Augmedix, Inc. (NASDAQ:AUGX) Q4 2023 Earnings Call Transcript

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Manny Krakaris: Yeah, so good question, Bill. We actually — I just signed an order for more Prep at one of our biggest customers. So it seems to be getting some traction. It’s still a fraction of our revenues relative to our other products, but it’s there. It does fill a need, and we will continue to make it available to the market. And I suspect that the demand for it will expand as people become more aware of it.

William Sutherland: Okay. Well-timed question, I think. And then on your partnership with Google, maybe update us in terms of the components of that? What’s perhaps based on the original partnership, how that’s — what’s the most important aspects of it as that’s developed for you guys, and what do you kind of hold in your expectations going forward? Thanks.

Manny Krakaris: Sure. Good question, Bill. So the partnership is really predicated on two principal thrusts. One is technology. So we utilize Google technology in our platform. And the second thrust is go-to-market. So Google Cloud is our biggest, most important channel partner, if you will. And we’ve had some very — obviously, HCA is the biggest success, but we’ve had other successes with — through Google Cloud. And we are actively pursuing some significant opportunities, again, through that relationship. It’s been a fantastic partnership, and we don’t — we see more of that throughout the course of ’24 and beyond.

William Sutherland: Have you seen the health systems utilizing the Google Cloud marketplace to purchase your services?

Manny Krakaris: Yes. In fact, we have. And there’s a whole process you have to go – administrative process you have to go through to enable that, and we’ve already done that with – Paul, correct me if I’m wrong, HCA. I think that’s public. And we’re working on doing that with another health system as well. So that’s going to be a standard part of that go-to-market strategy.

William Sutherland: Got it. Great work, guys. Thanks. Appreciate it.

Paul Ginocchio: Thanks, Bill.

Manny Krakaris: Thanks, Bill.

Operator: There are no further questions in the queue. I’d like to hand it back to management for closing remarks.

End of Q&A:

Manny Krakaris: Well, I just want to conclude by reiterating that we had a really, really solid 2023, very pleased with the company’s performance. And looking forward, really, we’re putting in all the necessary ingredients to ensure that we have a very, very competitive set of products that the market wants to buy. And the market is growing very quickly for healthcare in particular. It’s adopting new technology at an unprecedented rate, and we believe we are building the right infrastructure and products to take full advantage of it. So I’m looking forward to a very exciting 2024 and beyond for the company. Thank you.

Operator: Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

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