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Globe and Mail
32 minutes ago
- Globe and Mail
DocGo (DCGO) Q2 Revenue Falls 51%
Key Points Revenue (GAAP) of $80.4 million beat analyst estimates by 3.6% in Q2 2025 but was down 51.2% year-over-year (GAAP) in Q2 2025, reflecting the planned wind-down of high-margin government contracts. Net loss (GAAP) reached $13.3 million in Q2 2025, with adjusted EBITDA turned negative at $(6.1 million) in Q2 2025 as profitability and margins compressed during the business reset. Management reiterated full-year guidance and reported operating cash flow of $33.6 million in the second quarter of 2025 and an increased cash balance as of the end of Q2 2025, highlighting progress in cost control and strategic shift toward payer/provider and transportation business. These 10 stocks could mint the next wave of millionaires › DocGo (NASDAQ:DCGO), a company specializing in technology-enabled mobile health services and medical transportation, released its second quarter 2025 earnings report on August 7, 2025. The headline news was a marked year-over-year revenue drop, driven by the planned exit from high-margin government and migrant service contracts. Revenue (GAAP) was $80.4 million in Q2 2025, surpassing the consensus GAAP estimate of $77.6 million, while the bottom-line result was a net loss of $13.3 million (GAAP), yielding a loss per share of $(0.11) (GAAP) compared to the expected $(0.10) EPS. Overall, margins and profitability declined as the business transitioned toward more stable but lower-margin segments. Despite these challenges, management reaffirmed its full-year guidance, underscoring efforts to ramp up transportation and payer/provider partnerships, and reported an increase in cash balances to $128.7 million as of Q2 2025, up from $103.1 million at the end of Q1 2025 as receivables continued to be collected. Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. About DocGo and Its Business Focus DocGo operates in the healthcare sector, delivering on-demand mobile health services, including in-home care and paramedic support, as well as non-emergency medical transportation. The company's platform combines technology, healthcare providers, and logistics to deliver care at patients' locations, streamlining healthcare access and cost. In recent years, DocGo relied heavily on large government and migrant-related contracts, which contributed high-margin, short-term revenue. With these winding down, DocGo's focus shifted to building out longer-term partnerships with health insurance payers and healthcare providers, and to expanding its transportation service contracts. Success in these areas will depend on the company's ability to scale up new business verticals, improve efficiency using its technology platform, and maintain compliance with complex healthcare regulations. Quarterly Review: Key Developments and Trends DocGo's second quarter results reflected a transitional phase. Total revenue (GAAP) fell 51.2% year over year, outpacing analyst estimates for GAAP revenue yet sharply down from Q2 2024 (Q2 2025 revenue was $80.4 million GAAP, compared to $164.9 million GAAP in Q2 2024), due largely to the wind-down of government and migrant services. Management explained, 'This decline was due to the planned wind-down of migrant-related programs.' The company had flagged this shift in previous guidance updates, removing government population health from its core outlook and resetting 2025 targets accordingly. Profitability suffered as the business mix changed. Adjusted EBITDA was negative at $(6.1 million), down from $17.2 million in adjusted EBITDA in Q2 2024, and the company posted a GAAP net loss of $13.3 million. Adjusted gross margin fell to 31.6%, compared to 33.9% (adjusted, non-GAAP) in Q2 2024. The company's cash flow from operations remained strong, generating $33.6 million, slightly below last year's figure but up from the first quarter of 2025. Cash and equivalents rose to $128.7 million as of the end of Q2 2025, helped by successful collection of legacy receivables from government contracts. Accounts receivable related to migrant work declined but remained sizable, standing at approximately $54 million as of the end of Q2 2025, which management expects to collect through year-end. Within business lines, transportation services proved most stable. Segment revenue was $49.6 million, up modestly compared to $48.2 million in Q2 2024, and management cited contract expansions, including a multi-year partnership with a leading New York academic medical system, with services launched after Q2 2025. This contract, supported by DocGo's software-as-a-service (SaaS) transportation management platform, is expected to boost trip volumes in the back half of the year. The mobile health segment—comprising in-home visits and payer/provider partnerships—generated $30.8 million in revenue, a steep drop from last year, as GAAP revenue declined from $164.9 million in Q2 2024 to $80.4 million. However, DocGo highlighted momentum in this segment's core activities: the number of patients assigned for care gap closure services rose from 900,000 in Q1 2025 to over 1.2 million, driven by new and expanded insurance partnerships. The company completed more in-home visits in the first half of 2025 than in all of 2024. Execution in payer/provider services remains a key investment area, with profitability expected to improve as scale increases and operational efficiencies are realized. SG&A (selling, general, and administrative) expenses continued to weigh on margins during this transition, but management initiated cost cuts and repurchased 2.5 million shares, making cuts to corporate overhead, resulting in an estimated $10 million in annual savings. Workforce reductions and further expense control measures are planned for the remainder of the year, aiming to support profitability in the longer term. Looking Ahead: Guidance and Risk Areas Management maintained 2025 revenue guidance at $300 million to $330 million, unchanged from the previous update. Adjusted EBITDA is still forecasted to be a loss in the range of $20 million to $30 million for the full year 2025. With another dip expected in Q3, and Q4 projected to be higher than Q3 but still below Q2 levels. The company aims for overall profitability by the second half of 2026, even without the contribution of new government contracts. Key watchpoints for the coming quarters include the pace at which DocGo can grow its payer/provider vertical, the ability to ramp margins in both mobile health and transportation, timely collection of outstanding receivables, and further reductions in SG&A costs. Any new government revenue or contract wins will be treated as additive and not factored into the current guidance. Management emphasized ongoing focus on technology upgrades, compliance, and operational scalability as critical for the next phase of business growth. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,046%* — a market-crushing outperformance compared to 181% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks » *Stock Advisor returns as of August 4, 2025
CBC
3 hours ago
- CBC
Breaking down how a massive U.S. funding cut could impact future mRNA vaccines
Social Sharing The Trump administration says it is pulling half a billion dollars from U.S. government-funded research projects to create new mRNA vaccines. In a statement this week, U.S. Health Secretary Robert F. Kennedy Jr., a longtime vaccine critic, announced a "co-ordinated wind-down" amounting to the cancellation of $500 million worth of mRNA vaccine development under the Biomedical Advanced Research and Development Authority (BARDA). The technology itself was hailed as recently as the COVID-19 pandemic. In 2023, the Nobel Prize in Physiology or Medicine was awarded to two scientists whose mRNA discoveries made it possible to create COVID-19 vaccinations. The committee credited mRNA technology with helping to save millions of lives, prevent severe COVID-19, reduce disease burden and enable societies worldwide to reopen. The loss of research funding has dismayed infectious disease experts who note that mRNA technology allows faster production of shots than older vaccine-production methods, buying precious time if another pandemic virus were to emerge. Here's how medical experts in Canada and the U.S. are reacting to the funding cut and what they say it could mean. The U.S. just killed mRNA vaccine funding — what now? 1 day ago U.S. Health Secretary Robert F. Kennedy Jr. has cancelled $500 million in funding for the development of mNRA vaccine technology. For The National, CBC's Heather Hiscox asks infectious disease specialist Dr. Allison McGeer and health researcher Bradley Wouters to break down what kind of impact this could have on fighting disease in Canada and around the world. What is mRNA vaccine technology and why is it exciting? Vaccines train our immune system to respond to pathogens. Traditionally, vaccines have used inactive or weakened versions of a pathogen that isn't enough to make a person ill, but does kickstart the body's immune response. Messenger RNA (mRNA), discovered in 1961, is a natural molecule that serves as a recipe for the production of proteins in the body. In mRNA vaccines, the approach starts with a snippet of genetic code that carries instructions for making proteins. Scientists pick the protein to target, inject that blueprint into the body's cells, which then make just enough of the proteins to trigger an immune response — essentially producing its own vaccine dose. Scientists are mainly excited about the speed with which mRNA vaccines can get protection into arms. Michael Osterholm, an expert on pandemic preparation with the University of Minnesota, says using older vaccine technology to target a pandemic flu strain would take 18 months to make enough doses to vaccinate only about one-fourth of the world. He says using mRNA technology to make a flu vaccine could change that timeline dramatically. "By the end of the first year, we could vaccinate the world." Besides the advantage of how quickly mRNA vaccines can be made, Dr. Allison McGeer, an infectious diseases specialist in Toronto, says they're also easier to standardize. "It has a whole lot of other flexibilities that if you know it works, makes it a really exciting addition" to older technologies used to make vaccines. What mRNA vaccine research is going on now? Beyond COVID vaccines, mRNA vaccine technology is in a Health Canada approved vaccine for respiratory syncytial virus (RSV). An mRNA vaccine for influenza has also reached Phase 3 clinical trial, the last step before manufacturers submit to regulators to release a vaccine to market. There have also been more than 100 clinical trials to assess the potential of mRNA vaccine technology to treat various cancers including lung, breast, prostate, melanoma and, more recently, pancreatic cancer. Dr. Peter Hotez, a professor of pediatrics and molecular virology at Baylor College of Medicine in Houston, says there's concern that cancelling funding for mRNA vaccine research will have negative consequences for research on other diseases. "The mRNA technology is looking really exciting for next-generation cancer immunotherapeutics," said Hotez, who also works at Texas Children's Hospital Center for Vaccine Development. "So will this throw cold water on a whole big effort that we're pursuing as well to develop next-generation cancer vaccine? That's an unknown question." Other research teams are testing potential mRNA-based vaccines to fight HIV and to treat autoimmune diseases. These are in early stage clinical trials or animal-stage studies. Could other countries pick up the slack? Though there are other countries working on mRNA vaccine technology, Hotez called the U.S. the single largest vaccine market. He says the announcement that funding was being cut could dissuade pharmaceutical companies from pursuing the vaccine technology if they believe it won't sell there. He says it's unclear whether other industrialized countries could pool their support to make up the $500 million US cut. Are there safety issues with mRNA vaccines as RFK Jr. suggested? In a video on the social media platform X, Kennedy claimed that mRNA vaccines were unsafe and ineffective. He said that after reviewing the science and consulting top U.S. experts, the department of Health and Human Services (HHS) "has determined that mRNA technology poses more risk than benefits against these respiratory viruses." In the video, Kennedy also claimed that mRNA vaccines "paradoxically encourage new mutations and can actually prolong pandemics as the virus constantly mutates to escape the protective effects of the vaccine." Angela Rasmussen, a virologist at the University of Saskatchewan, says Kennedy is wrong about what prolongs pandemics. WATCH | What RFK Jr. gets wrong on mRNA vaccines: Fact checking RFK Jr. on mRNA vaccines 1 day ago U.S. Health Secretary Robert F. Kennedy Jr., a longtime vaccine critic, claimed this week that mRNA vaccines can prolong pandemics. Angela Rasmussen, a virologist at the University of Saskatchewan, explains why mRNA vaccines actually help to shorten pandemics. "Viruses mutate when they replicate, and they replicate when they spread through a population of people," Rasmussen said. "The best way to prevent a virus from spreading through a population of people is to make sure those people are protected against the virus by vaccination." In a news release on Tuesday, Kennedy also referred to COVID and flu as upper respiratory infections, which Hotez notes is incorrect. Unlike the common cold, he says, COVID-19 and influenza are lower respiratory tract infections with significant cardiovascular and other health effects. "That's part of the disinformation machine … to downplay the severity of these illnesses," said Hotez. Will lack of funding hurt access to existing flu vaccines? Rasmussen says influenza vaccines won't be affected in the U.S. as they're manufactured using the inactivated virus method, not mRNA. In the video posted to social media, Kennedy said the U.S. supports "safe, effective vaccines for every American who wants them." But many infectious disease experts have noted that mRNA vaccines themselves are also safe and effective. "The mRNA technology has been proven to be highly effective," Hotez said. "By some estimates, 3.2 million American lives were saved by COVID mRNA vaccines during the pandemic."
Globe and Mail
10 hours ago
- Globe and Mail
Rani (RANI) Q2 Net Loss Improves 16%
Key Points No revenue was reported, in line with expectations. Cash, cash equivalents, and marketable securities declined from $27.6 million as of December 31, 2024, to $10.2 million as of June 30, 2025. These 10 stocks could mint the next wave of millionaires › Rani Therapeutics (NASDAQ:RANI), a biotech company developing oral biologic drug delivery technology, released its earnings for the second quarter of fiscal 2025 on August 7, 2025. Marking an improvement from the prior year period's $(0.26) GAAP result. The company reported no revenue, matching expectations. An overall assessment of the quarter shows progress in pipeline and partnerships, but persistent financial strain and no commercial revenue remain key themes for the period. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (GAAP) $(0.18) $(0.28) $(0.26) -30.8 % Revenue (GAAP) $0 $0 $0 N/A Research & Development Expense $5.5 million $6.1 million (9.8 %) General & Administrative Expense $5.0 million $6.4 million (21.9 %) Net Loss (GAAP) $(11.2 million) $(13.4 million) -16.4 % Source: Analyst estimates for the quarter provided by FactSet. Company Overview and Recent Focus Rani Therapeutics is focused on enabling the oral delivery of biologic drugs, which are medications typically given by injection due to their complexity and sensitivity. Its main technology, the RaniPill capsule, aims to deliver these drugs through the digestive system, aiming for similar efficacy as injection-based treatments. Recently, the company has concentrated on advancing clinical candidates using its RaniPill system, securing strategic research partnerships, and actively managing costs amid ongoing financial challenges. Success for Rani depends on demonstrating safety and efficacy in clinical trials, creating alliances with established drug makers, and managing cash through incremental fundraising while awaiting regulatory milestones. Quarter Highlights: Financials, Pipeline, and Operations The quarter showed no revenue, as all product candidates remain in pre-launch development stages. Net loss (GAAP) improved year over year, narrowing to $(11.2) million from $(13.4) million. The primary driver was reduced spending: Research and development expenses fell to $5.5 million, down $0.6 million, due to lower compensation costs. General and administrative costs (GAAP) dropped to $5.0 million, reflecting reduced third-party services and lower compensation. Cash, cash equivalents, and marketable securities totaled $10.2 million as of June 30, 2025, a significant reduction from $27.6 million as of December 31, 2024. The company raised $4.3 million in May 2025 through a warrant inducement and another $3.0 million in July 2025 through an equity offering. However, Current liabilities of $20.6 million continue to exceed current assets of $11.1 million, resulting in a stockholders' deficit of $(9.2) million. On the research and development front, Rani announced a new preclinical collaboration with Chugai to test two undisclosed biologic molecules using the RaniPill system, with the agreement entered in August 2024. Separately, at ENDO 2025, the company presented data showing that its RT-114 candidate -- an oral, dual GLP-1/GLP-2 (glucagon-like peptide 1 and 2) receptor agonist -- achieved similar results to injectable forms in canine models. GLP-1 and GLP-2 therapeutics are being researched for obesity treatment, a large and competitive market. In terms of pipeline progress, Rani is planning to initiate a Phase 1 clinical trial for RT-114 in the second half of 2025, marking an important milestone for its oral delivery ambitions. These product advances aim to validate the RaniPill technology in humans and add value through drug pipeline expansion. Looking Ahead: Management Outlook and Investor Focus Management reiterated plans to begin Phase 1 clinical studies for RT-114 for obesity in the second half of 2025. No guidance was given for anticipated revenue or profitability beyond this clinical milestone, and no formal financial outlook was offered. RANI does not currently pay a dividend. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,046%* — a market-crushing outperformance compared to 181% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. *Stock Advisor returns as of August 4, 2025
