Weave Communications, Inc. ( (WEAV) ) has released its Q4 earnings. Here is a breakdown of the information Weave Communications, Inc. presented to its investors.
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Weave Communications, Inc., based in Lehi, Utah, is a prominent provider of an all-in-one customer experience and payments software platform tailored for small and medium-sized healthcare businesses. The company’s solutions aim to enhance patient interaction and streamline operational workflows.
In its latest earnings report, Weave Communications reported a robust financial performance for the fourth quarter and full year of 2024, showcasing significant revenue growth and improvements in cash flow and operating income. The company achieved a fourth-quarter revenue of $54.2 million, marking an 18.6% increase from the previous year, and a total annual revenue of $204.3 million, reflecting a 19.9% rise year-over-year.
Key financial highlights include a reduction in its GAAP operating loss to $7.4 million for the fourth quarter and an improvement in non-GAAP operating income to $1.8 million. The full-year results also showed a significant improvement in non-GAAP income from operations with a positive turnaround from a loss in the previous year. The company’s free cash flow for the year increased to $10.4 million, up from $6.5 million in 2023, indicating stronger liquidity.
In addition to financial performance, Weave Communications expanded its market presence by adding nearly 4,000 new customer locations, bringing the total to approximately 35,000 by the end of 2024. The company also enhanced its product offerings through new integrations with prominent practice management and electronic health records platforms, aiming to improve its service delivery to healthcare providers.
Looking ahead, Weave Communications anticipates further growth in 2025, with projected revenue between $232 million and $237 million. The company plans strategic investments in sectors such as medical vertical markets, partnerships, artificial intelligence, and payments to solidify its market leadership and explore new revenue channels.
