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Investor Relations14 Oct 2025
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Augmedix (AUGX) investor relations material
Augmedix Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary12 Aug, 2024
Executive summary
Revenue grew 27% year-over-year to $13.7M for Q2 2024, driven by a 22% increase in average clinicians in service and a 3% rise in average annual revenue per clinician.
Net loss widened to $8.5M from $5.0M in Q2 2023, reflecting higher operating expenses, including $1.2M in legal/professional costs related to a pending merger.
Gross margin improved to 47.2% from 45.6% year-over-year, aided by operational efficiencies and product mix.
The company is progressing toward a merger with Commure, Inc., expected to close in late Q3 or early Q4, with shareholders to receive $2.35 per share in cash.
Civil unrest in Bangladesh, where 75% of employees are based, disrupted operations in July and poses ongoing risk.
Financial highlights
Q2 2024 revenue: $13.7M, up from $10.8M in Q2 2023; six-month revenue: $27.1M, up 33% year-over-year.
Q2 2024 net loss: $8.5M ($0.16/share) vs. $5.0M ($0.12/share) in Q2 2023; six-month net loss: $14.9M ($0.28/share) vs. $10.3M ($0.25/share) year-over-year.
Gross margin for Q2 2024: 47.2% (Q2 2023: 45.6%); six-month gross margin: 47.2% (2023: 46.3%).
Cash, cash equivalents, and restricted cash at June 30, 2024: $33.4M, down from $46.3M at year-end 2023.
Operating cash outflow for six months: $12.0M; capital expenditures: $0.9M.
Outlook and guidance
Management expects lower revenue growth rates in 2024 compared to 2023 due to slower purchasing commitments and product mix shift, but anticipates gross margin expansion as more customers adopt higher-margin AI-driven products.
Management anticipates scaling ambient documentation solutions and leveraging AI capabilities post-merger with Commure.
Cash balance is expected to cover working capital needs for over twelve months from the filing date.
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Frequently asked questions
Augmedix Inc. specializes in providing automated medical documentation and data services to healthcare systems and physician practices across the United States. Leveraging its Ambient Automation Platform, Augmedix transforms natural conversations between physicians and patients into comprehensive medical notes. This technology utilizes automatic speech recognition, natural language processing, and clinical datasets to facilitate the creation of structured medical notes, thereby alleviating administrative burdens for physicians and enabling them to dedicate more time to patient care. The company's services support a wide range of healthcare settings, including medical offices, clinics, hospitals, emergency departments, and telemedicine. Augmedix is headquartered in San Francisco, California, and its shares are listed on the Nasdaq.
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