Augmedix Reports Second Quarter 2022 Financial Results
On August 8, 2022, Augmedix reported its financial results for the three-month period that ended on June 30, 2022. Manny Krakaris, chief executive officer of Augmedix, noted that “we continued to see good momentum and are pleased with our strong start to 2022. We remain focused on our path to profitability as we drive enterprise customer expansion, make good progress on our automation and new product development, and scale our business model… As physician retention, burnout, and staffing shortages continue to impact healthcare organizations, our pipeline continues to expand, leading to continued revenue growth and record bookings.” Krakaris seemed encouraged by the company’s progress this year, and is looking forward to an efficient second half.
Here are some highlights from the report:
- A 42% increase in revenue from $5.2 million to $7.3 million.
- Year-over-year growth of 49% for Average Clinicians in Service (A clinician in service is defined by Augmedix as an individual doctor, nurse practitioner, or other healthcare professional who uses its services).
- GAAP Gross Margin decreased from 46.6% to 43.7%, while non-GAAP Gross Margin decreased from 45.2% to 44.0%. GAAP Operating Expenses increased from $6.4 million to $9.3 million and non-GAAP Operating Expenses increased from $6.6 million to $8.8 million. The GAAP Net Loss increased from $4.6 million to $7.4 million.
- Adjusted EBITDA losses increased from $4 million to $5.3 million. This excludes the Loss on extinguishment of the prior debt facility in 2022, the negotiated reduction of previously invoiced transaction-related expenses, and the Stock-based compensation expense in both periods.
Augmedix held a conference call on August 8, 2022, discussing the report. The company aims to continue its model of offering automated medical documentation for large physician practices and healthcare systems. It will continue to help hospitals, clinics, emergency departments, telemedicine, and medical offices around the world as Augmedix’s Ambient Automation Platform acts as a moderator to make conversation between physicians and patients as efficient as possible.
Read the full press release here.