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Date

Monday, May 11, 2026 at 5 p.m. ET

Call participants

  • Chief Executive Officer — Lee Bienstock
  • Chief Financial Officer — Norman Rosenberg
  • Moderator — Mike Cole

Takeaways

  • Total revenue -- $75.6 million, a decline attributed to the wind‑down of migrant‑related projects, with a 24% increase in non‑migrant revenues year over year.
  • Medical transportation revenue -- $51.9 million, up from $50.8 million, representing the highest quarterly transport revenue in the company’s history, and driven by growth in markets such as New York, Texas, and Tennessee.
  • Mobile health revenue -- $23.6 million, down from $45.2 million, with non‑migrant revenues more than doubling due to contributions from CareGap closure, remote patient monitoring, mobile phlebotomy, and SteadyMD.
  • SteadyMD revenue -- $9.5 million, exceeding the previous quarterly high, with approximately 1.1 million clinical visits and lab orders—a 38% increase year over year—and was the primary contributor to the upward guidance revision.
  • Virtual care contracts -- SteadyMD secured a new agreement with a prominent online pharmacy for weight loss and general clinical services, supporting future revenue growth in this line.
  • Mobile phlebotomy growth -- Projected to accelerate to as much as 75% growth in 2026, with home visit capacity expected to increase from 600 to 900 per day by year end, and new operations opening in Upstate New York, Pennsylvania, and Florida.
  • CareGap services -- Over 1.6 million lives assigned since inception, a 46% year‑over‑year growth in completed visits, and more than 1,000 patients now actively managed in PCP and longitudinal care programs.
  • Medical transportation contract wins -- Recent renewals with major New York hospital systems (including a two‑year extension adding Staten Island), expansion in Tennessee, Wisconsin, and a new contract with the UK’s Great Western Hospitals NHS Foundation Trust.
  • Operating expenses -- Adjusted operating expenses (excluding depreciation, stock‑based compensation, and other non‑recurring items) declined to $34.1 million from $35.7 million sequentially.
  • Adjusted EBITDA -- Loss of $10.2 million compared to a loss of $3.9 million, with costs pressured by increased hiring, incentives, and transitional inefficiencies in SteadyMD and transportation labor costs.
  • Adjusted gross margin -- 31.6%, versus 32.1% the prior year; Medical Transportation adjusted gross margin was 31.9%, and Mobile Health’s was 31%.
  • Cost drivers -- Consolidated gross margin negatively impacted by roughly 60 basis points due to clinician incentives at SteadyMD, and by fuel cost increases, which rose from $2.93 to $3.69 per gallon from January to March, with ongoing margin drag forecast for Q2.
  • Total cash and cash equivalents -- $59.9 million at quarter end, with the decrease driven by delayed collections on migrant-related receivables; $8 million was received on April 1, and collections continue through 2026.
  • Outlook -- Full-year revenue guidance raised to $300 million to $315 million (from prior $290 million to $310 million); full-year adjusted EBITDA loss guidance maintained at $5 million to $10 million.
  • Segment expectations -- For 2026, management anticipates $210 million to $215 million in Medical Transportation, and $85 million to $100 million in Mobile Health revenue.
  • Strategic alternatives update -- The strategic review process announced in March remains underway with no assurance of outcome, and updates will be provided as appropriate.

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Risks

  • Fuel price increases, stemming from geopolitical events, raised average gasoline costs to $3.69 per gallon in March, creating “a continued drag on gross margin over the near term.”
  • Collections from accounts receivable owed by New York City’s Department of Housing Preservation and Development were delayed, resulting in lower‑than‑expected cash at quarter end, and the risk of “working capital pressure” if delays persist.
  • Operating losses are expected to continue in the short term due to growth‑driven working capital needs, with improvement projected for the second half of 2026 as profitability returns.
  • Adjusted EBITDA was negatively impacted by the need to pay incentives and increase hiring to address rapid demand growth in SteadyMD, and increased effective hourly wages in Medical Transportation, a trend noted as a persistent constraint on gross margins.

Summary

DocGo (DCGO +3.81%) reported a year‑over‑year revenue decline due to the end of migrant project work, but core businesses excluding these projects expanded strongly across Medical Transportation, Mobile Health, and Virtual Care. SteadyMD’s rapid expansion outpaced expectations, prompting higher full-year revenue guidance and the onboarding of new service contracts, while operational inefficiencies and labor investments pressured near-term gross margins and EBITDA. Delayed receivables collection reduced quarter‑end cash, and margin headwinds from fuel costs and lagging operating expense reductions are expected to ease by the second half as volume drivers and cost savings initiatives take full effect. Management reaffirmed its commitment to profitability improvement without altering the current EBITDA loss guidance range, while the ongoing strategic alternatives review introduces potential for significant future change.

  • SteadyMD is expected to generate $34 million to $39 million in 2026, based on its current quarterly run rate and seasonality discussed by management.
  • Remote patient monitoring produced more than $4.1 million in revenue in the quarter, with segment margins exceeding 60%, making it the largest non-SteadyMD Mobile Health contributor.
  • Sequential declines in SG&A are anticipated over the next three quarters, as vendor contract changes and headcount reductions resolve, with the full impact projected by Q3 2026.
  • Mobile phlebotomy is poised for substantial growth, targeting a daily in-home visit increase of 50% by year end, and new territory launches, supported by national lab integration and AI-driven technology enhancements.

Industry glossary

  • CareGap closure: Services that identify and address missed preventive or chronic care interventions for health plan members, often driven by payer mandates.
  • PCP: Primary Care Provider—refers to a clinician serving as a patient’s first point of contact for ongoing healthcare management.
  • Leased-hour arrangements: Contractual models where clients pay a fixed hourly rate for medical transportation services rather than a fee per individual trip.
  • Longitudinal care: Extended healthcare management of individual patients over time, focusing on chronic condition management and continuity.

Full Conference Call Transcript

Mike Cole: Before we begin, I would like to remind you that certain statements made during today’s call are forward-looking statements within the meaning of federal securities laws. Words such as plan, potential, goal, outlook, design, anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, and 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. These risks, uncertainties, and assumptions include, but are not limited to, those discussed in Risk Factors and elsewhere in DocGo Inc.’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 Inc. 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. The information contained in this call is accurate only as of 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 to the extent required by law. At this time, it is my pleasure to turn the call over to Lee Bienstock, CEO of DocGo Inc. Lee, please go ahead.

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 the first quarter, with an adjusted EBITDA loss of $10.2 million. Additionally, we increased our 2026 revenue guidance from a range of $290 million to $310 million to $300 million to $315 million, while leaving our 2026 adjusted EBITDA guidance unchanged at a loss of $5 million 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. 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, 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.

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. We have 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.

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. Third, we have signed recent new contracts and expansions with payers and providers for our CareGap closure, TCP, and transition of care services. We have now surpassed 1.6 million lives assigned to us for CareGap services since inception, and we have 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 thousand 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. 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.

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 U.S. and especially in our U.K. 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 would 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. Their dramatic growth required us to pay increased incentives to our current clinicians to cover shifts while we work to bridge a hiring gap. As a result, this negatively impacted our consolidated gross margin by approximately 60 basis points. During the first quarter, we leveraged DocGo Inc.’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. 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 per gallon, 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.

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. 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. 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.

In sum, we saw margin headwinds driven by 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 the first quarter, with U.S. Medical Transportation increasing 17%, Healthcare in the Home increasing 46%, Mobile Phlebotomy increasing 13%, and Virtual Care and Lab Orders increasing 37% year over year. Before handing it to Norm, I would also like to briefly address the strategic alternatives process that was announced on March 16.

While I am 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 DocGo Inc. 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.

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

Medical Transportation Services revenue increased to $51.9 million in Q1 2026 from $50.8 million in Q1 2025 and was the highest quarterly transport revenue in DocGo Inc.’s history. Revenues were 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. We continue to see increasing demand across most of our markets. Mobile Health revenue for Q1 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.

Non‑migrant Mobile Health revenues more than doubled, driven by increases in CareGap closures, remote patient monitoring, and mobile phlebotomy, and by the inclusion of revenues from SteadyMD, which we acquired during 2026. Removing the impact of SteadyMD, Mobile Health revenues still increased by about 38% year over year. Adjusted EBITDA for Q1 2026 was negative $10.2 million, compared to an adjusted EBITDA of negative $3.9 million in Q1 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 Q1 2026 compared to 32.1% in Q1 2025.

However, looking at only the revenues from business lines that were active in both periods—thereby removing migrant revenues of $35 million and gross profit of $12.3 million from Q1 2025, and removing SteadyMD revenues of $9.5 million and gross profit 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 a point and a half from 30.4% in last year’s first quarter. 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.

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 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 the first quarter 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.

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 will not meaningfully impact our income statement until the second quarter.

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. As of 03/31/2026, 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 Q1 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’s Department of Housing Preservation and Development, which we had expected to see during the first quarter. However, on April 1, 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. With some further, albeit smaller, operating losses in 2026 and several growth‑related initiatives requiring working capital, we would expect further declines in cash in the near term.

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. Turning 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.

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. This does not include any revenues from migrant‑related projects and would represent 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. I would now like to turn the call back over to the operator for the question and answer session.

Operator: We will now open the call for questions. To withdraw your question, please press 2. Your first question comes from the line of Ryan McDonald with Needham. Please go ahead.

Analyst: Hey, thanks for taking the question. This is Matt Shay on for Ryan. Especially with the new win, Lee, could you double‑click on SteadyMD? 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 are there other customer types worth calling out? And then, Norm, when thinking about the top‑line guidance, it seems like the majority was driven by SteadyMD weight‑loss customers. Can you put any finer points on that?

Lee Bienstock: Hi, Matt. Great to hear from you, and I really appreciate the question. On SteadyMD’s growth and pipeline, we are very encouraged and excited about the prospects. Growth is coming from both avenues: our existing customer base, where we continue to grow capacity and volumes, and new logos that we have been adding consistently at the end of last year and into this year. That is fueling further growth, and the big push we made in the first quarter was to ramp hiring in order to meet this demand.

In terms of customer types, we are working with online pharmacies—I mentioned one that we are expanding with quickly—digital health companies, wellness companies, and digital wearable companies, as well as the typical labs you might expect. So we are seeing growth across the space. Yes, it is weight loss, but it is also general wellness. The broader consumerization of healthcare is pushing growth for us there. The SteadyMD team is a great addition. As we go through the year, some of the growth will also come from DocGo Inc.’s in‑home visits. We want 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.

That is a big area of integration for us this year and will help expand margins for those in‑home visits. Overall, it fits nicely into our “care anywhere” vision, and we could not be more excited. Norm?

Norman Rosenberg: Hey, Matt. In terms of the top line, you are referring to the guidance where we moved to a range of $300 million to $315 million—call it a midpoint of $307.5 million—compared to $290 million to $300 million previously, or a $295 million midpoint. So we are essentially adding about $12 million. There are a couple of ways to look at it. First, our Q1 revenue of about $75.6 million was roughly $3 million to $4 million ahead of where we thought we would be, which gets us off to a good start. Breaking down the roughly $12 million increase, I would say about $8 million to $9 million is related to SteadyMD.

We had projected it somewhat conservatively, as we had only had the company for a month or two when we provided our last guidance, and it has pleasantly surprised us with volume growth, as Lee mentioned. But that is only part of it. The Transport business is performing very well. We had a thesis we have discussed on a couple of calls: we knew we had the demand—calls and trips we could not take because we lacked personnel—and that adding headcount would translate into more volume. That is working. Then you have some of our smaller business lines within Mobile Health, like mobile phlebotomy and remote patient monitoring, which grew about 20% year over year in the first quarter.

The majority of the increase relates to SteadyMD, but we are seeing solid volume growth across all business lines.

Analyst: That is great color. Thank you. On the payer and CareGap closure business, nice to see lives crossing the 1.5 million mark. It is a dynamic year for payers—any changes in how they are using you for CareGap closures or services they want you to prioritize? And earlier this year at our conference, you talked about a pipeline of two to four more incremental payers in the first half. Have you brought one or two on this quarter, and is that still the right way to think about it?

Lee Bienstock: I am glad you mentioned that. What payers are looking for is consistent with what we have seen as we have built this out over the last 18 to 24 months: CareGap services and CareGap closures, particularly for patients who are falling through the cracks and are unattached. That continues to be a big need, and we have been ramping volumes year over year. We also see that when we visit open CareGap patients in their homes, many are unattached or do not know their primary care provider. A large percentage—indeed, the majority of those without a PCP—are opting for us to become their PCP. Those are the services we are adding on top of CareGap closures.

In Q1, among patients we visit at home for CareGap and PCP services, 60% had two or more chronic conditions, a big percentage had three or more chronic conditions, 20% had social needs or risks impacting outcomes, and 42% had chronic conditions that had never before been documented. These are big drivers for health plans, and meeting patients where they are yields strong outcomes, including over 50% readmission reduction in our longitudinal care patients. We are starting to provide more longitudinal care in addition to CareGap services, and uncovering undocumented chronic conditions is a major benefit to plans and patients.

Most of the plans we work with have told us they would like to expand with us over the coming year, which gives us excitement and optimism. On new logos, we will announce them as it makes sense, but we are absolutely on pace to add two to four new logos in the first half of this year.

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

Analyst: Hi, everyone. This is Kieran Ryan on for Pito. Thanks for taking the questions. Stepping back, could you help us understand the puts and takes around reiterating EBITDA guidance—how tailwinds from revenue outperformance and SteadyMD are offset by incremental headwinds on labor costs in transportation and SteadyMD, and then on the fuel side? How should we think about that balancing out the reiterated range?

Norman Rosenberg: To answer the question directly, we feel we have really good momentum on the revenue side, evidenced by Q1 outperformance and the full‑year guidance raise. We left the EBITDA guidance the same, even with a higher revenue expectation, for a few reasons. There will be some pressure on gross margins in Transport in Q2 because of fuel prices. Our average gas price was about $3.69 per gallon in March, up from about $2.93 in January and February, and it is currently running around $4. We do not think that will last beyond the second quarter, but it still has an impact—maybe a third to a half point on consolidated gross margin.

While we are not as leveraged to fuel prices as when we were only an ambulance company, it still matters and will offset some of the gain from higher‑than‑originally‑projected margins. On operating expenses, there is some lag in cost cutting flowing through the income statement. We expect to pick up some benefit in Q2, but we are starting at a somewhat higher point, so we are building in conservatism if operating expenses continue to run a little hot versus our expectations.

Analyst: Thanks, that is helpful. You said that, excluding SteadyMD and migrant revenues in Q1 2025, Mobile Health grew 38% in the quarter. You are grouping several lines into Healthcare at Any Address, which seems to be most of Mobile Health. Which business lines are driving the most growth on a dollar basis, excluding SteadyMD?

Lee Bienstock: On a dollar basis, our remote patient monitoring business has very strong year‑over‑year growth and a strong profitability profile. You also see growth in Healthcare in the Home—our CareGap and Primary Care continues to grow year over year—and growth in mobile phlebotomy. Those three, plus SteadyMD, are the fastest‑growing pieces. They are starting to integrate with one another: SteadyMD overseeing DocGo Inc. visits in the home; utilizing phlebotomists for CareGap visits; and deploying patient monitoring where it makes sense after in‑home visits. That “care at any address” portfolio—virtual, in‑person, and remote—is growing the fastest at the company.

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

Analyst: With respect to SteadyMD, coming out of the fourth quarter you said it was a $25 million to $30 million business in 2026. Based on your guidance comments, is $34 million to $39 million a good range for SteadyMD now for 2026? And to be clear on Q1 Mobile Health of $23.6 million and SteadyMD of $9.5 million—there is no migrant revenue in those numbers, correct? Also, excluding SteadyMD from the $23.6 million Mobile Health total, is remote patient monitoring the biggest component? And when you say “clinical staffing,” is that CareGap closure and PCP?

Lee Bienstock: Hi, Richard. As Norm mentioned, SteadyMD did about $9.5 million in Q1. We tend to see Q1 and Q4 as the highest levels for SteadyMD due to seasonal patterns, so $9.5 million implies roughly a $36 million annualized pace. The middle months are typically a bit lower, though we are onboarding additional customers that may smooth that out. On migrant revenues, that is correct—no migrant revenue in Q1 Mobile Health or SteadyMD. On “clinical staffing,” that refers to programs where we support mobile clinics and staffing for healthcare partners—programs we run on behalf of clinical groups, like radiology groups, and the legacy government medical services business we acquired in 2022.

Healthcare in the Home includes primary care, CareGap closure, and mobile phlebotomy—mobile phlebotomy is one of the fastest‑growing components of that in‑home service line.

Norman Rosenberg: On remote patient monitoring, yes, it was the largest single non‑SteadyMD Mobile Health component at a little more than $4 million—about $4.1 million—in the quarter, operating at a margin over 60% for Q1; the natural margin is probably a bit lower but solidly over 50%. Clinical staffing was about $3.7 million to $3.8 million, a close second. Together with Healthcare in the Home and mobile phlebotomy, they drove meaningful contribution to Mobile Health margins. Regarding fuel, most of our leased‑hour arrangements do not have automatic indexed cost adjustments for fuel or headcount. We are evaluating going back on some contracts to work in automatic indexed cost adjustments, but they do not exist on the vast majority of our contracts today.

On leased‑hour arrangements versus fee‑for‑service, fewer trips reduce fuel usage, but beyond that, it is not something we can control mid‑contract. On cost savings timing, the full impact should be realized sometime in the third quarter. There is a lag because vendor contracts may run through March or later even if we notice termination earlier, and some personnel changes have transition periods of 30 to 60 days. We have executed items in Q2, but we will not get the full benefit during Q2; by Q3 we should have almost all of it, with Q4 reflecting anything implemented late Q2 and Q3. We expect sequential declines in operating expenses as we go into Q2, Q3, and Q4.

On receivables collection, from HPD there is about $13 million left. We are communicating with them and submitting requested documentation through their formal process. I expect perhaps another $1 million in the next couple of weeks, with the remainder collected over the balance of 2026. We have learned it is difficult to predict exact timing, so we err on the side of conservatism. On migrant revenues with NYC Health + Hospitals (the HERC program), everything was collected on a timely basis; there is nothing material outstanding there.

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

Analyst: Hi, this is Jenny Shen on for Dave. Thanks for taking my question. On the weight‑management program within SteadyMD, you mentioned a new partnership with an online pharmacy. Are you partnering with a pharmacy that offers branded medications or compounds, and how does revenue sharing work? And can you remind us how much revenue you expect the payer business to contribute in 2026, and how much is SteadyMD?

Lee Bienstock: On revenue, we charge a per‑visit contracted rate; there is no revenue sharing. In terms of medications, we are working with pharmacies that offer branded weight‑loss medications, and we provide the clinical visit as part of the prescribing process. We are seeing strong tailwinds and growth in that space, and we are participating in that growth. Regarding 2026 revenue mix for the year, with updated guidance of $300 million to $315 million, we expect about $85 million to $100 million from the Mobile Health segment and about $210 million to $215 million from the Medical Transportation segment. As noted earlier, SteadyMD contributed $9.5 million in Q1, implying roughly a $36 million annual pace, subject to seasonal patterns and customer onboarding.

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

Lee Bienstock: Thank you so much. We appreciate everybody joining us and look forward to speaking with you again soon. Have a great evening.

Operator: Thank you. This concludes today’s conference call. Thank you all for joining. You may now disconnect.