2022-05-24 | NDAQ:DCGO | Press release

DocGo (Nasdaq: DCGO), a leading provider of last-mile mobile health services and integrated medical transportation solutions, today announced that its Board of Directors has authorized a stock buyback program in under which the company can purchase up to $40 million of its Stocker common stock.

“DocGo continues to revolutionize the delivery of healthcare, and this announcement demonstrates our confidence in the future of the company,” said Stan Vashovsky co-founder and CEO of DocGo. “DocGo is not only growing its revenue rapidly, but also generating substantial free cash flow and, based on our current assessment, the board believes the share buyback is prudent. With a strong balance sheet, comprising 199 millions of dollars in cash, cash equivalents and restricted cash, we will continue to seek opportunities to enhance shareholder value.”

Under the terms of the buyback program, DocGo may purchase shares of common stock on a discretionary basis from time to time through open market buybacks, privately negotiated transactions or other means, including through share purchase plans. negotiation of Rule 10b5-1. Citigroup Global Markets Inc. will serve as DocGo’s broker for the buyback program.

The actual timing and number of shares repurchased will depend on a variety of factors, including the stock price, trading volume, market conditions, corporate and regulatory requirements and other general business considerations. The buyback program will expire on November 24and2023, and may be modified, suspended or discontinued at any time without notice.

Redemptions under this program will be funded from DocGo’s existing cash and cash equivalents or future cash flows.

About Doc Go

DocGo is a leading provider of last mile mobile care services and integrated medical transportation solutions. DocGo disrupts the traditional four-walled healthcare system by providing care to patients where and when they need it. DocGo’s innovative technology and dedicated field staff of certified healthcare professionals improve the quality of patient care and improve business efficiency for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo makes it possible to take full advantage of the promise and potential of telehealth by facilitating healthcare, in collaboration with a remote doctor, from the comfort of the patient’s home or workplace. With DocGo’s integrated Ambulnz medical transport services, DocGo bridges the gap between physical and virtual care. For more information, visit www.docgo.com.

Forward-looking statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended) regarding DocGo. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements regarding (i) our plans, objectives and intentions regarding future operations, services and products, including the share buyback, (ii) our competitive position and opportunities, including our ability to realize the benefits of our operating model, and (iii) other statements identified by words such as “may”, “will” , “expect”, “intend”, “plan”, “potential”, “believe”, “seek”, “could”, “estimate”, “judge”, “targeting”, “should “, “anticipate”, “predict”, “project”, “aim”, “goal”, “outlook”, “orientation” and similar words, phrases or expressions. These forward-looking statements are based on management’s current expectations and beliefs, as well as assumptions made by management and information currently available to it, as well as current market trends and conditions. Forward-looking statements inherently involve risks and uncertainties, many of which are beyond our control, which may cause actual results to differ materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements. Specific uncertainties that could materially affect actual or future results include potential accounting adjustments made in the process of finalizing reported financial results; any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; prices go down; the growth rates of our target markets; our ability to improve our gross margins; cost containment measures; legislative and regulatory actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of computer systems failure, network disruptions, cyber attacks, loss or unauthorized access or disclosure of confidential information; and the company’s ability to comply with laws and regulations regarding privacy and data protection. We assume no intention or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.

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