Telehealth and medical transportation company DocGo has released its second-Quarter financial results, revealing a total Revenue of $125.5 million, a rise from $109.5 million in the same period last year. In Q2 2023, revenue from the company’s mobile health services reached $80.1 million compared to $87.3 million in Q2 2022. Additionally, it reported $45.4 million in revenue for its transportation services, up from $22.2 million in the second quarter of 2022.
The company reported that revenue from mass COVID-testing during the first and second quarter of the year was less than $1 million, a significant decrease from $28 million in the second quarter of 2022.
The reported net income for Q2 was $1.3 million, in contrast to $11.8 million for the second quarter of 2022. Adjusted Ebitda stood at $9.1 million compared to $12.3 million.
As of June 30, DocGo’s total cash and cash equivalents amounted to $123.8 million, with no material debt and a $90 million line of credit. The company has revised its 2023 revenue guidance to $540-$550 million and adjusted its EBITDA to $48-$53 million.
Clover Health Reports Q2 2023 Earnings
Tennessee-based Medicare Advantage insurtech company, Clover Health, published its Q2 2023 earnings, shortly after announcing its compliance with NASDAQ’s minimum bid price requirement to avoid delisting. The company reported revenue of $513.6 million for the second quarter of this year, compared to $846.7 million in the same period last year. Insurance revenue grew by 17% to $314.4 million, up from $268.5 million in Q2 2022.
The second-quarter net loss for this year was $28.8 million, a decrease from $104.4 million in Q2 last year. Adjusted EBITDA showed improvement, reaching a $10 million gain compared to a second-quarter loss of $83.9 million in 2022.
Clover Health’s CEO, Andrew Toy, expressed satisfaction with achieving the company’s first quarterly adjusted EBITDA profit as a public company. Toy emphasized the strategic focus on operational maturity, efficiency, and investments in Clover Assistant R&D and home care capabilities. The company has significantly improved its full-year 2023 guidance for the Insurance segment and overall consolidated basis.
Hims & Hers Health Reports 83% YoY Revenue Increase in Q2
Direct-to-consumer virtual care company, Hims & Hers Health, reported significant growth in the second quarter of this year. Its revenue reached $207.9 million, marking an 83% increase from $113.6 million in the same quarter last year.
Additionally, the net loss decreased to $7.2 million compared to $19.7 million in Q2 last year. Adjusted EBITDA showed a gain of $10.6 million, an improvement from a loss of $7.5 million in the second quarter of 2022.
Hims & Hers Health raised its full-year revenue guidance for 2023 to a range of $830 million to $850 million, and adjusted EBITDA guidance from $35 million to $40 million. The company’s CFO, Yemi Okupe, expressed optimism about the progress made in the quarter, the company’s unique competitive advantages, and its ability to capture significant market share.
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