NEW YORK - DocGo Inc. (NASDAQ: DCGO), a provider of mobile health services, announced today the appointment of Stephen K. Klasko, M.D., M.B.A as its new independent, non-executive Chair of the Board of Directors, effective from tomorrow.
Dr. Klasko brings a wealth of experience in healthcare and higher education to the role, having previously served as President of Thomas Jefferson University and CEO of Jefferson Health. His leadership saw the expansion of Jefferson Health to include 18 hospitals and over 35,000 employees. His previous roles include CEO of USF Health and Dean of the Morsani College of Medicine at the University of South Florida, as well as Dean of Drexel University College of Medicine.
His appointment to DocGo's board follows his service on the Teleflex (NYSE:TFX) Incorporated board since 2008, where he has been part of the audit committee, and currently chairs the governance committee and serves as independent Lead Director. Dr. Klasko's expertise is recognized through various accolades, including being named among the most influential people in healthcare by Modern Healthcare and one of the most creative people in business by Fast Company.
In his new role, Dr. Klasko will collaborate with DocGo's CEO Lee Bienstock and the board to drive the company's mobile health initiatives and value-based care strategies. His vision aligns with DocGo's commitment to transforming healthcare delivery by making it more affordable, accessible, and patient-centric.
CEO Lee Bienstock expressed his enthusiasm for Dr. Klasko's strategic insight and the potential for innovation he brings to the board. Bienstock also extended gratitude to outgoing Chair Steven Katz for his contributions to DocGo, noting that Katz will continue to provide consultancy to the company through the end of the year to support a smooth transition.
DocGo, a company aiming to revolutionize proactive healthcare, provides mobile health services, remote patient monitoring, and ambulance services, striving to deliver high-quality care outside the traditional healthcare settings.
This announcement is based on a press release statement, and it reflects the company's optimism about its future direction under the guidance of Dr. Klasko's experienced leadership.
In other recent news, DocGo has demonstrated significant financial growth in its Q2 2024 earnings report. The healthcare technology solutions provider reported robust revenue of $164.9 million and an adjusted EBITDA of $17.2 million. The company's cash flow from operations is projected to be between $80 million and $90 million for the year.
DocGo has also appointed Eiwe Lingefors as its new Chief Information Officer. With over two decades of experience in the field, Lingefors is set to manage the company's cybersecurity efforts and drive innovation.
In addition to these developments, DocGo is expanding its market presence and diversifying its revenue streams. The company has secured several new contracts and established a Medical Advisory Board to enhance its clinical programs and research. For 2024, DocGo has reaffirmed its guidance of $600 million to $650 million in revenue and $65 million to $75 million in adjusted EBITDA.
These recent developments underline DocGo's commitment to maintaining strong growth and diversifying its revenue streams. The company also aims to diversify its customer base, with less than five customers expected to contribute more than 10% of total revenue next year.
InvestingPro Insights
As DocGo Inc. (NASDAQ: DCGO) welcomes Dr. Stephen K. Klasko as its new Chair of the Board, investors may find additional context from InvestingPro's data and tips particularly relevant.
According to InvestingPro data, DocGo's revenue growth has been impressive, with a 64.49% increase in the last twelve months as of Q2 2024. This robust growth aligns well with the company's ambitious plans to transform healthcare delivery, which Dr. Klasko will now help steer.
An InvestingPro Tip indicates that DocGo is "trading at a low revenue valuation multiple." This could be an attractive point for investors considering the company's growth trajectory and the potential impact of Dr. Klasko's leadership.
Another InvestingPro Tip notes that "net income is expected to grow this year." This positive outlook on profitability, combined with Dr. Klasko's extensive experience in healthcare management, may signal promising developments for DocGo's financial performance.
For those interested in a deeper dive into DocGo's financial health and prospects, InvestingPro offers 5 additional tips that could provide valuable insights for investment decisions.
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