DocGo expands healthcare reach with PTI Health acquisition

NEW YORK – DocGo Inc. (NASDAQ: DCGO), a prominent provider of mobile health services with annual revenue of $695 million, has announced the acquisition of PTI Health, a company specializing in mobile lab collection and phlebotomy services. According to InvestingPro data, DocGo maintains a strong financial position with a market capitalization of $512 million and healthy profitability metrics. The deal, aimed at enhancing DocGo’s healthcare service offerings, will enable the provision of mobile phlebotomy lab services to underserved populations, facilitating more accessible diagnostic care.

The acquisition allows DocGo to leverage PTI Health’s established partnerships and ordering platform integrations with the United States’ two largest labs. DocGo plans to extend PTI Health’s operations into New York City, focusing on bridging the gap in lab and diagnostic services in this major urban market.

DocGo’s CEO, Lee Bienstock, expressed enthusiasm about the acquisition, stating that it strengthens their vertically integrated care model and expands their mobile health offerings. He emphasized the company’s commitment to growth and leveraging their balance sheet to enhance their services in 2025 and beyond. The company’s strong financial position is evident in its impressive 42% share price growth over the past six months. InvestingPro analysis reveals multiple positive indicators, including strong cash flows and moderate debt levels, with 13 additional exclusive insights available to subscribers.

PTI Health has been notable for serving homebound patients or those with transportation difficulties, with their clinicians conducting thousands of lab collections annually. Their services also support mobile clinical trials, adding a new facet to DocGo’s healthcare services.

As part of the acquisition, Wayne Meadows, President of PTI Health, will join DocGo as a General Manager. Meadows shared his excitement about expanding PTI Health’s services across DocGo’s U.S. footprint, aiming to improve healthcare access for more patients.

DocGo is recognized for its innovative care delivery platform, which includes mobile health services, remote patient monitoring, and ambulance services. The company is known for its high-quality patient care and efficient business operations for healthcare facilities, hospital networks, and health insurance providers. InvestingPro data shows DocGo maintains excellent financial health with a score of 3.67 out of 5, supported by a strong current ratio of 2.19 and consistent profitability. Discover comprehensive analysis and detailed metrics in DocGo’s Pro Research Report, available exclusively to InvestingPro subscribers.

The information for this article is based on a press release statement from DocGo Inc.

In other recent news, DocGo Inc., a mobile health services provider, has been making significant strides in its operations. The company reported a revenue of $138.7 million for the third quarter of 2024, with an adjusted EBITDA of $17.9 million, despite a 26% decline in total revenue from the same quarter last year. DocGo revised its revenue guidance for 2024 and outlined its strategy for growth and expansion into new healthcare services.

In addition, DocGo secured a contract renewal with a major Tennessee healthcare system through its Ambulnz subsidiary, strengthening a six-year relationship. This extension is expected to increase the annual number of trips from 17,000 to over 20,000. Furthermore, DocGo’s subsidiary Cardiac RMS signed a contract with a major hospital system in Mississippi to introduce remote monitoring services for nearly 3,000 patients with cardiac implantable electronic devices.

The company’s EMS Direct subsidiary also secured a new contract to supply ambulance transport services to a major health and hospital system in North Texas. These developments, coupled with DocGo’s commitment to quality and reliability, reflect its ongoing expansion and dedication to enhancing healthcare services.

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