DocGo Investor update

Thank you, operator, and thank you all for joining the call today. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call, other than statements of historical fact, are forward-looking statements. The words will, plan, potential, could, goal, outlook, design, anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, project, and other similar expressions may be used to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, and we cannot assure you that we will achieve or realize our plans, intentions, outcomes, results, or expectations. Forward-looking statements are inherently subject to substantial risks, uncertainties, and assumptions, many of which are beyond our control and which may cause our actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in our forward-looking statements.

These risks, uncertainties, and assumptions include, but are not limited to, the risk that the cost savings and synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, disruption to the parties' businesses as a result of the transaction and associated integration activities, reputational risk, and potential adverse reactions of Hicuity Health or DocGo customers, employees, vendors, contractors, or other business partners, including those resulting from the announcement or completion of the transaction, the extent to which Hicuity Health's business will perform consistent with management's expectations and projections, accuracy of projections, and those other risks discussed in our risk factors and elsewhere in DocGo's annual report on Form 10-K, quarterly reports on Form 10-Q, Form 8-K disclosing this transaction, and other reports and statements filed by DocGo with the SEC to which your attention is directed.

Actual outcomes and results, or the timing of results or outcomes, may differ materially from what is expressed or implied by these forward-looking statements. In addition, today's call contains certain financial forecasts related to Hicuity Health and the transaction. These projections have not been audited and should not be relied on as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in this presentation. Accordingly, there can be no assurance that the prospective results are indicative of future performance of Hicuity Health, or that actual results, including on a combined basis with DocGo, will not differ materially from those included in this presentation.

Disclosure of the prospective financial information on this call should not be regarded as a representation by any person that the results contained in this prospective financial information will be achieved. The information contained in this call is accurate as of only the date discussed. Investors should not assume that statements will remain relevant and operative at a later time. We undertake no obligation to update any information discussed in this call to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events, except as to the extent required by law. At this time, I will now turn the call over to Lee Bienstock, CEO of DocGo.

Lee, please go ahead. Thank you all for joining us today.

I am excited to share more about our acquisition of Hicuity Health and what we hope this combination will mean for our customers, our patients, and of course, our shareholders. We have spent the last several years building our capability to bring high-quality care to patients where they need it. Hicuity adds an important dimension to that vision, remotely supporting patients inside the hospital and connecting that care with the care they receive when they return home. Joining me are Andrea Clegg, Hicuity's Chief Financial Officer, and Dr. John Kazianis, Hicuity's Vice President and Senior Medical Director. Andrea, maybe give us a little background on yourself.

Thank you, Lee. I have spent the last 20 years leading tech-enabled healthcare services companies to create new and innovative healthcare solutions in both the public and private arenas. I have been with Hicuity Health for over 10 years as CFO, and I am very excited to see these two great companies come together to continue their missions and improve patient care and access in this country. Now, I would like you to meet Dr. Kazianis.

I am Dr. John Kazianis, Vice President and Senior Medical Director at Hicuity Health, where I lead our tele-ICU program. I have been with Hicuity for over 10 years. I am a board-certified intensivist, pulmonologist, and internist. I am excited to be here today to discuss how Hicuity's clinical capabilities complement DocGo and the opportunities we see across the continuum of care.

Lee? Thanks so much. We are so excited to welcome you to the team, and we are so excited to welcome the entire Hicuity Health team into the DocGo family.

Andrea and John both bring an important perspective on the Hicuity business and the clinical model behind it, and I am pleased to have them here with us today as we walk through our vision for this acquisition and the opportunities that we believe will unlock. Afterwards, we will then take your questions. Let me start with some data that highlights the need we are addressing. The U.S. population continues to age. The population of adults 65 and older is growing at a rate that is nearly 10 times faster than working-age adults, resulting in more individuals who need ongoing support across multiple settings.

A recent study points to a shortage of approximately 400,000 nurses by 2030, and another predicts a shortage of 141,000 physicians by 2038. This is absolutely a challenge that the healthcare system needs to solve. At the same time, more than 71% of physicians reported using telehealth in 2024, nearly three times the rate in 2018. Our health system partners are managing rising demand with limited clinical resources and significant financial pressure. Think of it. As the need is rising, the availability of clinicians is declining. We need solutions that can help them provide care more efficiently and focus their precious resources on individuals who require high-acuity care. These trends are driving the need for integrated care platforms that leverage technology to extend clinical capacity, meeting patients where they are, and expanding the classical care delivery model.

This creates a significant opportunity for DocGo to deploy our vertically integrated technology, our clinical teams, our workflows, our holistic service offerings to extend the reach of our clinical teams and, of course, deliver care across multiple settings. Now, Andrea, maybe tell us a bit more about Hicuity Health.

Absolutely. Hicuity is a tech-enabled healthcare services provider delivering 24/7 care to acutely ill patients in the hospital, post-acute, and at-home care venues. Our team of 450 clinicians supports over 260 care facilities operating in more than 30 states. We monitor 4,700 patient beds that serve 160,000 patients annually. On a trailing 12-month basis, Hicuity generated revenues of approximately $65 million and $4.5 million in adjusted EBITDA. Our revenues over the trailing 12-month period were led by our Tele-ICU, virtual nursing, and remote telemetry monitoring service lines. Tele-ICU remains our largest service line and includes physicians, nurse practitioner, and nursing support for intensive care unit patients. We also provide centralized telemetry monitoring and virtual patient observation services.

We have also extended our capabilities beyond traditional care facilities by participating in the newer Hospital at Home programs, where we remotely monitor hospital-level patients with chronic conditions in the comfort of their own home.