DocGo (DCGO) shares plunged after short seller Fuzzy Panda Research released a report on the company, telling investors it is short the stock as its problems go even deeper than the market realizes.
DCGO, which is a healthcare services firm that went public via a SPAC with Motion Acquisition Corp in November 2021, has seen its shares fall around 33% on Wednesday, trading around the $3.20 mark.
"We are short DocGo because all the red flags indicate that this ambulance business is about to crash," Fuzzy Panda stated, listing various allegations against the company, including "billing practices that former employees said amounted to Medi-Cal and Medicare Fraud" and lawsuits regarding "multiple allegations of forging signatures on documents."
Furthermore, Fuzzy Panda claims the company's one-year, no-bid $432 million contract with New York City to provide services to migrant asylum seekers is "mostly be a one-time low margin revenue bump with ~90% of the revenue set to go away in May."
"The company is already under government investigation, and we believe the NY Attorney General will soon expand their own investigations to the wider issues we found," the firm added, alleging fraudulent practices.
The short-selling firm also pointed its finger at the company's leadership, stating it has a "shady past," which they claim includes DoJ allegations of fraud.
"Some of the management teams past businesses faced DOJ investigations that resulted in major fines and sent their companies into bankruptcy," argues Fuzzy Panda. "We think DocGo will face a similar fate."
VinFast Auto (Nasdaq: VFS) officially announces the US rollout of the DrgnFly electric bike, at CES 2024. Underpinned by the message "Ride your style," the DrgnFly offers riders a unique and thrilling experience, contributing to catalyzing the future of accessible, electric mobility for everyone.
VinFast's booth is a magnet for crowds drawing in hundreds of curious visitors within minutes of opening.
The DrgnFly eBike at CES 2024
The DrgnFly eBike is experienced in Las Vegas.
The DrgnFly eBike at CES 2024
The name "DrgnFly" is inspired by the image of the "ascending dragon," which has deep roots in the proud history of Thang Long, Vietnam. The launch just one year after its initial showcase underscores VinFast's unwavering commitment to a sustainable future of green mobility for everyone.
The VinFast Drgnfly launches in the US market with prices expected to start from $2,800 USD, accompanied by a two-year and unlimited mileage warranty. The electric bike is expected to debut in other global markets in the near future.
Designed in collaboration with Eskild Hansen, an innovative Danish studio with multiple Red Dot Design awards, the DrgnFly seamlessly combines a vintage design inspired by the golden era of motorcycles and a commitment to a sustainable future. The DrgnFly design stands out with a V-shaped, elongated frame reminiscent of the image of a flying dragon - "Thang Long," symbolizing VinFast's efforts to venture beyond.
Refined from the design to the experience, the DrgnFly has a wide handlebar, balloon tires and an ergonomic riding position, optimizing the experience for riders to confidently conquer every journey.
Crafted from lightweight yet durable aluminum, the frame ensures both resilience and ease of handling. The exposed battery pack seamlessly integrates into the frame, creating a harmonious blend of classic aesthetics and electric innovation. With a driving range of up to 63 miles (102 km) and a detachable lithium-ion battery, the DrgnFly is an innovative electric mobility option that is also convenient and accessible for everyone.
The DrgnFly features a 750W engine integrated into the rear wheel and a torque sensor for smooth and instantaneous power delivery with a top speed of 28 mph (45 km/h). Underpinning the DrgnFly's performance is an advanced energy management system, boasting a long travel distance, instant power, and multiple riding modes. The torque sensor adapts to movements with remarkable smoothness, detecting force changes 16,000 times per second, far surpassing traditional cadence sensors used in typical e-bikes.
Ms. Tran Mai Hoa, Deputy CEO of Sales and Marketing, VinFast Global, said: "VinFast's DrgnFly is not just an e-bike, it's a lifestyle option for modern users who seek to express their personality. With its unique design and a wide range of smart technologies, the DrgnFly offers a safe yet unique and accessible mobility option for everyone."
Beyond its striking design and advanced features, the DrgnFly is a connected and smart electric bike. With an embedded 4G connection and a feature-rich companion app, riders can enjoy a range of smart features, including riding modes, remote locking/bike locator (GPS), ride statistics records, and remote diagnostics. Notably, over-the-air (OTA) updates will make sure riders have a consistently optimized vehicle that delivers an amazing experience.
Coherus BioSciences wants to get off the TIGIT rollercoaster. Less than two years after paying $35 million to exercise its option, the biotech hastoldJunshi Biosciences it is dropping the TIGIT asset CHS-006 from the collaboration.
On a quarterly results conference call in November, Rosh Dias, M.D., chief medical officer at Coherus, told investors further enrollment in a phase 1/2a TIGIT clinical trial was on hold. The pause, which followed completion of recruitment of the initial cohort in the U.S., was intended to allow Coherus to “analyze the data from the ongoing patient pool and assess evolving data from competitor trials,” Dias said.
The aim was to “complete a robust portfolio prioritization.” Two months later, Coherus has decided there is no place in its portfolio for CHS-006, a drug candidate that it paid $35 million to license in March 2022. The biotech secured an option on CHS-006 as part of a broader deal worth $150 million upfront in 2021.
Coherus’ decision to cut its losses follows a series of events that have caused confidence in TIGIT, a target that was once a hot property, to ebb and flow. Roche has ridden out setbacks to emerge with evidence that its candidate may improve overall survival in first-line non-small cell lung cancer. Gilead and Merck & Co. have had their own ups and downs, while Bristol Myers Squibb and Novartis have axed candidates.
Coherus began assessing whether TIGIT should be part of its future after closing the $65 million takeover of Surface Oncology. The deal added antibodies against IL-27 and CCR8 to Coherus’ oncology pipeline, giving it more ways to spend the $131.1 million it had at the end of September.
Other aspects of the Junshi deal are unaffected by the decision to return rights to CHS-006. The partners won FDA approval for an anti-PD-1 antibody, Loqtorzi, last year. Priced at a 20% discount to Keytruda, the drug launched in the U.S. last week.
Reported Unaudited Total Revenues of Between $72 Million - $74 Million in the Fourth Quarter of 2023 --
-- Company Ends 2023 with a Cash Position of $321 Million and Delivered Full-Year Positive Cash Flow of ~$10 Million --
-- 2024 Key Priorities Include Accelerating Revenue in Key European Launch Markets, Retaining IPE Market Leadership in the US and Maximizing Patient Uptake in Rest of World (RoW) Through Partnerships --
-- Company Announces Plan to Initiate Share Repurchase Program of Up to $50 Million --
-- Amarin to Present at 42nd Annual J.P. Morgan Healthcare Conference on January 10, 2024 --Amarin’s president and chief executive officer Patrick Holt is scheduled to participate at the 42nd Annual J.P. Morgan Healthcare Conference on January 10, 2024.
42nd Annual J.P. Morgan Healthcare Conference (January 8th-11th, 2024; San Francisco, California)
Date/Time: January 10, 2024, 4:30 p.m. ET/ 1:30 p.m. PST
The conference presentation will be webcast live and archived on the Company’s website in the Investor Relations section under Events and Presentations at Amarin Corporation plc.
Walmarthas unveiled plans to dive further into the world of artificial intelligence — and drones — to improve its customers’ shopping experiences.
In a Tuesday keynote at the CES trade show in Las Vegas, the nation’s largest retailer announced it will be expanding its drone delivery to 1.8 million additional households in the Dallas-Fort Worth metropolitan area later this year. Drones aren’t new to Walmart — which has already completed 20,000 drone deliveries across seven states to date — but company leaders say that this expansion is a sign of growing demand and efficiency.
Walmart executives said no other rival has gotten this close to this type of drone concentration of households in a big metro market.
Among AI advances, Walmart announced a generative AI-powered search tool for iOS users that suggests relevant products for consumer queries, ranging from football watch parties to bridal showers.
The company also provided a glimpse into “InHome Replenishment,” which aims to use AI to learn consumers’ shopping habits and keep them stocked on their favorite groceries, as well as a beta platform that allows customers to create outfits virtually and get feedback from their friends.
Meanwhile Sam’s Club, which Walmart owns, has a new twist on checking out — whether it’s with the “scan and go” technology, self-checkout or just using a traditional staffed register. Instead of stopping at a cashier to show the receipt, cameras at the stores’ exits take a picture of what’s in shoppers’ carts to confirm purchases.
This camera technology is available in 10 clubs so far, according to Sam’s Club CEO Chris Nicholas, and is being rolled out further later this year.
CEO Tim Wentworth told CNBC’s Jim Cramer that the company is using its stores and brand to bolster its developing health-care business.
Walgreens has made significant investments over the past few years to expand beyond a drugstore chain into a large health-care company. Wentworth acknowledged that the company has been closing stores to make sure it has the “right optimized footprint,” but challenged the notion that Walgreens has to fully pivot from its stores to pursue its health-care goals.
“If you look at the stores and what goes on … eight million vaccines this year at the back of the store already, that’s a health-care business, right?” he said. “That’s not just putting pills in bottles, that’s people touching people — 85,000 of our people touching people every day, 10 million people that walk in our store.”
Wentworth emphasized Walgreens’ physical and personal role in communities, calling customers’ trust in the brand a “leverageable asset” the company can use as it builds its health services business.
“When a Walgreens pharmacist calls you and says, ‘Hey, your health plan would cover a shot for you, would you like to come into the store and we can give it to you?’ You are four to five times more likely to respond to that than if someone from the insurance company calls you and tells you the same thing,” Wentworth said. “That’s valuable for your Medicare Advantage plan, for example. That’s one little example of the way that we can leverage the platform and the trust to meaningfully help others that are in the ecosystem to achieve their goals.”
Wentworth came out of retirement to take the reigns at Walgreens in October 2023. He previously served as CEO of the country’s largest pharmacy benefits management company, Express Scripts, which was acquired by Cigna in 2018.
Walgreens has had a rocky few years, struggling with several hurdles including decreasing demand for Covid products, low pharmacy reimbursement rates, competition from online retailers as well as labor unrest from pharmacy staff. The company managed to beat Wall Street’s earnings expectations last week, but it also cut its dividend nearly in half, causing its stock to plummet.
Revenue1,2 and Adjusted Revenue1,2 expected to be in the range of $195 million to $197 million
Adjusted EBITDA Margin2,3 expected to be in the upper end of previous guidance range provided on November 9, 2023
Full Year 2023
Revenue1,2 expected to be in the range of $749 million to $751 million
Adjusted Revenue1,2 expected to be in the range of $759 million to $761 million
Adjusted EBITDA Margin2,3 expected to be in the upper end of previous guidance range provided on November 9, 2023
“We are encouraged by the preliminary fourth quarter results and the progress we continue to make against our priorities. There is exciting work underway and we expect to build on our accelerating momentum in 2024,” said Karsten Voermann, Chief Financial Officer. “While our line of sight into the first quarter is limited being only a few days in, we’re pleased with our initial trajectory. Based on our expectations today, we’re confident that first quarter and full year 2024 revenue and Adjusted Revenue4 will grow mid-single digit percentages year-over-year and Adjusted EBITDA Margin5 will be in the high twenty-percent range for both periods. We look forward to providing fulsome first quarter and 2024 guidance on our fourth quarter earnings call in February.”
Preliminary Fourth Quarter and Full Year 2023 Financial Results
Fourth quarter and full year 2023 revenue and Adjusted Revenue1,2 is expected to exceed the November guidance range. Fourth quarter revenue and Adjusted Revenue1,2 is expected to be in the range of approximately $195 million to $197 million, an increase of approximately 6% to 7% year-over-year. Full year 2023 revenue1,2 is expected to be in the range of approximately $749 million to $751 million, a decrease of approximately 2% year-over-year. Full year 2023 Adjusted Revenue1,2 is expected to be in the range of approximately $759 million to $761 million, a decrease of approximately 1% year-over-year. The increase in fourth quarter revenue and Adjusted Revenue1,2 was primarily driven by organic growth in Prescription Transactions Revenue.
Fourth quarter revenue and Adjusted Revenue1,2 outperformance relative to our November guidance was primarily attributable to higher growth in Prescription Transactions Revenue reflecting stronger seasonal respiratory illness impacts, milder weather conditions, and quarter-specific favorability related to certain client contracts.
Fourth quarter and full year 2023 Adjusted EBITDA Margins2,3 are expected to be on the upper end of the November guidance ranges. The increase in fourth quarter Adjusted EBITDA Margin2,3 relative to our November guidance was primarily attributable to the increase in revenue and Adjusted Revenue
The Company is scheduled to participate in a fireside chat at the 42nd Annual J.P. Morgan Healthcare Conference today, January 10, 2024, at 8:15 a.m. Pacific Time (11:15 a.m Eastern Time). The live webcast will be available on the Company's Investor Relations website, https://investors.goodrx.com/. Following the conference, an archived recording will be available on the Company’s website for at least 30 days.
