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DocGo Inc. (NASDAQ:DCGO), a healthcare services company whose stock has declined over 62% in the past six months according to InvestingPro data, announced the results of its 2025 Annual Meeting of Stockholders held Tuesday, according to an SEC filing.
Shareholders elected three Class I directors to serve until the 2028 Annual Meeting: Lee Bienstock received 57,200,334 votes in favor, Ely D. Tendler received 50,676,000 votes, and Ira Smedra received 43,889,913 votes.
The company’s shareholders also approved, on a non-binding advisory basis, the compensation of DocGo’s named executive officers, with 47,948,090 votes in favor and 18,150,345 against.
However, shareholders rejected two proposed amendments to the company’s Second Amended and Restated Certificate of Incorporation. The Corporate Opportunity (SO:FTCE11B) Amendment, which concerned waiver of corporate opportunities, received 63,657,392 votes in favor but did not reach the required threshold for approval. Similarly, the Officer Exculpation Amendment, which would have limited liability for certain officers as permitted by Delaware law, received 59,968,621 votes in favor but was not approved.
Shareholders ratified the appointment of Urish Popeck & Co., LLC as DocGo’s independent registered public accounting firm for the year ending December 31, 2025, with 76,704,115 votes in favor.
As of the April 21, 2025 record date for the Annual Meeting, there were 99,104,331 shares of common stock entitled to vote. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculation, with management actively buying back shares despite recent market challenges. InvestingPro subscribers have access to 8 additional key insights about DocGo’s financial health and market position.
In other recent news, DocGo reported its first-quarter 2025 earnings, which showed a significant decline in revenue and profitability compared to the previous year. The company reported a revenue of $96 million, a 50% decrease from $192.1 million in Q1 2024, and an earnings per share (EPS) of -$0.09, missing the forecasted $0.02. Following these results, BTIG downgraded DocGo’s stock from Buy to Neutral, citing the weak earnings performance as a major factor. The company’s adjusted EBITDA also turned negative, with a loss of $3.9 million compared to a positive $24.1 million in the previous year. Additionally, DocGo revised its 2025 revenue guidance downward from an initial range of $410-$450 million to $300-$330 million, reflecting ongoing challenges in its government population health vertical. The company has been experiencing delays in decision-making and contract launches, with 35 government RFP submissions remaining unanswered. Despite these setbacks, DocGo reported positive cash flow from operations, amounting to $9.7 million. The company also plans to exit 2025 with over $110 million in cash and aims to be debt-free by the end of the year.
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