SAN FRANCISCO, Oct 04, 2021 (GLOBE NEWSWIRE) – Augmedix, Inc. (OTCQX: AUGX), a leading provider of virtual medical documentation and live clinical support, today announced financial results and preliminary unaudited operations for the quarter ended September 30, 2021.
“We executed our initiatives well and the strong booking momentum and acceleration in revenue growth recorded in the previous four quarters were carried over to the third quarter. This quarter was marked by significant customer and operational achievements, and was marked by the execution of our strategic partnership with Medical Advantage and our recently announced partnership with Google to integrate Google Cloud’s automatic speech recognition medical technology into our models. language processing to accelerate our ability to scale efficiently, ”said Manny Krakaris, CEO of Augmedix. “We are excited about our way forward as we continue to execute our strategy and pave the way for clinical literature to improve patient care. “
Preliminary financial and operational highlights
- Clinicians in service as of September 30, 2021 were 834, up 51% from 551 clinicians in service as of September 30, 2020. Due to the strong booking momentum achieved in the third quarter of 2021, and particularly in September, we expect growth of clinicians in service to accelerate until the fourth quarter of 2021.
- Preliminary total revenue for the third quarter of 2021 is expected to increase by approximately 9% from the second quarter of 2021. This compares to 8.0% quarter-over-quarter growth in the second quarter of 2021 and of 5.4% quarter over quarter in the first quarter. 2021. Revenue increased by approximately 33% in the third quarter of 2021 compared to the third quarter of 2020.
- The preliminary gross margin for the third quarter of 2021 is expected to decrease by approximately 20 basis points from the 45.0% non-GAAP reported in the second quarter of 2021. The GAAP gross margin of 46.6% in the second quarter of 2021 included a benefit of 160 basis points of an entry – excluding a provision linked to the previous office lease. Augmedix had a gross margin of 44.2% in the third quarter of 2020.
- Preliminary net loss for the third quarter of 2021 is expected to be between $ 2.8 million and $ 3.2 million, including other income of $ 2.19 million related to the cancellation of our Paycheck Protection Program loan. (“PPP”).
The Company’s financial results for the third quarter of 2021 are preliminary and are subject to the completion of the Company’s accounting and financial close and reporting process.
Definition of key indicators
Clinicians on duty: We define an on-duty clinician as a physician, nurse practitioner, or other health care professional using our services. The number of clinicians in service is the total number of clinicians in service at the end of the period. We believe that the growth in the number of clinicians in service is an indicator of our business performance as it demonstrates our ability to enter the market and grow our business.
Augmedix Inc is a technology-based healthcare platform that provides virtual medical documentation and live clinical support to many of the largest healthcare systems in the United States and hundreds of independent clinicians, supporting practices medical, clinics, hospitals, emergency departments and telemedicine practices nationwide. The company’s Ambient Automation (“AAP”) platform, which is overseen by medical documentation specialists, converts ambient conversation between clinicians and patients into accurate and complete medical notes in a timely manner. The medical note is generated using Augmedix’s Notebuilder software, which integrates automatic speech recognition and natural language processing. Augmedix can save clinicians 2-3 hours per day, improve clinician productivity by up to 20%, and increase clinician satisfaction with work-life balance by over 40%. To learn more about Augmedix, visit augmedix.com.
This press release contains “forward-looking statements” that involve a number of risks and uncertainties, including, but not limited to our expectations for growth and public market listing. Words such as “believes”, “could”, “will”, “estimate”, “possible”, “continue”, “foresees”, “” plans “,” objectives “, and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances beyond our control.Our actual results could differ materially from those indicated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks detailed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021, our subsequent quarterly reports on Form 10- Q and in our registration statement on Form S-1 filed with the SEC on September 3, 2021, as well as other documents that we may file from time to time with the SEC. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by these forward-looking statements: our expectations regarding changes in regulatory requirements; our ability to interact with our clients’ electronic health record systems; our dependence on suppliers; our ability to attract and retain key personnel; the competition to attract and retain specialists in remote documentation; trends, growth rates and anticipated challenges in our business and 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 that protection; developments and projections relating to our competitors and our industry, including competing dictation software vendors, delayed third-party medical note generators and real-time medical note documentation services; the impact of current and future laws and regulations; the impact of the COVID-19 crisis on our business, operating results and prospects for future growth. A previous 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 change our perspective. We have 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 taken as representing our views as of any date subsequent to the date of this press release.