DocGo (DCGO) Stock Forecast & Price Target

DocGo is attractive because the Hicuity Health acquisition expands its hospital-facing virtual care platform, adds $65mm of TTM revenue and $4.5mm of adjusted EBITDA, and supports a unified closed-loop care model from hospital to home. Management also sees roughly $4.3mm of annual run-rate savings from staffing, organizational, and facilities optimization, while more than 260 hospital relationships across 30 states and 4,700 monitoring beds create a sizable cross-sell base for mobile health and transportation services. Although revenue has been roughly flat and FY26 adjusted EBITDA guidance was lowered to ($22mm)–($17mm), the combination of higher-reimbursed services, synergies, and a path to a profitable run rate keeps the long-term fundamental outlook constructive.

DocGo is facing a weak fundamental setup as 2Q26 revenue of $73.4 million missed estimates, fell 8.7% year over year, and adjusted EBITDA was negative $4.2 million, reflecting underperformance against both growth and profitability expectations. Mobile Health revenue dropped 30.4% year over year to $21.4 million, and gross margin compressed to 30.5% from 109 bps lower year over year, while higher S&M, R&D, and legal and regulatory costs pushed operating expenses to $40.3 million. With migrant-related revenues winding down, organic growth only about 5% excluding certain contracts, and licensing delays potentially forcing costlier acquisitions, the business appears to face limited free cash flow visibility and execution risk.