Today and welcome to the iAccess Alpha Virtual Best Ideas Winter Investment Conference 2025. The next presenting company is DocGo Inc. If you'd like to ask a question during the webcast, you may do so at any point during the presentation by clicking the Ask Question button on the left side of your screen. Type your question into the box and hit send to submit. I'd now like to turn the floor over to today's host, Mr. Lee Bienstock, CEO at DocGo Inc. Sir, the floor is yours. Thank you so much. It's great to be with you today at the Best Ideas Conference and to talk about DocGo, our mobile healthcare company, where we bring medical care to where it's needed, when it's needed, and that's really our great idea, our best idea, is creating a world-class medical company that delivers mobile healthcare, medical care to where it's needed, when it's needed, and we believe that when you meet patients where they are, you have great outcomes, and better outcomes lead to better health, and better health leads to less strain on the entire healthcare system, something that is desperately needed in our country and for our healthcare system, so we're excited to share how we do that with you today. I'll make sure we leave some time at the end for questions, and we'll get into it. Okay. So as I mentioned, our thesis is we are building a leading provider of tech-driven mobile care. We have a foundational expanding medical transportation business where essentially we've built an Uber-like experience for medical transportation, where we bring patients to the care setting that they need or bring them home from the hospital. We have a rapidly growing care-in-the-home business. All of it is run off our proprietary tech backbone that we purpose-built for delivering care in this way. We have a strong balance sheet and the resources to support our growth in the years to come. And of course, anyone working in the healthcare space has a massive expanding TAM. But as I'll share later in the presentation, CMS, Centers for Medicare and Medicaid, and other key players in the ecosystem are predicting a huge growth in the amount of care being delivered in the home. Here's what we do in a nutshell. We have three service lines. As I mentioned, we have a medical transportation division. It's a tech-powered, state-of-the-art platform with our own fleet, our own skilled EMS professionals providing medical transportation and management. I'll talk more about it, but our tech platform is integrated with Epic. It works into the patient flow of the hospital systems we work with. We work with premier hospital systems like Mount Sinai, Jefferson, Northwell, New York City Health + Hospitals, Main Line Health, and they utilize our technology to help coordinate the patient flow, discharge, and medical transportation. We have a rapidly growing mobile healthcare division where we use the same tech backbone to deliver care in a patient's living room, and we're building out the capabilities to bring a doctor's office, the capabilities of a doctor's office to the patient's living room. When we're not with patients, we have a growing remote patient monitoring business where today we monitor over 50,000 patients, primarily in the cardiac space, that have implantable loop recorders and pacemakers, and we're reviewing those transmissions of data continuously on a daily basis to make sure that their conditions are not precipitating and we're intervening when necessary, and all told, we have thousands of clinical staff providing these services in over almost 1,000 mobile vehicles in 31 states and the U.K. In our clinical practice, we have a 50-state virtual practice where we can provide virtual care to anyone across the country. We've served over 10 million patients since we started, so we've been scaling. We've been doing this at great scale now for many years, and most importantly, the patients love it. Patients love it when you meet them where they are and engage with them on their terms in their preferred setting. And it's a really tech-forward experience, and patients love it. And that is the most important aspect. And when patients love it, they're more likely to engage in their health, and you're more likely to have better health outcomes, and that's what everybody wants. So that's really the platform we're building here. On the medical transportation side, we have a great roster of customers. On the mobile healthcare side, we're working with the payers, the health insurance companies that are identifying patients that have gaps in care, that need care brought to them, and they're providing us with those lists of patients. And our team is engaging and going and seeing those patients day in, day out. We expect to provide medical transportation for about 700,000 patients this year, provide care in the home, mobile labs, care gap closure, primary care to over 150,000 patients. And as I mentioned, we monitor over 50,000 patients today. So great scale across our service lines, all the goal to bring care to where you are. That's our best idea. Who knew if you meet patients where they are on their terms, just like any other industry, if you deliver great care to where they are when they need it, you're going to have great results. And that's what we're so excited to continue to build out. This has been the financial profile of the company. I like putting this slide right up front so people can get a sense. I mentioned the scale of the volume of visits and patient engagement that we're delivering today. Here's what the business has looked like over the years. You'll notice a couple of elements here. Number one is you see the growth of our medical transportation business. About five years ago, we did less than $100 million of revenue in that business. This year, we guided to about $200 million, $200 million plus. You'll also notice our work with our payers and providers. The list of patients that the payers and providers are working with us to bring care to their members that have open gaps in care, need care to help keep them out of the hospital or their chronic condition from precipitating getting even worse. That's the light blue bar that you see being built out there. We issued guidance, which I'll get into a little bit more. We issued guidance for next year on our last earnings call to between $280 million to $300 million of revenue. So we're essentially tripling the base business of the company over the past five years or so. We're really, really proud of that. All the while, you'll notice the gray bar. We were instrumental in responding to the COVID crisis. We're a mobile healthcare company, which was incredibly valuable during the pandemic. We've been providing services to the migrants and asylum seekers that were arriving in our home state of New York here. And that's the gray bar that you see there. The company experienced revenue and deployment in a significant way around those crises and emergency responses. And that's where you see that gray bar, which, again, sort of overshadows the great growth in the base business that we've been experiencing over the past number of years. And so that's why we like to talk about that upfront. Oftentimes, investors will ask me, "Well, what happened with the revenue last year, the year before?" And that's where you see the COVID revenue and the migrant revenue that we're breaking out and showing the base business revenues and the growth there. And I think it's important for us to talk about that at the onset so people can see the growth profile of the company and all its component pieces. And we're very proud of it. So as I mentioned, we had our earnings call last month. And here are some highlights from our Q3 call. Our total revenue for the company was about $71 million in revenue, $70.8 million in revenue. Our adjusted gross margin was 33%. We had an adjusted EBITDA loss of about $7.2 million. Again, we'll talk about where some of that investment is going. But that investment that you see here is going into building out the capabilities of bringing a doctor's office to a patient's living room and continuing to invest in the growth and infrastructure of the company. Mobile health revenue is about $20 million. Medical transportation revenue is about $50 million, breaking those pieces out. And our medical transportation adjusted gross margin was 31.7%. The company doesn't have any debt on its balance sheet. Our outstanding amount on our line of credit is sitting at zero. We've paid that all back. And total cash on the balance sheet is $95.2 million. So we have a really healthy balance sheet. We've managed it well. We continue to have a growing business that we invest in the capabilities of the company and some really great traction. I announced also on our last earnings call that we achieved record volumes across all our major business lines with Medical Transportation. U.S. Medical Transportation growing by 2.5%. Our care gap closure and transitional care business growing 320% year- over- year. Our mobile phlebotomy business growing 11% year- over- year. Our remote patient monitoring business growing 6% year- over- year. And when comparing the third quarter of this year to the third quarter of last year. So we really see volumes up. That's how we know we're absolutely on the right path. And patients are loving it. Health plans are benefiting from it. Hospital systems are benefiting from it. Most importantly, patients are benefiting from it. And we're really, really excited about the growth plans of the company and all the capabilities we're bringing out and the financial health of the company. And this really is the problem we're solving. Chronic disease is a massive issue in the U.S. healthcare landscape. The CDC, again, there was a great article where the CDC estimated that 90% of the nation's $4.5 trillion in annual healthcare spend is relating to people with chronic illness. If we can help people with diabetes, with heart failure, with chronic kidney failure, if we can help those patients manage their diseases, stay out of the hospital, lead healthier lives, we're going to help this massive issue in the U.S. healthcare system. That's exactly the type of solutions that we are building out is to be able to address and help treat chronic conditions, keep patients out of the hospital, and ultimately provide preventative proactive care. This is a huge need in the U.S. healthcare landscape. We'll dig in a little bit more on mobile health. As I mentioned, we're projected to visit over 150,000 patients in their home this year. We work with the payers and providers that have patients that are part of their member base or patients that they're trying to reach. And for whatever reason, they're not getting the care they need. Maybe they need a diabetic retinal scan. They have diabetes, and we have to make sure that they're not at risk for vision impairment. Maybe they have osteoporosis, and they need a bone density scan. Maybe they're at risk of colon cancer, and we need to do a colon cancer screening. They have vaccinations that they haven't received. They haven't received an annual wellness visit. And so we go to the home, and those are the exact services that we deliver. We deliver over 40 different care gaps in the home, building out the capabilities to do that. That's what our company is all about, and we've been making great, great progress there, and like I said, we'll visit 150,000 patients in their home this year. The payers we work with, that list is growing. I like to share that a couple of years ago, we were working with one payer. They gave us a list of about 70,000 patients that were in need of these services, and now we work with payers you see here listed, over a half dozen payers that have given us 1.3 million patients' lists of patients that are in need of those care gap closure and primary care services. Molina, Healthfirst, and then Empire Health Plan, L.A. Care, Elevance, EmblemHealth, all customers, all working with us in partnership to reach patients that have open gaps in care and need preventative care. And if we close those gaps in care, the health plans save money because the patients are healthier. They're not landing in the hospital. The health plans get a higher quality rating because their members are getting the care they need. And all of that drives savings and better performance for these health plans. So we are targeting the very aspect of what the health plans are struggling with right now, which is ballooning costs and patients with chronic conditions ending up in the hospital. And we are absolutely going and treating those patients, helping them close those gaps in care. As I mentioned, this is a very, very big market, as you can imagine. 30% of the PCP market is expected to shift into non-traditional providers, according to Bain. And again, CMS is projecting a huge percentage of care to find its way into the home because oftentimes that's the best setting for some of this care. And we're right at the nexus of that. Here's how we do it. This idea, this great idea, this best idea is an old idea. The doctor used to come to your home, but it was inefficient. There was too much drive time. We, frankly, have a scarcity of physicians in this country and advanced practice providers. And so how do we do what we do? We've built a tech platform that allows us to send certified medical assistants, licensed practical nurses, phlebotomists into the home. They're the ones that are driving from home to home. They're the ones that are getting the patient visit set up. They're the ones that are hands, eyes, and ears in the patient's home. And they're overseen synchronously by that very scarce advanced practice provider, that licensed medical physician, that physician's assistant, that nurse practitioner overseeing and directing the visit. And they're able to tell the clinician that's in the home, they want to see inside the ear, nose, and throat. They want to take a swab. They want to administer a vaccine. The remote clinical staff is the one prescribing, treatment, planning, and diagnosing. And the clinician in the home is the one that's the hands, eyes, and ears, hands-on with that patient. And that's exactly the platform that we've built. It is tech-forward, and that allows us to essentially put that old idea back into play, sending the capabilities of a clinician into a patient's home. And we're very excited about this. Patients absolutely love it. And again, it's very tech-forward and, again, meeting patients where they are. This is the platform we've built out. In order to help us accelerate that platform, the expansion of that platform, the scale of that platform, we need more and more advanced practice providers. And so you may have seen about six weeks ago, we made an acquisition where we acquired a company called SteadyMD that has been operating for nine years. They'll do about $25 million of revenue this year. And they have hundreds of advanced practice providers providing clinical care, virtual care, telemedicine across 50 states today. We feel like that network of clinicians overlaid with our field deployment, those mobile healthcare clinicians in the field paired with the SteadyMD platform is going to help us go faster, is going to help us be more efficient, allowing us to use those hundreds of telehealth-based providers that SteadyMD has to garner up to 10% gross margin improvement on our deployment. We're very, very excited about this, and they have a world-class platform. This is what we offer in the home. We talked about it: mobile phlebotomy, care gap closure, transitional care management, urgent care, primary care, all in the patient's home or via telehealth. And again, we're one of the largest scaled providers of this. And meeting patients where they are, again, is the profound idea. As I touched on it, sometimes patients need to go to the hospital. Sometimes patients need to be taken from one care setting to the next. And we have one of the preeminent medical transportation platforms in the industry, also a multi-billion dollar market. And we partner with the hospital systems in this case. So on the mobile healthcare side, we are partnering with the health insurance companies. And on the medical transportation side, we're partnering with the health systems, the hospitals themselves. Here's a list of the wonderful customers we have there: enterprise-grade agreements and deployments with the hospital systems. And we provide efficient, reliable, tech-forward medical transportation that is integrated with Epic, which I'll get into in a moment. And we're deploying this in multiple markets across the U.S. And the hospital systems utilize our tech platform that's integrated with Epic to manage the patient flow. Now, on that tech platform, we've built a proprietary mobile health and medical transportation platform that allows a discharging nurse to click a button in a patient's chart and see exactly when that ambulance is going to arrive to pick up that patient. And housekeeping knows when to get that bed made up for the next patient. And intake knows that that bed's now free to give to the next patient. And all of it's integrated seamlessly. And the discharging nurse knows, "Okay, the ambulance is going to arrive in 20 minutes. I need to get the patient ready so that when we arrive, we're not waiting around. The patient's ready to be taken." So that efficient patient flow and workflow is incredibly valuable when you infuse technology into the process. And that's what we've been building now for 10 years. And as I mentioned, hospital systems love it. Hospital systems like Mount Sinai and New York City Health + Hospitals and Jefferson are all utilizing this tech platform and our crews in the field. And loved ones know exactly when the patient is arriving home because they get a link. And just like any other tech platform today, you see exactly when the service is arriving or when the goods are being delivered. And in our case, they could see exactly when the patient's going to be arriving at the next destination, all seamlessly integrated. And this is a huge competitive advantage for us that we've been building and investing into for many years now. It's HIPAA compliant. It's SOC 2 and ISO 27001 certified. And so we're very, very, very proud of what we're building out here. As I mentioned, our volumes are all up. We're very excited about that progress and that traction we're seeing. I talked about the patients that are assigned to us for care gap and transitional care management, about 70,000 patients a couple of years ago, well over a million today. That's grown 142% compounded over the course of that span. The number of visits we're completing up 90% over the course of 2023 to the projections we have for 2026. Number of PCP visits, again, all these volumes up in a big way because these are absolutely important aspects of the healthcare delivery system that patients need, and we're bringing it to them when they need it. We have a great team. Folks on the call may know Dr. Klasko, who is the former CEO and president of Jefferson Health, joined as the chair of our board. It's great that I'm here with you. I serve as the CEO, and we have a great leadership team that has deep expertise in EMS, in mobile healthcare, in the hospital settings, and so forth, and we're working really hard day in, day out to serve patients, to serve more and more patients, to help our partners be successful, and we believe that if we make patients healthier and our partners, like health insurance companies and hospitals, more successful, our company will be very successful alongside that, so here's really what our competitive advantage is. We've put all the pieces together to be able to deliver a seamless experience in a patient's home. And so the patient sees and gets to feel the experience of us having our own proprietary tech platform with our own staff, with our own fleet, with our own lab license, with our own clinical practice group, with our own managed care credentials, all combined so that we can provide a comprehensive, great experience of high-quality medical care in a patient's home. And putting all these pieces together is not easy. And it takes time, takes effort, takes brainpower, takes skill, takes execution. And that's exactly what we've been doing over the number of years here. And we now have the ability to deliver exactly what I'm just describing because of our vertical integration. There's so many companies out there. They're selling software, but the hospital systems or the insurance companies, they need the personnel to actually use it. There's so many companies out there that are antiquated. They may have the ambulances or the personnel or the brick-and-mortar doctor's office, but they're not on the tech platform to really deliver the services in the way that we're doing it. We're so unique in that way. We've built the software and the tech platform, but we don't just leverage that. We utilize that paired with our own clinical staff to be able to deliver care where it's needed. We've got some music playing in the background. Okay. I'm going to leave some time for questions here. We think we're very unique in the space. You may have recognized some of these names from Amwell to Teladoc to Uber Health. But we're putting all these services comprehensively in a way together that allows us to deliver a pretty seamless, unique experience that, frankly, is unmatched in the industry. How are we going to grow the company? We think about that day in, day out. First off, I shared some of the customers we're working with. We have strong long-term relationships with leading health systems, payers, and providers, exactly the people in the healthcare industry that you want to be partnered up with if you want to impact change, if you want to grow, and they have lots of needs, and we have lots of the capabilities that they need, and so there's a lot of opportunity, frankly, with the customers we have already today. We are very focused on reducing hospitalizations. That's what costs the system a lot of money. That's the most expensive care setting is when you're in the hospital, and so we have programs specifically designed to keep you out of the hospital. Hospitals play a vital role when you need to be there. You need to be there, and they absolutely provide a necessary role in the ecosystem. But oftentimes, you don't need to be in the hospital. Or if we can keep you from going to the hospital by preventing precipitating condition or helping you manage your chronic condition better, that's what we're all about. And so that's the role we play. We have a growing virtual care management platform, payer programs. We have a robust pipeline of new customers that we'll be looking to bring on, hopefully, in the next years to come. And we're very excited about that. And we've also shown propensity and ability to execute on strategic M&A. As I mentioned, we acquired SteadyMD about six weeks ago. We've been adept at acquiring companies and adding those capabilities and helping us scale faster with M&A. And we have a disciplined M&A approach, but we have a robust M&A pipeline that we'll continue to explore in the coming months and years. The key takeaways, and we'll leave some time for questions here. We have a strong balance sheet to support our growth. We have a defensive competitive advantage from our tech and our vertical integration. The software and the services all integrated into one platform, turnkey. We have a unique value proposition. We want to succeed when the patient is healthier. We want to succeed when the patient is cared for in their home. We want to succeed when we're efficient in moving patients from one care setting to the next with the medical transportation platform that we have. And when patients are healthier and our partners are winning, that's when we win. That's a great recipe, and we're very excited about our role in that. We're building a recurring revenue base with highly attractive customers. Yes, we helped during the pandemic. Yes, we helped during the migrant and asylum seeker crisis. But all the while, at the same time, we've been growing our base business. We've been growing out our capabilities. We've been growing out our tech platform to really set us up for the years to come and to help a lot of people. And we're a mission-driven company. Our goal is to keep patients out of the hospital, make them healthier. And if we're successful in doing that, our company is going to be successful. And of course, there's just an enormous TAM out there for us to effectuate that growth and for us to effectuate that better patient outcome. And this is what it's all about. The living room is just so much better than the waiting room. How many of us have been on the right-hand side of the photo with our children and our loved ones? And if we can give people perhaps a different experience in their home with the same quality of care, we feel like that is a profound idea. You may say a best idea, keeping with the spirit of this conference. And so we're so excited about that. And that's exactly what we're building here at DocGo. Okay. So let's take a look. Question time for some Q&A. Excellent. So I have a bunch of questions here. I'll try to get to them all. First question we have up is, how is the SteadyMD acquisition improving margins and capacity across your in-home visit model? So that is a very important piece. As I mentioned, we have two aspects to make that home visit possible. First, we have the field resources that are going from home to home, from care setting to care setting. And that is, of course, what the company has always done well. We have, again, that huge fleet, a huge workforce that's trained to go into the patient's home. But at the same time, they're overseen by the advanced provider, the licensed clinician, the MD, the NP, the PA. And so that is exactly what SteadyMD is bringing to DocGo. They have a network of hundreds of these advanced practice providers. And they're also serving other customers. So then when they're not seeing a DocGo patient, they're seeing another telehealth visit from their roster of impressive customers. And so that allows us to maximally utilize every minute of that advanced provider's day and make us much more efficient. Then, of course, bring that capacity to us to help us scale in the markets we're in and help us scale to the markets that we're being asked to go to. For example, we work with a payer today in California that recently asked us to expand to New Mexico, which we just started serving patients in New Mexico over the last few weeks. And so SteadyMD will help us expand to new markets as we work with our payers. We love that, right? The payers we're working with are happy. They're benefiting. The patients are benefiting. They ask us to go to new states. SteadyMD already has a 50-state clinical network that we're going to leverage for expansion there as well. Let's take a look at a few other questions. What does your pipeline look like for new quality and gap closure programs heading into 2026? That's a really great question because I think it touches on two very important aspects. The first is, as I mentioned, we have a growing number of patient lists that are being provided to us by the payers we already work with. And we think there's enormous opportunity there for us to continue to expand with the payers we're already working with and the markets we're already working with. We're also going to be looking to add new payers in the markets we're already in, adding density. And the more density we add, the more efficient we get. The more efficient we get, the better the margins improve. And so we're working on building that out in the markets we're in today. We will expand to new markets. That will typically happen with an existing payer we're already working with. They are partnering with us to scale to a new market. We're never going to go to a new market and hope to get volume or hope to get customers. Typically, our expansion strategy to new markets is because we already have a customer that's taking us to that new market, if you will. That's going to continue to be our ethos going into next year. I think it's going to be a mix between, frankly, expanding in the markets we're already in, getting greater density, getting greater efficiency, and then expanding to some new markets with our existing customer base or with a large anchor customer that wants us to enter into that market with the same capabilities and service lines that we offer today. The reason why I also wanted to focus on this question as well is because I mentioned the guidance that we gave for next year, the $280 million-$300 million of revenue for next year. That takes into account the customers we already have today. It does not take into account any new customers that we may sign, any new markets we may go into, any new deployments that we may undertake, any additional M&A activities we may pursue next year. All of that would be additive to the guidance that we issued on our last earnings call. So that's why it's very important. I'm glad. Thank you. Whoever submitted that question, it's a great one because I think it touches on our growth strategy on how we expand, but also touches on how we came to the guidance that we issued on our last earnings call. And so that puts us at time. Really appreciate it. We're here. We're really excited about what we're doing. We're going out and serving patients. We engage the investor community. Appreciate you hosting us today. If you have questions, absolutely reach out to us and watch as we grow in this space. We're going to be delivering care to where patients are when they need it. And when we do that, we help them lead healthier lives, manage their chronic conditions. And ultimately, we think we're going to be very successful doing that. Thank you. That concludes DocGo Inc.'s presentation. You may now disconnect. And please consult the conference agenda for the next presenting company.