“Augmedix generated strong bookings in the fourth quarter and we expect revenue to be within our guidance range of
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
- 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,
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
Leveraging this platform, Augmedix’s solutions relieve clinicians of administrative burden, in turn, reducing burnout and increasing both clinician and patient satisfaction.
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
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
Contact information
Investors:
FNK IR
(646) 809-2183
augx@fnkir.com
investors@augmedix.com
Media:
pr@augmedix.com
![](https://ml.globenewswire.com/media/MmQxMDU0YmItMmI0OS00NDViLTk2MjQtNzZlYzM2NDgzNmEzLTEyMTgwMDY=/tiny/Augmedix-Inc.png)
2023 GlobeNewswire, Inc., source