Q1 2024 Augmedix Inc Earnings Call Transcript
Key Points
- Augmedix Inc reported a 40% increase in revenue for the first quarter of 2024.
- The company achieved a Net Revenue Retention (NRR) of 143%, indicating strong customer retention and account expansion.
- Augmedix Inc launched Augmedix Go and Augmedix Go Assist, expanding its product offerings with AI-powered solutions.
- The company has successfully partnered with major healthcare systems like HCA Healthcare, which is preparing for a wide deployment of Augmedix Go across their emergency departments.
- Augmedix Inc is utilizing the proceeds from its November 2023 capital raise to expand its commercial and technical teams, with about 60% of the hiring plan already completed.
- Augmedix Inc adjusted its full-year revenue outlook downwards due to a slowdown in purchasing commitments for established solutions like Augmedix Live.
- Some large health systems are transitioning from Augmedix Live to the lower-priced Go Assist product, impacting current year revenue expectations.
- The company reported an increase in operating expenses to $12.7 million for the first quarter of 2024, up from the previous quarter.
- Augmedix Inc experienced a net loss from operations, which increased to $6.4 million from $5.1 million in the first quarter of 2023.
- The company's cash flow from operating activities was an outflow of $8.2 million in the first quarter of 2024, compared to an outflow of $6.2 million in the same period last year.
Ladies and gentlemen, greetings, and welcome to the Augmedix Inc first-quarter 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Chesler, Investor Relations. Please go ahead.
Thank you, operator. Joining me today are Manny Krakaris, Chief Executive Officer of Augmedix, and Paul Ginocchio, Chief Financial Officer. This afternoon, we released financial results for the quarter ended March 31, 2024. We posted a copy of the press release and investor presentation on our website at augmedix.com.
We will begin our call with prepared remarks to be followed by a Q&A session. This call is also being simulcast, and will be archived on our website.
Before we begin, I'd like remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions, the Private
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