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On What Basis Did Augmedix (AUGX) Stock Rise Nearly 38%?

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Shares of the leading provider of remote medical documentation and live clinical support, Augmedix, Inc. (OTCQX: AUGX) shares rose by 37.59% during the trading session on Wednesday, touching the low of $3.50 and the high of $4.00. There were 8,130 shares of Augmedix stock traded in the session, representing an increase of 245% over the average volume of 2,356 shares.

During its last trading session, AUGX stock ended trading at $3.99. Although AUGX stock grew in the absence of current news, recently its quarterly results have been published, so we can refer to these financial data in order to better understand the AUGX stock.

How did things go recently?

Using Augmedix, clinicians can focus on patient care by converting natural clinician-patient conversations into medical documentation and receiving live patient support including referrals, orders, and reminders. AUGX is compatible with more than 37 specialty domains.

Augmedix proprietary automation modules and human specialists work together to deliver accurate, comprehensive, and timely medical documentation in HIPAA-secure settings. Over a dozen American health systems rely on AUGX services to support medical offices, clinics, hospitals and telemedicine.

In the last week Augmedix reported financial results for the first quarter of 2021 that ended March 31, 2021.

First Quarter 2021 Financial and Operational Highlights:

  • AUGX generated $4.8 million in revenue, an increase of 21% compared to $4.0 million.
  • The dollar-based retention rate for AUGX’s Health Enterprise customers was 113%, up from 108% in 4Q20.
  • Compared to 35%, GAAP Gross Margin of AUGX increased by 960 basis points to 44%.
  • In GAAP terms, AUGX’s operating expenses were $6.5 million as opposed to $5.6 million.
  • There was a net loss of $4.90 million for AUGX in the reported quarter compared with $4.70 million.
  • EBITDA losses of AUGX increased from $4.1 million to $4.3 million.
  • Cash and restricted funds available with Augmedix (AUGX) were $19.3 million as of March 31, 2021.

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