Augmedix announces preliminary financial results for the fourth quarter of 2021

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SAN FRANCISCO, Jan. 31, 2022 (GLOBE NEWSWIRE) — Augmedix, Inc. (Nasdaq: AUGX), a leading provider of virtual medical documentation and live clinical support, today announced preliminary unaudited financial and operating results for the three months ended December known 31st, 2021.

“We are very pleased with the conclusion to 2021 as we ended the year in a position of strength. The fourth quarter was characterized by solid revenue growth driven by strong bookings, higher client retention and an increase in average revenue per clinician,” said Manny Krakaris, Chief Executive Officer of Augmedix. “I’m particularly proud of our team who have strived throughout the year to provide superior service to our vendors and build on our track record. We are well positioned and looking forward to 2022 and the great market opportunity ahead of us.”

Preliminary unaudited financial and operational highlights

  • The preliminary average of Clinicians in Service (CIS) for the fourth quarter of 2021 increased 49% year over year compared to 42% in the third quarter of 2021.

  • Preliminary fourth quarter 2021 revenue growth is expected to be approximately 43% to 44% year over year, an acceleration from the 33% year over year growth we achieved in the third quarter of 2021.

Preliminary Financial Information

The preliminary financial results and other information in this press release relating to the Company’s fourth quarter of 2021 are unaudited preliminary figures and are subject to change. These results and information have not been verified by an independent accredited accounting firm. Due to the preliminary nature of the financial information contained in this press release, changes in financial results may need to be included in the Company’s financial statements if the Company receives subsequent information after the date of this press release. As a result, the Company’s final fourth quarter results and financial information as reported on the Company’s Form 10-K for the year ended December 31, 2021 may differ in material respects from the preliminary financial information contained in this news release.

Definition of key figures

Clinician on duty: We define a clinician on duty as an individual doctor, nurse or other healthcare professional who uses our services. The number of on-duty clinicians is determined as the total number of on-duty clinicians at the end of the period. We believe that the increase in the number of clinicians on duty is an indicator of our company’s performance as it demonstrates our ability to penetrate the market and grow our business.

About Augmedix

Augmedix, Inc. (Nasdaq: AUGX) provides automated medical documentation and data services for large healthcare systems and physician offices, supporting physician offices, clinics, hospitals, emergency rooms and telemedicine nationwide. The company’s Ambient Automation Platform transforms the natural conversation between doctors and patients into timely and comprehensive medical notes and performs a range of related data services. These services relieve physicians of administrative burdens in order to have more time for patient care. Augmedix’s proprietary platform uses automatic speech recognition, natural language processing and clinical datasets to capture the conversation surrounding the visit and create a structured medical note. The structured medical note data is then used to provide additional data services. The quality is ensured by trained medical documentation specialists. To learn more about Augmedix, visit augmedix.com.

Forward-Looking Statements

This press release contains “forward-looking statements” that involve a number of risks and uncertainties. Words like “believe”, “may”, “will”, “estimate”, “potential”, “continue”, “anticipate”, “intend”, “expect”, “could”, “would”, “project”, “ Plans”, “goals” and variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the Company’s preliminary financial results for the fourth quarter of 2021 and statements regarding the Company’s market opportunity. 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 expressed or implied by any forward-looking statements due to a number of factors, including, but not limited to, the factors described in “Risk Factors” and “Discussion and Analysis of Management’s Financial Condition and Results” of Operations sections of our most recent Forms 10-K and 10-Q filed with the Securities and Exchange Commission and similar disclosures in subsequent reports filed with the SEC. 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 interact with our customers’ electronic health record systems; our dependence 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 protections and the extent and duration of those protections; developments and forecasts relating to our competitors and our industry, including competing providers of dictation software, third-party non-real-time medical note generators and real-time medical note documentation services; the effects of current and future laws and regulations; the impact of the COVID-19 crisis on our business, results of operations and future growth prospects. Past performance is not necessarily indicative of future results. The forward-looking statements contained 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 views. We assume 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 construed as representing our views at any time after the date of this press release.

Investors:
Caroline Paul
Gilmartin Group
[email protected]

Media:
Kaila Grafmann
Augmedix
[email protected]

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