The following is a summary of the Weave Communications, Inc. (WEAV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Weave Communications reported Q1 2024 revenue of $47.2 million, a growth of 19.2% year-over-year, which made it the ninth quarter for them surpassing the top end of their revenue guidance.

• The gross margin marked at 70.4%, has surpassed their goal of over 70%.

• There is an improvement in adjusted EBITDA margin from a negative 7.9% in the previous year to a negative 0.8%.

• Projected total revenue for 2024 lies within the range of $197 million to $200 million along with a non-GAAP operating loss between $6 million to $2 million.

Business Progress:

• Growth has been observed across verticals with specialty medical being the fastest-growing segment.

• Weave has built partnerships and integrations with Athenahealth, IDEXX, Patterson Veterinary, DrChrono, and Prompt EMR, to improve market fit and efficiency.

• First quarter progress showcased in the G2 Spring 2024 report for customer service and being named in the top 50 software product for small businesses.

• Plans for 2024 include revenue growth through expansion in dental, optometry, veterinary verticals and growth in specialty medical markets.

More details: Weave Communications IR

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