| Over a week ago | ||||
The company will not… The company will not receive any proceeds from the sale of its common stock by the selling securityholders. | ||||
B. Riley raised the… B. Riley raised the firm's price target on Augmedix to $5.50 from $5 and keeps a Buy rating on the shares following the Q1 sales beat. The analyst has increased confidence in the company's 2023 outlook and sees a growing enterprise tailwind heading into the second half of the year. | ||||
The company said,… The company said, "Completed a $12.0 million equity raise with HCA Healthcare, Inc. and Redmile Group, LLC on April 19, 2023. This capital raise enables Augmedix to reach cash flow sustainability with the capital and liquidity now on our balance sheet. Based on our current plan, we expect to reach cash flow breakeven as we exit 2024." | ||||
"Augmedix begins… "Augmedix begins 2023 with continued commercial momentum, increasing operating leverage, and a landmark strategic partnership and financing with HCA Healthcare, Inc., one of the nation's leading healthcare providers," commented Manny Krakaris, Chief Executive Officer at Augmedix. "Together with HCA Healthcare, we are accelerating the development of technology such as Augmedix Go that aims to transform the way patient care is documented in the acute care setting. This collaboration with HCA serves as a powerful vote of confidence in our strategy and technology. The financing, which also includes our largest investor, Redmile Group, LLC, should enable Augmedix to achieve cash flow sustainability without further external funding.Our record first quarter bookings and accelerating revenue growth comes from deploying our technology with existing and new customers and in more healthcare settings. Simultaneously, we are progressing towards cash flow profitability as evidenced by increased gross profit year-on-year and flat operating expenses sequentially, leading to narrowing net and EBITDA losses. We look forward to continuing our momentum as we progress toward our goal of reaching operating cash flow breakeven before net interest expense as we exit 2024. Our platform-based approach that puts control in the hands of the clinician is resonating with large healthcare systems such as HCA Healthcare and others which sense the potential of automation. The development of our next-generation Augmedix Go product, which harnesses the most powerful AI tools in a thoughtful and responsible manner, is progressing according to plan, and should further expand our market presence and contribute to incremental growth." | ||||
| Over a month ago | ||||
Maxim raised the… Maxim raised the firm's price target on Augmedix (AUGX) to $8 from $5 and keeps a Buy rating on the shares. The company's partnership with HCA Healthcare (HCA) has the potential to increase its total addressable market by 20% given the latter's large hospital portfolio, while its capital raise is expected to enable the company to achieve positive cash flow without additional financing, the analyst tells investors in a research note. The stock was up 89% in yesterday's trading, closing at $3.40. | ||||
Benchmark analyst Bill… Benchmark analyst Bill Sutherland raised the firm's price target on Augmedix (AUGX) to $6 from $5 and keeps a Buy rating on the shares. The shares rose 89% to a new 52-week high yesterday following the company's announcement of a strategic investment from HCA Healthcare (HCA) and a current investor as well as a partnership to accelerate development of the Augmedix Go AI-enabled ambient documentation product, the analyst notes. The HCA relationship should accelerate adoption of Go, which carries software margins that should "significantly enhance" Augmedix's average gross margin, the analyst tells investors. | ||||
B. Riley analyst Neil… B. Riley analyst Neil Chatterji raised the firm's price target on Augmedix (AUGX) to $5 from $4 and keeps a Buy rating on the shares. The company announced a "significant" collaboration with and strategic investment from HCA Healthcare (HCA) to accelerate the development of artificial intelligence-powered ambient documentation products for complex acute care settings, the analyst tells investors in a research note. Along with the partnership, Augmedix raised $12M in equity from HCA and Redmile Group, which management believes will add enough capital to reach cash flow breakeven and sustainability exiting 2024, the firm points out. | ||||
Shares of Augmedix (AUGX)… Shares of Augmedix (AUGX) are up 85% at $3.34 in pre-market trading after the company announced a partnership with HCA Healthcare (HCA) to accelerate development of AI-powered technology that "aims to transform the way patient care is documented in the acute care setting". | ||||
Augmedix (AUGX) announced… Augmedix (AUGX) announced a partnership with HCA Healthcare (HCA) to accelerate development of technology that aims to transform the way patient care is documented in the acute care setting. Augmedix will collaborate with HCA Healthcare to advance the development of AI-powered ambient documentation products for acute care clinicians, helping to streamline hospital workflows. These products instantly convert natural clinician-patient conversations into medical notes that physicians and nurses can review and finalize before they are transferred in real time to the Electronic Health Record. HCA Healthcare currently is pilot testing Augmedix's technology stack, which includes automatic speech recognition technology and natural processing algorithms, in the emergency department in two hospitals, and plans to expand the pilot in emergency departments in two additional hospitals in the first half of the year. In conjunction with this partnership, HCA Healthcare will make a financial investment in Augmedix; this investment will accelerate progress in Augmedix's AI-centric R&D efforts to generate fully automated ambient documentation products that function within the complex acute care setting. | ||||
