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Augmedix (Nasdaq: AUGX) reported a 40% revenue growth for Q1 2024, with revenues reaching $13.5 million compared to $9.6 million in Q1 2023. Gross profit increased by 45% to $6.3 million, and gross margin improved by 150 basis points to 47.1%. Net revenue retention was 143%, and the company expects continued growth throughout 2024. However, there has been a slow-down in purchasing commitments as providers evaluate various AI offerings. Net loss increased by 24% to $6.5 million, and operating expenses rose by 32% to $12.7 million. Augmedix adjusted its full-year revenue outlook to $52-$55 million. The company is seeing strong interest in its AI products, Augmedix Go and Augmedix Go Assist, particularly in emergency care settings.
Augmedix, Inc. (Nasdaq: AUGX) will participate in four investor conferences in May and June 2024, including RBC Capital Markets Global Healthcare Conference, Benchmark Healthcare House Call Conference, B. Riley Annual Institutional Investor Conference, and William Blair Annual Growth Stock Conference.
Augmedix (Nasdaq: AUGX) will announce its first quarter 2024 financial results on May 13, 2024. The company specializes in ambient AI medical documentation and data solutions. Management will host a conference call the same day at 1:30 p.m. PT / 4:30 p.m. ET.