Augmedix Announces Successful Completion of Debt Refinancing

Augmedix, Inc. (“Augmedix”), a leading provider of remote medical documentation and live clinical support, announced that it has refinanced its long-term debt obligations through a secured term loan with Eastward Capital Partners.

The new loan facility consists of a $15 million secured term loan and $2 million available in 4Q21 upon the achievement of certain financial objectives. A portion of the proceeds from the term loan were used to pay down $13.0 million of the Company’s existing long-term debt and associated fees as of December 31, 2020, with the remaining being used for working capital and general corporate purposes.

“We are happy to announce the refinancing, which enhances our balance sheet and significantly extends our operating runway,” said Paul Ginocchio, Chief Financial Officer of Augmedix. “Our recent fourth quarter 2020 capital raise, and OTCQX listing, combined with our strong financial performance, speak to a bright future for our company and our clinician partners. The refinancing provides us with greater flexibility to support the execution of our growth strategy. It has been great to team up with Eastward Capital Partners.”

“Eastward Capital Partners is pleased to support Augmedix’s differentiated offering, growth plans, and strong management team,” said Tim O’Loughlin, Investment Partner at Eastward Capital Partners. “We were attracted by Augmedix’s large addressable market and great execution. Eastward is excited to partner with Augmedix on its mission to rehumanize the clinician-patient relationship.”

Additional details regarding the Company's new term loan agreement are set forth in its Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 30, 2021.

About Eastward Capital Partners

Founded in 1994, Eastward Capital Partners is a provider of private debt financing to technology enabled companies. Since its inception, Eastward has provided financing solutions to more than 220 companies across industries including Software, Communications, Healthcare Technology, Business Services and New Media. Eastward Capital Partners is based in West Newton, Massachusetts.

About Augmedix

Augmedix converts natural clinician-patient conversation into medical documentation and provides live support, including referrals, orders, and reminders, so clinicians can focus on what matters most: patient care. The Augmedix platform is powered by a combination of proprietary automation modules and human-expert assistants operating in HIPAA-secure locations to generate accurate, comprehensive, and timely-delivered medical documentation. Augmedix services are compatible with over 35 specialties and are trusted by over one dozen American health systems and hundreds of independent clinicians supporting medical offices, clinics, hospitals and telemedicine. We estimate that our solution saves clinicians 2–3 hours per day, increases productivity by as much as 20%, and increases clinicians' satisfaction with work-life balance over 40%. To learn more about Augmedix, visit augmedix.com.

Investors:

Caroline Paul
Gilmartin Group
investors@augmedix.com

Media:

Kaila Grafeman
Augmedix
pr@augmedix.com