Q1 2026 DocGo Inc Earnings Call

May 11, 2026

Operator 2: Good afternoon, ladies and gentlemen, welcome to DocGo Q1 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Monday, 11 May 2026. I would now like to turn the conference over to Mike Cole, Vice President of Investor Relations. Please go ahead.

Operator: Good afternoon, ladies and gentlemen, welcome to DocGo Q1 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Monday, 11 May 2026. I would now like to turn the conference over to Mike Cole, Vice President of Investor Relations. Please go ahead.

Speaker #2: Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator.

Speaker #2: This call is being recorded on Monday, May 11, 2026. I would now like to turn the conference over to Mike Cole, Vice President of Investor Relations, please go ahead.

Speaker #2: Thank you, operator. 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.

Mike Cole: Thank you, operator. 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 may, 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.

Speaker #2: The words 'may,' '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.

Speaker #2: 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.

Mike Cole: 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.

Speaker #2: 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.

Speaker #2: These risks, uncertainties, and assumptions include but are not limited to those discussed in risk factors and elsewhere in DocGo's annual report on Form 10-K, quarterly reports on Form 10-Q, our earnings release for this quarter, and other reports and statements filed by DocGo with the SEC to which your attention is directed.

Mike Cole: These risks, uncertainties, and assumptions include, but are not limited to those discussed in risk factors and elsewhere in DocGo's annual report on Form 10-K, quarterly reports on Form 10-Q, our earnings release for this quarter, 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 references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and the current report on Form 8-K that includes our earnings release, which is posted on our website, docgo.com, as well as filed with the SEC.

Speaker #2: 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 references to non-GAAP financial measures.

Mike Cole: In addition, today's call contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and the current report on Form 8-K that includes our earnings release, which is posted on our website, docgo.com, as well as filed with the SEC.

Speaker #2: Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and the current report on Form 8-K that includes our earnings release which is posted on our website, docgo.com, as well as filed with the SEC.

Speaker #2: 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.

Mike Cole: 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, it is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee, please go ahead.

Speaker #2: 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.

Speaker #2: At this time, it is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee, please go ahead.

Speaker #3: Thank you, Mike, and thank you all for joining us today. We reported a strong top line of $75.6 million in revenue during the first quarter, with an adjusted EBITDA loss of $10.2 million.

Lee Bienstock: Thank you, Mike, and thank you all for joining us today. We reported a strong top line of $75.6 million in revenue during Q1, with an adjusted EBITDA loss of $10.2 million. Additionally, we increased our 2026 revenue guidance from a range of $290 to $310 million to $300 to $315 million while leaving our 2026 adjusted EBITDA guidance unchanged at a loss of $5 to $10 million. I would like to take a few minutes and break down the revenue and profitability aspects individually. First, a major driver of our strong revenue performance and increased revenue guidance is our virtual care offering, SteadyMD. We noted this upward trend in our last earnings call, and we are pleased to share that this trend has accelerated.

Speaker #3: Additionally, we increased our 2026 revenue guidance from a range of $290 to $310 million to $300 to $315 million, while leaving our 2026 adjusted EBITDA guidance unchanged at a loss of $5 to $10 million.

Speaker #3: I would like to take a few minutes and break down the revenue and profitability aspects individually. First, a major driver of our strong revenue performance and increased revenue guidance is our virtual care offering, SteadyMD.

Lee Bienstock: I would like to take a few minutes and break down the revenue and profitability aspects individually. First, a major driver of our strong revenue performance and increased revenue guidance is our virtual care offering, SteadyMD. We noted this upward trend in our last earnings call, and we are pleased to share that this trend has accelerated.

Speaker #3: We noted this upward trend in our last earnings call, and we are pleased to share that this trend has accelerated. During the first quarter, SteadyMD generated in excess of $9 million in revenue, beating the previous high set in the fourth quarter of last year by roughly $1 million dollars, and completed approximately 1.1 million total visits and lab orders during the period, up 38% when compared to last year.

Lee Bienstock: During Q1, SteadyMD generated in excess of $9 million in revenue, beating the previous high set in Q4 of last year by roughly $1 million and completed approximately 1.1 million total visits and lab orders during the period, up 38% when compared to last year. SteadyMD recently entered into a new contract with a leading online pharmacy to provide virtual care services for weight loss prescriptions and a broad scope of general clinical services which will fuel continued growth. Second, our mobile phlebotomy offering is performing exceptionally well.

Speaker #3: SteadyMD recently entered into a new contract with a leading online pharmacy to provide virtual care services for weight loss prescriptions, and a broad scope of general clinical services which will fuel continued growth.

Speaker #3: Second, our mobile phlebotomy offering is performing exceptionally well. While their revenue base is smaller, we are now projecting as much as 75% growth for this business in 2026, which is well above our previous expectation and we anticipate our rate of home visits to increase from 600 per day currently to 900 per day by the end of 2026.

Lee Bienstock: While their revenue base is smaller, we are now projecting as much as 75% growth for this business in 2026, which is well above our previous expectation. We anticipate our rate of home visits to increase from 600 per day currently to 900 per day by the end of 2026. We've opened new territories in Upstate New York and Pennsylvania to meet demand for our services. We are planning to launch services in Florida, which is a new state for us. We are expanding our use of technology as well, working with a major national lab to integrate our order intake into their applications to allow doctors to order home visits directly through the lab systems and deploying AI automation for order intake and customer service to help increase our margins.

Speaker #3: We've opened new territories in upstate New York and Pennsylvania to meet demand for our services and we are planning to launch services in Florida which is a new state for us.

Speaker #3: We are expanding our use of technology, as well as working with a major national lab to integrate our order intake into their applications, to allow doctors to order home visits directly through the lab systems.

Lee Bienstock: We are expanding our use of technology as well, working with a major national lab to integrate our order intake into their applications to allow doctors to order home visits directly through the lab systems and deploying AI automation for order intake and customer service to help increase our margins.

Speaker #3: And deploying AI automation for order intake and customer service to help increase our margins. And third, we have signed recent new contracts and expansions with payers and providers for our care gap closure, PCP, and transition of care services.

Lee Bienstock: Third, we have signed recent new contracts and expansions with payers and providers for our care gap closure, PCP, and transition of care services. We have now surpassed 1.6 million lives assigned to us for care gap services since inception, and we've increased the number of visits completed 46% year over year. Also of note, we have begun an aggressive pace of onboarding for PCP and longitudinal care services, and our panel now has over 1,000 patients, the vast majority of which were enrolled in Q1. Our goal is for this business line to break even in late 2026, dramatically lessening the investment level that has been required to launch and grow this business over the last few years.

Speaker #3: We have now surpassed 1.6 million lives assigned to us for care gap services since inception, and we've increased the number of visits completed by 46% year over year.

Speaker #3: Also of note, we've begun an aggressive pace of onboarding for PCP and longitudinal care services, and our panel now has over 1,000 patients, the vast majority of which were enrolled in Q1.

Lee Bienstock: Also of note, we have begun an aggressive pace of onboarding for PCP and longitudinal care services, and our panel now has over 1,000 patients, the vast majority of which were enrolled in Q1. Our goal is for this business line to break even in late 2026, dramatically lessening the investment level that has been required to launch and grow this business over the last few years.

Speaker #3: Our goal is for this business line to break even in late 2026, dramatically lessening the investment level that has been required to launch and grow this business over the last few years.

Speaker #3: Regarding our medical transportation business, we have recently had several significant renewals in addition to some smaller wins further solidifying the long-term revenue profile of this business segment.

Lee Bienstock: Regarding our medical transportation business, we have recently had several significant renewals in addition to some smaller wins, further solidifying the long-term revenue profile of this business segment. We renewed our contract with one major New York hospital system for an additional year, and renewed our contract with another major New York health system for two additional years and added their Staten Island facilities. We signed a contract to provide service for a long-term acute care hospital in Chattanooga, Tennessee, signed contracts to provide medical transportation with several hospice facilities in Wisconsin, and signed a new non-emergency patient transport services contract to the Great Western Hospitals NHS Foundation Trust in the United Kingdom.

Speaker #3: We renewed our contract with one major New York hospital system for an additional year, and renewed our contract with another major New York health system for two additional years and added their Staten Island facilities.

Speaker #3: We signed a contract to provide service for a long-term acute care hospital in Chattanooga, Tennessee. We also signed contracts to provide medical transportation with several hospice facilities in Wisconsin.

Lee Bienstock: We signed a contract to provide service for a long-term acute care hospital in Chattanooga, Tennessee, signed contracts to provide medical transportation with several hospice facilities in Wisconsin, and signed a new non-emergency patient transport services contract to the Great Western Hospitals NHS Foundation Trust in the United Kingdom.

Speaker #3: And signed a new non-emergency patient transport services contract for the Great Western Hospitals NHS Foundation Trust in the United Kingdom. In addition to what we have factored into our updated revenue guidance, our business development pipeline remains strong and supportive of continued growth with multiple opportunities for medical transportation growth both in the US and especially in our UK operations.

Lee Bienstock: In addition to what we have factored into our updated revenue guidance, our business development pipeline remains strong and supportive of continued growth with multiple opportunities for medical transportation growth both in the US and especially in our UK operations. Consistent with our approach, we will update guidance accordingly if and when contracts are entered into. Collectively, we could not be more pleased with the near-term revenue growth opportunities for our consolidated business. Now, I'd like to shift gears and break down the gross margin and SG&A lines to provide some color behind our decision to increase revenue expectations while keeping our adjusted EBITDA guidance unchanged. We experienced labor inefficiencies as a result of SteadyMD's exceptional growth. As I mentioned previously, we had high expectations for this business in 2026, and those lofty expectations are being exceeded.

Speaker #3: Consistent with our approach, we will update guidance accordingly if and when contracts are entered into. Collectively, we cannot be more pleased with the near-term revenue growth opportunities for our consolidated business.

Speaker #3: Now, I'd like to shift gears and break down the gross margin and SGA lines to provide some color behind our decision to increase revenue expectations while keeping our adjusted EBITDA guidance unchanged.

Lee Bienstock: Now, I'd like to shift gears and break down the gross margin and SG&A lines to provide some color behind our decision to increase revenue expectations while keeping our adjusted EBITDA guidance unchanged. We experienced labor inefficiencies as a result of SteadyMD's exceptional growth. As I mentioned previously, we had high expectations for this business in 2026, and those lofty expectations are being exceeded.

Speaker #3: We experienced labor inefficiencies as a result of SteadyMD's exceptional growth. As I mentioned previously, we had high expectations for this business in 2026 and those lofty expectations are being exceeded.

Speaker #3: They're dramatic growth required us to pay increased incentives to our current clinicians to cover shifts while we worked to bridge a hiring gap. As a result, this negatively impacted our consolidated gross margin by approximately 60 basis points.

Lee Bienstock: Their dramatic growth required us to pay increased incentives to our current clinicians to cover shifts while we worked to bridge a hiring gap. As a result, this negatively impacted our consolidated gross margin by approximately 60 basis points. During the Q1, we leveraged DocGo's recruiting expertise to increase SteadyMD's clinical workforce by over 45%, We expect this added workforce to help meet pent-up demand for SteadyMD's services in the H2 of the year. In addition, we saw a significant increase in fuel costs in March, driven by the war in the Middle East. We estimate that every $1 increase at the pump costs us about 35 basis points of consolidated gross margin. Our average price paid in March was $3.69, compared to an average cost of $2.93 per gallon in January and February.

Speaker #3: During the first quarter, we leveraged DocGo's recruiting expertise to increase SteadyMD's clinical workforce by over 45%, and we expect this added workforce to help meet pent-up demand for SteadyMD services in the second half of the year.

Speaker #3: In addition, we saw a significant increase in fuel costs in March driven by the war in the Middle East. We estimate that every $1 increase at the pump costs us about $35 basis points of consolidated gross margin.

Lee Bienstock: In addition, we saw a significant increase in fuel costs in March, driven by the war in the Middle East. We estimate that every $1 increase at the pump costs us about 35 basis points of consolidated gross margin. Our average price paid in March was $3.69, compared to an average cost of $2.93 per gallon in January and February.

Speaker #3: Our average price paid in March was $3.69 compared to an average cost of $2.93 per gallon in January and February. Average fuel costs in Q2 to date have remained at this elevated level which we expect to be a continued drag on gross margin over the near term unlike the temporary narrowing of SteadyMD's margins I just described which has already corrected in the second quarter so far.

Lee Bienstock: Average fuel costs in Q2 to date have remained at this elevated level, which we expect to be a continued drag on gross margin over the near term, unlike the temporary narrowing of SteadyMD's margins I just described, which has already corrected in Q2 so far. Last, if we adjust our operating expenses to exclude depreciation, stock-based compensation, and other non-recurring items, we saw a decrease from $35.7 million in Q4 of last year to $34.1 million in Q1 of this year. We feel this is the most accurate representation of how our cost-cutting efforts are working their way through our financials. There is undoubtedly a lag in this process. We are just starting to see the impact from many of the cost cuts made late last year.

Speaker #3: And last, if we adjust our operating expenses to exclude depreciation, stock-based compensation, and other non-recurring items, we saw a decrease from 35.7 million in the fourth quarter of last year to 34.1 million in the first quarter of this year.

Speaker #3: We feel this is the most accurate representation of how our cost-cutting efforts are working their way through our financials. There is undoubtedly a lag in this process and we are just starting to see the impact from many of the cost cuts made late last year.

Lee Bienstock: We feel this is the most accurate representation of how our cost-cutting efforts are working their way through our financials. There is undoubtedly a lag in this process. We are just starting to see the impact from many of the cost cuts made late last year.

Speaker #3: Our expectation is that we will see an acceleration in this improvement in the coming quarters based on steps that have already been taken and additional cuts already underway in the second quarter.

Lee Bienstock: Our expectation is that we will see an acceleration in this improvement in the coming quarters based on steps that have already been taken and additional cuts already underway in Q2. In sum, we saw margin headwinds driven by the geopolitical tensions influencing fuel prices and the aggressive pace of operational expansion that was beyond our initial expectations. We believe that these margin constraints are temporary in nature and not reflective of our long-term profitability profile. Our top line is strong and getting even stronger. We achieved record volumes across all major business lines in Q1, with US medical transportation increasing 17%, healthcare in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac and remote patient monitoring increasing 13%, and virtual care and lab orders increasing 37% year-over-year.

Speaker #3: In sum, we saw margin headwinds driven by the geopolitical tensions influencing fuel prices and the aggressive pace of operational expansion that was beyond our initial expectations.

Speaker #3: We believe that these margin constraints are temporary in nature and not reflective of our long-term profitability profile. Our top line is strong and getting even stronger.

Lee Bienstock: Our top line is strong and getting even stronger. We achieved record volumes across all major business lines in Q1, with US medical transportation increasing 17%, healthcare in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac and remote patient monitoring increasing 13%, and virtual care and lab orders increasing 37% year-over-year.

Speaker #3: We achieved record volumes across all major business lines in the first quarter. With US medical transportation increasing 17%, healthcare in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac and remote patient monitoring increasing 13%, and virtual care and lab orders increasing 37% year over year.

Speaker #3: Before handing it to Norm, I would also like to briefly address the strategic alternatives process that was announced on March 16th of this year.

Lee Bienstock: Before handing it to Norm, I would also like to briefly address the strategic alternatives process that was announced on 16 March of this year. While I'm obviously limited in what I can say, the company's evaluation of strategic alternatives remains ongoing. While there can be no assurance that this process will result in DOCO pursuing any particular transaction or other strategic outcome, we will share further developments as appropriate. Now, I will hand it over to Norm to review the financial details.

Speaker #3: While I'm obviously limited in what I can say, the companies' evaluation of strategic alternatives remains ongoing. While there can be no assurance at this process will result in DocGo pursuing any particular transaction or other strategic outcome, we will share further developments as appropriate.

Speaker #3: Now, I will hand it over to Norm to review the financial details.

Speaker #2: Thank you, Lee, and good afternoon. Total revenue for the first quarter of 2026 was $75.6 million, compared to $96 million in the first quarter of 2025.

Norman Rosenberg: Thank you, Lee, and good afternoon. Total revenue for Q1 2026 was $75.6 million compared to $96 million in Q1 2025. The year-over-year revenue decline was entirely due to the wind down of migrant-related projects. Removing migrant-related revenues, we saw a revenue increase of 24% year over year in Q1. Now, this was partially due to the recent acquisition of SteadyMD, which added nine and a half million dollars in revenues in Q1 of this year. Removing the impact of both the migrant-related revenues in the 2025 period and the SteadyMD revenues in the 2026 period, and revenues still increased by about 8% year over year.

Speaker #2: The year-over-year revenue decline was entirely due to the wind-down of migrant-related projects. Removing migrant-related revenues, we saw a revenue increase of 24% year over year in Q1.

Speaker #2: Now, this was partially due to the recent acquisition of SteadyMD, which added $9.5 million in revenues in Q1 of this year. Removing the impact of both the migrant-related revenues in the 2025 period and the SteadyMD revenues in the 2026 period, and revenues still increased, by about 8% year over year.

Norman Rosenberg: Now, this was partially due to the recent acquisition of SteadyMD, which added nine and a half million dollars in revenues in Q1 of this year. Removing the impact of both the migrant-related revenues in the 2025 period and the SteadyMD revenues in the 2026 period, and revenues still increased by about 8% year over year.

Speaker #2: Medical transportation services revenue increased to $51.9 million, in Q1 of 2026 from $50.8 million in transport revenues that we recorded in the first quarter of 2025 and were the highest quarterly transport revenues in DocGo's history.

Norman Rosenberg: Medical transportation services revenue increased to $51.9 million in Q1 2026 from $50.8 million in transport revenues that we recorded in Q1 2025 and were the highest quarterly transport revenues in DocGo's history. Revenues were driven higher by gains in both large and small US markets, with some of the strongest growth in markets like New York, Texas, and Tennessee. Mobile health revenue for Q1 2026 was $23.6 million, down from $45.2 million in Q1 last year, driven again by the wind down of migrant revenues.

Speaker #2: Revenues are driven higher by gains in both large and small U.S. markets, with some of the strongest growth in markets like New York, Texas, and Tennessee.

Speaker #2: We continue to see increasing demand across most of our markets. Mobile Health revenue for the first quarter of 2026 was $23.6 million, down from $45.2 million in the first quarter of last year, driven again by the wind-down of migrant revenues.

Speaker #2: Non-migrant mobile health revenues more than doubled, driven by increases in care gap closures, remote patient monitoring, and mobile phlebotomy, and by the inclusion of revenues from SteadyMD, which we acquired during the fourth quarter of 2025.

Norman Rosenberg: Non-migrant mobile health revenues more than doubled, driven by increases in care gap closures, remote patient monitoring, and mobile phlebotomy, and by the inclusion of revenues from SteadyMD, which we acquired during the Q4 of 2025. Removing the impact of SteadyMD, mobile health revenues still increased by about 38% year over year. Adjusted EBITDA for the Q1 of 2026 was $-10.2 million compared to an adjusted EBITDA of $-3.9 million in the Q1 of 2025. The adjusted gross margin, which removes the impact of depreciation and amortization and is the measure of margins that we track most closely, was 31.6% in the Q1 of 2026 compared to 32.1% in the Q1 of 2025.

Speaker #2: Removing the impact of SteadyMD, mobile health revenues still increased by about 38% year over year. Adjusted EBITDA for the first quarter of 2026 was a negative $10.2 million, compared to an adjusted EBITDA of negative $3.9 million in the first quarter of 2025.

Norman Rosenberg: Adjusted EBITDA for the Q1 of 2026 was $-10.2 million compared to an adjusted EBITDA of $-3.9 million in the Q1 of 2025. The adjusted gross margin, which removes the impact of depreciation and amortization and is the measure of margins that we track most closely, was 31.6% in the Q1 of 2026 compared to 32.1% in the Q1 of 2025.

Speaker #2: The adjusted gross margin, which removes the impact of depreciation and amortization and is the measure of margins that we track most closely, was 31.6% in the first quarter of 2026, compared to 32.1% in the first quarter of 2025.

Speaker #2: However, looking at only the revenues from business lines that were active in both periods—thereby removing migrant revenues of $35 million and gross profits of $12.3 million from the first quarter of 2025, and removing SteadyMD revenues of $9.5 million and gross profits of $2.8 million from the first quarter of 2026—the adjusted gross margins of the underlying business would have been 31.9% in Q1 of 2026, up about a point and a half from 30.4% in last year's first quarter.

Norman Rosenberg: However, looking at only the revenues from business lines that were active in both periods, thereby removing migrant revenues of $35 million and gross profits of $12.3 million from Q1 2025 and removing SteadyMD revenues of $9.5 million and gross profits of $2.8 million from Q1 2026, the adjusted gross margins of the underlying business would have been 31.9% in Q1 2026, up about 1.5 points from 30.4% in last year's Q1. During Q1 2026, adjusted gross margins for the medical transportation segment were 31.9% compared to 30.8% in Q1 2025. Medical transportation gross margins are still being restrained by higher than planned effective hourly wages for field labor.

Speaker #2: During the first quarter of 2026, adjusted gross margins from the medical transportation segment were 31.9%, compared to 30.8% in Q1 of 2025. Medical transportation gross margins are still being restrained by higher-than-planned effective hourly wages for field labor.

Norman Rosenberg: During Q1 2026, adjusted gross margins for the medical transportation segment were 31.9% compared to 30.8% in Q1 2025. Medical transportation gross margins are still being restrained by higher than planned effective hourly wages for field labor.

Speaker #2: However, we took solid strides toward increasing our field headcount in the first quarter of 2026, and we saw the overtime rate decline in the first quarter of 2026, closer to the sub-10% overtime rates we saw in the first half of 2024.

Norman Rosenberg: However, we took solid strides toward increasing our field headcount in Q1 2026, and we saw the overtime rate decline in Q1 2026, closer to the sub 10% overtime rates we saw in H1 2024. Transport gross margins were also impacted by increased fuel costs, as Lee described earlier. Mobile Health segment adjusted gross margin was 31% versus 30.8% in Q1 2025. SteadyMD gross margins were several points lower than normal, reflecting the aggressive hiring in Q1 to catch up to the increased demand from large customers. This factor, which is expected to reverse itself starting in Q2, was offset by greater relative contributions from higher margin service lines within Mobile Health, such as remote patient monitoring and mobile phlebotomy.

Speaker #2: Transport gross margins were also impacted by increased fuel costs, as Lee described earlier. Mobile Health segment adjusted gross margin was 31%, versus 30.8% in the first quarter of 2025.

Speaker #2: SteadyMD gross margins were several points lower than normal, reflecting the aggressive hiring in the first quarter to catch up to the increased demand from large customers.

Norman Rosenberg: SteadyMD gross margins were several points lower than normal, reflecting the aggressive hiring in Q1 to catch up to the increased demand from large customers. This factor, which is expected to reverse itself starting in Q2, was offset by greater relative contributions from higher margin service lines within Mobile Health, such as remote patient monitoring and mobile phlebotomy.

Speaker #2: This factor, which is expected to reverse itself starting in Q2, was offset by greater relative contributions from higher margin service lines within mobile health, such as remote patient monitoring and mobile phlebotomy.

Speaker #2: While revenue came in well above expectations and gross margins were generally in line, operating expenses came in higher than anticipated. This was due to the need to ramp up the hiring, onboarding, and training of mobile health clinical staff to meet customer demand, as well as the fact that our cost-cutting decisions regarding headcount made in late Q4 and into 2026 won't meaningfully impact our income statement until the second quarter.

Norman Rosenberg: While revenue came in well above expectations and gross margins were generally in line, operating expenses came in higher than anticipated. This was due to the need to ramp up the hiring, onboarding, and training of Mobile Health clinical staff to meet customer demand, as well as the fact that our cost-cutting decisions regarding vendor spending and corporate headcount made in late Q4 and into 2026 won't meaningfully impact our income statement until Q2. With SteadyMD's recent hiring push behind us, our continued cost-cutting efforts in Q1 and additional savings from the efficiency portfolio initiative that we discussed on last quarter's call and that are anticipated to have a positive impact on our H2 2026 results, we continue to expect sequential declines in SG&A in dollar terms as we go throughout the year.

Speaker #2: With SteadyMD's recent hiring push behind us, our continued cost-cutting efforts in Q1, and additional savings from the efficiency portfolio initiative that we discussed on last quarter's call, and that are anticipated to have a positive impact on our second half 2026 results, we continue to expect sequential declines in SG&A in dollar terms as we go throughout the year.

Norman Rosenberg: With SteadyMD's recent hiring push behind us, our continued cost-cutting efforts in Q1 and additional savings from the efficiency portfolio initiative that we discussed on last quarter's call and that are anticipated to have a positive impact on our H2 2026 results, we continue to expect sequential declines in SG&A in dollar terms as we go throughout the year.

Speaker #2: As of March 31, 2026, our total cash and cash equivalents, including restricted cash and investments, came to $59.9 million, down from $68.3 million at the end of 2025.

Norman Rosenberg: As of 31 March 2026, our total cash and cash equivalents, including restricted cash and investments, came to $59.9 million, down from $68.3 million at the end of 2025. Our cash balance at quarter end was lower than we had expected due to the delay in collecting migrant-related accounts receivable owed by New York City Department of Housing Preservation and Development, which we had expected to see during Q1. However, on 1 April, the first day of Q2, we received approximately $8 million in these receivables, and we are working on collecting the remainder of these receivables. With some further, albeit smaller, operating losses in Q2 of 2026 and several growth-related initiatives requiring working capital, we would expect further declines in cash in the near term.

Speaker #2: Our cash balance at quarter end was lower than we had expected due to the delay in collecting migrant-related accounts receivable owed by New York City's Department of Housing Preservation and Development.

Speaker #2: Which we had expected to see during the first quarter. However, on April 1st, the first day of the second quarter, we received approximately $8 million in these receivables, and we are working on collecting the remainder of these receivables.

Norman Rosenberg: However, on 1 April, the first day of Q2, we received approximately $8 million in these receivables, and we are working on collecting the remainder of these receivables. With some further, albeit smaller, operating losses in Q2 of 2026 and several growth-related initiatives requiring working capital, we would expect further declines in cash in the near term.

Speaker #2: With some further albeit smaller operating losses in Q2 of 2026, and several growth-related initiatives requiring working capital, we would expect further declines in cash in the near term.

Speaker #2: This could create some working capital pressure, which is expected to ease in the second half of the year, in line with our planned return to profitability.

Norman Rosenberg: This could create some working capital pressure, which is expected to ease in H2 of the year in line with our planned return to profitability. Turning to 2026, to the rest of 2026. As Lee mentioned in his comments earlier, as we pointed out in our press release, we have updated and increased our revenue guidance for the year based upon what we have seen in the first four-plus months of the year and the positive volume trends across most of our business lines. We now see full-year revenues in a range of $300 million to $315 million, up from the range of $290 million to $300 million that we shared in mid-March and higher than our initial guidance of $280 million to $300 million.

Speaker #2: Turning to 2026, to the rest of 2026, as Lee mentioned in his comments earlier, and as we pointed out in our press release, we have updated and increased our revenue guidance for the year, based upon what we have seen in the first four-plus months of the year, and the positive volume trends across most of our business lines.

Speaker #2: We now see full-year revenues in the range of $300 million to $315 million, up from the range of $290 million to $300 million that we shared in mid-March, and higher than our initial guidance of $280 million to $300 million.

Norman Rosenberg: We now see full-year revenues in a range of $300 million to $315 million, up from the range of $290 million to $300 million that we shared in mid-March and higher than our initial guidance of $280 million to $300 million.

Speaker #2: Now, this does not include any revenues from migrant-related projects, and would represent a 19% to 25% growth over 2025's base revenues. We continue to anticipate a full-year adjusted EBITDA loss in the range of $5 million to $10 million, which is unchanged from our previous guidance.

Norman Rosenberg: Now, this does not include any revenues from migrant-related projects and would represent a 19% to 25% growth over 2025's base revenues. We continue to anticipate a full-year adjusted EBITDA loss in the range of $5 million to $10 million, which is unchanged from our previous guidance. At this point, I'd like to turn the call back over to the operator for the question and answer session. Operator, please proceed.

Speaker #2: At this point, I'd like to turn the call back over to the operator for the question-and-answer session. Operator, please proceed.

Speaker #1: Thank you, ladies and gentlemen. We will now begin the question-and-answer session. To ask a question, please press a star one on your telephone keypad, and to withdraw your question, please press a star two.

Operator 2: Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, please press star one on your telephone keypad. To withdraw your question, please press star two. With that, your first question comes from the line of Ryan MacDonald with Needham. Please go ahead.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, please press star one on your telephone keypad. To withdraw your question, please press star two. With that, your first question comes from the line of Ryan MacDonald with Needham. Please go ahead.

Speaker #1: With that, your first question comes from the line of Brian McDonald with Midham. Please go ahead.

Speaker #3: Hey, thanks for taking the question. This is Matt Shea on for Ryan. Maybe starting with the SteadyMD business, nice to see the momentum continuing from last quarter.

Matthew Shea: Hey, thanks for taking the question. This is Matthew Shea on for Ryan MacDonald. Maybe starting with the SteadyMD business. Nice to see the momentum continuing from last quarter, especially with the new win. Lee, maybe just double-click on this segment. What kind of pipeline are you seeing for new logos versus growth with existing logos? Are you seeing most of this demand from online pharmacies for weight loss or any other customer types worth calling out? Norm, maybe when thinking about the top-line guidance, seems like majority was driven by the SteadyMD weight loss customers, but curious if you can put any finer points on that. Thanks.

Speaker #3: Especially with the new win. Lee, maybe just double-click on this segment. What kind of pipeline are you seeing for new logos versus growth with existing logos?

Speaker #3: And are you seeing most of this demand from online pharmacies for weight loss or any other customer types worth calling out? And then Norm, maybe when thinking about the top-line guidance, it seems like the majority was driven by the SteadyMD weight loss customers, but curious if you can put any finer points on that.

Matthew Shea: Are you seeing most of this demand from online pharmacies for weight loss or any other customer types worth calling out? Norm, maybe when thinking about the top-line guidance, seems like majority was driven by the SteadyMD weight loss customers, but curious if you can put any finer points on that. Thanks.

Speaker #3: Thanks.

Speaker #4: Absolutely. Hi, Matt. Great to hear from you. Really appreciate the question. And on the part of the question relating to the growth and the pipeline of what we're seeing in SteadyMD, as I mentioned in our prepared remarks, we're very, very encouraged and excited about the growth prospects there.

Lee Bienstock: Absolutely. Hi, Matt. Great to hear from you. Really appreciate the question. On the part of the question relating to the growth and the pipeline of what we're seeing in SteadyMD, as I mentioned in our prepared remarks, you know, we're very, very encouraged and excited about the growth prospects there. I think the growth is coming from really both avenues. Our existing customer base, we continue to grow our capacity and grow our volumes with our existing customer base that we've been working with now, for quite some time. We have been adding new logos, pretty consistently over the course of the end of last year and as we head into this year, which is also fueling further growth.

Speaker #4: I think the growth is coming from really both avenues. Our existing customer base, we continue to grow our capacity and grow our volumes with our existing customer base that we've been working with now for quite some time.

Lee Bienstock: Our existing customer base, we continue to grow our capacity and grow our volumes with our existing customer base that we've been working with now, for quite some time. We have been adding new logos, pretty consistently over the course of the end of last year and as we head into this year, which is also fueling further growth.

Speaker #4: And we have been adding new logos pretty consistently over the course of the end of last year and as we head into this year, which is also fueling further growth.

Speaker #4: And the big push we made really in the first quarter of this year was to ramp the hiring in order to meet this growth and meet the demand.

Lee Bienstock: The big push we made really in the first quarter of this year was to ramp the hiring in order to meet this growth and meet the demand. In terms of the types of customers we're working with, we're really working with, you mentioned it, the online pharmacies. I mentioned one that we're expanding with quickly. Digital health companies, wellness companies, digital wearable companies as well are all partnering with us, as well as your typical labs that you might expect, as well. Really seeing growth from across that space. Yes, it's weight loss, but it's also general wellness. General wellness trend as well, sort of the consumerization of healthcare is really pushing growth for us there. We're really excited about it.

Speaker #4: In terms of the types of customers we're working with, we're really working with you mentioned it, the online pharmacies. I mentioned one that we're expanding with quickly.

Speaker #4: Digital health companies, wellness companies, digital wearable companies as well, are all partnering with us, as well as your typical labs that you might expect as well.

Lee Bienstock: Digital health companies, wellness companies, digital wearable companies as well are all partnering with us, as well as your typical labs that you might expect, as well. Really seeing growth from across that space. Yes, it's weight loss, but it's also general wellness. General wellness trend as well, sort of the consumerization of healthcare is really pushing growth for us there. We're really excited about it.

Speaker #4: So really seeing growth from across that space. Yes, it's weight loss, but it's also general wellness. General wellness trend as well is sort of the consumerization of healthcare is really pushing growth for us there.

Speaker #4: So we're really, really excited about it. The SteadyMD team is a great, great team, a great addition. And as we go through the year here, some of the growth is also going to come from docos in home visits.

Lee Bienstock: The SteadyMD team is a great team, a great addition. As we go through the year here, some of the growth is also gonna come from DocGo's in-home visits. We really want to drive SteadyMD's telehealth capacity to be a key component of overseeing, prescribing, treatment planning the visits that are happening in the home with our mobile health clinicians. That's a big area of integration for us as we go throughout the year here, and will help us also expand our margins for those in-home visits. We're really seeing it across the board. Really great addition to the team, really fits nicely into the future of healthcare anywhere vision that we're pursuing, and we couldn't be more excited. Norm?

Speaker #4: We really want to drive SteadyMD's telehealth capacity to be a key component of overseeing prescribing, treatment planning, and the visits that are happening in the home with our mobile health clinicians.

Speaker #4: That's a big, big area of integration for us as we go throughout the year here, and will help us also expand our margins for those in-home visits.

Lee Bienstock: That's a big area of integration for us as we go throughout the year here, and will help us also expand our margins for those in-home visits. We're really seeing it across the board. Really great addition to the team, really fits nicely into the future of healthcare anywhere vision that we're pursuing, and we couldn't be more excited. Norm?

Speaker #4: So we're really seeing it across the board. Really great addition to the team, really fits nicely into the future of healthcare care anywhere vision that we're pursuing.

Speaker #4: And we couldn't be more excited. Norm?

Speaker #3: Hey, Matt. In terms of the top line, I think you're referring to the guidance that we've given where we're going to arrange a $300 to $315.

Norman Rosenberg: Yeah, Matthew, in terms of the top line, I think you're referring to the guidance that we've given where we're going to a range of $300 to 315 million, so let's say a midpoint of $307.5 million. You compare that to where we were before, which was $290 to 300 million, so let's take a $295 million midpoint. We essentially are adding $12 million to the guidance. There are a couple ways of looking at it. Number 1, I would say that when I look at our quarterly results for Q1, the number that we did, which is about 75.5, 75.6, is probably about anywhere from $3 to 4 million ahead of where we thought we would be.

Speaker #3: So let's say a midpoint of $307.50. And you compare that to where we were before, which is $290 to $300. So let's take a $295 midpoint.

Speaker #3: So we essentially are adding $12 million to the guidance. There are a couple of ways of looking at it. Number one, I would say that when I look at our quarterly results for Q1, the number that we did, which is about $75.50, $75.60, is probably about anywhere from $3 million to $4 million ahead of where we thought we would be.

Speaker #3: So that gets us off to a good start. But when you break it down by the different business entities, so the $12 million or so increase in guidance for the top line midpoint to midpoint, I'd say about eight to nine of that is probably related to SteadyMD.

Norman Rosenberg: That gets us off to a good start. When you break it down by the different business entities, the $12 million or so increase in guidance for the top line, midpoint to midpoint, I'd say about $8 to 9 million of that is probably related to SteadyMD. You know, we necessarily projected it in a somewhat conservative way, right? We only had the company for about a month or two at the time that we gave our last guidance, and it's pleasantly surprised us with that volume growth, as Lee has mentioned. That's only one part of it. The transport business is performing very well.

Speaker #3: We necessarily projected it in a somewhat conservative way, right? We only had the company for about a month or two at the time that we made our last guidance.

Speaker #3: We gave our last guidance, and it's pleasantly surprised us with that volumes as with that volume growth as Lee has mentioned. But that's only one part of it.

Speaker #3: The transport business is performing very well. We had a thesis that we've talked about on this call a couple of times, wherein we knew we had the demand. We looked at the number of calls and trips that we couldn't take because we didn't have enough personnel, and we knew that if we would add to our headcount—if we would add to our field labor—that that would translate into more volume.

Norman Rosenberg: You know, we had a thesis that we've talked about on this call a couple of times wherein if we knew we had the demand. We looked at the number of calls and trips that we couldn't take because we didn't have enough personnel, we knew that if we would add to our headcount, if we would add to our field labor, that would translate into more volume. That's worked. So far that part is definitely working. If you think about it that way, then, you know, that definitely adds to the growth as well, or at least it validates the transport growth we expected.

Speaker #3: And that's worked. So far, that part is definitely working. So if you think about it that way, then that definitely adds to the growth as well.

Speaker #3: Or at least it validates the transport growth we expected. And then you have some of our smaller business lines within mobile health, like the mobile phlebotomy business and the CRMS business, room patient monitoring business, which grew like 20% year over year in the first quarter.

Norman Rosenberg: You have some of our smaller business lines within mobile health, like the mobile phlebotomy business and the remote patient monitoring business, which grew, like, 20% year over year in Q1. Again, I would say that the majority of the increase relates to SteadyMD, but we're seeing some solid volume growth, as Lee mentioned in his prepared comments, really across all of our business lines.

Speaker #3: So again, I would say that the majority of the increase relates to SteadyMD. But we're seeing some solid volume growth as Lee mentioned in his prepared comments really across all of our business lines.

Speaker #5: Okay. That's great color. I appreciate that from both of you. And then maybe touching on another area that sounded really strong this quarter again with being the payer and the care gap closure business.

Matthew Shea: Okay. That's great color. I appreciate that from both of you. Maybe touching on another area that sounded really strong this quarter, again, with being the payer and the care gap closure business. Nice to see lives there crossing the call, you know, 1.5 million mark. Maybe just first know it's a very dynamic year for the payers. Any changes in terms of how they're looking to use you for these care gap closures or any services they want you to prioritize more maybe than what had been prioritized in the past? Second, I think earlier this year at our conference, you had sort of talked about a pipeline of 2 to 4 more incremental payers that you could sign on in H1 of this year.

Speaker #5: Nice to see lives there crossing the call. One and a half million mark. Maybe just first, it's a very dynamic year for the payers.

Speaker #5: Any changes in terms of how they're looking to use you for these care gap closures or any services they want you to prioritize more, maybe than what had been prioritized in the past?

Speaker #5: And then, second, I think earlier this year at our conference, you had sort of talked about a pipeline of two to four more incremental payers that you could sign on in the first half of this year.

Matthew Shea: Second, I think earlier this year at our conference, you had sort of talked about a pipeline of 2 to 4 more incremental payers that you could sign on in H1 of this year. Wasn't sure from your prepared remarks if you had brought one or two on maybe this quarter, maybe just update us on that thinking there, if that's still the right way to think about the incremental payers you're bringing on in the H1 and maybe where you're at on that so far. Thanks.

Speaker #5: Wasn't sure from your prepared remarks if you had brought one or two on maybe this quarter, but maybe just update us on that thinking there, if that's still the right way to think about the incremental payers you're bringing on in the first half and maybe where you're at on that so far.

Matthew Shea: Wasn't sure from your prepared remarks if you had brought one or two on maybe this quarter, maybe just update us on that thinking there, if that's still the right way to think about the incremental payers you're bringing on in the H1 and maybe where you're at on that so far. Thanks.

Speaker #5: Thanks.

Speaker #4: Yeah, absolutely. I'm glad you mentioned that. So in terms of what the payers are looking for us to do, I think it's pretty consistent with what we've been seeing as we've built this out really over the last 18 to 24 months, which is really absolutely the care gap service, care gap closure, particularly for patients that are falling through the cracks, drifting, unattached.

Lee Bienstock: Absolutely. I'm glad you mentioned that. In terms of what the payers are looking for us to do, I think it's pretty consistent with what we've been seeing as we've built this out really over the last 18 to 24 months, which is really absolutely the care gap service, care gap closure, particularly for patients that are falling through the cracks, drifting, unattached. That continues to be, you know, a big need in the market. Really no change there, and we've been ramping up our ability and growing, really growing our volumes year over year as we go throughout, building up that business.

Speaker #4: That continues to be a big need in the market—really, no change there. And we've been ramping up our ability and really growing our volumes year over year, as we go throughout building up that business.

Speaker #4: I think the other piece that we're really seeing is, when we go visit the care gap—the open care gap patients—we are seeing that a lot of them are just also unattached or don't know who their primary care provider is.

Lee Bienstock: I think the other piece that we're really seeing is when we go visit the care gap, the open care gap patients, we are seeing that a lot of them are just also unattached or don't know who their primary care provider is. A very large percentage, the majority of which that don't have a PCP, are opting for us to become their PCP. Those are the services really that we're adding on top of the care gap closure services, and we've continued to do that. You know, we saw in Q1, it was pretty interesting, when we go to see the patients in their homes for care gap and also for PCP services, we're seeing that 60% of the patients we go and visit have two or more chronic conditions.

Speaker #4: And a very large percentage, the majority of which that don't have a PCP are opting for us to become their PCP. So those are the services really that we're adding on top of the care gap closure services.

Lee Bienstock: Those are the services really that we're adding on top of the care gap closure services, and we've continued to do that. You know, we saw in Q1, it was pretty interesting, when we go to see the patients in their homes for care gap and also for PCP services, we're seeing that 60% of the patients we go and visit have two or more chronic conditions.

Speaker #4: And we've continued to do that. We saw in the first quarter—it was pretty interesting—when we go to see the patients in their homes for the care gap and also for PCP services, we're seeing that 60% of the patients we go and visit have two or more chronic conditions.

Speaker #4: And a big percentage of them have three or more chronic conditions. 20% of them have social needs or risks. That are impacting their health outcomes.

Lee Bienstock: A big percentage of them have 3 or more chronic conditions. 20% of them have social needs or risks that are impacting their health outcomes. We also see that 42% of the patients had chronic conditions that had never before been documented. These are big drivers for the health plans, that we're able to uncover this, that we're able to meet patients where they're at. You know, that goes along with our 50% plus readmission reduction that we're seeing with our longitudinal care patients that we've been working with. We're really seeing great impact on health outcomes. We're really starting to provide more longitudinal care in addition to the care gap services.

Speaker #4: We also see that 42% of the patients had chronic conditions that had never before been documented. So these are big drivers for the health plans that we're able to uncover this, that we're able to meet patients where they're at.

Speaker #4: And so that goes along with our 50% plus readmission reduction that we're seeing with our longitudinal care patients that we've been working with. So we're really seeing great impact on health outcomes.

Lee Bienstock: You know, that goes along with our 50% plus readmission reduction that we're seeing with our longitudinal care patients that we've been working with. We're really seeing great impact on health outcomes. We're really starting to provide more longitudinal care in addition to the care gap services.

Speaker #4: We're really starting to provide more longitudinal care in addition to the care gap services. And uncovering chronic conditions that had been undocumented before is a big, big benefit to the health plan.

Lee Bienstock: Uncovering chronic conditions that had been undocumented before is a big, big benefit to the health plan and of course, to the patient. That's really what the plans are using us for. That's the data and the insight that we're providing back to them, and it's proving out to be very, very valuable. Of course, we think we'll be successful and continue to grow the company, you know, as we provide more and more value. The majority of all of the plans that we work with have told us that they would like to expand with us, you know, over the coming year. Again, that's really given us a lot of excitement and optimism and enthusiasm for what we're doing there. On the new logos, I know you mentioned that, Matt.

Speaker #4: And of course, to the patient. So that's really what the plans are using us for. That's what we're that's the data and the insight that we're providing back to them.

Speaker #4: And it's proving out to be very, very valuable. And of course, we think we'll be successful and continue to grow the company as we provide more and more value.

Speaker #4: The majority of all of the plans that we work with have told us that they would like to expand with us over the coming year.

Lee Bienstock: The majority of all of the plans that we work with have told us that they would like to expand with us, you know, over the coming year. Again, that's really given us a lot of excitement and optimism and enthusiasm for what we're doing there. On the new logos, I know you mentioned that, Matt. On the new logos, you know, we'll announce them as it makes sense, but we're absolutely on pace to add two to four new logos in H1 of this year.

Speaker #4: So again, that's really given us a lot of excitement and optimism and enthusiasm for what we're doing there. On the new logos, I know you mentioned that, Matt.

Speaker #4: On the new logos, we'll announce them as it makes sense, but we're absolutely on pace to add two to four new logos in the first half of this year.

Lee Bienstock: On the new logos, you know, we'll announce them as it makes sense, but we're absolutely on pace to add two to four new logos in H1 of this year.

Speaker #5: Okay. Great to questions.

Matthew Shea: Okay. Great to hear. Thanks so much for the questions.

Speaker #4: Yep. Thank you.

Lee Bienstock: Yep. Thank you.

Speaker #1: And the next question comes from the line of Peter Schickering with Deutsche Bank. Please go ahead.

Operator: The next question comes from the line of Peter Chickering with Deutsche Bank. Please go ahead.

Speaker #6: Hi there, everyone. This is Kieran Ryan on for Peter. Thanks for taking the questions. Appreciate all the color that you gave there. I guess just stepping back, could you maybe just help us just understand kind of the puts and takes around the reiteration of the EBITDA guidance just as far as kind of how the tailwinds from the really strong outperformance on revenues and with SteadyMD maybe offset by some incremental headwinds on kind of the labor costs and transportation and with SteadyMD and then on the fuel side, just how should we think about that all kind of balancing out towards the reiterated range?

Kieran Ryan: Hi there, everyone. This is Kieran Ryan on for Peter. Thanks for taking the questions. Appreciate all the color that you gave there. I guess just stepping back, could you maybe just help us just understand kind of the puts and takes around the reiteration of the EBITDA guidance, just as far as kind of how the tailwinds from, you know, the really strong outperformance on revenues and with SteadyMD, maybe offset by some incremental headwinds on kind of the labor costs and transportation and with SteadyMD and then on the fuel side? Just how should we think about that all kind of balancing out towards the reiterated range? Thanks.

Speaker #6: Thanks.

Speaker #5: Sure. And to sort of answer the question itself, Kieran, what's happening is we feel we have some really good momentum on the revenue side.

Norman Rosenberg: Sure. To sort of answer the question itself, Kieran, what's happening is we feel we have some really good momentum on the revenue side, as evidenced by the fact that we outperformed our number for Q1 and that we raised the guidance for the full year. The reason why we left the overall EBITDA guidance the same, even with a higher revenue expectation, is for those reasons that you mentioned, right? There'll be a little bit of pressure on gross margins and the transport piece in Q2 because of fuel prices. Lee mentioned that our average gas price was about $3.69 per gallon in March, up from about $2.90 in January and February. That number is currently running at about $4.

Speaker #5: As evidenced by the fact that we outperformed our number for Q1 and that we raised the guidance for the full year. Now, the reason why we left the overall EBITDA guidance the same, even with a higher revenue expectation, is for those reasons that you mentioned, right?

Speaker #5: There'll be a little bit of pressure on gross margins and the transport piece in Q2 because of fuel prices. Lee mentioned that our average gas price was about $3.69 per gallon in March, up from about $2.90 in January and February.

Norman Rosenberg: There'll be a little bit of pressure on gross margins and the transport piece in Q2 because of fuel prices. Lee mentioned that our average gas price was about $3.69 per gallon in March, up from about $2.90 in January and February. That number is currently running at about $4.

Speaker #5: That number is currently running at about $4. We don't think that that's going to last really beyond the second quarter, but that's something that we have to take into account.

Norman Rosenberg: We don't think that that's going to last really beyond the Q2, but that's something that we have to take into account. Granted, you know, we're not as leveraged to fuel prices, maybe as we were in the past when we were only an ambulance company. It still will have an impact and could have an impact for us of, you know, maybe a third of a point to half a point in gross margin, which will obviously have an impact on, you know, will offset some of the gain that we would have from having higher margins than we were originally projecting. On the operating expense side, some of the stuff that Lee mentioned relates to SteadyMD.

Speaker #5: Granted, we're not as leveraged to fuel prices maybe as we were in the past when we were only an ambulance company. But it still will have an impact and could have an impact for us of maybe a third of a point to half of a point in gross margin, which will obviously have an impact and will offset some of the gain that we would have from having higher margins than we originally projected.

Norman Rosenberg: It still will have an impact and could have an impact for us of, you know, maybe a third of a point to half a point in gross margin, which will obviously have an impact on, you know, will offset some of the gain that we would have from having higher margins than we were originally projecting. On the operating expense side, some of the stuff that Lee mentioned relates to SteadyMD.

Speaker #5: On the operating expense side, so some of the stuff that Lee mentioned, relates to SteadyMD. I did say in my comments that our there's been a lag in our cost cutting or in the way that that sort of flows its way through to our income statement.

Norman Rosenberg: You know, I did say in my comments that our, there's been a lag in our, in our cost-cutting or in the way that that sort of flows its way through to our income statement. We expect to pick up some benefit there in Q2, but we're starting at a somewhat higher point. We just want to build in a little bit of conservatism as far as that goes as well, if operating expenses continue to run a little bit hot compared to where we, where we expected things.

Speaker #5: So we expect to pick up some benefit there in Q2. But we're starting at a somewhat higher point, so we just want to build in a little bit of conservatism as far as that goes as well.

Speaker #5: If operating expenses continue to run a little bit hot compared to where we expected things.

Speaker #6: Got it. That's helpful, thanks. And then I think you had said if we adjust for both SteadyMD and the migrant revenues in one Q2–5, mobile health growth was 38% in the quarter.

Kieran Ryan: Got it. That's helpful. Thanks. I think you had said, if we adjust for both SteadyMD and the Migrant revenues in Q1 2025, mobile health growth was 38% in the quarter.

Speaker #6: And I see you're kind of grouping some business lines together. Healthcare at any address, which seems to account for most of the dollars in mobile health.

Norman Rosenberg: Yeah

Kieran Ryan: Grouping some business lines in together, healthcare at any address, which seems to account for the most of the $ in mobile health, can you just help us kind of understand which business lines are driving the most growth on a $ basis, ex SteadyMD? There's obviously some really strong % growth rates there, that they're all contributing, but just so we can understand that a bit better.

Speaker #6: Can you just help us kind of understand which business lines are driving the most growth on a dollar basis, excluding SteadyMD? Because there are obviously some really strong percentage growth rates there.

Speaker #6: But they're all contributing, but just so we can understand that a bit better.

Speaker #5: Yeah, so I think on a dollar basis, you're seeing our patient monitoring business have really strong growth year over year. Also, really strong profitability profile as well.

Lee Bienstock: Yeah. I think on a dollar basis, you're seeing our patient monitoring business have really strong growth year-over-year. Also, you know, really strong profitability profile as well in that growth. You also see, you know, growth in the healthcare in the home business. Our care gap and primary care has continues to grow year-over-year, and you're seeing growth in our mobile phlebotomy offering as well. Those are the three pieces, and then of course, SteadyMD, which you mentioned. Those are really the pieces that are growing the fastest. They're starting to integrate with one another, SteadyMD overseeing the DocGo visits in the home, utilizing phlebotomists for the care gap visits in the home, utilizing patient monitoring for patients where it makes sense when we go and visit them in the home.

Speaker #5: In that growth, you also see growth in the healthcare in the home. Business are care gap and primary care is continues to grow year over year.

Speaker #5: And you're seeing growth in our mobile phlebotomy offering as well. So those are the three pieces. And then, of course, SteadyMD, which you mentioned.

Lee Bienstock: Those are the three pieces, and then of course, SteadyMD, which you mentioned. Those are really the pieces that are growing the fastest. They're starting to integrate with one another, SteadyMD overseeing the DocGo visits in the home, utilizing phlebotomists for the care gap visits in the home, utilizing patient monitoring for patients where it makes sense when we go and visit them in the home.

Speaker #5: So those are really the pieces that are growing the fastest. They're starting to integrate with one another. SteadyMD overseeing the DocGo visits in the home, utilizing phlebotomists for the care gap visits in the home.

Speaker #5: Utilizing patient monitoring for patients where it makes sense. When we go and visit them in the home. And so that care at any address, healthcare anywhere, a portfolio, we're really excited to see that growing and one playing and feeding the others is sort of a vision that we have as we go.

Lee Bienstock: That care at any address, healthcare anywhere, a portfolio, we're really excited to see that growing and one playing and feeding the other is sort of a vision that we have as we go, to provide care virtually, in person, and remotely. That's the piece that's growing the fastest at the company right now.

Speaker #5: To provide care virtually, in person, and remotely. And that's the piece that's growing the fastest at the company right now.

Speaker #6: Thanks, Lachas.

Kieran Ryan: Thanks a lot, guys.

Speaker #5: Of course.

Lee Bienstock: Of course.

Speaker #1: And the next question comes from the line of Richard Close with Canaccord Genuity. Please go ahead.

Operator: The next question comes from the line of Richard Close with Canaccord Genuity. Please go ahead.

Speaker #7: Yeah. Maybe just to follow up to that last question and some of the earlier questions. But just with respect to SteadyMD first, I think coming out of the fourth quarter, you had said something that's like a 25 to 30 million dollar business.

Richard Close: Yeah, maybe just a follow-up to that last question and some of the earlier questions. Just with respect to SteadyMD first, I think, you know, coming out of Q4, you had said something that's like a $25 to 30 million business and call it in 2026. I guess based on the comments on the guidance, you know, call it $34 to 39 million a good number for SteadyMD now for 2026? Why don't we start there?

Speaker #7: And call it in 2026. So I guess based on the comments on the guidance, is call it 34 to 39 million, a good number for SteadyMD now for '26?

Speaker #7: Why don't we start there?

Speaker #4: Yeah, hi, Richard. Appreciate it. So, I think as Norm mentioned, SteadyMD did about $9.5 million in the quarter for Q1. Now, we do tend to see Q1 and Q4 as the highest levels for SteadyMD, sort of as you go into those winter months, as you close out the year and start the year.

Lee Bienstock: Hi, Richard. Appreciate it. I think as Norm mentioned, SteadyMD did about $9.5 million in the quarter for Q1. Now we do tend to see Q1 and Q4 as the highest levels for SteadyMD, sort of as you go in those winter months, as you close out the year and start the year. As you're mentioning, that $ nine and a half million kind of puts them at that, you know, $36 million run rate for the year, but understanding that, you know, the middle months of the year tend to be a little bit lower on the volume. Now that being said, we are bringing on additional customers. We are onboarding additional customers that will potentially smooth that out as we go throughout the year.

Speaker #4: But as you're mentioning, that $9.5 million kind of puts them at that $36 million run rate for the year. But understanding that the middle months of the year tend to be a little bit lower on the volume.

Lee Bienstock: As you're mentioning, that $ nine and a half million kind of puts them at that, you know, $36 million run rate for the year, but understanding that, you know, the middle months of the year tend to be a little bit lower on the volume. Now that being said, we are bringing on additional customers. We are onboarding additional customers that will potentially smooth that out as we go throughout the year. That's basically, as you, as you mentioned, that's the pace they're on as we exit Q1.

Speaker #4: Now, that being said, we are bringing on additional customers. We are onboarding additional customers that will potentially smooth that out as we go throughout the year.

Lee Bienstock: That's basically, as you, as you mentioned, that's the pace they're on as we exit Q1.

Speaker #4: But that's basically, as you mentioned, that's the pace they're on as we exit Q1.

Speaker #7: Okay. And then just to be clear, with respect to the, call it, $23.6 million for Mobile Health—you have the $9.5 million for SteadyMD. There's like absolutely no migrant in any of those numbers.

Richard Close: Okay. Then just to be clear, with respect to the, you know, call it $23.6 million for mobile health, you have the $9.5 for SteadyMD. There's like absolutely no, you know, migrant in any of those numbers, or the, or the mobile health for the quarter. That's completely gone, correct?

Speaker #7: Are the mobile health for the quarter? That's completely gone, correct?

Speaker #5: That's correct.

Norman Rosenberg: That's correct.

Speaker #7: Okay. And then maybe back to the question right before me—in terms of, so if we looked at remote monitoring, if we X out the mobile SteadyMD from the $23.6 million of total mobile, is remote monitoring the biggest chunk of what's remaining in there?

Richard Close: Okay. Then, you know, maybe get back to the question right before me in terms of, if we looked at like remote monitoring, if we X out the mobile SteadyMD from the $23.6 million of total mobile, is remote monitoring, you know, the biggest chunk of, you know, what's remaining in there?

Speaker #5: It's the biggest, hey, Richard. It's the biggest single one. It was a little bit more than $4 million. I'd say $4.1 million in the quarter.

Norman Rosenberg: Hey, Richard. It's the biggest single one. It was a little bit more than $4 million. I'd say $4.1 million in the quarter. You know, to give you an idea, the clinical staffing business was about $3.8 million, $3.7 million, $3.8 million. It was a close second. Yes, it is actually the biggest one operating at a margin for the quarter of over 60%.

Speaker #5: But to give you an idea, the clinical staffing business was about 3.8, 3.7, 3.8. So it was a close second. But yes, it is actually the biggest one.

Speaker #5: Operating at a margin for the quarter of over 60%. Natural margin is probably a little bit lower than that, but it's solidly over 50%.

Richard Close: Okay

Norman Rosenberg: natural margin is probably a little bit lower than that, but it's, you know, solidly over 50%. That really helps the overall margin picture for mobile health.

Speaker #5: So that really helps the overall margin picture for mobile health.

Speaker #7: Okay. And we're throwing around a bunch of terms here, but clinical staffing is care gap closure and PCP and is that correct?

Richard Close: Okay. We're throwing around a bunch of terms here, but clinical staffing is care gap closure and PCP and Is that correct?

Speaker #4: No. So the clinical staffing is basically our portion of the business where we support mobile clinics and clinical staffing for our healthcare partners. So it's essentially programs that we run on behalf of clinical groups—like, we have groups like radiology groups and so forth—that we run staffed clinics for.

Lee Bienstock: The clinical staffing is basically our portion of the business where we support mobile clinics and clinical staffing for our healthcare partners. It's essentially programs that we run on behalf of clinical groups like radiology groups and so forth that we run staff clinics for.

Speaker #7: Yeah. It's that legacy government medical services business that we bought in, I think back in 2022. Okay. So remote monitorings, monitorings, 4.1 million. You got staffing at 3.8.

Norman Rosenberg: It's that legacy government medical services business that we bought in, I think back in 2022.

Richard Close: Okay. Remote monitorings were $4.1 million. You got staffing at $3.8 million, and then it would be care gap closure, PC or the home, healthcare in the home, and then mobile-

Speaker #7: And then it would be care gap closure, the home, healthcare in the home, and then mobile.

Speaker #4: Correct.

Lee Bienstock: Correct

Speaker #7: Phlebotomy. Okay.

Richard Close: phlebotomy? Okay.

Speaker #4: Yeah, and the healthcare in the home—we, again, the mobile phlebotomy is one of the service offerings that we do in the home, right?

Lee Bienstock: Yeah. The healthcare in the home, you know, again, the mobile phlebotomy is one of the service offerings that we do in the home, right?

Speaker #4: So primary care, care gap closure, mobile phlebotomy, in those scenarios, we're sending a clinician into the home. That's sort of the care in the home service line.

Richard Close: Okay.

Lee Bienstock: Primary care gap closure, mobile phlebotomy. In those scenarios, we're sending a clinician into the home. That's sort of the care in the home service line. We're calling out mobile phlebotomy 'cause it's one of the fastest-growing components of that care in the home business.

Speaker #4: We're calling out mobile phlebotomy because it's one of the fastest-growing components of that care-in-the-home business.

Speaker #7: Okay. So a big growth in a lot of those off of relatively small, but continued progress there. With respect to fuel prices, when you say you would expect some relief there, just maybe on transport, how much is the fixed rate program versus the lease rate programs as a percentage?

Richard Close: Okay. A big growth in a lot of those off of relatively small, but, you know, continued progress there. With respect to fuel prices, when you say, you know, you would expect some relief there, just maybe on transport, you know, how much is the, you know, the fixed rate programs versus or the lease rate, you know, programs as a percentage? How is that trending? And, do you get any relief on fuel on those agreements? Or how do, how do we think about that?

Speaker #7: How is that trending? And do you get any relief on fuel on those agreements, or how do we think about that?

Norman Rosenberg: On the leased hour arrangements?

Speaker #5: On the leased hour arrangements?

Norman Rosenberg: On the leased hour arrangements?

Speaker #7: Yeah.

Richard Close: Yeah.

Speaker #5: No, I don't think there's anything that's built in there. I mean, we were talking about it here over the last few weeks. In general, whether it's on the headcount side or the fuel side, we really need to go back on some of our contracts and try to work in some sort of automatic, indexed cost adjustment.

Norman Rosenberg: No, I don't, I don't think there's anything that's built in there. I mean, we, you know, we were talking about it here over the last few weeks. In general, whether it's on the headcount side or the fuel side, we really need to go back on some of our contracts and try to work in some sort of, you know, automatic, indexed, cost adjustment. It doesn't exist on the vast majority of our contracts. Where this plays out is that from a leased hour perspective versus a fee for service, you know, then we kinda look at it and say, The fewer trips we have, the better, 'cause we're not using up the fuel.

Speaker #5: But it doesn't exist on the vast majority of our contracts. Where this plays out is that, from a leased hour perspective versus a fee-for-service, we kind of look at it and say, the fewer trips we have, the better, because we're not using up the fuel.

Speaker #5: But other than that, that's not something, really, that's under our control.

Richard Close: Yeah

Norman Rosenberg: Other than that, you know, that's not something really that that's under our control.

Speaker #7: Okay, okay. And then, with respect to the cost savings in this, they're kicking in the second quarter. When do you get the full, sort of, the full positive impact from the cost cutting?

Richard Close: Okay. Okay. With respect to the cost savings, you know, they're kicking in Q2. When do you get like the full, sort of the full positive impact from the cost-cutting? Is that like midway through Q3 or, actually here in Q2?

Speaker #7: Is that midway through the third quarter, or actually here in the second quarter?

Speaker #5: I would say the full impact would probably be sometime in the third quarter. And I say that thinking about the sort of list we have of the very specific cost-cutting measures.

Norman Rosenberg: I would say the full impact would probably be sometime in Q3, and I say that thinking about, you know, the sort of list we have of the very specific cost-cutting measures. You know, Richard, part of the reason why we saw higher expenses than we would have expected in Q1 is, you know, typically what'll happen is we will swap out one vendor for another vendor that's lower priced, or we will just stop working with a vendor.

Speaker #5: Richard, part of the reason why we saw higher expenses than we would have expected in Q1 initially expected in Q1 is typically what will happen is we will swap out one vendor for another vendor.

Speaker #5: That's lower priced or we will just stop working with a vendor. But it's the kind of thing where you've got a list of vendors and you've got these cost savings that are identified and executed, but there's a lag because I might have a contract with that vendor that goes through the end of March.

Norman Rosenberg: It's the kind of thing where, you know, you've got a list of vendors, and you've got these cost savings that are identified and executed, but there's a lag because I might have a contract with that vendor that goes through the end of March, even though, you know, I told them in January that we're not using their services anymore, or I told them back in December I'm not using their services anymore. It's the same thing with some of the personnel.

Speaker #5: Even though I told them in January that we're not using their services anymore or I told them back in December I'm not using their services anymore.

Speaker #5: And it's the same thing with some of the personnel. As we sort of shift into more of the corporate layer here, we're trying to take some cost out.

Norman Rosenberg: You know, as we sort of shift into more of the corporate layer here, where we're trying to take some cost out, what ends up happening is that we'll have situations where someone is told, Hey, look, you know, we've identified this position for elimination, but we need you to stick around for another 30 days or 60 days. It sort of gets you into that next quarter, and that's why that ends up happening. Knowing what we have executed so far in Q2, and what we have on the calendar to execute between now and the end of Q2, I would say that we're not gonna get the full benefit of all of those things during this quarter. By Q3, we should get, you know, almost all of it.

Speaker #5: What ends up happening is that we'll have situations where someone is told, "Hey, look, we've identified this position for elimination, but we need you to stick around for another 30 days or 60 days." It sort of gets you into that next quarter.

Norman Rosenberg: It sort of gets you into that next quarter, and that's why that ends up happening. Knowing what we have executed so far in Q2, and what we have on the calendar to execute between now and the end of Q2, I would say that we're not gonna get the full benefit of all of those things during this quarter. By Q3, we should get, you know, almost all of it.

Speaker #5: And that's why that ends up happening. So knowing what we have executed so far in Q2 and what we have on the calendar to execute between now and the end of Q2, I would say that we're not going to get the full benefit of all of those things during this quarter.

Speaker #5: But by third quarter, we should get almost all of it. Obviously, in Q4, we'll have whatever took place at the end of Q2 and Q3.

Norman Rosenberg: Obviously, in Q4, we'll have whatever took place at the end of Q2 and Q3 hitting the P&L. If things flow through the way we anticipate and without other things coming up that would cause us to add to our headcount or to take on other vendors that we don't currently have, we would expect that sequential decline in operating expenses as we go into Q2, Q3 and Q4.

Speaker #5: Hitting the P&L. So, if things flow through the way we anticipate, and without other things coming up that would cause us to add to our headcount or to take on other vendors that we don't currently have, we would expect that sequential decline in operating expenses as we go into Q2, Q3, and Q4.

Speaker #7: Okay. And then good job on collecting I guess you said 8 million April 1st or something like that. How much is still okay. Thanks.

Richard Close: Okay. Good job on collecting, I guess you said $8 million, 1 April or something like that.

Norman Rosenberg: Yes.

Richard Close: How much is still?

Norman Rosenberg: 10.6.

Richard Close: Okay, thanks. How much is still out there and what's the thought process on when that comes in?

Speaker #7: How much is still out there and what's the thought process on when that comes in?

Speaker #5: Yeah. So from HPD, which is the one that we talked about, Hazard Preservation Development, there's about $13 million left. We are in the process of communicating with them, sending them, in some cases, the very same information that we sent them last time.

Norman Rosenberg: Yeah. From HPD, which is the one that we talked about, Housing Preservation Development, there's about, I guess, $13 million left. We are in the process of communicating with them, sending them, in some cases, the very same information that we sent them last time.

Speaker #5: In some cases, sending it a different way. There's a formal process by which we would go through that. They have now laid out for us exactly what it is that is "missing." In order for us to get paid on those items.

Norman Rosenberg: In some cases, you know, sending it a different way. There's a formal process by which we would go through that. They have now laid out for us exactly what it is that is, you know, quote-unquote, missing in order for us to get paid on those items. You know, we're gathering that information and are sending it over. I'm gonna say I mean, look, I look in their payment system. I think there's probably another $1 million or so that'll come in maybe in the next couple of weeks. Beyond that, we would expect it to come in over the balance of 2026. One thing that we have learned, even though we have now collected 97% of that contract, is that it gets really, really difficult to predict the exact timing-

Speaker #5: And we're gathering that information and are sending it over. I'm going to say—I mean, look, I look in their payment system, I think there's probably another million or so that will come in, maybe in the next couple of weeks.

Norman Rosenberg: I think there's probably another $1 million or so that'll come in maybe in the next couple of weeks. Beyond that, we would expect it to come in over the balance of 2026. One thing that we have learned, even though we have now collected 97% of that contract, is that it gets really, really difficult to predict the exact timing-

Speaker #5: But beyond that, we would expect it to come in over the balance of 2026. One thing that we have learned, even though we have now collected 97% of that contract, is that it gets really, really difficult to predict the exact timing of when those payments are going to be made.

Richard Close: Yeah

Norman Rosenberg: of when those payments are gonna be made, we try to err on the side of being conservative. I will point out, when we talk about migrant revenues on the other hand, there's HPD, but there's also NYC Health + Hospitals, the HERRC program that we talked about. All that's been collected, and that was collected on a very timely basis in terms of the stuff that we build as we came to the last days of those programs in late 2025. I don't think there's anything material that's outstanding on any of those contracts as we sit here.

Speaker #5: And so we try to err on the side of being conservative. I will point out, when we talk about migrant revenues, on the other hand, so there's HPD, but there's also New York City Health + Hospitals, the HERC program that we talked about.

Speaker #5: All of that's been collected. And that was collected on a very timely basis. In terms of the stuff that we build as we came to the last days of those programs in late 2025.

Norman Rosenberg: All that's been collected, and that was collected on a very timely basis in terms of the stuff that we build as we came to the last days of those programs in late 2025. I don't think there's anything material that's outstanding on any of those contracts as we sit here. That was all brought in during Q1. It's really that $13 million or so that's sort of sitting out there that we are working very, very hard to collect.

Speaker #5: So I don't think there's anything material that's outstanding on any of those contracts. As we sit here, that was all brought in during Q1.

Norman Rosenberg: That was all brought in during Q1. It's really that $13 million or so that's sort of sitting out there that we are working very, very hard to collect.

Speaker #5: So, it's really that $13 million or so that's sort of sitting out there that we are working very, very hard to collect.

Speaker #7: Okay. Thanks.

Richard Close: Okay, thanks.

Norman Rosenberg: Of course.

Speaker #1: And the next question comes from the line of David Larson with BTIG. Please go ahead.

Operator: The next question comes from the line of David Larsen with BTIG. Please go ahead.

Speaker #8: Hi. This is Jenny Shen on for Dave. Thanks for taking my question. I just wanted to ask more about the weight management program or business within City MD.

Jenny Shen: Hi, this is Jenny Shen on for Dave. Thanks for taking my question. I just wanted to ask more about the weight management program or business within SteadyMD. I think you mentioned in the prepared remarks, a new partnership or contract with an online pharmacy. Can you just speak more about that? Are you partnering with the pharmacy that offers the branded medications, or are they offering the compounds, and how does that revenue sharing work? Thanks.

Speaker #8: I think you mentioned in the prepared remarks a new partnership or contract with an online pharmacy. Can you just speak more about that? Are you partnering with the pharmacy that offers the branded medications, or are they offering the compounds?

Speaker #8: And how does that revenue sharing work? Thanks.

Speaker #5: Yeah, so on the revenue, we charge a per-visit rate. There's no revenue sharing; it's just we charge our contracted rate, as you mentioned, Jenny.

Lee Bienstock: Yeah. On the revenue, we charge a per visit rate. There's no revenue sharing. It's just we charge our contracted rate, as you mentioned, Jenny. In terms of your part of the question relating to the weight loss medication, we're working with the branded weight loss medications, the pharmacies that are offering those branded weight loss options, and where the clinical visit as part of that prescription, as part of that prescribing process. That's really what's driving that growth there. Of course, we're seeing obviously in the marketplace a big tailwind and growth in that space and we are participating in that.

Speaker #5: In terms of your part of the question relating to the weight loss medication, we're working with the branded weight loss medications, the pharmacies that are offering those branded weight loss options.

Speaker #5: And we're the clinical visit as part of that prescription, as part of that prescribing process. So that's really what's driving that growth there. Of course, we're seeing, obviously, in the marketplace a big tailwind and growth in that space.

Speaker #5: And we are participating in that.

Speaker #8: Okay. Perfect. And then can you remind us how much of revenue do you expect the payer business to contribute in 2026 and how much is City MD?

Jenny Shen: Okay, perfect. Then, can you remind us how much of revenue do you expect the payer business to contribute in 2026 and how much is SteadyMD? Thanks.

Speaker #8: Thanks.

Speaker #5: Absolutely. So, as we mentioned, we updated the guidance to $300 to $315 million for the year. And we expect, again, as we shared on the last earnings call, about $85 to $100 million to come from the Mobile Health segment.

Lee Bienstock: Absolutely. As we mentioned, we updated the guidance to $300 to 315 million for the year. We expect, again, as we shared on the last earnings call, we expect about $85 to 100 million to come from the Mobile Health segment, and then about $210 to 215 million to come from the Medical Transportation segment for the remainder of the year. SteadyMD, as was mentioned, I think Richard asked about it specifically. Again, SteadyMD exited Q1 at a nine and a half million dollar quarter. They're contributing roughly that, the $35, 36 million, you know, as we go throughout the year in our projections.

Speaker #5: And then about $210 to come, $215 to come from the medical transportation segment, for the remainder of the year. CityMD, as was mentioned—I think Richard asked about it specifically.

Speaker #5: Again, City MD exited Q1 at a 9 and a half million dollar quarter. And so they're contributing roughly that 35, 36 million as we go throughout the year in our projections.

Speaker #8: Perfect. Thank you.

Jenny Shen: Perfect. Thank you.

Speaker #5: Of course.

Lee Bienstock: Of course.

Speaker #1: And that concludes your question and answer session. I would like to turn it back to Lee Bienstock for closing remarks.

Operator: That concludes your question and answer session. I would like to turn it back to Lee Bienstock for closing remarks.

Speaker #5: Thank you so much. Appreciate everybody joining us, and looking forward to speaking with you again soon. Have a great evening.

Lee Bienstock: Thank you so much. Appreciate everybody joining us, and looking forward to speaking with you again soon. Have a great evening.

Operator: Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

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