want If it does not improve health outcomes over a period of time where you could actually make a return on that investment, which is how we're set up, which is the way it should be, right? I'm going to work so hard to make a patient healthier, only to see them go to another provider or go to another insurance company, and that insurance company is going to get all the benefit of all the investment I made into that patient, then that has to change. I think that's the types of programs you're seeing. The HEDIS quality scale is a big part of that, where insurance providers are incentivized to improve outcomes and have higher star ratings. I think it's about something like 40% of the plans, improvement in their reimbursement rate if they were stars, and they're missing out on that. If it does not improve health outcomes over a period of time where you could actually make a return on that investment, which is how we're set up, which is the way it should be, right? if it does not improve health outcomes over a period of time where you could actually make a return on that investment which is how we're set up which is the way it should be right I'm going to work so hard to make a patient healthier, only to see them go to another provider or go to another insurance company, and that insurance company is going to get all the benefit of all the investment I made into that patient, then that has to change. i'm going to work so hard to make a patient healthier only to see them go to another provider or go to another insurance company and that insurance company is going to get all the benefit of all the investment i made into that patient then that has to change I think that's the types of programs you're seeing. i think that's the types of programs you're seeing The HEDIS quality scale is a big part of that, where insurance providers are incentivized to improve outcomes and have higher star ratings. the hedis quality scale is a big part of that where insurance providers are incentivized to improve outcomes and have higher star ratings I think it's about something like 40% of the plans, improvement in their reimbursement rate if they were stars, and they're missing out on that. i think it's about something like 40% of the plans improvement in their reimbursement rate if they were stars and they're missing out on that 5% is a meaningful premium reimbursement to get from CMS uplift. I think that's where the system's going. It has to go that way. The only one that could actually push incentives like that is CMS, and I know from the Access program, as an example, they're really looking towards that. 5% is a meaningful premium reimbursement to get from CMS uplift. 5% is a meaningful premium reimbursement to get from cms uplift I think that's where the system's going. i think that's where the system's going It has to go that way. it has to go that way The only one that could actually push incentives like that is CMS, and I know from the Access program, as an example, they're really looking towards that. the only one that could actually push incentives like that is cms and i know from the access program as an example they're really looking towards that

Speaker 2: Okay. I've got one quick housekeeping modeling question. Fuel costs have been a big area of focus with the conflict in the Middle East. They weighed on earnings in the first quarter, but it seems like costs have come down. Is there any updated framing you can give us on how we should be thinking about that into the second quarter and the rest of the year? Okay. okay I've got one quick housekeeping modeling question. i've got one quick housekeeping modeling question Fuel costs have been a big area of focus with the conflict in the Middle East. fuel costs have been a big area of focus with the conflict in the middle east They weighed on earnings in the first quarter, but it seems like costs have come down. they weighed on earnings in the first quarter but it seems like costs have come down Is there any updated framing you can give us on how we should be thinking about that into the second quarter and the rest of the year? is there any updated framing you can give us on how we should be thinking about that into the second quarter and the rest of the year

Speaker 1: Yeah, it's funny, Sarah. Obviously I should have mentioned at the onset, we deliver healthcare. How do we do it? We have 1,000 vehicles. We have 4,000 clinicians in the field, all meeting patients where they are, taking patients to where they need to get to. Last year, we were bragging that we drove 11.5 million miles. The team, we were talking about it, and I said, "Hey, guys, actually, we should be bragging about how much fewer miles we can drive." That's part of the efficiency. If we didn't have our tech platform, I'm sure we'd be driving a lot more. As part of that, we purchase about 270,000 gallons of gasoline each quarter. It's pretty significant. For every dollar increase at the pump, we see about a 35 basis point margin hit. Yeah, it's funny, Sarah. yeah it's funny sarah Obviously I should have mentioned at the onset, we deliver healthcare. obviously i should have mentioned at the onset we deliver healthcare How do we do it? how do we do it We have 1,000 vehicles. we have 1,000 vehicles We have 4,000 clinicians in the field, all meeting patients where they are, taking patients to where they need to get to. we have 4,000 clinicians in the field all meeting patients where they are taking patients to where they need to get to Last year, we were bragging that we drove 11.5 million miles. last year we were bragging that we drove 11.5 million miles The team, we were talking about it, and I said, "Hey, guys, actually, we should be bragging about how much fewer miles we can drive." That's part of the efficiency. the team we were talking about it and i said "hey guys actually we should be bragging about how much fewer miles we can drive." that's part of the efficiency If we didn't have our tech platform, I'm sure we'd be driving a lot more. if we didn't have our tech platform i'm sure we'd be driving a lot more As part of that, we purchase about 270,000 gallons of gasoline each quarter. as part of that we purchase about 270,000 gallons of gasoline each quarter It's pretty significant. it's pretty significant For every dollar increase at the pump, we see about a 35 basis point margin hit. for every dollar increase at the pump we see about a 35 basis point margin hit For every dollar, again, 35 basis point margin hit. Our biggest component in the business is really the vehicles and the labor, not the gas. We'd love it if the gas prices went lower, but it's about, for every dollar, it's about 35 basis points. Sometimes people think it would end up impacting our business more. It will be a headwind for us in Q2. We're seeing much higher gas prices in Q2. We think that will persist. We think, hopefully, it abates in the back half of the year, which will help on the gross margin side. The other piece that we're doing in order to offset things we can't control, like gas prices, is to invest in the things that we can control, like automating a lot of the aspects of the business. For every dollar, again, 35 basis point margin hit. for every dollar again 35 basis point margin hit Our biggest component in the business is really the vehicles and the labor, not the gas. our biggest component in the business is really the vehicles and the labor not the gas We'd love it if the gas prices went lower, but it's about, for every dollar, it's about 35 basis points. we'd love it if the gas prices went lower but it's about for every dollar it's about 35 basis points Sometimes people think it would end up impacting our business more. sometimes people think it would end up impacting our business more It will be a headwind for us in Q2. it will be a headwind for us in q2 We're seeing much higher gas prices in Q2. we're seeing much higher gas prices in q2 We think that will persist. we think that will persist We think, hopefully, it abates in the back half of the year, which will help on the gross margin side. we think hopefully it abates in the back half of the year which will help on the gross margin side The other piece that we're doing in order to offset things we can't control, like gas prices, is to invest in the things that we can control, like automating a lot of the aspects of the business. the other piece that we're doing in order to offset things we can't control like gas prices is to invest in the things that we can control like automating a lot of the aspects of the business I mentioned on our last earnings call, we have an efficiency portfolio that includes a lot of automation in the business. For example, on our pre-billing, annual pre-billing function where we would go in and see pre-authorization to see if the patient has insurance, are we going to be able to collect, notify the hospital system of that, and now we're using AI to do that, as an example. We were using a lot of human capital to coordinate patient schedules, visits, rescheduling, confirming appointments, and now we're using AI more and more to do that. We are going to do the best we can to procure the gas for the cheapest possible way, but understanding we can't control the price. I mentioned on our last earnings call, we have an efficiency portfolio that includes a lot of automation in the business. i mentioned on our last earnings call we have an efficiency portfolio that includes a lot of automation in the business For example, on our pre-billing, annual pre-billing function where we would go in and see pre-authorization to see if the patient has insurance, are we going to be able to collect, notify the hospital system of that, and now we're using AI to do that, as an example. for example on our pre-billing annual pre-billing function where we would go in and see pre-authorization to see if the patient has insurance are we going to be able to collect notify the hospital system of that and now we're using ai to do that as an example We were using a lot of human capital to coordinate patient schedules, visits, rescheduling, confirming appointments, and now we're using AI more and more to do that. we were using a lot of human capital to coordinate patient schedules visits rescheduling confirming appointments and now we're using ai more and more to do that We are going to do the best we can to procure the gas for the cheapest possible way, but understanding we can't control the price. we are going to do the best we can to procure the gas for the cheapest possible way but understanding we can't control the price We are absolutely, sleeves rolled up on the aspects of the business that we can control, investing in automation so that we can improve the margins, which is a big facet of what we're doing to get to break even in the back half of the year. We are absolutely, sleeves rolled up on the aspects of the business that we can control, investing in automation so that we can improve the margins, which is a big facet of what we're doing to get to break even in the back half of the year. we are absolutely sleeves rolled up on the aspects of the business that we can control investing in automation so that we can improve the margins which is a big facet of what we're doing to get to break even in the back half of the year

Speaker 2: Yeah. How should we think about cash flow and capital needs over the medium term, and how should we think about capital allocation, given where we are today? Yeah. yeah How should we think about cash flow and capital needs over the medium term, and how should we think about capital allocation, given where we are today? how should we think about cash flow and capital needs over the medium term and how should we think about capital allocation given where we are today

Speaker 1: Yeah. First and foremost, I've been resolute. In terms of the capital allocation, we're going to continue to fund the growth of the business and fund the capabilities of the business. We think that there's a lot of opportunity for us in the pipeline that we have in the business and the existing customer base we have. As I mentioned, the majority of our health plans are looking to expand with us this year. That's really first and foremost where the capital allocation priority will sit. I think, we have ability to access capital. We have a line of credit today that we're looking to slightly modify and have access to capital to help fund the growth of the business going forward. Yeah. yeah First and foremost, I've been resolute. first and foremost i've been resolute In terms of the capital allocation, we're going to continue to fund the growth of the business and fund the capabilities of the business. in terms of the capital allocation we're going to continue to fund the growth of the business and fund the capabilities of the business We think that there's a lot of opportunity for us in the pipeline that we have in the business and the existing customer base we have. we think that there's a lot of opportunity for us in the pipeline that we have in the business and the existing customer base we have As I mentioned, the majority of our health plans are looking to expand with us this year. as i mentioned the majority of our health plans are looking to expand with us this year That's really first and foremost where the capital allocation priority will sit. that's really first and foremost where the capital allocation priority will sit I think, we have ability to access capital. i think we have ability to access capital We have a line of credit today that we're looking to slightly modify and have access to capital to help fund the growth of the business going forward. we have a line of credit today that we're looking to slightly modify and have access to capital to help fund the growth of the business going forward

Speaker 2: Okay, we've got about two minutes left, I just want to go over, what do you think investors are most misunderstanding about the DocGo business today? Okay, we've got about two minutes left, I just want to go over, what do you think investors are most misunderstanding about the DocGo business today? okay we've got about two minutes left i just want to go over what do you think investors are most misunderstanding about the docgo business today

Speaker 1: That's a good one, Sarah, thank you for asking that. Again, sometimes people look at our stock chart and say, "Lee, what am I missing? You have a $300 million healthcare service and technology company going and meeting patients where they are." Which is, again, one of the other pieces we didn't talk about is the federal government is also earmarking about $50 billion to help improve access to patients. You're doing all this. You have great scale. You have 1,000 vehicles, 4,000 clinicians. You're operating across all 50 states. What are we missing when we look at the stock chart? I think we, over the last couple of years, have really been digesting the comps from the COVID and the migrant. Like I said, I think Q1 was the first quarter where we didn't have any of that. That's a good one, Sarah, thank you for asking that. that's a good one sarah thank you for asking that Again, sometimes people look at our stock chart and say, "Lee, what am I missing? again sometimes people look at our stock chart and say "lee what am i missing You have a $300 million healthcare service and technology company going and meeting patients where they are." Which is, again, one of the other pieces we didn't talk about is the federal government is also earmarking about $50 billion to help improve access to patients. you have a $300 million healthcare service and technology company going and meeting patients where they are." which is again one of the other pieces we didn't talk about is the federal government is also earmarking about $50 billion to help improve access to patients You're doing all this. you're doing all this You have great scale. you have great scale You have 1,000 vehicles, 4,000 clinicians. you have 1,000 vehicles 4,000 clinicians You're operating across all 50 states. you're operating across all 50 states What are we missing when we look at the stock chart? what are we missing when we look at the stock chart I think we, over the last couple of years, have really been digesting the comps from the COVID and the migrant. i think we over the last couple of years have really been digesting the comps from the covid and the migrant Like I said, I think Q1 was the first quarter where we didn't have any of that. like i said i think q1 was the first quarter where we didn't have any of that In Q1 of last year, we had about $35 million of migrant revenues providing services to the humanitarian crisis in Europe relating to the migrants. When you look year-over-year, right, well, is the business growing or is it not? Again, when you take out the migrant revenues, it is. When you see it on that screening process, those year-over-year comps have been tough for us. That continues. I think we'll have some of that in Q2, but as we go throughout the year, that will abate. I also think, again, I think people are looking at really where we're investing into and they want to see the progress in the healthcare at any address, Care Anywhere program. I think we are showing that. We certainly showed that with all the volumes being up in Q1. In Q1 of last year, we had about $35 million of migrant revenues providing services to the humanitarian crisis in Europe relating to the migrants. in q1 of last year we had about $35 million of migrant revenues providing services to the humanitarian crisis in europe relating to the migrants When you look year-over-year, right, well, is the business growing or is it not? when you look year-over-year right well is the business growing or is it not Again, when you take out the migrant revenues, it is. again when you take out the migrant revenues it is When you see it on that screening process, those year-over-year comps have been tough for us. when you see it on that screening process those year-over-year comps have been tough for us That continues. that continues I think we'll have some of that in Q2, but as we go throughout the year, that will abate. i think we'll have some of that in q2 but as we go throughout the year that will abate I also think, again, I think people are looking at really where we're investing into and they want to see the progress in the healthcare at any address, Care Anywhere program. i also think again i think people are looking at really where we're investing into and they want to see the progress in the healthcare at any address care anywhere program I think we are showing that. i think we are showing that We certainly showed that with all the volumes being up in Q1. we certainly showed that with all the volumes being up in q1 We'll continue to show that as we go throughout the year here. Then as we hit that profitability threshold, I think we're going to be celebrating that. We'll continue to show that as we go throughout the year here. we'll continue to show that as we go throughout the year here Then as we hit that profitability threshold, I think we're going to be celebrating that. then as we hit that profitability threshold i think we're going to be celebrating that

Speaker 2: Yeah. We're super excited to watch the rest of the story from here and reaching breakeven profitability. Thank you so much for the time and attending our conference today. Yeah. yeah We're super excited to watch the rest of the story from here and reaching breakeven profitability. we're super excited to watch the rest of the story from here and reaching breakeven profitability Thank you so much for the time and attending our conference today. thank you so much for the time and attending our conference today

Speaker 1: Thanks, Sarah. Appreciate it. Thank you to the Goldman team. Thanks, Sarah. thanks sarah Appreciate it. appreciate it Thank you to the Goldman team. thank you to the goldman team