Augmedix (NASDAQ:AUGX) stock is sliding lower on Tuesday after the medical documentation solutions company released its first quarter of 2024 earnings report.
The bad news for AUGX investors comes from its outlook update. This has the company expecting its 2024 revenue to range from $52 to $55 million. This would see it missing Wall Street’s revenue estimate of $61.15 million for the year.
Augmedix CEO Manny Krakaris explains the reason for this low revenue outlook below:
“We have observed a slow-down in purchasing commitments by some providers as they evaluate the many AI offerings currently available. Based on current expectations, we now believe it is prudent to adjust our full year revenue outlook to reflect these developments that have arisen since the last earnings call.”
https://investorplace.com/2024/05/why-is-augmedix-augx-stock-down-41-today/
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