DocGo shares rise amid Q1 financial results and more digital health earnings

Telehealth and medical transportation company DocGo saw its shares rise after reporting its first quarter financial results, showing total revenue of $113 million with a net loss of $3.9 million. 

The company reported a 19% decline in mobile health revenue from $90.1 million in the first quarter of 2022 to $72.9 million in the first quarter of 2023 but a 44% increase in transportation services revenue from $27.8 million for Q1 2022 to $40.1 million in the first quarter of this year. 

For Q1 2023, adjusted EBITDA was $5.6 million compared to $13.6 million for the first quarter of 2022. The company attributed increased adjusted EBITDA in 2022 to non-recurring mass COVID testing revenue of $38 million. 

The company projected its full-year 2023 revenue to be $500 to $510 million.

“We recently signed agreements to make our remote patient monitoring, chronic care management and mobile urgent care services available to a major kidney care company, a large durable medical equipment provider and numerous large cardiology practices. These agreements are expected to provide us with access to large pools of qualified remote patient monitoring and chronic care management patients for whom DocGo is uniquely designed to service remotely, driving down payor costs and improving patient outcomes,” Anthony Capone, CEO of DocGo, said in a statement. 

Akili, maker of EndeavorRx, an FDA-cleared video game treatment for kids with ADHD, reported total first-quarter revenue of $113,000 compared to $111,000 in Q4 2022.

The company reported a GAAP net loss of $20.7 million in Q1 2023 compared to $16.8 million in Q4 2022.

Total operating expenses were $19.1 million for the first quarter, a decrease from the $22.1 million reported for the fourth quarter of 2022.

The Boston-based company reported its cash, cash equivalents and short-term investments at the end of Q1 2023 were $117.4 million, and it expects those funds will sustain its current operations into Q1 2025. 

The company reported success around its distribution of EndeavorRx, with a 255% increase in total prescriptions written for the therapeutic in the first quarter of 2023 compared to the first quarter of 2022.

“We’re seeing steady, increasing uptake of EndeavorRx in the pediatric market,” Eddie Martucci, chief executive officer of Akili, said in a statement. “With the submission of our EndeavorRx adolescent label expansion data to the FDA and positive results from our pivotal trial in adults with ADHD, we now have the potential to greatly expand our current market and reach at least 14 million patients with ADHD in the U.S. With the ongoing mental health crisis and medication shortage affecting all ages, we intend to accelerate our plans to help these millions of patients in need.”

Akili began trading on Nasdaq in August, after completing its merger with special-purpose acquisition company Social Capital Suvretta Holdings Corp. The deal brought in $164 million before paying transaction expenses and advisory fees.

Baby tech company Owlet reported a drop in revenue to $10.7 million in the first quarter of 2023, compared to $21.5 million for the same period in 2022.

The company reported a net loss of $11.9 million in Q1 2023 compared to $28.8 million in Q1 2022. 

Operating expenses in the first quarter of this year decreased to approximately $15.1 million compared to $30.5 million in the same period last year, which the company attributes to reduced employee costs and marketing spending.

In the first quarter, the company had an Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of approximately $5.8 million, compared to $18 million in Q1 2022.

Owlet said it would focus on reducing costs, achieving EBITDA profitability and completing regulatory submissions in 2023.  

“Our conviction in Owlet’s future remains steadfast as we continue to rebuild our business and position it for profitability later this year,” Kurt Workman, Owlet CEO, said in a statement. “Looking ahead, we do see signs of improving sell-in to retailers resuming a growth trajectory, as healthy consumer purchasing activity depletes retailer inventory on hand. Our focused strategy is beginning to generate the results we want to drive for the health of our business, establish our trajectory for profitability later this year and achieve regulatory clearances of our products.”

In February, Owlet announced it raised $30 million in private placement financing.