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Augmedix (AUGM)

IPO Profile

About company

(Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTCQX Market.)The medical note documentation burden in the United States is significant and is a major contributor to physician burnout. According to a 2019 study in the Annals of Internal Medicine, physician burnout costs the U.S. healthcare industry $4.6 billion per year due to lost productivity and higher turnover, with the cost of replacing a single physician estimated to be between $100,000 and $1 million. It is also adversely impacting productivity because the time spent by doctors on documentation could be spent on seeing more patients. Their mission is to enable doctors to practice medicine the way they want to by assuming the burden of documentation from them.Healthcare practitioners in the United States often look to outsourced solutions to handle their documentation. There are various solutions that are marketed to clinicians, which include licensed physicians, nurse practitioners and physicians’ assistants, but not registered nurses. These range in scope from self-serve dictation tools to comprehensive technology-enabled medical note documentation solutions. They are a provider of a comprehensive technology-enabled medical note documentation solution that also provides supplemental clinical support to the U.S. healthcare industry.Augmedix was incorporated in 2013 and launched its commercial real-time, remote documentation services in 2014. They provide software that is compatible with off-the-shelf mobile client devices (smartphones or Google Glass), which enables clinicians to communicate with their service platform, overseen by remotely located medical documentation specialists (each an “MDS”, and collectively “MDSs”). Their MDSs observe the clinician-patient interaction, through an audio/video stream, and extract the relevant elements of that interaction. Those elements are then used by their proprietary Notebuilder tool to automatically create sentences in the appropriate section of the medical note. Once completed, the medical notes are uploaded into the patient’s chart contained within the electronic health record (“EHR”) system. The EHR system is third-party software licensed by the healthcare clinic or system to manage patient charts.Patient care in the United States is provided in ambulatory or clinical environments and hospitals. They focus most of their efforts in the ambulatory/clinical segment of the patient care market. Roughly 85% of the physicians who subscribe to their service are employed directly by, or are affiliated with, a healthcare enterprise. The remaining 15% consists of small practices and individual practitioners.They have generated in excess of five million medical notes since they began offering their service and are currently delivering over 35,000 notes to their customers each week. They estimate that their solution saves doctors two to three hours each day which is time that they can redeploy to see more patients and/or improve their work-life balance. They believe the benefits to healthcare enterprises are increased productivity and higher clinician and patient satisfaction. To date, they provide service to four of the top 10 and six of the top 20 U.S. healthcare enterprises.The current COVID-19 pandemic and resulting safety protocols have prompted a significant shift towards delivering health services remotely via telemedicine. Their technology platform was designed to enable clinicians to engage their services even when they are conducting virtual patient visits. As such, they are able to continue to provide uninterrupted service to their customers, even when they are unable to see patients in their offices. They believe telemedicine will remain an important part of health services delivery even after the end of the COVID-19 pandemic.
Industry
Services - Prepackaged Software
CEO CFO
-
Employees Founded

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IPO information

Expected Date 10/11/2021
Status  ! Week of
Exchange NASDAQ
Lockup Period Expiration .Pro
Quiet Period Expiration .Pro
Old Price Range
-
Share prices ($)

Shares & Volumes

Shares Initial (MM) 6.7
Shares Revised (MM) -
Expected offer amount (MM) $40
Realized offer amount(MM) -

Financial Data (last reporting year)

Market Cap (MM) -
Revenues (MM) $
Net Income (Loss) (MM) $

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The lead left underwriter: William Blair

IPOs led by the firm .Pro
Profitability of conducted IPOs  ?  .Pro
1st day change  ?  .Pro
Change for the first 3 months  ?  .Pro
Underwriters
William Blair/ B. Riley Securities/ Benchmark/ Lake Street
CO-Managers
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