Code blue

9 March 2021 By John Foley Follow @johnsfoley

DocGo’s roaming medics, merging with a blank-check firm for $1.1 bln, are a creative addition to the U.S. healthcare system. The jargon-laden business is, however, in its early stages and unprofitable. The SPAC boom has blurred the line between good ideas and good investments.

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Medical transport company DocGo will go public through a merger with a special-purpose acquisition company called Motion Acquisition, the companies said on March 9, valuing its equity at $1.1 billion and raising over $200 million in cash.

Currently branded as Ambulnz, DocGo runs a fleet of ambulances for non-emergency services in the United States and United Kingdom, and also offers simple at-home procedures such as blood draws and vaccinations.

DocGo made $94 million of revenue in 2020, which it expects to grow to $267 million within two years. The company loses money but expects to make $22 million of earnings in 2022.

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