Augmedix (Nasdaq: AUGX), a healthcare technology company that
delivers industry-leading ambient medical documentation and data
solutions, reported today financial results for the three and nine
months ended September 30, 2023.
“The third quarter marked another period of
strong progress for Augmedix as we continue to be a leader in the
large and rapidly growing ambient medical documentation market,”
commented Manny Krakaris, Chief Executive Officer at Augmedix.
“Growing adoption of Augmedix Live and Augmedix Notes drove 50%
revenue growth and net revenue retention of 157%, while expanding
gross margins by 390 basis points to 49.5%. With strong revenue
growth and improving profitability, we are on track to achieve our
financial goals and are increasing our revenue guidance for 2023
accordingly.”
Continued Mr. Krakaris, “We are delivering
strong financial results while expanding our product portfolio and
building out the foundations of our data and platform strategies.
We recently launched early access to Augmedix Go, our fully
automated scalable AI medical documentation solution, and we
continue to collaborate closely with HCA Healthcare to launch
Augmedix Go for the emergency room setting. We have also forged
strategic relationships with three innovative digital health
companies as part of our open network and platform strategy. These
vendor partners will be able to use our delivery platform through
application programming interfaces (APIs) so that they and our
health system partners can efficiently benefit and generate
incremental ROI from our structured data and bi-directional
communication channel to the point of care.”
“It is clearer than ever that there is a
tremendous opportunity in front of Augmedix,” concluded Mr.
Krakaris. “As healthcare systems lean into our ambient medical
documentation technology to reduce the burden on clinicians and
enhance operating efficiency, they are increasingly looking to
leverage our structured data for insights and our bi-directional
communication channel to deliver vital information that can
effectuate change at the point of care. We are confident that
addressing these expanded upstream and downstream requirements will
create greater value for our customers and ultimately, our
shareholders.”
Third Quarter 2023 Financial and
Business Highlights All comparisons, unless
otherwise noted, are to the three months ended September 30,
2022.
- Total revenue was $11.8 million, an increase of 50% compared to
$7.9 million.
- Dollar-based Net Revenue Retention was 157% for Health
Enterprise customers compared to 130% in the third quarter of 2022
and 148% in the second quarter of 2023.
- Average Clinicians in Service grew 47%.
- GAAP Gross Margin increased 390 basis points to 49.5% compared
to 45.7%.
- GAAP Operating Expenses were $10.2 million, compared to $9.0
million in the third quarter of 2022 and $10.0 million in the
second quarter of 2023.
- GAAP Net Loss narrowed to $4.4 million compared to $5.5
million.
- EBITDA losses declined to $3.7 million compared to $5.0
million. Adjusted EBITDA losses declined to $3.1 million compared
to $4.5 million, which excludes stock-based compensation in both
periods. Adjusted EBITDA losses again declined sequentially from
$3.6 million in the second quarter of 2023.
- Cash, cash equivalents, and restricted cash were $22.3 million
as of September 30, 2023, compared to $22.0 million as of December
31, 2022.
- The interest only period on our $20 million term loan with SVB
was lengthened from January 2024 to July 2024 as we exceeded the
financial requirements for extension during the third quarter.
- Launched the early access release of Augmedix Go for the
clinical setting, a clinician-controlled mobile app that uses
generative AI to create a fully automated draft medical note
instantaneously.
- Established strategic collaborations with three innovative
digital health companies – Myndshft, Ellipsis Health, and The
Sullivan Group – to enhance healthcare enterprise efficiency and
patient outcomes.
- Hosted the initial AI Advisory Council meeting with
distinguished academics, governance experts, and customers to
provide strategic guidance on Augmedix’s product roadmap on the
development and use of AI.
- Enhanced collaboration with HCA Healthcare and Google Cloud to
bring generative AI to hospitals.
- Achieved certified status by HITRUST for information security,
which validates Augmedix’s commitment to safeguarding sensitive
patient information data.
Non-GAAP operating expenses, EBITDA and Adjusted
EBITDA are a Non-GAAP financial measure. Please see “Non-GAAP
Financial Measures” below and the Reconciliation of the GAAP to
Non-GAAP Financial Measures table below.
2023 Revenue Guidance
Augmedix now expects approximately $44.5 million
of revenue in 2023.
Conference Call
Augmedix will host a conference call at 1:30
p.m. PT / 4:30 p.m. ET on Monday, November 6, 2023, to discuss its
third quarter 2023 financial results. The conference call can be
accessed by dialing +1-877-407-3982 for U.S. participants or
+1-201-493-6780 for international participants and referencing
conference ID #13741543. Interested parties may access a live and
archived webcast of the event on the “Investor Relations” section
of the Company’s website at: ir.augmedix.com.
Definition of Key Metrics
Dollar-Based Net Revenue Retention: We define a
"Health Enterprise" as a company or network of doctors that has at
least 50 clinicians currently employed or affiliated that could
utilize our services. Dollar-based net revenue retention is
determined as the revenue from Health Enterprises as of twelve
months prior to such period end as compared to revenue from these
same Health Enterprises as of the current period end, or current
period revenue. Current period revenue includes any expansion or
new products and is net of contraction or churn over the trailing
twelve months but excludes revenue from new Health Enterprises in
the current period. We believe growth in dollar-based net revenue
retention is a key indicator of the performance of our business as
it demonstrates our ability to increase revenue across our existing
customer base through expansion of users and products, as well as
our ability to retain existing customers.
Clinicians in Service: We define a clinician in
service as an individual doctor, nurse practitioner or other
healthcare professional using our services. We average the
month-end number of clinicians in service for all months in the
measurement period and the number of clinicians in service at the
end of the month immediately preceding the measurement
period. 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 (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.
Contact Information
Investors:Matt Chesler, CFAFNK IR(646)
809-2183augx@fnkir.cominvestors@augmedix.com
Media:Kaila GrafemanAugmedixpr@augmedix.com
Non-GAAP Financial Measures
To supplement our consolidated financial
statements, which are prepared and presented in accordance with
GAAP, we use the following non-GAAP financial measures: Non-GAAP
gross profit, Non-GAAP gross margin, Non-GAAP Operating Expenses,
EBITDA, and adjusted EBITDA. The presentation of this financial
information is not intended to be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP.
We use these non-GAAP financial measures for
financial and operational decision-making and as a means to
evaluate period-to-period comparisons. We believe that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance by excluding certain items
that may not be indicative of our recurring core business operating
results. We believe that both management and investors benefit from
referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future
periods. These non-GAAP financial measures also facilitate
management's internal comparisons to our historical performance and
liquidity as well as comparisons to our competitors' operating
results. We believe these non-GAAP financial measures are useful to
investors both because (1) they allow for greater transparency with
respect to key metrics used by management in its financial and
operational decision-making and (2) they are used by our
institutional investors and the analyst community to help them
analyze the health of our business.
There are a number of limitations related to the
use of non-GAAP financial measures. We compensate for these
limitations by providing specific information regarding the GAAP
amounts excluded from these non-GAAP financial measures and
evaluating these non-GAAP financial measures together with their
relevant financial measures in accordance with GAAP.
For more information on the non-GAAP financial
measures, please see the Reconciliation of GAAP to non-GAAP
Financial Measures table in this press release. This accompanying
table includes details on the GAAP financial measures that are most
directly comparable to Non-GAAP financial measures and the related
reconciliations between these financial measures.
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
Company’s expectations regarding revenues for the full fiscal year
2023 and the achievement of its financial goals; the ability of the
Company’s vendor and health system partners to efficiently benefit
from, and generate incremental ROI through the use of, the
Company’s structured data and bi-directional communication channel
to the point of care; the tremendous opportunity in front of
Augmedix; healthcare systems leaning into the Company’s ambient
medical documentation technology to reduce the burden on clinicians
and enhance operating efficiency; the increase in healthcare
systems looking to leverage the Company’s structured data for
insights and the Company’s bi-directional communication channel to
deliver vital information that can effectuate change at the point
of care; and the Company’s confidence that addressing these
expanded upstream and downstream requirements will lead to greater
value for its customers and ultimately its shareholders. 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: 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.
AUGMEDIX, INC.Condensed
Consolidated Statements of Operations(Unaudited,
in thousands except EPS and Average Clinicians in
Service)
|
Three Months Ended |
|
September 30, |
|
(unaudited) |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
11,767 |
|
$ |
7,864 |
|
Cost of revenue |
|
5,937 |
|
|
4,274 |
|
Gross profit |
|
5,830 |
|
|
3,590 |
|
Operating
Expenses |
|
|
General and administrative |
|
4,568 |
|
|
4,136 |
|
Sales and marketing |
|
2,729 |
|
|
2,304 |
|
Research and development |
|
2,936 |
|
|
2,608 |
|
Total operating expenses |
|
10,233 |
|
|
9,048 |
|
Loss from
operations |
|
(4,403 |
) |
|
(5,458 |
) |
|
|
|
Other income (expense), net |
|
(4 |
) |
|
(32 |
) |
Net loss |
$ |
(4,407 |
) |
$ |
(5,490 |
) |
|
|
|
Weighted average common stock
outstanding |
|
45,521 |
|
|
37,427 |
|
|
|
|
Earnings Per Share |
$ |
(0.10 |
) |
$ |
(0.15 |
) |
|
|
|
Average Clinicians in Service
(CIS) |
|
1,650 |
|
|
1,121 |
|
|
AUGMEDIX,
INC. Condensed Consolidated Balance
Sheet (Unaudited, in
thousands)
|
September 30, |
December 31, |
|
2023 |
2022 |
Assets |
|
Cash, cash equivalents, and restricted cash |
$ |
22,286 |
$ |
21,988 |
Accounts receivables,
net |
|
9,446 |
|
6,354 |
Other assets |
|
9,101 |
|
5,299 |
Total assets |
|
40,833 |
|
33,641 |
|
|
|
Liabilities &
Stockholders’ Equity |
|
|
Liabilities |
|
|
Accounts payable |
$ |
1,816 |
$ |
1,563 |
Deferred revenue |
|
7,993 |
|
7,254 |
Loan payable |
|
20,108 |
|
15,134 |
Other liabilities |
|
10,182 |
|
8,224 |
Total liabilities |
$ |
40,099 |
$ |
32,175 |
Stockholders’
equity |
$ |
734 |
$ |
1,466 |
Total liabilities &
stockholders’ equity |
$ |
40,833 |
$ |
33,641 |
|
AUGMEDIX,
INC. Condensed Consolidated Statement of Cash
Flows (Unaudited, in
thousands)
|
Nine Months Ended |
|
September 30, |
|
2023 |
2022 |
Cash flows from operating activities |
$ |
(14,468 |
) |
$ |
(12,387 |
) |
Cash flows from investing
activities |
|
(1,912 |
) |
|
(816 |
) |
Cash flows from financing
activities |
|
16,989 |
|
|
(1,244 |
) |
Effect of exchange rate
changes on cash and restricted cash |
|
(311 |
) |
|
(143 |
) |
Net decrease in
cash |
$ |
298 |
|
$ |
(14,590 |
) |
Cash, restricted cash, and
cash equivalents at the beginning of the period |
$ |
21,988 |
|
$ |
41,587 |
|
Cash, restricted cash, and
cash equivalents at the end of the period |
$ |
22,286 |
|
$ |
26,997 |
|
|
AUGMEDIX,
INC. Reconciliation of GAAP to Non-GAAP
Financial Measures (Unaudited, in
thousands)
|
Three Months Ended |
|
September 30, |
|
(unaudited) |
Stock Based
Compensation Expense |
2023 |
2022 |
Cost of revenue |
$ |
33 |
|
$ |
22 |
|
General and
administrative |
|
425 |
|
|
320 |
|
Sales and marketing |
|
57 |
|
|
50 |
|
Research and
development |
|
122 |
|
|
85 |
|
Total stock-based
compensation expense |
$ |
637 |
|
$ |
477 |
|
|
|
|
Net
loss |
$ |
(4,407 |
) |
$ |
(5,490 |
) |
Interest |
|
355 |
|
|
257 |
|
Tax |
|
84 |
|
|
19 |
|
Depreciation |
|
252 |
|
|
217 |
|
EBITDA |
$ |
(3,716 |
) |
$ |
(4,997 |
) |
Add: Stock-based
compensation |
|
637 |
|
|
477 |
|
Adjusted
EBITDA |
$ |
(3,079 |
) |
$ |
(4,520 |
) |
|
|
|
GAAP Cost of
revenue |
$ |
5,937 |
|
$ |
4,274 |
|
Less: Stock-based
compensation |
|
33 |
|
|
22 |
|
Non-GAAP cost of
revenue |
$ |
5,904 |
|
$ |
4,252 |
|
|
|
|
Non-GAAP Gross
Profit |
$ |
5,863 |
|
$ |
3,612 |
|
Non-GAAP Gross
Margin |
|
49.8 |
% |
|
45.9 |
% |
|
|
|
GAAP Operating
expenses |
$ |
10,233 |
|
$ |
9,048 |
|
Less: Stock-based
compensation |
|
604 |
|
|
455 |
|
Non-GAAP operating
expenses |
$ |
9,629 |
|
$ |
8,593 |
|
|
|
|
Augmedix (NASDAQ:AUGX)
Gráfica de Acción Histórica
De Oct 2024 a Oct 2024
Augmedix (NASDAQ:AUGX)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024