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Third quarter revenue expected to triple year-over-year to $81 million
DocGo raises full-year revenue outlook to $260 million driven by positive business trends and sustainable long-term opportunities
NEW YORK, Oct. 14, 2021 /PRNewswire/ -- Motion Acquisition Corp. ("Motion") (NASDAQ:MOTN), a special purpose acquisition company, and its merger partner Ambulnz, Inc., dba DocGo, a leading provider of Mobile Health services and integrated medical mobility solutions, announced today that DocGo has disclosed select preliminary unaudited financial results for its third quarter ended September 30, 2021.
"We are pleased to report another strong quarter of positive business momentum highlighted by 201% revenue growth, positive net income and positive Adjusted EBITDA1," said Stan Vashovsky, CEO of DocGo. "We continue to see increasing demand for our high quality, highly affordable Mobile Health services as we continue to deliver exceptional patient care and value across medical mobility and mobile health to generate sustainable, long-term growth. We are increasing our full year 2021 revenue outlook to $260 million as a result."
Preliminary Third Quarter Financial Highlights and Increased 2021 Full-Year Revenue Outlook
1 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measure" at the end of this release for a discussion of this measure, including certain limitations thereof, and a reconciliation to net income (loss), the most directly comparable GAAP measure.
Recent Business Highlights
"Today's preliminary third quarter results and raised outlook for 2021 further validate the compelling opportunity DocGo represents for investors," commented Michael Burdiek, Chief Executive Officer of Motion. "There are very few businesses that successfully reach scale and experience ongoing triple digit growth, and DocGo is one of the rare few. The disciplined investments that the company has made over the last year are really starting to pay dividends through sustainable, long-term opportunities as evidenced by the revised full year outlook. We look forward to supporting Stan and the entire DocGo team as we move through the process towards a near-term public listing for DocGo."
The foregoing unaudited preliminary financial results represent the most current information available to DocGo and are based on calculations or figures prepared internally that have not yet been reviewed by DocGo's independent registered public accounting firm. Actual third quarter and year-to-date financial results may be materially different from the preliminary results described above and are subject to the risk factors and uncertainties identified in this press release and in the filings with the Securities and Exchange Commission (SEC) made by Motion and DocGo.
Posted In: MOTN