DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled mobile health and medical transportation services, today announced that it has entered into a definitive agreement to acquire 100% of virtual care provider, Hicuity Health.
Hicuity delivers high acuity virtual clinical care – including Tele-ICU, Virtual Nursing, and Telemetry Monitoring services – for health systems, hospitals and post-acute facilities. On a trailing 12-month basis, Hicuity generated approximately $65 million in revenue and $4.5 million of adjusted EBITDA.
“The continued evolution of our company into the premier provider of virtual, remote and in-home healthcare at any address took a major leap forward with our pending acquisition of virtual care provider Hicuity Health,” commented Lee Bienstock, Chief Executive Officer of DocGo. “Hicuity brings technology-enabled acute and critical care telemedicine capabilities, serving a diverse portfolio of health systems across the United States. Integrating the power of Hicuity’s offering helps us create one of the most innovative healthcare delivery platforms in the industry – a holistic tech-powered solution that enables us to match the right clinician with the right patient at the right time in the right setting. This solidifies our company’s unique position to bridge patient care across the entire continuum – from the hospital to the home.”
DocGo is acquiring Hicuity in exchange for the assumption of the company’s existing indebtedness held by Perceptive Advisors, which is estimated to be approximately $52 million at closing and matures in December 2029.
Perceptive Advisors has committed to provide up to an additional $50 million of debt financing to DocGo, expected to be made available in multiple tranches, the first $12.5 million of which will be funded upon Hicuity and DocGo entering into a services agreement pursuant to which DocGo will provide management related services to Hicuity during the pre-closing period.
About DocGo
DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote advanced practice provider, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.