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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.
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.
Posted In: AUGX
