SAN FRANCISCO, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Commure, a healthcare technology company, announced today that it has completed the acquisition of Augmedix. Augmedix will now operate as a wholly-owned subsidiary of Commure. The merger was previously announced on July 19, 2024, and was approved by Augmedix stockholders at Augmedix’s special meeting of stockholders held on September 27, 2024. With the completion of the acquisition, Augmedix stockholders are entitled to $2.35 in cash for each share of Augmedi ...

NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Augmedix, Inc. (Nasdaq: AUGX), relating to its proposed merger with Commure, Inc. Under the terms of the agreement, Augmedix stock will be converted into the right to receive $2.35 in cash pe ...

Augmedix, Inc. (AUGX) came out with a quarterly loss of $0.16 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this company would post a loss of $0.12 per share when it actually produced a loss of $0.12, delivering no surprise.Over the last four quarters, the company has surpassed consens ...

Clinician and Revenue Growth - Average number of clinicians in service increased 23% to 1,887 in Q2 2024 from 1,534 in Q2 2023[134] - Average annual revenue per clinician increased 3% to $28,700 in Q2 2024 from $27,900 in Q2 2023[135] - Revenue increased by $2.9 million (27%) to $13.7 million in Q2 2024 compared to $10.8 million in Q2 2023, driven by a 22% increase in clinicians in service and a 3% increase in Average Annual Revenue Per Clinician[150] - Revenue for the six months ended June 30, 2024, increased by $6.7 million (33%) to $27.1 million compared to $20.4 million in the same period in 2023[159] - Revenues increased by $6.7 million to $27.1 million in the six months ended June 30, 2024, compared to $20.4 million in the same period in 2023, driven by a 29% increase in the average number of clinicians in service and a 3% increase in Average Annual Revenue Per Clinician[160] Revenue Retention and Customer Base - Dollar-based net revenue retention decreased to 129% in Q2 2024 from 148% in Q2 2023[136] - Dollar-based net revenue retention was 135% in the six months ended June 30, 2024, with approximately 15% revenue exposure to group practices and independent doctors growing slower than Enterprise revenue[160] - Roughly 85% of physicians using the service are employed by or affiliated with healthcare enterprises[123] Operational Efficiency and Cost Management - Gross margin improved to 47.2% in Q2 2024 from 45.6% in Q2 2023, due to operational efficiencies in MDS operations and customer support[151] - Gross margin improved to 47.2% in the six months ended June 30, 2024, compared to 46.3% in the same period in 2023, driven by operational efficiencies in MDS operations and customer support[162] - Cost of revenues increased by $3.4 million to $14.3 million in the six months ended June 30, 2024, primarily due to a $3.0 million increase in MDS costs and $0.4 million in cloud hosting and depreciation costs[162] Product Development and Innovation - Company's technology vision focuses on automating medical note creation using AI technologies like STT, NLP, and LLMs[125] - Augmedix Go and Augmedix Go Assist introduced in late 2023 and April 2024 respectively, offering lower fixed subscription fees and reduced human intervention, leading to lower cost of revenue compared to Augmedix Live[139] - Research and development expenses increased by $1.8 million (71%) to $4.4 million in Q2 2024, mainly due to additional investment in engineering and product headcount[154] - Research and development expenses increased by $3.0 million to $8.3 million in the six months ended June 30, 2024, mainly due to additional investment in engineering and product headcount[165] Financial Performance and Expenses - Net loss increased by $3.4 million (68%) to $8.5 million in Q2 2024 compared to $5.0 million in Q2 2023, driven by higher operating expenses and increased interest expense[148] - Net loss for the six months ended June 30, 2024, increased by $4.7 million (46%) to $14.9 million compared to $10.3 million in the same period in 2023[159] - General and administrative expenses increased by $2.3 million (47%) to $7.0 million in Q2 2024, primarily due to salary increases, headcount growth, and legal costs related to a proposed acquisition[152] - Sales and marketing expenses increased by $1.1 million (42%) to $3.7 million in Q2 2024, driven by investments in a larger sales and marketing organization and increased advertising spend[153] Cash Flow and Financial Position - Cash and cash equivalents stood at $28.2 million as of June 30, 2024, with an accumulated deficit of $159.9 million and recurring losses expected to continue[169] - Cash used in operating activities was $12.0 million in the six months ended June 30, 2024, primarily due to a net loss of $14.9 million and a $1.2 million net decrease in operating assets and liabilities[172] - The company entered into a non-cancelable five-year cloud computing contract in May 2024, with a total commitment of $5.3 million over the period[177] - Total contractual obligations as of June 30, 2024, amounted to $32.0 million, including $21.2 million in debt obligations and $5.5 million in operating lease obligations[177] - The company has no off-balance sheet arrangements as of June 30, 2024[178] Operational Challenges - Civil unrest in Bangladesh has affected operations, with internet shutdowns impacting service delivery[130] - Approximately 75% of employees are based in Bangladesh, serving 40% of clinicians[130] Customer Service and Product Impact - Company delivered approximately 70,000 notes to customers each week in Q2 2024[124] - Products save clinicians up to three hours each day, which can be redeployed to see more patients or improve work-life balance[124] Mergers and Acquisitions - Company entered into Merger Agreement with Commure, Inc. on July 19, 2024, with Per Share Price of $2.35[128]

SAN FRANCISCO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Augmedix (Nasdaq: AUGX), a leader in ambient AI medical documentation and data solutions, today reported financial results for the three months ended June 30, 2024. “We believe we are approaching the proposed combination with Commure, Inc. from a position of strength, with consistent double-digit revenue growth and improving gross margins,” commented Manny Krakaris, Augmedix CEO. “Together, we believe we will be well-positioned to continue to streamline the m ...

SAN FRANCISCO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Augmedix (NASDAQ:AUGX), a leader in ambient AI medical documentation and data solutions, announced today it anticipates releasing second quarter 2024 results after the market closes on Monday, August 12, 2024. On July 19, 2024, Augmedix announced that it entered into a definitive agreement to be acquired by Commure, Inc., a leading provider of technology to healthcare systems. Due to this pending acquisition, management is not hosting a quarterly conference c ...

NEW YORK, July 30, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Augmedix, Inc. (Nasdaq: AUGX), relating to its proposed merger with Commure, Inc. Under the terms of the agreement, Augmedix stock will be converted into the right to receive $2.35 in cas ...

Amid a sea of red in today’s stock market, AI medical documentation and data solutions company Augmedix (NASDAQ:AUGX) is certainly among the standout winners. Shares of AUGX stock have skyrocketed 150% in afternoon trading on a rather substantial announcement.The company is set to combine with healthcare technology company Commure in a $139 million deal. Investors will receive $2.35 per share in an all-cash transaction. Accordingly, with shares now trading just pennies shy of this price, it appears the mark ...

MILWAUKEE, July 19, 2024 /PRNewswire/ -- Ademi LLP is investigating Augmedix (Nasdaq: AUGX) for possible breaches of fiduciary duty and other violations of law in its transaction with Commure.Click here to learn how to join our investigation https://www.ademilaw.com/case/augmedix-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.Augmedix stockholders will receive only $2.35 per share in an all-cash transaction that values Augmedix at approximately $139 million in equity ...

SAN FRANCISCO, July 19, 2024 (GLOBE NEWSWIRE) -- Augmedix, Inc. (NASDAQ:AUGX), a leader in ambient AI medical documentation and data solutions, today announced that it has entered into a definitive agreement to be acquired by Commure, Inc., a leading provider of technology to healthcare systems, in an all-cash transaction that values Augmedix at approximately $139 million in equity value. Under the terms of the agreement, Augmedix stockholders will receive $2.35 per share in cash upon completion of the prop ...