Conferencia de resultados del T2 de 2026 de DocGo (DCGO): adquisición de Hicuity y perspectivas revisadas

Puntos clave

• DocGo registró unos ingresos en el segundo trimestre de 2026 de 73,4 millones de dólares, por debajo de los 80,4 millones de dólares del mismo periodo del año anterior, debido en su totalidad a la finalización de los proyectos relacionados con migrantes. Excluyendo dichos proyectos, los ingresos aumentaron un 19% interanual.
• El EBITDA ajustado fue negativo en 6,3 millones de dólares, lo que supone una mejora frente a los 10,3 millones de dólares negativos del primer trimestre de 2026, aunque ligeramente superior a la pérdida de 6,1 millones de dólares registrada en el segundo trimestre de 2025.
• La empresa acordó la adquisición de Hicuity Health, que generó aproximadamente 65 millones de dólares en ingresos durante los últimos 12 meses y 4,5 millones de dólares en EBITDA ajustado. La dirección señaló que Hicuity ha estado creciendo a un ritmo de entre el 10% y el 12% aproximadamente.
• DocGo estrechó su previsión de ingresos para 2026 a un rango de 305 a 310 millones de dólares, pero amplió la pérdida proyectada de EBITDA ajustado a entre 17 y 22 millones de dólares, frente a los 5 a 10 millones de dólares previstos anteriormente.
• La dirección mantiene su objetivo de alcanzar un ritmo de ejecución de EBITDA ajustado positivo al cierre de 2026, impulsado por el crecimiento de los ingresos, la normalización de los márgenes y nuevas reducciones de los gastos SG&A.
• Se registraron volúmenes récord en las principales líneas de negocio, incluyendo un crecimiento del 15% en transporte médico en EE. UU., un 26% en atención sanitaria a domicilio y un 58% en atención virtual y órdenes de laboratorio.

Datos financieros clave

Rendimiento empresarial y operativo

Los ingresos de Transporte Médico aumentaron hasta alcanzar la cifra récord de 52 millones de dólares, respaldados por el crecimiento tanto en los grandes como en los pequeños mercados de EE. UU. La dirección destacó a Nueva York, Texas y Tennessee entre los mercados con mayor solidez. El encarecimiento del combustible siguió siendo una limitación: el precio medio pagado aumentó a 4,27 dólares por galón frente a los 3,16 dólares de un año antes, lo que redujo el margen bruto de transporte en unos 60 puntos básicos.

Los ingresos de Salud Móvil excluyendo proyectos con migrantes crecieron un 78%. En el segundo trimestre, los volúmenes aumentaron un 26% en atención sanitaria a domicilio, un 20% en flebotomía móvil, un 13% en monitorización cardíaca y remota de pacientes, y un 58% en atención virtual y órdenes de laboratorio.

SteadyMD aportó 8,9 millones de dólares en ingresos, en comparación con los 9,5 millones del primer trimestre. La dirección atribuyó el descenso secuencial a la estacionalidad estival habitual y prevé que un importante acuerdo empresarial con una farmacia en línea impulse el crecimiento en la segunda mitad del año.

El negocio de monitorización remota cardíaca generó aproximadamente 4,5 millones de dólares en ingresos trimestrales. La flebotomía móvil aportó entre 1,4 y 1,5 millones de dólares, mientras que los ingresos por cobertura de brechas de atención sanitaria se situaron entre 1 y 2 millones de dólares. Los pacientes asignados a servicios de cobertura de brechas de atención alcanzaron los 1,7 millones desde su inicio, un aumento de 100.000 respecto al trimestre anterior.

DocGo redujo los gastos SG&A anuales en aproximadamente 4,5 millones de dólares mediante una reducción de plantilla corporativa. Su herramienta de comunicaciones basada en IA gestiona ahora el 60% de las llamadas entrantes de pacientes de flebotomía móvil y todas las llamadas salientes para la programación de citas. La dirección calcula que más de 10 programas activos de eficiencia podrían generar aproximadamente 6 millones de dólares en ahorros anuales cuando estén plenamente aplicados.

Adquisición de Hicuity Health

Hicuity Health ofrece servicios de UCI remota, enfermería virtual y monitorización telemétrica a través de su plataforma propietaria Hub. Cuenta con más de 400 profesionales sanitarios y mantiene relaciones con hospitales y sistemas de salud en todo EE. UU.

DocGo adquirirá el 100% de Hicuity libre de efectivo y asumirá aproximadamente 52 millones de dólares de deuda existente en manos de Perceptive Advisors. La deuda vencerá en diciembre de 2029. Perceptive también se comprometió a aportar hasta 50 millones de dólares en financiación adicional en múltiples tramos, incluyendo un tramo inicial de 12,5 millones de dólares vinculado a un acuerdo de servicios previo al cierre.

Al cierre de la operación, DocGo emitirá acciones equivalentes al 2% de su capital social ordinario totalmente diluido. El tenedor de acciones preferentes de Hicuity podría recibir una participación adicional del 3,5% si DocGo alcanza una capitalización bursátil de 250 millones de dólares dentro de los tres años posteriores al cierre.

La dirección prevé oportunidades de venta cruzada en atención virtual, transporte médico, flebotomía móvil y atención a domicilio. Las eficiencias planificadas incluyen la consolidación de grupos de práctica clínica, funciones corporativas, infraestructura tecnológica, proveedores y costes administrativos.

Previsiones de la dirección

DocGo ajustó sus previsiones de ingresos para 2026 a un rango de entre 305 y 310 millones de dólares, frente al rango anterior de entre 300 y 315 millones de dólares. El pronóstico excluye tanto los ingresos de Hicuity como los de los proyectos relacionados con migrantes, y representa un crecimiento del 21% al 23% respecto a los ingresos base de la empresa en 2025.

La previsión de EBITDA ajustado para todo el año se revisó a una pérdida de entre 17 y 22 millones de dólares, en comparación con el pronóstico de pérdida anterior de entre 5 y 10 millones de dólares. La dirección atribuyó esto a una pérdida mayor de la prevista en el primer semestre, una consecución más lenta de las reducciones de costes y una trayectoria del margen bruto por debajo de sus hipótesis iniciales.

No obstante, la empresa espera alcanzar un ritmo de ejecución de EBITDA ajustado positivo a la salida de 2026. Este objetivo depende del crecimiento estacional de SteadyMD y de los servicios de cobertura de brechas de atención, la mejora de los márgenes, la disminución de los gastos por indemnizaciones por despido, el ahorro en proveedores y la continuación en la reducción de gastos SG&A.

La contribución de Hicuity no está incluida en las previsiones actuales. DocGo contempla actualizar sus perspectivas cuando el calendario del cierre de la adquisición esté más claro.

Riesgos y aspectos a vigilar

• Los márgenes brutos siguen bajo presión debido a los elevados costes laborales sobre el terreno, los precios del combustible y unos márgenes temporalmente más bajos en SteadyMD tras una aceleración en las contrataciones.
• El calendario de cobro de los saldos pendientes de cobro procedentes de la Ciudad de Nueva York relacionados con los proyectos de migrantes sigue siendo impredecible.
• La transacción de Hicuity requiere autorizaciones regulatorias estatales y el consentimiento de varios clientes, aunque la dirección afirmó que actualmente no prevé obstáculos importantes más allá de la incertidumbre sobre los plazos.
• Las modificaciones propuestas por los CMS podrían ejercer presión sobre ciertas áreas de la monitorización remota de pacientes (RPM). La dirección identificó a aproximadamente 2.000 pacientes de RPM potencialmente afectados, al tiempo que señaló que sus cerca de 55.000 pacientes con dispositivos cardíacos implantables sometidos a monitorización no forman parte del debate actual.
• Alcanzar el objetivo de ritmo de ejecución de EBITDA ajustado a finales de año requiere un crecimiento secuencial de los ingresos, la recuperación del margen y el cumplimiento a tiempo de los ahorros de costes previstos.

Puntos destacados del turno de preguntas de analistas

La dirección señaló que los ingresos de Hicuity han estado creciendo a un ritmo aproximado de entre el 10% y el 12%, a pesar de una combinación de líneas de servicios en expansión y contracción. Se espera que la adquisición consolide las relaciones de DocGo con los hospitales y conecte la atención hospitalaria virtual con los servicios de transición y a domicilio.

En cuanto a la monitorización remota de pacientes, la dirección subrayó que DocGo se centra en la atención a enfermos crónicos y la gestión de la atención de transición, más que en la mera recogida de datos. Indicó que las conversaciones con los CMS no abarcan actualmente a la población de la empresa con monitorización de dispositivos cardíacos implantables ni a sus programas de atención crónica y de transición.

En relación con el camino hacia el umbral de rentabilidad en EBITDA ajustado, la dirección señaló tres impulsores: ingresos incrementales, mejora del margen bruto y reducción sostenida de los gastos SG&A. Calculó que la normalización del combustible y la presión vinculada a SteadyMD podría mejorar el margen bruto en aproximadamente 1,5 a 2 puntos porcentuales.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good afternoon, ladies and gentlemen, and welcome to DocGo Second Quarter Earnings Call. [Operator Instructions] This call is being recorded on Monday, August 17, 2026.

I would now like to turn the conference over to Mike Cole, Vice President of Investor Relations. Please go ahead.

Mike Cole

Thank you, operator. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements made in this conference call, other than statements of historical fact are forward-looking statements. The words may, will, plan, potential, could, goal, outlook, design, anticipate, aim, believe, estimate, expect, intend, guidance, confidence, target, 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'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 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 as of only 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 as to the extent required by law.

At this time, it is now my pleasure to turn the call over to Mr. Lee Bienstock, CEO of DocGo. Lee, please go ahead.

Lee Bienstock

Thank you, Mike, and thank you all for joining us today. The second quarter was a transformational period for our company, and the recent weeks marked a number of key milestones. Today, I'd like to share four significant updates with you.

Number one, we signed a definitive agreement to make our largest acquisition to date. Number two, in connection with the acquisition, we received a commitment for a major new source of funding. Three, we achieved record volumes across our key business verticals and four, we advanced our vision of integrating DocGo's technology and care delivery offerings to create one of the most innovative health care delivery platforms in the industry, a holistic tech-powered offering that enables us to match the right clinician with the right patient at the right time in the right setting.

A uniquely differentiated platform that improves patient access across the entire health care continuum from the hospital to the home. I have never been more excited or more optimistic about the future of our expanded offering than I am today.

So let's get into it. First and foremost, we formally announced in March that the company had undertaken an exploration of strategic alternatives to enhance shareholder value. Today, we're announcing that we've signed a definitive agreement to acquire virtual care provider, Hicuity Health. This marks our second major acquisition in the virtual care space in the last 9 months. While we plan to host a webinar in the coming weeks to share a deep dive on Hicuity Health and the powerful growth and cost synergies of this acquisition, I wanted to share an overview with you today.

St. Louis-based Hicuity Health is a leading provider of acute and critical care telemedicine services with an impressive roster of long-term relationships and a diverse portfolio of hospitals and health systems across the United States. Hicuity's 400-plus clinical staff provide Hicuity virtual care services that include Tele-ICU and virtual nursing and telemetry monitoring, which are all managed by Hicuity's proprietary clinical monitoring and patient management platform called the Hub. DocGo and Hicuity have shared DNA. Both companies have developed proprietary technology platforms that help optimize scarce clinical resources, whether it be an advanced practice provider, delivering critical care in an ICU or a mobile health clinician bringing preventative care to a patient in the home, merging the Hicuity Hub into DocGo's existing proprietary health tech stack will enable us to better match the right provider with the right patient at the right time in the right setting.

Combining Hicuity strength in providing care and health system settings with DocGo's technology-enabled mobile model that delivers care in the home, it differentiates our offering far beyond a single point solution on the patient journey and positions DocGo to support patients across the entire care continuum from the hospital to the home. The combination strengthens DocGo's technology-enabled care delivery model, expands our presence within health systems where we already have entrenched relationships and creates additional opportunities to expand and cross-sell our robust suite of virtual services, care in the home and remote monitoring.

Much like we are experiencing with our SteadyMD acquisition, we expect to realize significant operational efficiencies while leveraging our expanded platform to support future revenue growth. A dedicated cross-functional integration team has already begun planning integration and cost-cutting initiatives across operations, technology, finance, legal, human resources and clinical operations. Some specific areas we have identified include combining shared corporate functions and reducing duplicative administrative costs, leveraging a common technology infrastructure and operational platform, optimizing third-party vendor relationships and procurement, streamlining clinical operations across both organizations, and expanding cross-selling opportunities by offering a broader suite of virtual, mobile, and in-home health care services to customers.

In sum, we expect our acquisition of Hicuity to create a scaled, unified, mobile and virtual care delivery platform that powers health systems, health plans and digital health companies and represents an important step in advancing our Care Anywhere strategy.

Second, I'd like to share the details around the Hicuity transaction and our new funding. Hicuity brings an established revenue base and proven operating platform. On a trailing 12-month basis, Hicuity generated approximately $65 million in revenue and $4.5 million in adjusted EBITDA. Under terms of the agreement, DocGo will acquire 100% of Hicuity on a cash-free basis while assuming the company's existing indebtedness held by Perceptive Advisors.

At closing, the debt is estimated to be approximately $52 million and will now mature in December 2029. In addition to assuming the existing Hicuity debt, Perceptive has also committed to provide up to an additional $50 million of financing to DocGo in multiple tranches, the first $12.5 million of which will be funded with the execution of a services agreement through which we provide management-related services to Hicuity during the pre-closing period.

We expect to finalize this agreement in the near term. As part of the overall consideration, DocGo will issue new equity representing 2% of DocGo's fully diluted outstanding common stock at closing, all of which is going to Hicuity's preferred equity holder who may receive an additional 3.5% equity interest if DocGo achieves a market capitalization of $250 million within 3 years of closing. Perceptive Advisors and Hicuity's preferred equity holder, both have strong roots in health care and deep connections across the industry. We believe our strategic relationships with both of these partners have the potential to create additional value for DocGo in the months and years ahead.

Third, our business performance remains strong. Across all business lines, we achieved record volumes during the quarter, with U.S. medical transportation increasing 15%, health care in the home, increasing 26%, mobile phlebotomy increasing 20%, cardiac and remote patient monitoring increasing 13% and virtual care and lab orders increasing 58% when comparing year-over-year results. On the business development front, we signed a new contract with one of the largest national health plans to offer services to their members in Pennsylvania.

Additionally, we grew the total number of patients assigned for our care gap closure services to $1.7 million since inception up $100,000 from last quarter. We continue to be extremely pleased with the performance of our virtual care provider, SteadyMD. Despite the summer months typically being the slowest for telehealth services of this nature, Steady saw volumes similar to those of Q1. The large enterprise deal we completed with a leading online pharmacy in early Q2, is expected to be a key growth driver in the second half of the year at scales.

We continue to make progress with our efficiency initiatives. We saw a considerable sequential improvement in our adjusted EBITDA loss, which dropped nearly 40% quarter-over-quarter, declining from $10.3 million last quarter to $6.3 million in Q2. One factor that had a material impact on this improvement was a substantial corporate reduction in force during the quarter, which reduced annual SG&A by approximately $4.5 million. We are also starting to see a more material impact from a number of the AI efficiency initiatives that we discussed last quarter. One specific example is with our mobile phlebotomy business. Our engineers developed an AI communications tool that now handles 60% of inbound patient calls without the patient needing to speak to one of our live agents, and it also handles 100% of our outbound appointment scheduling calls.

On a typical day, this AI agent handles over 1,000 calls without human intervention. Additionally, AI data entry integrations now account for 65% of orders received. We anticipate this will increase to 90% of orders by the end of the year with our new system bringing the cost to process each order from $2 down to mere pennies. We currently have over 10 active efficiency-related programs of this nature across all business lines, supporting functions from eligibility determination to validation of patient care reports. Collectively, we estimate a potential annual savings of approximately $6 million when these are fully implemented over the coming quarters.

In our push to infuse technology into all aspects of our business, there are another 20 efficiency-related programs that are set to kick off in late 2026 and early 2027, and we look forward to sharing more about those on future earnings calls. Earlier today, we updated guidance. While our revenue guidance is relatively unchanged, not taking into account any potential impact of Hicuity, our adjusted EBITDA loss is wider than our original expectations as cost cuts took more time than anticipated to work their way through to the financials in the early part of 2026.

That being said, we believe that the company will achieve a positive adjusted EBITDA run rate as we exit the year and be set up for a very strong 2027. Fourth and finally, the realization of our vision. We have spent the last 3 years transforming DocGo into a fully vertically integrated technology-backed health care provider that can support our health system and insurance payer partners with end-to-end longitudinal care across the entire patient journey. While a number of companies offer point solutions in health care, we are building a holistic platform that we believe is both superior and differentiated. As I shared at the start of our call, I have never been more excited about the company we are building that aims to deliver care wherever patients may be.

At this time, I'll hand it over to Norm to review the financials.

Norman Rosenberg

Thank you, Lee, and good afternoon. Total revenue for the second quarter of 2026 was $73.4 million compared to $80.4 million in the second quarter of 2025. The year-over-year revenue decline was due entirely to the wind-down of migrant-related projects. Removing migrant-related revenues, we saw a revenue increase of 19% year-over-year in Q2. This was partially due to the October 2025 acquisition of SteadyMD, which added $8.9 million in revenues in Q2 of this year. 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 5% year-over-year.

Medical Transportation services revenue increased to $52 million in Q2 of 2026 from $49.6 million in the second quarter of 2025, slightly surpassing Q1's transport revenues as the highest quarterly number in DocGo's history. Revenues are 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 the second quarter of 2026 was $21.4 million down from $30.8 million in the second quarter of last year, again, driven by the wind down of migrant revenues. Non-migrant mobile health revenues surged by 78%, driven by increases in care gap closures, remote patient monitoring and mobile phlebotomy and by the inclusion of revenues from SteadyMD, which we acquired during the fourth quarter of 2025.

Adjusted EBITDA for the second quarter of 2026 was a negative $6.3 million compared to an adjusted EBITDA of negative $6.1 million in the second quarter of 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 30.5% in the second quarter of 2026 compared to 31.6% in the second quarter of 2025.

During the second quarter of 2026, adjusted gross margin for the Medical Transportation segment were 32% compared to 31.1% in Q2 of 2025 and up slightly from the first quarter of this year. Medical Transportation gross margins are still being restrained by higher-than-planned effective hourly wages for field labor. However, we have taken solid strides toward increasing our field head count in the first half of 2026, and we saw the overtime rate decline again in the second quarter of 2026 to approximately 8.1%, which is the lowest level that we've seen since the second quarter of 2024.

Transport gross margins were also impacted by increased fuel costs with our per gallon price rising to $4.27 in Q2 of 2026 compared to $3.16 per gallon in last year's second quarter. We estimate that fuel costs are strained to transport gross margins by about 60 basis points versus last year and the consolidated gross margin by about 40 basis points. Mobile Health segment adjusted gross margin was 27% versus 32.5% in the second quarter of 2025. SteadyMD gross margins were several points lower than normal, reflecting aggressive hiring in the first half to catch up to the increased demand from large customers and in anticipation of higher seasonal volumes in Q3 and Q4.

Now this factor, which is expected to normalize later in 2026, was partially offset by greater relative contributions from higher-margin mobile health service lines such as remote patient monitoring and mobile phlebotomy. In fact, if you look at the underlying gross margins of the Mobile Health segment, there's actually solid improvement that is taking place. In last year's second quarter, more than 60% of mobile health revenues are derived from migrant-related projects, which generated gross margins of 37.1%.

Absent these revenues, the Mobile Health gross margins from continuing business lines improved by more than 500 basis points as we saw improved margins from the health care in the home business and the high-margin mobile phlebotomy and remote patient monitoring business lines accounted for a greater proportion of mobile health revenues than in last year's second quarter. While gross margins came in a little below expectations, operating expenses declined as anticipated. This is due to our cost-cutting actions that have been undertaken so far this year in the areas of head count and vendor spending. Offsetting this impact were increased recruiting costs due to the need to ramp up the hiring, onboarding and training of EMTs and mobile health clinical staff to meet customer demand. During the second quarter, we spent approximately $300,000 on recruiting outreach, supplementing the efforts of our in-house recruiting team. With SteadyMD 's hiring push mostly behind us, our continued cost-cutting efforts during the first half of 2026 and additional savings from our efficiency portfolio initiatives still to come we expect continued sequential declines in SG&A as we go throughout the year.

Looking to the rest of 2026, as Lee mentioned in his comments earlier, and as we pointed out in our press release, we are narrowing the range for our revenue guidance for 2026, based upon what we have already seen in the first half of the year. We now see full year revenues in the range of $305 million to $310 million, which is within the range of $300 million to $315 million that we shared on our last call in May. It's also higher than the $290 million to $300 million that we shared in mid-March and our initial guidance for the year of $280 million to $300 million. This does not include any revenue assumption from Hicuity as the timing of the closing of the Hicuity acquisition becomes more clear, we will update our revenue guidance accordingly.

Our guidance for 2026 also does not include any revenues for migrant-related projects and therefore, represent 21% to 23% growth over 2025's base revenues. We now anticipate a full year adjusted EBITDA loss in the range of $17 million to $22 million compared to our previous guidance of $5 million to $10 million adjusted EBITDA loss. As our EBITDA loss in the first half of 2026 was larger than anticipated and as our current gross margin trajectory, albeit upward sloping, is still somewhat lower than what we had originally anticipated.

Finally, turning to the balance sheet. At June 30, 2026, our total cash and cash equivalents, including restricted cash and investments was $48.1 million, down from $59.9 million at March 31, 2026. Available cash was $25.2 million, down from $35.7 million at March 31. On April 1, we received approximately $8 million in migrant-related accounts receivable owed by New York City's Department of Housing Preservation and Development, HPD, which we had expected to see during the first quarter. We are working on collecting the remainder of these receivables, although the timing of these future collections remains unpredictable.

However, the Hicuity transaction specifically the term loan commitment from Perceptive, which will replace our existing asset-backed line of credit, represents a major step forward for DocGo. This transaction will immediately reshape our balance sheet providing us with the flexibility we need to execute our growth plans. Over the longer term, we will continue to explore and execute steps necessary to reposition our business, line portfolio and to strengthen our balance sheet, making the company leaner, more profitable and more easily understood by investors and partners alike.

At this point, I'd like to turn the call back to the operator for Q&A. Operator, please proceed.

Operator

[Operator Instructions] Your first question comes from the line of Ryan MacDonald with Needham.

Preguntas y respuestas

Ryan MacDonald

Maybe to start with the Hicuity Health acquisition. Can you just talk about sort of the customer overlap between you and Hicuity at the moment and sort of what cross-sell opportunities it presents? And then you talked about $65 million of revenue. How fast is the business growing generally? And then on the acquisition, what's sort of the sort of gating factors or inhibiting factors to getting that closed at the end of the year?

Lee Bienstock

Absolutely. Thanks, Ryan. Great to hear from you. Your line was a little broken up, but I think we got the gist of the question. So we'll do our best to answer. And of course, we can follow up with anything. So on Hicuity Health, you mentioned about the existing customer base. So Hicuity Health works primarily with hospital systems and health systems. And so there is significant overlap, of course, with our hospital system partners where we work on the medical transportation side and Hicuity Health works with hospital systems as well, providing Tele-ICU and virtual care services.

So we think there's some nice overlap there. And of course, we work with some hospitals they don't. And of course, they -- we work with hospitals they don't and they work with hospitals that we don't. So we think there's a nice opportunity there. In addition, a lot of their programs include some virtual care in the home, transitional care management of patients that are being discharged to the home. And we think there's a nice opportunity for us to be able to provide additional in-person care services in the home, like mobile phlebotomy and other preventative care and transitional care services in the home.

So in addition to the virtual care synergies that we have with them and SteadyMD and all of our virtual care work, we also think there's a nice opportunity for us to cross-sell. And beyond cross-sell offer a full suite of services to patients in their home, both virtual and in person. That is an absolutely crucial component because we know payers, hospital systems are all focused on that link between the hospital and the home. And we've had great success in transitional care management programs, where patients are being discharged, they're going to the home, and we're following up in the 30-day postage charge window, and we've been able to reduce hospital remissions with that cohort by about 50% to 60%.

So this continues to deepen our link between the hospital and the home, which we think is incredibly valuable for the hospitals and insurance partners that we have. I think you also mentioned the question. Again, it was cutting in and out. But we heard portion of the question was relating to revenues. As I mentioned in the prepared remarks, Hicuity does have about $65 million of trailing 12-month revenues. Of course, we're going to do everything we can to support that growth. We're going to do everything we can to support them with the resources that they'll need to grow with the current existing customers they have as well as an opportunity for us to go to market together, which we're very, very excited about.

Ryan MacDonald

Appreciate the color there, Lee. Sorry for breaking up. Hopefully, I'm a little bit clearer now. Maybe on a separate note, I wanted to ask about the remote patient monitoring business. Obviously, CMS has got a proposed rule out there that might limit or eliminate sort of Medicare reimbursement for RPM in 2027. So -- just curious sort of what potential risks that creates to your RPM offering? Does Hicuity have any exposure there as well? And just how you're sort of viewing that situation?

Lee Bienstock

Yes. And we can hear you loud and clear now, Ryan, thank you. So yes, as you mentioned, there's been some discussion about RPM, RPM rates, the RPM program overall from CMS. I think the first piece that at least we're looking at -- it impacts RPM, but there's a big component of what we do that goes along with RPM, which is really chronic care management and transitional care management.

And those pieces are incredibly valuable, right, managing -- helping manage chronic conditions and then also, again, managing the transition of patients from hospital to home. And there's really no discussion about those types of programs, again, which are all centered around not just monitoring a patient but also managing a patient. And we think that is a very, very big distinction.

We think overall, I'll see over time that the industry is going to reward managing chronic conditions versus simply monitoring the data that's coming in. And so again, there's telemetry monitoring that Hicuity is doing. We have our programs on the RPM side, but all are in service not just monitoring the patient but helping manage the patient, and that's where our clinical practice comes in. So we're not merely a monitoring company, but rather, again, a clinical practice that helps manage the chronic conditions.

So that's a big component. We have about 2,000 patients that kind of fit into that RPM program today. The vast majority of around 55,000 patients that we monitor, again, DocGo and hopefully, more with Hicuity. But the vast majority of those patients are cardiac patients. I know, as you know, they're implantable cardiac electronic device patients that we're monitoring. And again, there's no discussion. Those are obviously heart failure patients that we're monitoring on a regular basis.

And so again, no discussion there. So net-net, I think monitoring for monitoring sake, especially patients, again, that are not chronically ill, I think, again, may come under some pressure but managing patients in their chronic conditions, I think over time is going to get rewarded more and more, and that's exactly what we do.

Norman Rosenberg

And Ryan, I think you also asked about hurdles, any hurdles for the close of the Hicuity transaction. So none that I think are particularly troubling. I mean, obviously, you need to get state regulatory approvals, which we think should not be much of an issue other than timing because that's always unpredictable. And there is -- there are a couple of customers here and there that have to give their approval. But again, we've already been in touch with them, and we don't think that's going to pose a particular challenge for us.

Operator

And your next question comes from the line of Richard Close with Canaccord Genuity.

Richard Close

Congratulations on the progress in the acquisition. So just maybe to clean up a little bit on Ryan's questions. Maybe, Norm, if you could just follow up on the $65 million trailing 12-month revenue, how does that compare to the comparable 12 months? Is Hicuity has the business been growing? Let's just start there.

Norman Rosenberg

Yes, sure. And I'll take a look back and look forward as well because as part of our process here, we do have their projections, which are going to have to be borne out once we own it. But I would say it's growing probably at a low double-digit rate, so maybe about 10%. Like when I look out to thinking about what they're looking at for 2027, you're probably looking at a low double-digit 10% to 12% growth rate, and that's what's been happening. Now that's been happening while certain business lines or service lines have been growing. Others have been shrinking. They've been pivoting away from them. But on the overall level, that $65 million is something that's growing at, I would say, let's call it, a 10% to 12% growth rate on average.

Richard Close

That's helpful. Okay. Very helpful there. And then, Lee, maybe just cleaning up on the RPM response to Ryan. Are you saying that you have about 2,000 patients that essentially could be at risk from the CMS change and you have about a vast majority of 55,000 that are these cardiac patients that you would see no impact?

Lee Bienstock

That's correct. Yes. So you got the numbers exactly right. It's about 55,000 implantable device monitoring patients, again, that we have today. Again, these are pacemakers, loop recorders, again, not being discussed. And obviously, these patients it's critically important that those devices, those transmissions get monitored on a regular basis, and that's exactly what our team does an incredible job of day in, day out partnering with cardiac clinics and so forth.

Again, not relevant to any of the discussions happening today. As you mentioned, we had -- we started enrolling patients in RPM and particularly CCM, we call it total care management because, again, we don't only focus on receiving the data, I'll say, patient's blood pressure or weight, but rather we use the patient's blood pressure or weight or pulse ox or a number of different data points that may come in as a way to more effectively manage their chronic condition.

We started enrolling patients in that about the end of last, I would say, through the beginning of this year. So we've been growing that. But again, we don't only focus on the RPM aspect of it. We are really focused on the chronic care management facets and transitional care management facets of it, and those pieces, again, are not being discussed by CMS. So over time, I do think it makes sense.

Again, if I'm thinking about the industry and what the industry should be rewarding, we should be rewarding companies like ours that are impacting patient outcomes or managing -- helping manage chronic conditions of which 160 million Americans have chronic conditions today, not simply getting the data but what are we doing with that data. And I think that's probably -- again, time will tell, but that's probably -- my belief is probably what CMS is pushing here, which is we're not going to reward groups and practices and companies for merely collecting the data, but rewarding them and incentivizing them to help use that data to better manage the chronic condition. And again, none of those programs like CCM, like PCM, Principal Care Management and TCM, Transitional Care Management are being talked about alongside some of these RPM rate cuts.

Richard Close

Okay. That's helpful. And then maybe just back on this cross-selling between the two businesses once the transactions close. I'm just curious, have you guys talked to any of the -- your customers, DocGo health system customers or on the Hicuity side that they've already expressed interest maybe in the various programs of the two companies. And so I'm just curious there. I understand the transportation business, and that's quite a bit different than Hicuity. So just curious what you've found so far?

Lee Bienstock

Yes. And it's a great question. I think partly, we've been a little sensitive because again, obviously, this is an important transaction and it needed to be confidential and discrete. But we have had conversations both with some customers either that we have today on the medical transportation side as well as customers of Hicuity that we need consent for the transaction.

And so we have had conversations, I think first and foremost, with our transportation customers, we do have very strong, long-standing relationships with some of the major hospital systems that we've been providing medical transportation for over a number of years, and I was meeting recently with one of the presidents of a very large hospital system that we're working with. And there's certainly the need to help staff and to help provide services and support virtually for some of the hospitals where they're having a hard time staffing in person.

And so again, I think the relationships are there. I think perhaps medical transportation and, let's say, the virtual tele-ICU or telemetry monitoring are not as overlapping and sort of the service levels, but the relationships certainly are. And we have an opportunity to work deeper with the hospital systems that they know we deliver. We execute, we innovate. Our software is beloved and valued. And so bringing them more solutions that, again, execute, deliver, bring them value, have software that delivers, I think, again, will be very, very well received. And I think we started to have tangentially some conversations around that, for sure.

And Richard, I just want to add one more point. Sorry to interrupt you. I just want to add one more point, which is Again, we've seen with SteadyMD and then hopefully now with Hicuity, where we provide virtual care, a big differentiator for us, and we are placing resources there. We're placing a bet there, which we feel very passionately about is our ability not just to be with the patient virtually, right, in Hicuity's case, let's say, in the hospital or in the home, in SteadyMD's case to be with the patient virtually, but our ability at DocGo to add to be present with the patient in their home, both virtually and in person.

And so again, today, we have some of our partners that are providing virtual care, let's say, for Hicuity, but then also seeking services for other people to come into the home, let's say, to do mobile phlebotomy to take a lab specimen or to do wound care or to redress the incision site. Again, all things that we can do in the home. So that is a very big aspect of what we're doing, both again, Hicuity and Steady and our other business lines that are either doing medical transportation or care virtually, we can now add that care in the home component, which we think is a very big differentiator.

Richard Close

Okay. That's helpful. And then just like once this deal closes, you mentioned some areas of to be able to get some cost savings. You mentioned streamlined clinical functions. So I'm curious about what exactly you're talking about there on that front. It's not necessarily intuitive to be. It seems like two different businesses. So how are you thinking about the clinical function streamlined?

Lee Bienstock

Yes. So it's a great question. So with the clinical operations in many cases, you need a multistate clinical practice groups. So as an example, DocGo, when we did the SteadyMD acquisition, DocGo was providing clinical services and clinical practice groups in multiple states and SteadyMD had a 50-state clinical practice group. And so instead of having overlapping clinical practice groups, we integrated them into one clinical practice group that was licensed across all 50 states.

Tier 2, Hicuity provides services in 30 states across the country, again, with various clinical practice groups and clinical infrastructure. And again, we see an opportunity to bring them together, the ability to do -- to utilize the 400-plus clinicians that Hicuity has alongside our 500 or 600 clinicians that we have today and to put them into one team and to integrate them to be able to scale what we're doing in a way.

And that's, again, what we did with SteadyMD, there's overlap in clinical practice groups, and then we can merge the teams and see efficiencies there on the clinical side. There's also just a tremendous amount of operational efficiencies, again, that we can leverage. A lot of times, we're using similar vendors. And so now we're going to be using maybe similar vendors with more scale, gives us more purchasing power. A lot of times we're using overlapping systems for cyber and IT, again, allows us to work together to synergize some of the overlap there. So there's going to be a lot of areas where we think that we can benefit both organizations and bring the costs down of both organizations by bringing them together.

Operator

[Operator Instructions] Your next question comes from the line of David Larsen with BTIG.

David Larsen

Can you please repeat what the sort of pure organic revenue growth rate number was in...

Lee Bienstock

Dave, yes, you cut out just a minute there. We heard your question, but maybe you could just repeat it, just make sure we got it clearly.

David Larsen

What was the organic revenue growth rate were? I think Norm said it was 5%.

Norman Rosenberg

Yes, let's define organic. And by organic, what we're doing is we're looking at business lines that existed both in Q2 '25 and Q2 '26. So that would mean removing the migrant revenue from Q2 of last year and moving the SteadyMD revenue from Q2 of this year, and that number was roughly 5% year-over-year.

David Larsen

And then I think you said your I'm assuming -- it's a cost reduction effort.

Lee Bienstock

Dave, we had a hard time hearing you on that. Can you maybe repeat the question?

David Larsen

I'm sorry. Sorry for the bad connection here. Can you hear me now?

Lee Bienstock

Yes, we can hear you great now. No problem. We can hear you great.

David Larsen

Okay. So EBITDA breakeven exiting 2026. Can you maybe just talk a little bit about how you're going to get there? I mean it was a pretty significant loss in the quarter here. Are you assuming like incremental revenue growth or...

Norman Rosenberg

Yes, David, it's yes, yes and yes, right? It's incremental revenue growth, which is what we had modeled out, which is what we've sort of been seeing, a little bit of a sequential growth rate, a little bit of transport growth. But more to the point, we're going to see some pretty good seasonal increases in SteadyMD and some of our care gap closure business.

Our other mobile health business lines continue to perform admirably and they're growing on a sequential basis. It's also the margin thing. We talked about how -- I mentioned how our margin trajectory is moving in the right direction. It's definitely moving higher, but it's at a lower level now than really where we had projected it to be.

So for example, we felt that we were restrained by over 1 point -- over maybe 1.5, almost 1.5 points between the impact of gas prices on the transport side of the business and SteadyMD temporarily lower margins in the first -- in the second quarter of the year. So if you take those factors away and then you just sort of look at the general performance of the business, that would indicate performing at maybe 1.5 points, almost 2 points higher on gross margin. So on about $75 million, $80 million of revenue, that will get you almost $2 million.

So that will be another factor. And then continued sequential declines in SG&A that we expect. We have more of the people who are no longer here, but are still on our payroll because of severance. Those people are rolling off and have started to roll off. You'll see a greater impact on that in Q3. The repricing and the repricing of vendors or the substituting one vendor for the other, a lower-cost vendor that obviously also will have an impact.

All of those things are things that, as we pointed out on the last call, start to have impacts as we go throughout the year. So it's really all 3. It's a little bit of higher revenue, a little bit of increase in revenue, improved margin. I think that's really where some of the biggest impacts are going to be seen on the gross margin side. and then continued decline in SG&A, and that would add up to getting us to pretty close to a breakeven run rate.

David Larsen

Okay. And then just one more quick one. You say like there's some pretty high growth rates quoted in your press report for the earnings news report. Have you sized the amount of revenue coming from these areas like mobile phlebotomy, health care in the home, cardiac and remote patient monitoring, virtual care and lab orders. I mean these revenue growth rates look wonderful. I guess just how much revenue is in each of these buckets? Can you just sort of put some parameters around it?

Norman Rosenberg

Sure. And I'll give you a general idea of what the quarter number was and the run rate. So let's start with remote patient monitoring, the CRMS business, cardiac RMS business, had revenues about $4.5 million in the quarter. So again, if you look at that on a run rate basis, that's an $18 million annualized number.

And last year, I think for full year 2025, they ran at something in the 15% area. So that's a pretty good percentage growth rate. That's about a 20% growth rate on top line. SteadyMD did about 8 point -- that's a virtual care business that we just acquired late last year. So that did about $8.9 million. We had mentioned seasonally, as Lee mentioned in his comments that summer is a little bit of a slower season. So they did $8.9 million versus, I think, $9.5 million in the first quarter.

But then you get back to that trajectory in the second half of the year. PTI, which is our mobile phlebotomy business is currently in the quarter ran at about $1.4 million, $1.5 million. So again, that's a run rate of about $6 million. That's a business that we acquired that I think was at a run rate of about $4 million a year. So you've seen a pretty big increase there and also a very high-margin business. That sort of gives you an idea of where our larger business lines are. The care gap closure business, I think, also is running at over -- somewhere between $1 million and $2 million in the quarter.

Operator

And I'm showing no further questions at this time. I would like to hand it back to our CEO, Lee Bienstock for closing remarks.

Lee Bienstock

Thank you so much, and thank you all for joining us. Speak to you soon. Be well.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.