Augmedix, Inc. (Nasdaq: AUGX), a healthcare technology company
that delivers industry-leading ambient medical documentation and
data solutions, today announced preliminary revenue results and
operational metrics for the fourth quarter of 2023.
“Augmedix’s expected fourth quarter revenue of
approximately $12.5 million puts us on pace to deliver a solid
finish to a strong year,” stated Augmedix CEO Manny Krakaris. “We
enter 2024 with approximately $51 million in expected Annual
Recurring Revenue, driven by strong adoption of Augmedix Live and
Augmedix Notes by our health system customers. With Augmedix Go now
generally available in the ambulatory setting, and the resources to
accelerate our growth plans, we are well positioned for another
successful year in 2024.”
Mr. Krakaris added, “Augmedix is committed to
playing an essential role in unburdening clinicians and improving
the operating efficiency of healthcare organizations. We have
assembled the industry’s broadest portfolio of documentation
solutions, tailored to a range of healthcare settings, from primary
care physician visits to emergency medicine to mental health
sessions. Our ability to provide the right technology, with the
appropriate level of human intervention and machine learning, gives
us a durable competitive advantage within this rapidly evolving
industry. This advantage is reflected in our robust growth and the
partnerships we have forged with industry leaders. Our partners,
customers and the health systems we serve see the same value from
our structured data and bi-directional communication channel that
can effectuate change at the point of care.”
The below preliminary data is as of December 31,
2023, unless otherwise noted.
- Annual Recurring
Revenue (ARR) of approximately $51 million, compared to $35 million
at the end of 2022, an increase of 46%.
- 1,830 clinicians
in service, up 41% year-over-year.
- Revenue in the
fourth quarter of 2023 is expected to be approximately $12.5
million, exceeding guidance of $12.3 million, and resulting in
full-year 2023 revenue of approximately $44.7 million.
- The Company went
“live” with Augmedix Go for the ambulatory setting in
mid-December.
Augmedix expects to report financial results for
the fourth quarter of 2023 and to conduct an earnings conference
call in March.
Annual Recurring Revenue (ARR) is defined as
clinicians in service as of a certain date excluding those on
unpaid hold without a specified return date and those that have
given notice to terminate service. We use each clinician’s current
subscription tier and price to estimate a full month of revenue.
That monthly revenue is then multiplied by twelve to calculate
annual recurring revenue.
Clinicians in Service (CIS) is defined as an
individual doctor, nurse practitioner, or other healthcare
professional using our services. We believe growth in the number of
clinicians in service is an indicator of the performance of our
business as it demonstrates our ability to penetrate the market and
grow our business.
Preliminary Financial
Information
The preliminary financial results and other
information set forth in this press release related to the
Company’s fourth quarter of 2023 and full year 2023 are unaudited
preliminary numbers, which are subject to change. These results and
information have not been reviewed by an independent registered
public accounting firm. As a result of the preliminary nature of
the financial information set forth in this press release, changes
to the financial results may need to be incorporated into the
Company’s financial statements in the event of subsequent
information obtained by the Company after the date of this press
release. As a result, the Company’s final results and financial
information for the fourth quarter to be reported in the Company’s
Form 10-K for the year ended December 31, 2023, might vary in
material respects from the preliminary financial information
included in this press release.
About Augmedix
Augmedix (Nasdaq: AUGX) delivers
industry-leading, ambient medical documentation and data solutions
to healthcare systems, physician practices, hospitals, and
telemedicine practitioners.
Augmedix is on a mission to help clinicians and
patients form a human connection by seamlessly integrating our
technology at the point of care. Augmedix’s proprietary platform
digitizes natural clinician-patient conversations, which are
converted into comprehensive medical notes and structured data in
real time. The company’s platform uses automatic speech
recognition, and natural language processing, including large
language models, to generate accurate and timely medical notes that
are transferred into the EHR.
Augmedix’s products relieve clinicians of
administrative burden, in turn, reducing burnout, increasing
clinician efficiency and improving patient access. Through
Augmedix’s proprietary platform and bi-directional communication
channel, Augmedix is ideally suited to serve as the vehicle for
change at the point of care.
Augmedix is headquartered in San Francisco, CA,
with offices around the world. To learn more, visit
www.augmedix.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” that involve a number of risks and uncertainties. Words
such as “believes,” “may,” “will,” “estimates,” “potential,”
“continues,” “anticipates,” “intends,” “expects,” “could,” “would,”
“projects,” “plans,” “targets,” “excited,” “optimistic,” and
variations of such words and similar expressions are intended to
identify forward-looking statements. Such forward-looking
statements include, without limitation, statements
regarding Augmedix’s expected fourth quarter revenue for 2023;
Augmedix’s expected amount of Annual Recurring Revenue entering
2024; Augmedix’s ability to accelerate its growth plans; Augmedix
being well positioned for another successful year in 2024;
Augmedix’s assembly of the industry’s broadest portfolio of
documentation solutions tailored to a range of healthcare settings;
Augmedix’s ability to provide the right technology, with the
appropriate level of human intervention and machine learning,
giving it a durable competitive; Augmedix’s commitment to playing
an essential role in unburdening clinicians and improving the
operating efficiency of healthcare organizations; and Augmedix’s
preliminary data as to clinicians in service as of December 31,
2023. Our actual results could differ materially from those stated
or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in our most
recent Form 10-K filed with the Securities and Exchange Commission
on April 17, 2023 as well as other documents that may be filed by
us from time to time with the Securities and Exchange Commission.
In particular, the following factors, among others, could cause
results to differ materially from those expressed or implied by
such forward-looking statements: the preliminary results for the
fourth quarter of 2023 are preliminary and subject to change
pending the completion of the Company's closing process for 2023
and related review; our expectations regarding the capital
necessary to reach cash flow sustainability; our expectations
regarding changes in regulatory requirements; our ability to
interoperate with the electronic health record systems of our
customers; our reliance on vendors; our ability to attract and
retain key personnel; the competition to attract and retain remote
documentation specialists; anticipated trends, growth rates, and
challenges in our business and in the markets in which we operate;
our ability to further penetrate our existing customer base; our
ability to protect and enforce our intellectual property protection
and the scope and duration of such protection; developments and
projections relating to our competitors and our industry, including
competing dictation software providers, third-party, non-real time
medical note generators and real time medical note documentation
services; and the impact of current and future laws and
regulations. Past performance is not necessarily indicative of
future results. The forward-looking statements included in this
press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments will
cause our views to change. We undertake no intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
Contact Information
Investors:Matt Chesler, CFAFNK IR(646)
809-2183augx@fnkir.cominvestors@augmedix.com
Media:Kaila GrafemanAugmedixpr@augmedix.com
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