DocGo Inc (NASDAQ:DCGO) stock fell 5.34% (As on March 19, 12:17:37 AM UTC-4, Source: Google Finance) after the company beats the analysts’ expectations for the fourth quarter of FY 22. Mobile Health revenue was $71.8 million, which includes approximately $1 million of COVID testing revenue, compared to $102.6 million for the fourth quarter of 2021, which includes approximately $50 million of COVID testing revenue. Transportation Services revenue was $37 million compared to $18.7 million for the fourth quarter of 2021, an increase of 98%. Net income was $7.1 million for the fourth quarter of 2022, compared to $20.3 million for the fourth quarter of 2021. Net income in the fourth quarter of 2021 was positively impacted by approximately $50 million of non-recurring mass COVID testing revenue, compared to $1 million in Q4 2022. Adjusted EBITDA was $6.8 million for the fourth quarter of 2022 compared to $17.3 million for the fourth quarter of 2022. Adjusted EBITDA in the fourth quarter of 2021 was positively impacted by approximately $50 million of non-recurring mass COVID testing revenue and Adjusted EBITDA in the fourth quarter of 2022 was negatively impacted by startup costs associated with onboarding numerous new contracts.

DCGO in the fourth quarter of FY 22 has reported the adjusted earnings per share of 11 cents, beating the analysts’ estimates for the adjusted earnings per share of 5 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $108.79 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue by 4.47%.

For fiscal 2023, the company sees continued strong demand from its customers for both mobile health and transportation services solutions and anticipates 2023 revenue to be approximately $500-$510 million, representing growth of approximately 14% to 16% over 2022 on an as-reported basis, or growth of 36% to 40% if non-recurring mass Covid testing revenue of approximately $75 million in 2022 is excluded. Adjusted EBITDA is anticipated to be approximately $45-$50 million. Full-year gross margin is expected to be approximately 35%.

Meanwhile, the company has entered into a partnership with Redirect Health, a platform that creates and manages healthcare solutions for businesses and employees nationwide, to provide on-demand, urgent mobile care to patients in New Jersey and New York. DCGO has launched an app integrated with the EPIC Health Information Technology platform which allows clinical staff to order DocGo’s medical transport services and/or mobile health visits from within the EPIC system.