5 Best-Performing Growth Stocks in 2023

3. Augmedix, Inc. (NASDAQ:AUGX)

YTD Performance Through November 13: +240.38%

Medical documentation solutions company Augmedix, Inc. (NASDAQ:AUGX) ranks 3rd in our list of the best-performing growth stocks in 2023. Augmedix, Inc. (NASDAQ:AUGX) has gained about 240% year to date through November 13.

In a latest earnings call, Augmedix, Inc. (NASDAQ:AUGX) talked in detail about how generative AI helps its business:

“Generative AI supports our Live, Notes and especially our Go products. During the quarter, we hosted our inaugural AI Advisory Council meeting. This group includes distinguished academics, governance experts and customers and is already providing invaluable insight and guidance as we advance the development and use of generative AI in Augmedix’ solutions. Our AI Council recognizes the unique and delicate balance Augmedix has forged between technology and human within our particular field. Generative AI, in its current state, does a good job of summarizing the transcript of the patient encounter. However, comprehensive and accurate medical documentation requires historical patient data, physician preferences, structured data sets and independently derived models that service guardrails to supplement it.

And for more complex encounters, it may be necessary to provide the higher leverage of service inherent in our Live and Notes offerings. We believe this portfolio of solutions, all of which utilize the best generative AI can offer will be a winning formula in the burgeoning medical documentation market. At the same time, regulatory requirements and our customers demand compliant with rigorous data security standards. Augmedix recently achieved certified status by the HITRUST Alliance for information security. HITRUST’s Champion programs safeguard sensitive information and managed information risk for global organizations across all industries and throughout the third-party supply chain. This prestigious certification validates Augmedix’ commitment to safeguard sensitive patient information data.”

Read the full earnings call transcript here.

As of the end of the second quarter of 2023, 8 hedge funds had stakes in Augmedix, Inc. (NASDAQ:AUGX), as per Insider Monkey’s database of 910 hedge funds.