Augmedix Inc (AUGX) 2022 Q4 法說會逐字稿

Greetings. Welcome to Augmedix Inc.'s 2022 Fourth Quarter Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded. At this time, I'll now turn the conference over to Matt Chesler from Investor Relations. Matt, you may now begin.

問候。歡迎來到 Augmedix Inc .的 2022 年第四季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。現在，我將把會議轉交給投資者關係部的馬特切斯勒。馬特，你現在可以開始了。

Thank you, and thank you all for participating in today's call. Joining me are Manny Krakaris, Chief Executive Officer; and Paul Ginocchio, Chief Financial Officer. Earlier this morning, Augmedix released financial results for the quarter ended December 31, 2022. A copy of the press release is available on the company's website.

謝謝大家，也感謝大家參加今天的電話會議。加入我的是首席執行官 Manny Krakaris；首席財務官 Paul Ginocchio。今天上午早些時候，Augmedix 發布了截至 2022 年 12 月 31 日的季度財務業績。新聞稿的副本可在公司網站上獲取。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. These forward-looking statements are based upon current estimates and various assumptions that involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據《私人證券訴訟改革法》的安全港條款作出的1995 年。本次電話會議中包含的與對未來事件、結果或業績的預期或預測相關的任何陳述均為前瞻性陳述。這些前瞻性陳述基於當前的估計和各種假設，這些假設涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件存在重大差異。因此，您不應過分依賴這些陳述。

For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and similar disclosures in subsequent reports filed with the SEC.

有關與我們業務相關的風險和不確定性的列表和描述，請參閱我們最近向證券公司提交的 10-K 表和 10-Q 表中的風險因素和管理層對財務狀況和經營業績的討論和分析和交易委員會以及隨後向美國證券交易委員會提交的報告中的類似披露。

Also during our call today, we may discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in today's press release. This conference call contains time-sensitive information that is accurate only as of the live broadcast today, March 27, 2023. Augmedix disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

同樣在我們今天的電話會議中，我們可能會討論非 GAAP 財務措施，這些措施會調整我們的 GAAP 結果以消除某些項目的影響。您將在今天的新聞稿中找到有關這些非 GAAP 財務措施的更多信息以及這些非 GAAP 與 GAAP 措施的調節。此電話會議包含時間敏感的信息，這些信息僅在 2023 年 3 月 27 日今天的現場直播時準確。除法律要求外，Augmedix 不承擔更新或修改任何財務預測或前瞻性陳述的任何意圖或義務，無論是因為新信息、未來事件還是其他原因。

And with that, I'll turn the call over to Manny.

有了這個，我會把電話轉給曼尼。

Thank you, Matt. Good morning, everyone, and thank you for joining us. I'd also like to welcome Matt Chesler of FNK IR to Augmedix team. Great to have you with us.

謝謝你，馬特。大家早上好，感謝您加入我們。我還要歡迎 FNK IR 的 Matt Chesler 加入 Augmedix 團隊。很高興你和我們在一起。

Q4 2022 was another strong quarter for Augmedix as the momentum we saw building in the second and third quarters continued and accelerated in the fourth quarter. We finished a great year of bookings and revenue growth with our best ever fourth quarter bookings performance. We materially expanded our footprint with 2 existing enterprises and experienced continued traction with our other enterprise accounts. One enterprise substantially increased the number of physicians who use our products, and we now service more than 1/3 of all of its physicians due to the strong ROI we deliver.

2022 年第四季度是 Augmedix 的另一個強勁季度，因為我們在第二和第三季度看到的勢頭在第四季度繼續並加速。我們以有史以來最好的第四季度預訂業績結束了預訂和收入增長的偉大一年。我們通過 2 家現有企業顯著擴大了我們的足跡，並體驗了我們其他企業客戶的持續牽引力。一家企業大幅增加了使用我們產品的醫生數量，由於我們提供的強勁投資回報率，我們現在為超過 1/3 的所有醫生提供服務。

In recognition of the positive impact Augmedix products have had on clinician recruitment, retention and productivity, another major account has leaned in and adopted a policy to provide Augmedix to all its partner physicians. As a result, Augmedix will grow to serve approximately 20% of its total affiliated physician network.

認識到 Augmedix 產品對臨床醫生招聘、保留和生產力產生的積極影響，另一個主要客戶已經採取行動並採取了向其所有合作夥伴醫生提供 Augmedix 的政策。因此，Augmedix 將增長到為其附屬醫師網絡總數的大約 20% 提供服務。

We won a new region of an existing enterprise and added a large cohort of doctors as part of that customer's initiative to reduce physician burnout. And importantly, top 10 health system we won in early 2022 expanded with us in the emergency department, deepening our relationship with that customer and furthering our penetration of the emergency department market segments.

我們贏得了現有企業的一個新區域，並增加了一大批醫生，作為該客戶減少醫生倦怠計劃的一部分。重要的是，我們在 2022 年初贏得的前 10 名衛生系統與我們在急診科一起擴展，加深了我們與該客戶的關係，並進一步滲透了我們對急診科細分市場的滲透。

Total revenue for the fourth quarter was $8.8 million, representing a 33% year-over-year growth rate, and we exited 2022 with $35 million in annual recurring revenue. The pace of our progress hasn't slowed down in 2023. We signed our largest ever cohort in March and have realized the best ever first quarter bookings.

第四季度的總收入為 880 萬美元，同比增長率為 33%，到 2022 年我們的年度經常性收入為 3500 萬美元。 2023 年，我們的進步步伐並未放緩。我們在 3 月簽下了有史以來最大的一批，並實現了有史以來最好的第一季度預訂。

There is a tremendous market opportunity in front of us, and to maintain our momentum, the Augmedix team is executing across our strategic priorities to drive enterprise customer expansion, differentiating our AI-driven core platform and flexible product solutions and intelligently scaling our business model.

我們面前有巨大的市場機會，為了保持我們的發展勢頭，Augmedix 團隊正在執行我們的戰略重點，以推動企業客戶擴張，使我們的 AI 驅動核心平台和靈活的產品解決方案脫穎而出，並智能地擴展我們的業務模型。

We are developing the broadest product portfolio in the medical documentation space so we can meet the needs of most clinicians regardless of care setting or workflow. Our SaaS product, Augmedix Go, will directly target the largest segment of the U.S. clinician market, the approximately 50% of U.S. doctors that historically have used dictation to produce medical notes. Augmedix Go is intended to be easier to use and generate greater time savings for clinicians than legacy dictation tools. This is a significant opportunity for us and, as a pure software product, will be the beneficiary of higher gross margins than our other documentation products, Augmedix Notes and Augmedix Live.

我們正在開發醫療文檔領域最廣泛的產品組合，因此無論護理環境或工作流程如何，我們都能滿足大多數臨床醫生的需求。我們的 SaaS 產品 Augmedix Go 將直接瞄準美國臨床醫生市場的最大部分，即歷史上大約 50% 的美國醫生使用聽寫來製作醫療筆記。 Augmedix Go 旨在比傳統聽寫工具更易於使用，並為臨床醫生節省更多時間。這對我們來說是一個重要的機會，作為一個純軟件產品，將受益於比我們其他文檔產品 Augmedix Notes 和 Augmedix Live 更高的毛利率。

In addition to being easier to use and saving physicians more time than dictation tools, Augmedix Go has the added benefit of capturing and structuring patient visit data according to the specific requirements of health systems. And importantly, Go provides physicians transparency into how the medical note is created and control as to its content and look and feel. We believe transparency and control are attributes that physicians value highly, providing a sense of physician empowerment and will serve as critical differentiators relative to black-box approaches of competing offerings.

除了比聽寫工具更易於使用並為醫生節省更多時間外，Augmedix Go 還具有根據衛生系統的特定要求捕獲和構建患者就診數據的額外好處。重要的是，Go 讓醫生可以清楚地了解醫療記錄的創建方式，並控制其內容和外觀。我們相信透明度和控制是醫生高度重視的屬性，提供了醫生授權的感覺，並將成為相對於競爭產品的黑盒方法的關鍵差異化因素。

Augmedix Go is currently being tested with a handful of clinicians at a major health system, and we plan to expand this testing in the second quarter and commercially launch Go late this year. Augmedix Go represents the latest in our continuing effort to effectuate behavioral change at the point of care at scale so that we can help increase patient access, improve patient outcomes and bend the cost curve across the health care industry.

Augmedix Go 目前正在一家主要衛生系統接受少數臨床醫生的測試，我們計劃在第二季度擴大這項測試，並在今年晚些時候將 Go 商業化。 Augmedix Go 代表了我們持續努力實現大規模護理點行為改變的最新成果，以便我們可以幫助增加患者的可及性、改善患者的治療效果並彎曲整個醫療保健行業的成本曲線。

Large language models or LLM, such as ChatGPT, are dominating the popular press today. LLMs are indeed impressive models that can have a significant impact on automating parts of the medical note. In fact, LLMs are already incorporated in our tech stack and used in conjunction with our other NLP models and structured data sets to generate medical notes.

大型語言模型或 LLM，如 ChatGPT，在當今流行媒體中佔據主導地位。 LLM 確實是令人印象深刻的模型，可以對醫學筆記的自動化部分產生重大影響。事實上，LLM 已經納入我們的技術堆棧，並與我們的其他 NLP 模型和結構化數據集結合使用以生成醫療筆記。

LLMs are particularly useful in providing rapid summaries and context from transcripts. However, use of LLMs alone today cannot produce medical notes that meet the [accuracy] standards or data structure requirements of our industry. A summary of the physician-patient encounter in the same sequence that the conversation unfolds and which contains some of the inconsistencies that invariably crop up in such conversations is not what the industry wants or needs. That is why we use other technologies together with LLMs to deliver highly accurate and structured medical notes and is a major reason why our note quality is considered so high by our customers.

法學碩士在提供成績單的快速摘要和背景方面特別有用。但是，今天僅使用 LLM 無法生成滿足我們行業[準確性]標准或數據結構要求的醫學筆記。對醫患相遇的總結與對話展開的順序相同，並且其中包含一些在此類對話中不可避免地出現的不一致之處，這並不是行業想要或需要的。這就是為什麼我們將其他技術與 LLM 結合使用來提供高度準確和結構化的醫療筆記，這也是我們的筆記質量被客戶認為如此之高的主要原因。

We're also making solid progress in moving into the acute care setting with additional emergency room and acute care wins. We continue to add features to all our products to make them support and create value both in ambulatory and acute care settings.

我們在進入急症護理環境方面也取得了堅實的進展，增加了急診室和急症護理的勝利。我們繼續為我們的所有產品添加功能，使它們能夠在門診和急救護理環境中提供支持並創造價值。

Another milestone in the fourth quarter was an EHR integration between one of our large health system clients and EPIC. We now have multiple EHR integrations with more planned in the coming quarters. Integrating with an EHR enables to deliver medical notes to our customers even faster and improves our operating efficiency.

第四季度的另一個里程碑是我們的一個大型衛生系統客戶與 EPIC 之間的 EHR 集成。我們現在有多個 EHR 集成，併計劃在未來幾個季度進行更多集成。與 EHR 集成可以更快地向我們的客戶提供醫療記錄，並提高我們的運營效率。

Finally, we continue to make impactful advancements with our proprietary note builder platform in our pursuit of enabling fully automated medical notes. Our machine learning continues to benefit from the large volume of data, about 60,000 notes a week, that passes through our platform, and we expect increasing levels of automation will have a positive impact on our gross margin.

最後，我們繼續通過我們專有的筆記生成器平台取得有影響力的進步，以實現完全自動化的醫療筆記。我們的機器學習繼續受益於通過我們平台的大量數據，每週約 60,000 個筆記，我們預計自動化水平的提高將對我們的毛利率產生積極影響。

We are executing on these priorities, investing in product development, engineering, sales and marketing and remain laser-focused on achieving profitability and self-sustainability as rapidly as possible. The operating leverage inherent in our business model is starting to bear fruit as we realized the reduction in our operating losses again quarter-on-quarter as our volume increased. We expect that trend to continue throughout 2023 and beyond. Improving operating leverage is a key theme for Augmedix in 2023 as we continue to aggressively grow our top line.

我們正在執行這些優先事項，投資於產品開發、工程、銷售和營銷，並繼續專注於盡快實現盈利和自我可持續性。我們的業務模式中固有的經營槓桿開始取得成果，因為我們意識到隨著我們的銷量增加，我們的經營虧損再次環比減少。我們預計這一趨勢將持續到 2023 年及以後。隨著我們繼續積極增長我們的收入，提高經營槓桿是 Augmedix 在 2023 年的一個關鍵主題。

In closing, the fourth quarter showed a continuation of accelerated top line growth and improving operating leverage as we made great progress on our path to profitability. Financially, and with respect to our product offerings, we are well positioned in a very large and rapidly expanding market. We continue to execute on our strategic initiatives and focus on delivering strong growth, improving gross margins and increasing operating leverage.

最後，隨著我們在盈利之路上取得長足進步，第四季度的營收繼續加速增長，經營槓桿率不斷提高。在財務方面以及我們的產品供應方面，我們在一個非常龐大且快速發展的市場中處於有利地位。我們繼續執行我們的戰略舉措，專注於實現強勁增長、提高毛利率和提高經營槓桿。

With that, I will now turn the call over to Paul Ginocchio, our Chief Financial Officer, then we'll return with closing comments. Paul?

有了這個，我現在將把電話轉給我們的首席財務官 Paul Ginocchio，然後我們將返回結束評論。保羅？

Thank you, Manny. As stated, revenue for the 3 months ended December 31, 2022, was $8.8 million, a 33% increase from the $6.6 million in the same period a year ago. Growth was again driven by existing client expansion, new clients and higher growth in our notes offering. Dollar-based net revenue retention for the fourth quarter of 2022 was 126% for our health enterprise customers compared to 136% in the fourth quarter of 2021. The fourth quarter of 2021 was when our NRR metric recently peaked. We expect NRR to stabilize or slightly accelerate from the fourth quarter. As many of you know, net revenue retention measures what $1 of revenue at our existing clients a year ago grew into this most recent quarter. It includes upsells, expansion and churn but excludes revenue from any new logos that we added during the last 12 months. Our strong NRR puts us at the higher end of most SaaS companies.

謝謝你，曼尼。如前所述，截至 2022 年 12 月 31 日止三個月的收入為 880 萬美元，比去年同期的 660 萬美元增長 33%。增長再次受到現有客戶擴張、新客戶和我們票據發行的更高增長的推動。 2022 年第四季度，我們的健康企業客戶以美元為基礎的淨收入保留率為 126%，而 2021 年第四季度為 136%。2021 年第四季度是我們的 NRR 指標最近達到峰值的時候。我們預計 NRR 從第四季度開始穩定或略有加速。正如你們中的許多人所知，淨收入保留衡量的是我們現有客戶一年前的 1 美元收入在最近一個季度的增長情況。它包括追加銷售、擴張和流失，但不包括我們在過去 12 個月內添加的任何新徽標的收入。我們強大的 NRR 使我們處於大多數 SaaS 公司的高端。

Average clinicians in service for the fourth quarter of 2022 rose 41% as compared to the fourth quarter of 2021 and compares to a 43% year-on-year growth rate in the third quarter of 2022. Our 2-year stacked year-on-year growth rate again accelerated to 104% in 4Q versus 85% in 3Q. We define a clinician and service as an individual doctor, nurse practitioner or other health care professional using either our live or note service. We believe growth in the number of clinicians and service is an indicator of the performance of our business as it demonstrates our ability to penetrate the market and grow our business.

與 2021 年第四季度相比，2022 年第四季度平均在職臨床醫生人數增長了 41%，而 2022 年第三季度的同比增長率為 43%。我們的 2 年累計同比增長年增長率在第四季度再次加速至 104%，而第三季度為 85%。我們將臨床醫生和服務定義為使用我們的實時或筆記服務的個體醫生、執業護士或其他醫療保健專業人員。我們相信臨床醫生和服務數量的增長是我們業務績效的一個指標，因為它表明我們有能力打入市場並發展我們的業務。

Adjusted gross margin for the fourth quarter of 2022 was 46.5% and compares to 47.3% in the corresponding prior year period and compares to 45.9% in the third quarter of 2022. The increased exposure to clinicians serviced out of the U.S. reduced our year-on-year gross margins, partially offset by efficiency gains. We are pleased with the progression of gross margins from the third into fourth quarter.

2022 年第四季度調整後毛利率為 46.5%，上年同期為 47.3%，2022 年第三季度為 45.9%。美國境外臨床醫生的風險增加減少了我們的同比增長年毛利率，部分被效率收益所抵消。我們對第三季度到第四季度的毛利率增長感到滿意。

Total operating expenses for the fourth quarter of 2022 were $9.5 million, increasing sequentially from $9.0 million in the third quarter of 2022. Non-GAAP operating expenses, which excludes stock-based compensation and onetime items, grew 26% compared to the fourth quarter of 2021, a deceleration from the 28% year-on-year in the third quarter. Operating expenses increased year-on-year due to annual salary increases, incremental investments in sales and marketing as we expand our commercial team and extend our marketing reach. Investments in the engineering team as we further enhance our technology platform, note automation capabilities and expand our product portfolio and increased G&A costs due to being a NASDAQ-listed company.

2022 年第四季度的總運營費用為 950 萬美元，較 2022 年第三季度的 900 萬美元有所增加。非 GAAP 運營費用（不包括基於股票的薪酬和一次性項目）與 2022 年第四季度相比增長了 26% 2021年，較第三季度28%的同比增速有所放緩。由於年薪增加、隨著我們擴大商業團隊和擴大營銷範圍而增加的銷售和營銷投資，營業費用同比增加。隨著我們進一步增強我們的技術平台、注意自動化能力和擴展我們的產品組合以及由於成為納斯達克上市公司而增加的 G&A 成本，對工程團隊的投資。

Despite the quarter-over-quarter growth in OpEx, our growth in gross profit outpaced OpEx growth, which resulted in a reduction in our quarterly operating losses for the second consecutive quarter. Adjusted EBITDA calculated by adding back depreciation, amortization, taxes, interest, onetime items and stock-based compensation to net loss was a loss of $4.2 million in the fourth quarter of 2022 compared to a loss of $3.7 million in the fourth quarter of 2021. While our adjusted EBITDA losses increased, our adjusted EBITDA margin improved by approximately 800 basis points year-on-year.

儘管 OpEx 環比增長，但我們的毛利潤增長超過了 OpEx 增長，這導致我們連續第二個季度減少了季度運營虧損。通過將折舊、攤銷、稅項、利息、一次性項目和基於股票的薪酬加回淨虧損計算出的調整後 EBITDA 在 2022 年第四季度為虧損 420 萬美元，而 2021 年第四季度為虧損 370 萬美元。雖然我們調整後的 EBITDA 虧損有所增加，但我們調整後的 EBITDA 利潤率同比提高了約 800 個基點。

Importantly, over the last 2 quarters, we have reduced our adjusted EBITDA operating losses by 20% or $1.1 million from $5.3 million in the second quarter of 2022 to $4.2 million in the fourth quarter. Looking at the progress over the last 2 quarters, our path and trajectory to cash flow breakeven should be much clearer.

重要的是，在過去兩個季度中，我們將調整後的 EBITDA 營業虧損減少了 20% 或 110 萬美元，從 2022 年第二季度的 530 萬美元減少到第四季度的 420 萬美元。看看過去兩個季度的進展，我們實現現金流盈虧平衡的路徑和軌跡應該更加清晰。

Now turning to an overview of full year results. Revenue for the full year 2022 was $30.9 million, an increase of 40% from $22.2 million last year. Dollar-based net revenue retention for the year was 128% for our health enterprise customers compared to 124% in 2021. GAAP gross profit grew 40% to $14 million with a 45.1% gross margin compared to a gross profit of $10 million with a 45.1% gross margin in 2021. Adjusted gross margin for 2022 was 45.4% as compared to 45.9% last year.

現在轉向全年業績概覽。 2022 年全年收入為 3090 萬美元，比去年的 2220 萬美元增長 40%。我們的健康企業客戶今年以美元為基礎的淨收入保留率為 128%，而 2021 年為 124%。GAAP 毛利潤增長 40% 至 1,400 萬美元，毛利率為 45.1%，而毛利潤為 1,000 萬美元，毛利率為 45.1% 2021 年毛利率百分比。2022 年調整後毛利率為 45.4%，而去年為 45.9%。

Total operating expenses for the year were $36.3 million, up 32% compared to the $27.6 million in 2021. Non-GAAP operating expenses, which excludes stock-based compensation and onetime items, grew 31% compared to 2021. Adjusted EBITDA was a net loss of $18.6 million for 2022 compared to a loss of $15.2 million in 2021. At December 31, 2022, we had $22 million of cash, cash equivalents and restricted cash. In addition, we had $10 million of incremental liquidity via our existing debt facility. After the FDIC takeover of SVB, we did access and take down the second term loan tranche of $5 million. So as of today, we still have $5 million of remaining incremental liquidity via the AR line of credit.

全年總運營費用為 3630 萬美元，與 2021 年的 2760 萬美元相比增長 32%。非 GAAP 運營費用（不包括基於股票的薪酬和一次性項目）與 2021 年相比增長 31%。調整後的 EBITDA 為淨虧損2022 年虧損 1860 萬美元，而 2021 年虧損 1520 萬美元。截至 2022 年 12 月 31 日，我們擁有 2200 萬美元現金、現金等價物和受限制現金。此外，我們通過現有的債務安排獲得了 1000 萬美元的增量流動資金。在 FDIC 接管 SVB 之後，我們確實獲得併獲得了 500 萬美元的第二期貸款。因此，截至今天，我們通過 AR 信貸額度仍有 500 萬美元的剩餘增量流動性。

As we achieve the $35 million ARR performance metric in our debt facility, our interest-only period on our debt has been extended from July 2023 to January 2024, providing us with incremental operating runway. Based on our current balance sheet, capital and our expectations of declining cash burn, we still have approximately 2 years of operating runway.

當我們在債務融資中實現 3500 萬美元的 ARR 績效指標時，我們的債務只付息期已從 2023 年 7 月延長至 2024 年 1 月，為我們提供了增量運營跑道。根據我們目前的資產負債表、資本和我們對減少現金消耗的預期，我們仍有大約 2 年的運營時間。

Just a quick reminder. The first quarter is typically our largest cash burn quarter of the year due to some annual payments and bonuses.

只是一個快速提醒。由於一些年度付款和獎金，第一季度通常是我們一年中最大的現金消耗季度。

Now moving to guidance. Due to the strong finish to 2022 and a strong start to 2023, we are providing revenue guidance of approximately $42 million for the full year of 2023, implying a 36% year-on-year growth rate.

現在轉向指導。由於 2022 年的強勁收官和 2023 年的強勁開局，我們為 2023 年全年提供了約 4200 萬美元的收入指引，這意味著同比增長率為 36%。

Turning to our outlook for the first quarter of 2023. Given the strength of our recent bookings and the health of our current backlog, we expect revenue in the first quarter of 2023 to be approximately $9.3 million to $9.4 million. We expect GAAP gross margins to be similar in the first quarter of 2023 to the fourth quarter of 2022. Recall at scale, we've indicated that Augmedix Live gross margins will be in the range of 50% to 55%, with Augmedix Notes gross margins in the range of 55% to 60%. Augmedix Go gross margins will be higher than Augmedix Notes. However, we don't expect any material revenue from Go in 2023.

談到我們對 2023 年第一季度的展望。鑑於我們最近的預訂量和當前積壓的健康狀況，我們預計 2023 年第一季度的收入約為 930 萬至 940 萬美元。我們預計 2023 年第一季度和 2022 年第四季度的 GAAP 毛利率將相似。從規模上看，我們已經指出 Augmedix Live 的毛利率將在 50% 至 55% 之間，Augmedix Notes 毛利率利潤率在 55% 到 60% 之間。 Augmedix Go 的毛利率將高於 Augmedix Notes。但是，我們預計 2023 年不會從 Go 中獲得任何實質性收入。

We expect first quarter operating expenses to be slightly higher than the fourth quarter operating expenses. Importantly, the increase in operating expenses will be substantially lower than the increase in revenue which again [reconfirms] our inherent operating leverage in our business model. We do expect some incremental investments in 2023 and sequential OpEx growth in the coming quarters, but that growth is expected to be less than our top line growth.

我們預計第一季度的運營費用將略高於第四季度的運營費用。重要的是，運營費用的增長將大大低於收入的增長，這再次 [再次確認] 我們業務模式中固有的運營槓桿。我們確實預計 2023 年會有一些增量投資，未來幾個季度的運營支出將連續增長，但預計該增長將低於我們的收入增長。

At this point, I'd like to turn the call back to Manny for closing comments.

在這一點上，我想將電話轉回給曼尼以徵求意見。

Thank you, Paul. I am proud of our team's commitment to enable physicians to see the patient and not be distracted by the technology that generates the medical note. In the process, we are addressing the largest pain points in the U.S. health care system: physician burnout, staffing shortages and labor inflation. I'd like to personally thank the entire Augmedix team for the strong results we delivered in the fourth quarter and over the course of the year.

謝謝你，保羅。我為我們的團隊致力於讓醫生能夠看到病人而不會被生成醫療記錄的技術分心而感到自豪。在此過程中，我們正在解決美國醫療保健系統中最大的痛點：醫生倦怠、人員短缺和勞動力膨脹。我要親自感謝整個 Augmedix 團隊，感謝我們在第四季度和全年取得的出色成績。

I would also like to take this opportunity to welcome Rod O'Reilly as our new Chairman of the Board. His long tenure, multiple successes in health care IT and his extensive industry relationships will no doubt help us realize our vision of changing behavior at the point of care to increase patient access, improve patient outcomes and boost the industry's financial performance.

我還想藉此機會歡迎 Rod O'Reilly 成為我們的新任董事會主席。他的長期任期、醫療保健 IT 領域的多項成功以及他廣泛的行業關係無疑將幫助我們實現我們的願景，即改變護理點的行為，以增加患者的可及性、改善患者的治療效果並提升行業的財務績效。

We remain confident that the need for our products will continue to accelerate given the massive size and unmet needs of the market and the compelling ROI our offerings delivered to our customers. We look forward to 2023 and beyond and to generating long-term value for our stakeholders. Thank you.

鑑於市場的巨大規模和未滿足的需求以及我們為客戶提供的產品帶來的引人注目的投資回報率，我們仍然相信對我們產品的需求將繼續加速。我們期待 2023 年及以後，並為我們的利益相關者創造長期價值。謝謝。

With that, we will now open it up to questions. Operator?

有了這個，我們現在將開放它來提問。操作員？

(Operator Instructions) And our first question is from the line of Ryan Daniels with William Blair.

（操作員說明）我們的第一個問題來自 Ryan Daniels 和 William Blair。

Yes. This is Jared Haase for Ryan. And congrats on all the sales momentum. Yes, just one on the guidance, in terms of the comfort level there, how much of that $42 million outlook is visible to you today in terms of, I guess, what is under contract versus what would reflect new sales that you're hoping to close this year? Really just trying to get a sense of any kind of key variables we should think about that could drive actual performance in years sort of above or below that outlook.

是的。我是 Ryan 的 Jared Haase。並祝賀所有的銷售勢頭。是的，就指導而言，就那裡的舒適度而言，今天您可以看到 4200 萬美元的前景中有多少，我猜，合同中的內容與反映您希望的新銷售的內容今年關閉？真的只是想了解我們應該考慮的任何類型的關鍵變量，這些變量可能會在幾年內推動實際表現高於或低於該前景。

Paul, you want to take that?

保羅，你想接受嗎？

Yes. Sure, Manny. No problem. Jared, thanks for the question. So we exited the year at $35 million of ARR. We had a very strong backlog entering the year. So that backlog plus the exit ARR of '22 gave us really good visibility into that $42 million. You can see what our first quarter revenue guidance looks like and sort of the incremental progression of ARR added Q-on-Q, and we feel good about that achieving that $42 million.

是的。當然，曼尼。沒問題。賈里德，謝謝你的提問。所以我們以 3500 萬美元的 ARR 退出了這一年。進入這一年，我們積壓了大量訂單。因此，積壓加上 22 年的退出 ARR 讓我們對這 4200 萬美元有了很好的了解。你可以看到我們第一季度的收入指引是什麼樣子的，以及 ARR 增加 Q-on-Q 的增量進展，我們對實現 4200 萬美元感到滿意。

Okay. Perfect. And then I guess just as a follow-up here. Manny, you talked a little bit about some of the large client expansions in recent quarters. Curious, is any of that momentum been driven by data sharing? Were you able to really help systems identify which doctors could benefit the most from your solution? I guess just any color more broadly around what do you think is really driving the success in terms of client expansion.

好的。完美的。然後我想就像這裡的後續行動一樣。曼尼，你談到了最近幾個季度的一些大客戶擴張。很好奇，這種勢頭是否是由數據共享驅動的？您是否能夠真正幫助系統確定哪些醫生可以從您的解決方案中獲益最多？我猜想更廣泛地圍繞您認為真正推動客戶擴展成功的任何顏色。

Great question, Jared. So it definitely has -- the data-driven approach that we use with many of our big enterprise customers definitely has an impact on the expansion experience after we've done an initial cohort or 2 with those enterprises. I think there's other secular issues that are stimulating demand and, in particular, demand for our services.

好問題，賈里德。所以它肯定有——我們與許多大企業客戶一起使用的數據驅動方法在我們對這些企業進行了一個或兩個初始群組後，肯定會對擴展體驗產生影響。我認為還有其他長期問題正在刺激需求，尤其是對我們服務的需求。

Demand, in general, is being driven, as you probably know, by doctor burnout, staffing shortages, labor inflation. But choosing us, in particular, to grow is predicated, I think, on the high ROI that we're able to deliver to those enterprises. And by incorporating data-driven approach, it's pretty easy for those enterprises to see the impact we're having on their financial performance.

總的來說，需求是由醫生倦怠、人員短缺和勞動力膨脹驅動的。但我認為，特別是選擇我們來發展是基於我們能夠為這些企業提供的高投資回報率。通過採用數據驅動的方法，這些企業很容易看到我們對其財務業績的影響。

Okay. Perfect. We'll leave it there and hop back in the queue, but congrats again on all the success.

好的。完美的。我們將把它留在那裡並跳回到隊列中，但再次祝賀所有的成功。

The next question comes from the line of Neil Chatterji with B. Riley Securities.

下一個問題來自 Neil Chatterji 與 B. Riley Securities 的對話。

Maybe just first off, just curious how the beta testing and any feedback is going so far with the preparation for the Augmedix Go launch later this year and how you envision that being kind of the foundation for your enterprise platform?

也許只是第一次，只是好奇 Beta 測試和任何反饋到目前為止如何為今年晚些時候推出的 Augmedix Go 做準備，以及你如何設想它成為你的企業平台的基礎？

Neil, it's Manny. Good question. So it is beta testing. So we're -- the point of this is to get as much feedback as possible from users to make sure that when we commercially launch the service -- the product that it will satisfy the needs of the target market that we're going after.

尼爾，是曼尼。好問題。所以這是 Beta 測試。所以我們——這樣做的目的是從用戶那裡獲得盡可能多的反饋，以確保當我們在商業上推出該服務時——該產品將滿足我們所追求的目標市場的需求.

So far, the feedback has been good, but it's still early days. So I don't want to commit to the nature of that feedback other than it's been productive. And we're making changes and improvements to the product as we get that feedback, which is what you'd expect. And we're still -- our timetable is still exactly what we had indicated earlier.

到目前為止，反饋很好，但仍處於早期階段。因此，除了富有成效之外，我不想承認該反饋的性質。當我們收到反饋時，我們正在對產品進行更改和改進，這正是您所期望的。而且我們仍然 - 我們的時間表仍然完全符合我們之前的指示。

We will go to extended beta testing in the next quarter with another enterprise as well and more deeply with this one particular enterprise that we're testing today. And all indications are that we will be launching it -- the product commercially towards the end of the year.

我們將在下個季度與另一家企業進行擴展 Beta 測試，並更深入地與我們今天正在測試的這家特定企業進行測試。所有跡像都表明我們將推出它——該產品將在年底上市。

Great. Thanks for that update. And then you did mention the one example earlier. Just curious if you could just talk a little bit more about the opportunity of expanding more into the ERs?

偉大的。感謝您的更新。然後你確實提到了前面的一個例子。只是好奇您是否可以多談談將更多業務擴展到急診室的機會？

Sure. So we went into the ER a while ago at a West Coast facility just to kind of cut our teeth on that because the workflows, as you can imagine, are very different from the ambulatory or clinical care setting. And that helped us kind of figure out how to deal with those challenging workflows because the workflow is not linear as it is in the ambulatory setting. And we figured that out and decided to market it more aggressively and that effort is beginning to pay off.

當然。所以我們不久前在西海岸的一家機構進入了急診室，只是為了了解一下，因為工作流程，正如你想像的那樣，與門診或臨床護理環境非常不同。這幫助我們弄清楚瞭如何處理那些具有挑戰性的工作流程，因為工作流程不像在動態設置中那樣是線性的。我們弄清楚了這一點，並決定更積極地推銷它，這種努力開始得到回報。

And it's not just with a regional hospital on the West Coast. This is with the major health care enterprises. So we're really excited about that opportunity. And it's not very well represented, as you probably know, in the virtual documentation space because it's so hard to do, but we feel we've cracked that nut and looking forward to greater expansion within that segment.

而且不僅僅是西海岸的地區醫院。這與主要的醫療保健企業有關。所以我們對這個機會感到非常興奮。正如您可能知道的那樣，它在虛擬文檔空間中並沒有得到很好的體現，因為它很難做到，但我們覺得我們已經破解了這個難題，並期待在該領域內實現更大的擴展。

(Operator Instructions) The next question is from the line of Allen Klee with Maxim.

（操作員說明）下一個問題來自 Allen Klee 與 Maxim 的合作。

Two questions. One, just the run rate on operating expenses is what we've been seeing year-over-year for the third and fourth quarters. Is that kind of what you're kind of targeting going forward?

兩個問題。第一，運營費用的運行率是我們在第三和第四季度看到的同比情況。這就是你未來的目標嗎？

And then second, on the Go offering, the feedback you get from doctors of basically what would make them switch to what you have versus Dictaphone? If you could dig into that a little more.

其次，在 Go 產品上，你從醫生那裡得到的反饋基本上是什麼會讓他們轉向你所擁有的而不是錄音機？如果你能再深入一點。

Allen, it's Paul. I'll take that first question. I think as you look at year-on-year OpEx growth as we get into 2023, it will not be at the same levels of growth year-on-year that we saw in the third or fourth quarter of 2022. We expect a more moderate growth rate. I hope that's -- we're not going to give any more specific currently, but you should expect a deceleration in year-on-year growth.

艾倫，是保羅。我會回答第一個問題。我認為，隨著我們進入 2023 年，當您查看運營支出的同比增長時，它不會達到我們在 2022 年第三或第四季度看到的同比增長水平。我們預計會有更多適度的增長率。我希望那是——我們目前不會給出更具體的信息，但你應該預計同比增長會放緩。

And just before we move on to Manny's question around the relative benefits of our products versus dictation. I just want to call out that the 1,300 clinicians in service we commented on at the year-end, that was a point estimate of the number of clinicians in service at the end of the year. The 1,246 is the average for the fourth quarter. So there are 2 different metrics. I just want to make sure everybody is aware of that. We don't typically give point estimates of clinicians and service, but we did at year-end.

就在我們繼續討論曼尼關於我們的產品與聽寫的相對優勢的問題之前。我只想指出，我們在年底評論的 1,300 名在職臨床醫生是對年底在職臨床醫生人數的點估計。 1,246 是第四季度的平均值。所以有 2 個不同的指標。我只是想確保每個人都知道這一點。我們通常不會對臨床醫生和服務進行點估計，但我們在年底做了。

Yes. Allen, to answer your second question, the objective criteria that we use to evaluate the value proposition for Go are, one, the ease of use -- or sorry, the amount of savings in time for physicians. It's really important that the product is capable of saving more time in preparing a medical note than a dictation solution. And second, it has to be a lot easier to use.

是的。艾倫，回答你的第二個問題，我們用來評估 Go 價值主張的客觀標準是，第一，易用性——或者對不起，醫生節省的時間。與聽寫解決方案相比，該產品能夠在準備醫療記錄時節省更多時間，這一點非常重要。其次，它必須更易於使用。

With dictation, there's a lot of work that has to be done beyond just dictating the commentary that you need or want to see in the medical note. There's a lot of navigational steps that have to be taken by the physician to place specific content in specific fields within EHR, and that is obviated by our product.

對於口述，除了口述您需要或希望在醫療記錄中看到的評論之外，還有很多工作要做。醫生必須採取許多導航步驟才能將特定內容放置在 EHR 的特定字段中，而我們的產品避免了這些步驟。

There's a couple of intangible criteria as well that we think are really important. One is transparency, which I talked about in our comments. We will expose to physicians how the medical note is built. That's baked into the user interface. And we think that's important. It's important to show the sausage making to the physicians, so they have an appreciation for what the steps are. And then they can see where there's areas where they might want to do something differently than what the models are doing.

還有一些我們認為非常重要的無形標準。一是透明度，我在評論中談到了這一點。我們將向醫生公開醫療記錄是如何構建的。這已融入用戶界面。我們認為這很重要。向醫生展示香腸的製作過程很重要，這樣他們才能了解這些步驟。然後他們可以看到在哪些方面他們可能想要做一些與模型正在做的不同的事情。

And that leads to the second intangible point, which is empowerment. They have the ability to control the look and feel and specific content that they want to see in that medical note without a lot of effort. And that's the elegance of that particular product. And I think it's our view that many physicians value that control and transparency that go beyond the more objective metrics that we look at.

這導致了第二個無形的點，即賦權。他們能夠控制他們希望在該醫療記錄中看到的外觀和特定內容，而無需付出很多努力。這就是該特定產品的優雅之處。我認為我們的觀點是，許多醫生重視控制和透明度，這些控制和透明度超出了我們所看到的更客觀的指標。

Can I ask one other question? Do you think that in '23, that gross margins have the potential to improve over '22?

我可以再問一個問題嗎？您是否認為在 23 年，毛利率有可能比 22 年有所提高？

Allen, it's Paul. Good question. Absolutely. Obviously, 2022 was impacted by the higher growth of our U.S. service operations. We're not going to see that again in 2023. We may actually see U.S. service clinicians go down as a percent of our mix. And so that will be a benefit to gross margins over time.

艾倫，是保羅。好問題。絕對地。顯然，2022 年受到我們美國服務業務更高增長的影響。我們不會在 2023 年再次看到這種情況。我們實際上可能會看到美國服務臨床醫生占我們組合的百分比下降。因此，隨著時間的推移，這將有利於毛利率。

Thank you. At this time, I'll hand the floor back to management for any further remarks.

謝謝。此時，我會將發言權交還給管理層，讓他們發表進一步的評論。

Well, we appreciate everybody coming online and listening to our earnings call, and we'll take callbacks later today and tomorrow with those that are interested in more in-depth questions and answers. Thank you all, and we'll keep you posted on our progress.

好吧，我們感謝大家在線聽我們的收益電話會議，我們將在今天晚些時候和明天與那些對更深入的問題和答案感興趣的人進行回調。謝謝大家，我們會及時通知您我們的進展。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。