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Here are 1-3 brief analogies to describe DocGo (DCGO):

• Amazon for in-person medical care delivered to your location.
• Uber for mobile urgent and primary care visits.
• A MinuteClinic or urgent care center that comes to your home or workplace.

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• Mobile Health Services: Provides on-demand, in-home or in-workplace urgent and primary medical care, including chronic condition management, delivered by medical professionals directly to patients.
• Medical Transportation Services: Offers a range of non-emergency medical transportation, including basic and advanced life support ambulance services, for patients requiring transit between locations.
• Event Medical Services: Delivers onsite medical staffing and support for various events, ensuring immediate medical attention and emergency response capability.

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Lee Bienstock, Chief Executive Officer

Mr. Bienstock became CEO of DocGo in September 2023, having previously served as the company's President and Chief Operating Officer. Before joining DocGo in 2022, he spent ten years at Google, where his most recent role was Global Head of Enterprise Partnerships for Devices and Services. He holds an MBA from the Wharton School at the University of Pennsylvania and a BS from Cornell University.

Norman Rosenberg, Treasurer and Chief Financial Officer

Mr. Rosenberg became CFO of DocGo Inc. in January 2023, and Treasurer in September 2023, after joining Ambulnz Holdings, LLC as CFO in January 2020. Prior to Ambulnz, he spent five years at AmTrust Financial, Inc., serving in various capacities, including president of their direct-to-consumer division and CFO of fee companies. In his CFO role at AmTrust, he oversaw the divestitures of several non-core units, generating over $1 billion in proceeds. Mr. Rosenberg has also held CFO positions at companies such as KDDI Global, Marsh, Inc., and IDT Telecom. Earlier in his career, he worked as an equity analyst for Standard & Poor's Corporation.

Dr. James Powell, CEO, Clinical Practice Group

Dr. Powell is a board-certified Internist with over 20 years of experience as a physician executive for non-profit organizations that focus on underserved populations. Before his role at DocGo, he was the CEO of Long Island Select Healthcare (LISH), a federally qualified health center, where he successfully implemented integrative community programs and contributed to significant cost savings as Treasurer of their Accountable Care Organization (ACO). He has also served as a medical advisor for startup health IT companies specializing in telemedicine, AI, and remote patient monitoring services.

Andre Oberholzer, Executive Vice President of Strategy

Mr. Oberholzer currently serves as DocGo's Executive Vice President of Strategy. He previously held the position of CFO for DocGo from 2015 until January 2023, bringing over 30 years of senior financial and operational experience to the company. Prior to DocGo, he served as CFO for various companies, from startups to large global enterprises, including a division of Altegrity (2006-2012), WageWorks (2005-2006), and Philips Electronics (EES) and Philips Healthcare (Customer Service) (2001-2005), where his responsibilities included restructuring, M&A integration, and new business modeling.

Ely D. Tendler, General Counsel and Secretary of Board of Directors

Mr. Tendler has been General Counsel of DocGo and a member of its board of directors since 2015. He is also the Principal of Ely D. Tendler Strategic and Legal Services and has more than 25 years of experience as an attorney, with extensive transactional, operational, and managerial expertise.

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1. Legal and Governance Issues: DocGo faces significant legal and governance challenges, including a securities class action lawsuit that survived dismissal, alleging misrepresentations about contracts. An audit of a $432 million no-bid contract in New York City revealed that 80% of initial payments were unsupported or unallowable, suggesting systemic mismanagement and raising questions about the company's operational and ethical conduct. These issues, alongside the past revelation of the former CEO fabricating educational credentials, have severely eroded investor trust and could lead to substantial financial liabilities, potentially exceeding $50 million, and even risk the depletion of cash reserves or a Chapter 11 filing.
2. Reliance on Government Contracts and Revenue Decline: The company's historical revenue growth was heavily reliant on large government contracts, particularly for COVID-19 testing, vaccinations, and migrant-related care. However, these high-margin government contracts have largely wound down since 2023, leading to a significant decline in total revenue. DocGo reported a 39% drop in Q4 2024 revenue and a projected full-year 2025 revenue of $315 million to $320 million, a sharp decline from previous years. The company is in a critical transition phase, attempting to pivot to higher-margin, recurring payer and provider partnerships, but this shift presents execution risk and uncertainty in replacing lost revenue.
3. History of Losses and Challenges to Achieving Profitability: DocGo has a history of operating losses and anticipates that operating expenses will increase significantly in the foreseeable future, making it challenging to achieve or sustain profitability. The company reported a GAAP net loss of $29.7 million in Q3 2025 and projected a full-year 2025 adjusted EBITDA loss of $25 million to $28 million. Successfully managing growth, maintaining and expanding client relationships, recovering upfront costs, and controlling significant labor expenses are critical for the company to reverse its profitability trend.

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• The increasing trend of large health insurance payers and integrated health systems to vertically integrate and develop their own in-house mobile health and home-based care capabilities. This reduces the addressable market for third-party providers like DocGo and can lead to less favorable contracting terms or reduced demand for outsourced services as potential clients become direct competitors. Evidence includes major health systems expanding "Hospital at Home" programs and payers acquiring or building their own care delivery assets.
• Intensifying competition from well-funded, specialized mobile health providers (e.g., DispatchHealth) and the expansion of technology-driven non-emergency medical transportation (NEMT) services by ride-sharing companies (e.g., Uber Health, Lyft Healthcare). This increases competitive pressure on DocGo's core mobile health and NEMT segments, potentially impacting market share, pricing power, and profitability.

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DocGo (DCGO) operates in the mobile health and medical transportation sectors, and also offers remote patient monitoring. The addressable markets for its main products and services are as follows:

• Mobile Health Services: DocGo's Mobile Health segment, which includes in-home care, telehealth services, and population health programs, has a total addressable market of approximately $265 billion. This market size primarily pertains to the U.S.
• Medical Transportation Services: DocGo, through its Ambulnz brand, provides a full range of medical transportation services. The total addressable market for this segment is estimated to be between $7 billion and $13 billion. This market size primarily pertains to the U.S.
• Remote Patient Monitoring (RPM) & Chronic Disease Management: DocGo offers Total Virtual Care Management (VCM) and Remote Patient Monitoring services. The global remote patient monitoring market size varies across different reports:
  • One estimate places the global RPM devices market at approximately $17 billion in 2024, projected to grow to $57.5 billion by 2034. North America held a 40% market share in 2024, with the U.S. market reaching $6.3 billion in 2024.
  • Another report estimates the global remote patient monitoring system market size at $22.03 billion in 2024, projected to reach $110.71 billion by 2033. North America accounted for a 40.5% share of this market in 2024.
  • The global remote patient monitoring market was also valued at $43.22 billion in 2024 and is expected to grow to $137.26 billion by 2033. North America is identified as the most significant market shareholder in this segment.

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DocGo (DCGO) is strategically pivoting its business focus to drive future revenue growth over the next 2-3 years, moving away from its declining migrant-related programs. The company's expected growth drivers are primarily centered on expanding its core mobile health and medical transportation services, enhanced by technological integration and strategic acquisitions.

Here are 3-5 expected drivers of future revenue growth for DocGo:

1. Expansion of Care Gap Closure Programs: DocGo is significantly expanding its care gap closure programs, which involve proactive in-home health assessments and services to address gaps in patient care. The company has seen substantial progress, more than doubling assigned lives from Q2 to Q3 2024 to over 500,000 patients and exceeding 1.2 million assigned lives to engage with since the program's inception by Q2 2025. DocGo aims to complete over 31,000 care gap visits by the end of 2025 and increase that number to more than 54,000 by the end of 2026. This expansion includes launching new programs in regions like Southern California and broadening partnerships with national insurers.
2. Growth in Medical Transportation Services: DocGo anticipates continued revenue growth from its medical transportation segment. In the third quarter of 2024, transportation services revenue saw a 2% increase compared to the prior year. The company launched services for a major new medical transportation customer in the New York market in July 2025, expecting this to drive its highest-ever revenues and trip volumes in this vertical during the second half of 2025. DocGo has also set a target for 15% annual revenue growth in its transportation segment for 2025.
3. Acquisition and Integration of SteadyMD: The acquisition of SteadyMD, a virtual care platform, is expected to be a notable contributor to revenue growth. This acquisition, completed in October 2025, is projected to add approximately $25 million in revenue by 2025 and is anticipated to become EBITDA positive by 2026, expanding DocGo's telehealth services across all 50 states.
4. Geographic Expansion of Core Services: Beyond existing markets, DocGo plans to expand its core mobile health services, particularly its payer and provider business and care gap closure programs, into more than a half dozen new states by the end of 2026. This broader reach for its services, including mobile phlebotomy added through the acquisition of PTI Health in 2024, aims to tap into a larger market for proactive healthcare.

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Share Repurchases

• DocGo authorized a share repurchase program of up to $40 million in May 2022, which expired in November 2023.
• A new share repurchase program was approved in January 2024, authorizing repurchases of up to $36 million of its common stock over a six-month period ending July 30, 2024.
• As of May 8, 2024, DocGo had repurchased approximately 2.7 million shares under the 2024 program at an average net price of $3.69 per share, with approximately $26 million remaining under the authorization.

Share Issuance

• DocGo became a publicly traded company on December 15, 2021, after Motion Acquisition Corp. changed its name to DocGo Inc.
• A registration statement filed in December 2021, and declared effective in January 2022, included the registration for resale of up to 28,234,175 shares of common stock and warrants.
• The number of outstanding shares saw an increase of 5.15% in 2023, reaching 104.05 million shares, followed by decreases of 2.06% in 2024 and 2.92% in 2025.

Outbound Investments

• In October 2025, DocGo acquired the virtual care platform SteadyMD, Inc., as part of an effort to expand its telehealth services across all 50 states.

Capital Expenditures

• Capital expenditures for the 12 months ending in early 2025 were approximately $4.02 million.
• Reported capital expenditures were $2.2 million for the first quarter of 2025 and $667,173 for the fourth quarter of 2024.
• Investments are focused on positioning the company for future growth, including transitioning from migrant-related revenues to core mobile health revenue and enhancing its technology-enabled mobile health services.