Telemedicine and medical transportation company doctor go reported a data breach in SEC filing The company announced that it has identified a cybersecurity incident in which consumer protected health information was accessed and obtained with respect to its U.S. Ambulance Transportation business.
The company said it was taking steps to contain and respond to the incident and no other business units were involved.
The company has begun an investigation with the help of third-party security experts and will begin notifying individuals affected by the breach.
DocGo said the incident did not have a material impact on its operations or financial security.
Mobi Health News We reached out to a representative for DocGo regarding the data breach, but the company has not yet responded to a request for comment.
A day after reporting the breach to the SEC, the company announced its first-quarter 2024 financial results, saying total revenue increased significantly to $192.1 million from $113 million in the same period last year.
Revenue from the company's mobile health services increased 97% year-over-year to $143.9 million in the first quarter of 2024, compared to $72.9 million in the second quarter of 2022.
The company reported transportation services revenue of $48.2 million, compared to $5.6 million in revenue for the first quarter of 2023, an increase of 330%.
Reported first quarter net income was $10.6 million, compared to last year's first quarter net loss of $3.9 million, and adjusted EBITDA increased 330% compared to $5.6 million in the first quarter of 2023. Total sales amounted to $24.1 million.
DocGo reported total cash and cash equivalents at period end of $58.9 million. In comparison, he made $127.5 million during the same period last year.
The company restated its 2024 sales forecast at $280 million to $300 million, and adjusted its EBITDA to $65 million to $75 million from the previous range of $80 million to $85 million.
DocGo said it expects to generate annual cash flow of $70 million to $80 million, up from previous expectations of $65 million to $75 million.
„The downward revision of the outlook for 2024 is solely a result of the accelerating economic contraction.“ Immigration related programs. It's important to recognize that our underlying performance has been incredibly strong over the years. „In 2024, we expect revenues from our underlying business to be between $280 million and $300 million,“ DocGo's CEO Lee Bianstock said in a statement.
“Comparing this to 2019, the prior year when we saw immigration and COVID-related revenues, our underlying operating revenue was $48 million. This impressive growth was achieved through the execution of innovative long-term performance. It shows our ability to