Bullish Premarket Action For This Healthcare Stock

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Bullish Premarket Action For This Healthcare Stock

Premarket activity appears to be heating up for a handful of securities as we head into the final minutes before the opening bell on Tuesday. One stock in particular, a California-based healthcare company, caught our eye after seeing a strong bid following yesterday’s aftermarket earnings release.

A few high level highlights from the release are as follows for the three months ended December 31, 2021:

– Total revenue was $6.6 million, an increase of 45% compared to $4.5 million.

– Dollar-based Net Revenue Retention was 135% for our Health Enterprise customers compared to 122% in the third quarter of 2021.

– GAAP Gross Margin increased 50 basis points to 44.7% compared to 44.2%.

Shares of Augmedix Inc. (NASDAQ:AUGX) are bid up strongly on the news.

Augmedix Inc. humanizes the clinician-patient experience by enabling clinicians to focus on what matters most, delivering high-quality patient care. It converts natural clinician-patient conversation into medical documentation and provides real-time administrative support, including referrals, orders, and reminders. The service, which supports over 35 specialties, delivers timely, accurate and comprehensive medical documentation to several of the healthcare systems in the U.S. and to hundreds of independent clinicians nationwide. Augmedix focuses on saving clinicians 2-3 hours per day, improve clinician productivity by as much as 20%, and increase clinicians’ satisfaction with work-life balance over 40%.

Traders appear to be bullish on the news as shares are currently bid up at $2.90/share (+11.11% implied open for sellers) at the time of writing. As we headed into the final minutes of premarket, it was interesting to see how this small cap reacted to the fundamentally altering news, and if this bid can hold strong and lift prices throughout the session.

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