NEW YORK - DocGo Inc. (NASDAQ:DCGO), a provider of mobile health services, announced a partnership with Spect to offer in-home eye disease screenings, focusing on diabetic retinopathy. This partnership aims to improve accessibility to essential eye exams for diabetic patients, leveraging Spect’s portable retinal camera technology.
Diabetic retinopathy is a leading cause of blindness among adults, and early detection is crucial. DocGo's mobile health clinicians will use Spect’s hand-held cameras to conduct eye exams at patients' homes or workplaces, which can identify not only diabetic retinopathy but also other conditions such as glaucoma and macular degeneration.
Dr. James Powell, CEO of DocGo’s Clinical Practice Group, stated that integrating Spect’s technology with DocGo’s services will help increase screening rates and enhance patient care. This integration is also intended to improve health plan quality ratings by addressing one of the more challenging HEDIS quality measures.
Spect’s COO and Co-Founder, Michael Leung, expressed enthusiasm about the partnership, emphasizing the potential to prevent blindness through early detection. Spect's platform can identify eye diseases in a matter of minutes, and its ease of use and seamless integration into clinical workflows were significant factors in its selection as DocGo’s preferred solution.
The collaboration is expected to support DocGo’s offerings to health plans, with a focus on improving HEDIS Stars and expanding mobile primary care. Health plans contract with DocGo for in-home medical visits and the use of Spect devices is anticipated to help address the gap in care for diabetic eye exams.
DocGo is known for its mobile health services, remote patient monitoring, and ambulance services, aiming to provide accessible care outside the traditional healthcare setting. Spect, a data science company, is recognized for its eye disease screening solutions and aims to prevent blindness through the early detection of eye diseases.
This partnership is based on a press release statement.
In other recent news, DocGo reported a remarkable first quarter in 2024. The healthcare services provider saw a 70% increase in revenue, reaching $192.1 million, and a record adjusted EBITDA of $24.1 million. Net income also saw a significant upturn, rising to $10.6 million from a net loss in the previous year.
DocGo has adjusted its 2024 guidance due to the accelerated wind-down of certain migrant services projects. The firm now projects revenues between $600 million to $650 million and adjusted EBITDA of $65 million to $75 million. Despite some challenges, the company is planning for growth in 2025, with a focus on expanding its non-migrant Mobile Health and Transportation services.
Furthermore, DocGo's Mobile Health revenue nearly doubled to $143.9 million, and its Transportation services revenue rose to $48.2 million. As part of its strategy, the company executed a stock buyback program, repurchasing 1.3 million shares.
These are among the recent developments that highlight the company's performance and growth strategy.
InvestingPro Insights
DocGo Inc. (NASDAQ:DCGO) is taking significant strides in enhancing healthcare accessibility with its latest partnership with Spect, and the financial data reflects a company poised for growth. According to InvestingPro data, DocGo has a market capitalization of $299.62 million and is trading at a revenue valuation multiple that is considered low, with a price to book ratio in the last twelve months as of Q1 2024 standing at 0.96. The company's revenue has shown impressive growth, with a 61.46% increase over the last twelve months as of Q1 2024.
Two InvestingPro Tips highlight that management's confidence in the company is demonstrated by aggressive share buybacks, and analysts predict DocGo will be profitable this year. These factors, combined with a net income expected to grow and the company operating with a moderate level of debt, paint a promising financial picture for DocGo as it expands its services through strategic partnerships.
For readers interested in deeper analysis, more InvestingPro Tips are available, including insights into the company's cash burn rate and liquidity. DocGo's liquid assets surpass its short-term obligations, which is a reassuring sign for investors concerned about the company's financial health. Additionally, the company is trading near its 52-week low, which could represent a potential entry point for investors believing in the company's future prospects. To explore these tips and more, consider using the coupon code PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are 9 additional tips listed in InvestingPro for DocGo, which could further inform investment decisions.
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