Weave Communications, Inc. has recently released its 10-Q report, providing detailed insights into the company's financial condition and operations. Weave Communications, Inc. offers a customer experience and payments software platform tailored for small and medium-sized healthcare businesses in the United States and Canada. The platform aims to streamline patient interactions and reduce manual tasks for healthcare practitioners.
In the 10-Q report, Weave Communications, Inc. disclosed its financial performance for the three and nine months ended September 30, 2024, and 2023. The company's revenue primarily comes from recurring subscription fees, which accounted for 92% of its revenue for both the three and nine months ended September 30, 2024 and 2023. Additionally, revenue is derived from payment processing services and non-recurring installation fees for onboarding customers. However, the cost associated with providing phone hardware and onboarding services has historically exceeded the related revenue, resulting in negative gross profit for each.
Weave Communications, Inc. also outlined the factors affecting its performance, including the ability to attract new customers, retain and expand within its customer base, add new products, and expand into new industry verticals. The company's key business metrics include the dollar-based net retention rate, which was reported at 98% as of September 30, 2024, and the dollar-based gross retention rate, which stood at 92% for the same period.
The company's revenue is primarily generated from recurring subscription fees, and it also provides payment processing services, contributing to its overall financial performance. Weave Communications, Inc. aims to focus on customer retention and expansion, develop new products, and expand into new industry verticals to drive future growth. Today the company's shares have moved 1.3% to a price of $14.18. Check out the company's full 10-Q submission here.
