Augmedix Inc. (Nasdaq: AUGX), a healthcare technology company
that delivers industry-leading, ambient medical documentation and
data solutions, today announced preliminary financial results and
operational metrics for the fourth quarter of 2022.
“Augmedix generated strong bookings in the
fourth quarter and we expect revenue to be within our guidance
range of $8.5 million to $8.6 million,” stated Augmedix, Inc. CEO,
Manny Krakaris. “Our current pipeline and backlog should result in
continued momentum and a strong start to 2023. Importantly, we are
seeing significant expansion within our base of existing clients.
Over the last few months, we've been encouraged by the increased
adoption from larger health system clients.”
Mr. Krakaris added, “Our broad portfolio of
solutions is resonating in the market as health systems look to
increase patient access, improve productivity, and reduce clinician
burnout. Augmedix’s solutions address each of these systemic
challenges, and we are well positioned to maintain our robust
growth while simultaneously expanding our operating leverage, to
achieve our ultimate goal of substantial cash generation.”
The below preliminary data is as of December 31,
2022, unless otherwise noted.
- Annual Recurring Revenue (ARR) of $35 million.
- 1,300 clinicians in service, up 39% year-over-year.
- Revenue in the fourth quarter of 2022 is expected to be within
the guidance range of $8.5 million to $8.6
million.
Additionally, Augmedix expects to take a
non-cash charge of approximately $215,000 in the fourth quarter of
2022 related to the cancellation of its at-the-market (ATM)
program. For further information, please see the Company’s current
report on Form 8-K filed with the Securities and Exchange
Commission on December 20, 2022.
Augmedix expects to report financial results for
the fourth quarter of 2022 and to hold an earnings conference call
in March.
Annual Recurring Revenue (ARR) is defined as
clinicians in service as of a certain date who are not currently on
unpaid hold nor 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.
About Augmedix
Augmedix, Inc. (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 at the point of care without the
intrusion of technology. Augmedix’s solutions extract data from
natural physician-patient conversations and convert it to medical
notes in real time, which are seamlessly transferred to the EHR. To
achieve this, the company’s Ambient Automation Platform uses
Automated Speech Recognition and Natural Language Processing,
supported by medical documentation specialists.
Leveraging this platform, Augmedix’s solutions
relieve clinicians of administrative burden, in turn, reducing
burnout and increasing both clinician and patient satisfaction.
Augmedix is also leading the revolution in leveraging point-of-care
data by making connections between millions of physician-patient
interactions and analyzing them to deliver actionable insights that
elevate patient care.
Augmedix is headquartered in San Francisco, CA,
with offices around the world. To learn more, visit
augmedix.com.
Preliminary Financial
Information
The preliminary financial results and other
information set forth in this press release related to the
Company’s fourth quarter of 2022 and full year 2022 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, 2022, might vary in
material respects from the preliminary financial information
included in this press release.
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 the
following: the Company’s preliminary financial results and
operational data for the fourth quarter of 2022 and full year 2022;
the expected timing of the release of fourth quarter 2022 results;
the Company’s expectation that revenue for the fourth quarter of
2022 will be within its prior guidance range; the Company’s current
pipeline and backlog should result in continued momentum and a
strong start to 2023; the Company seeing significant expansion
within its base of existing clients and being encouraged by the
increased adoption from larger health system clients; the Company’s
broad portfolio of solutions is resonating in the market as health
systems look to improve productivity, increase patient access, and
reduce clinician burnout and that Company’s solutions address each
of these systemic challenges; the Company being well positioned to
maintain its robust growth while simultaneously expanding its
operating leverage, to achieve its ultimate goal of substantial
cash generation; the Company delivering industry-leading, ambient
medical documentation and data solutions and its solutions
relieving clinicians of administrative burden, reducing burnout and
increasing both clinician and patient satisfaction; and the Company
leading the revolution in leveraging point-of-care data by making
connections between millions of physician-patient interactions and
analyzing them to deliver actionable insights that elevate patient
care. 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 U.S. Securities and Exchange
Commission on March 30, 2022 as well as other documents that may be
filed by us from time to time with the U.S. 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 2022 are preliminary and subject to
change pending the completion of the Company's closing process for
2022 and review; 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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