Telehealth and medical transportation firm DocGo reported a knowledge breach in an SEC filing on Could 7. The corporate said it recognized a cybersecurity incident during which customers’ protected well being data was accessed and bought relating to the corporate’s U.S. ambulance transportation enterprise.
The corporate stated it took steps to include and reply to the incident, and no different enterprise traces had been concerned.
It’s launching an investigation with assist from third-party safety specialists and can start notifying people in the event that they had been affected by the breach.
DocGo stated the incident has not had a cloth impression on the corporate’s operations or monetary safety.
MobiHealthNews reached out DocGo representatives relating to the information breach, however the firm has not but responded to a request for remark.
A day after reporting the breach to the SEC, the corporate launched its first-quarter monetary outcomes for 2024, citing a considerable enhance in whole income to $192.1 million, up from $113 million in the identical interval final yr.
Income from the corporate’s cell well being companies elevated 97% year-over-year to $143.9 million in Q1 2024 in comparison with $72.9 million in Q2 2022.
The corporate reported $48.2 million in income for its transportation companies in comparison with $5.6 million within the first quarter of 2023, a 330% enhance.
Reported web earnings was $10.6 million for Q1 in comparison with a web lack of $3.9 million in Q1 of final yr, and adjusted EBITDA was up 330% to $24.1 million in comparison with $5.6 million in 2023’s first quarter.
DocGo reported its whole money and money equivalents on the finish of the interval equaled $58.9 million, in contrast with $127.5 million on the similar time final yr.
The corporate reiterated its 2024 income expectations to $280 to $300 million and adjusted its EBITDA to $65 to $75 million from its earlier vary of $80 to $85 million.
DocGo stated it expects to generate $70 to $80 million in money movement for the yr, up from its earlier forecast of $65 to $75 million.
“The discount in our 2024 steerage is solely a results of the accelerated wind down of migrant-related programs. It is important to notice that our base enterprise efficiency has been extremely robust over time. We anticipate to generate between $280 to $300 million in our base enterprise in 2024,” Lee Bienstock, CEO of DocGo, stated in an announcement.
“In the event you examine this to 2019 – the yr earlier than we noticed any migrant or COVID-related income – our base enterprise income was $48 million. This spectacular progress is indicative of our capacity to execute and ship transformative long-term efficiency.”
