On November 6, 2023, Augmedix Inc (AUGX, Financial), a leading healthcare technology company, announced its financial results for the third quarter of 2023. The company reported a 50% revenue growth and expanded gross margins, marking another period of strong progress.
Financial Performance
Augmedix reported a revenue of $11.8 million in Q3 2023, a significant increase from $7.9 million in the same period in 2022. The company's gross profit also rose to $5.8 million from $3.6 million in Q3 2022. However, the company reported a net loss of $4.4 million, a slight improvement from a net loss of $5.5 million in Q3 2022.
Business Highlights
Augmedix's CEO, Manny Krakaris, commented on the company's performance, stating,
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. 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."
Future Outlook
Augmedix has increased its revenue guidance for 2023 to approximately $44.5 million. The company is also expanding its product portfolio and building out the foundations of its data and platform strategies. It recently launched early access to Augmedix Go, a fully automated scalable AI medical documentation solution, and continues to collaborate closely with HCA Healthcare to launch Augmedix Go for the emergency room setting.
About Augmedix
Augmedix (Nasdaq: AUGX) is a healthcare technology company that delivers industry-leading, ambient medical documentation and data solutions to healthcare systems, physician practices, hospitals, and telemedicine practitioners. The company's mission is to help clinicians and patients form a human connection by seamlessly integrating its technology at the point of care.
Explore the complete 8-K earnings release (here) from Augmedix Inc for further details.
