8-K: DocGo Acquires SteadyMD, Expands Virtual Care Nationwide

DocGo Inc. has acquired virtual care platform SteadyMD, Inc. for up to $25 million, significantly expanding its telehealth services across all 50 states.

Summary

• DocGo Inc., through its wholly-owned subsidiary Ambulnz Holdings, LLC, acquired SteadyMD, Inc. on October 20, 2025.
• The aggregate purchase price is up to $25 million, consisting of $12.5 million in cash at closing and up to $12.5 million as a contingent earn-out payment.
• The earn-out payment is payable in cash or equity, at DocGo's election, if certain performance conditions are met.
• SteadyMD is expected to generate approximately $25 million in revenue in 2025.
• SteadyMD is projected to be EBITDA positive for 2026.
• SteadyMD provides virtual care for top consumer, healthcare, and digital wellness brands, including multiple Fortune 10 customers.
• SteadyMD is expected to service over 3 million patients in 2025 and maintains a roster of over 600 clinicians.
• The acquisition combines DocGo's mobile health services with SteadyMD's virtual care platform, enabling more efficient patient care delivery.
• Guy Friedman, CEO and Co-Founder of SteadyMD, and Yarone Goren, COO and Co-Founder of SteadyMD, are joining the DocGo leadership team.
• DocGo plans to update its 2025 revenue and adjusted EBITDA guidance in early November to reflect the transaction.

Sentiment

Score: 8

Explanation: The acquisition is a clear strategic positive, expanding DocGo's capabilities and market reach with an entity that has strong revenue projections and expected future profitability. The integration of virtual and mobile care is a compelling value proposition. While integration risks exist, the overall sentiment is highly positive due to the strategic fit and financial contributions.

Positives

• Strategic acquisition expands DocGo's telehealth services across all 50 states.
• Combines DocGo's last-mile healthcare delivery with SteadyMD's virtual care platform, creating a more comprehensive offering.
• SteadyMD is expected to generate approximately $25 million in revenue in 2025, adding to DocGo's top line.
• SteadyMD is projected to be EBITDA positive for 2026, indicating future profitability contribution.
• The acquisition brings a scaled network of over 600 virtual providers and an expected 3 million patients serviced in 2025.
• Enhances DocGo's ability to provide high-quality, technology-powered healthcare at any address.
• SteadyMD's leadership team, Guy Friedman and Yarone Goren, are joining DocGo, bringing valuable expertise.

Risks

• Cost savings and synergies from the transaction may not be fully realized or may take longer than anticipated.
• Disruption to the parties' businesses as a result of the transaction and associated integration activities.
• Reputational risk and potential adverse reactions of SteadyMD or DocGo customers, employees, vendors, contractors, or other business partners.
• The extent to which SteadyMD's business will perform consistent with management's expectations and projections.
• Accuracy of projections for SteadyMD's financial performance.
• Impacts related to accelerated wind down of migrant-related services.
• Uncertainties related to future non-migrant municipal population health revenue.
• Ability to return to profitability and/or expand programs with insurance partners, hospital systems, municipalities, and other strategic partners.
• Ability to successfully implement business strategy, including delivering value to shareholders via buybacks, funding new strategic relationships, and potentially repaying the line of credit.
• Ability to establish, maintain, and grow customer relationships.
• Ability to execute projects to the satisfaction of customers.
• Ability to grow demand for care gap closure programs.
• Ability to maintain or grow cash balances.
• Reliance on and ability to maintain contractual relationships with healthcare provider partners and other strategic partners.
• Ability to compete effectively in a highly competitive industry, including healthcare transportation and mobile health services markets.
• Ability to maintain existing contracts.
• Reliance on government contracts, including changes in government spending on healthcare and other social services.
• Recent revenue growth derived from a small number of large customers.
• Ability to effectively manage growth.
• Financial performance and future prospects.
• Workforce reduction and ability to achieve associated cost savings.
• Ability to deliver on business strategies or models, plans, and goals.
• Ability to expand geographically.
• M&A activity and success of acquisition strategy.
• Ability to retain workforce and management personnel and successfully manage leadership transitions.
• Availability of healthcare professionals and other personnel.
• Changes in the cost of labor.
• Ability to collect on customer receivables.
• Risks associated with the share repurchase program.
• Overall macroeconomic and geopolitical conditions, including interest rate environment, inflationary environment, potential recessionary environment, regional conflict and tensions, financial institution instability, and prospect of a U.S. federal government shutdown.
• Ability of suppliers to meet needs.
• Ability to obtain or maintain operating licenses.
• Potential changes in federal, state, or local government policies or priorities.
• Expected impacts of geopolitical instability.
• Competitive position and opportunities, including ability to realize benefits from operating model.
• Ability to improve gross margins.
• Ability to implement and deliver on cost-containment measures and ongoing cost rationalization initiatives.
• Legislative and regulatory actions.
• Impact of legal proceedings and compliance risk.
• Volatility of stock price.
• Impact on business and reputation in the event of information technology system failures, network disruptions, cyber incidents, or losses or unauthorized access to, or release of, confidential information.
• Ability to comply with laws and regulations regarding data privacy and protection.

Future Outlook

DocGo expects the acquisition of SteadyMD to significantly expand its virtual care capabilities across all 50 states, enabling more efficient delivery of patient care by pairing mobile health clinicians with SteadyMD's clinical network. SteadyMD is projected to generate approximately $25 million in revenue in 2025 and be EBITDA positive for 2026. DocGo plans to update its 2025 revenue and adjusted EBITDA guidance in early November to reflect the transaction. The company will continue to seek additional opportunities for acquisitions and partnerships that expand capabilities and scale while enhancing shareholder value.

Management Comments

• Lee Bienstock, CEO of DocGo, commented: "This acquisition marks an exciting milestone in DocGo's mission to make high-quality, technology-powered healthcare more accessible. SteadyMD has an impressive reputation and has built a proprietary platform that optimizes the delivery of trusted, scalable virtual care services across all 50 states. By combining SteadyMD's nationwide virtual care platform with our mobile health services and infrastructure, we can provide our enviable roster of customers with an even more comprehensive platform of last mile care, and help realize our goal of providing patients with healthcare at any address. DocGo will continue to seek additional opportunities for acquisitions and partnerships that expand our capabilities and scale while enhancing shareholder value."
• Guy Friedman, CEO and Co-Founder of SteadyMD, commented: "Joining forces with DocGo provides us with the resources to extend our vision of providing a more personalized, patient-centered approach at virtual care to an even larger scale. We are excited to work together to improve access, outcomes and convenience for millions of patients."

Industry Context

This acquisition positions DocGo to capitalize on the growing demand for integrated mobile and virtual healthcare services. By combining its existing mobile health and medical transportation services with SteadyMD's established virtual care platform, DocGo is enhancing its 'last mile care' delivery model. This move aligns with broader industry trends towards proactive, accessible, and technology-enabled healthcare that extends beyond traditional clinical settings, aiming to reduce costs, increase efficiency, and improve patient outcomes.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results for direct comparison to global benchmarks.
• DocGo operates in a highly competitive industry, including healthcare transportation and mobile health services markets.
• SteadyMD serves top consumer, healthcare, and digital wellness brands, including multiple Fortune 10 customers, indicating a strong market position within its niche.

Management Changes

Stakeholder Impact

• Shareholders: Potential for enhanced shareholder value through strategic expansion, increased revenue, and future profitability from the acquired entity.
• Customers: Access to a more comprehensive and efficient platform of last-mile and virtual care services across all 50 states.
• Employees: SteadyMD's founders are joining DocGo's leadership, indicating integration of talent. Potential for broader opportunities within the combined entity.
• Healthcare Provider Partners: Expanded network and capabilities could lead to more robust partnerships and service offerings.

Next Steps

• DocGo will host a conference call and webcast on October 21, 2025, at 11:00 AM ET to discuss the transaction.
• DocGo plans to update its 2025 revenue and adjusted EBITDA guidance in early November.
• A copy of the full Merger Agreement will be filed by amendment on Form 8-K/A within four business days.

Key Dates

Recommendation

The acquisition of SteadyMD is a highly strategic move for DocGo, significantly expanding its virtual care capabilities nationwide and integrating seamlessly with its existing mobile health services. SteadyMD's projected $25 million in 2025 revenue and expected EBITDA positive status in 2026 indicate immediate and future financial contributions. This transaction enhances DocGo's competitive position in the rapidly growing telehealth and mobile health markets, offering a more comprehensive and efficient care delivery model. The addition of SteadyMD's experienced leadership team further strengthens DocGo's operational and strategic execution. While integration risks are inherent in any acquisition, the clear strategic fit and positive financial outlook make this a compelling growth opportunity for DocGo, warranting a strong buy recommendation.

Keywords

DocGo, SteadyMD, Acquisition, Telehealth, Virtual Care, Mobile Health, Healthcare Technology, Medical Transportation, DCGO, SEC Filing