Weave Communications Inc Stock Price, News & Analysis

Weave Communications, Inc. (NYSE: WEAV) is set to release its financial results for the first quarter of 2023 after U.S. markets close on May 3, 2023. Following the announcement, company management will conduct a conference call and webcast at 5 p.m. ET to discuss the financial results and provide a business update. Interested individuals can listen in by calling (412) 902-1020 or (877) 502-7186 toll-free. The live webcast and a replay will be available on Weave's investor relations page.

Weave is known for its all-in-one customer communication and engagement platform aimed at small and medium-sized businesses, enabling them to effectively manage customer interactions from initial contact to final invoicing. The company's achievements include being named a G2 leader in multiple software categories over the past year.

Weave (NYSE: WEAV) has been recognized as a leader in five categories in G2's 2023 Spring Report, based on over 200 verified customer reviews. This accolade highlights Weave's effectiveness as a customer communication and engagement platform for small and medium-sized businesses, particularly in the healthcare sector. The categories include Patient Engagement Software, Patient Relationship Management, Optometry Software, Veterinary Software, and HIPAA Compliant Messaging. The company also boasts recognition for Best Results in Patient Engagement software among small businesses. This reflects Weave's ongoing commitment to enhancing customer engagement and satisfaction.

Weave (NYSE: WEAV) has launched its most-requested feature, Bulk Texting, designed to enhance patient engagement for small businesses. This feature enables businesses to send a single text to hundreds of customers using their regular 10-digit phone numbers, a method preferred by 53% of consumers over five-digit short codes. The platform, used by over 27,000 customers, allows for targeted messaging based on specific filters, reducing the time staff spend on patient communications. CEO Brett White emphasized that this feature aims to drive revenue by improving customer interaction.

Weave (NYSE: WEAV) has renewed its multi-year agreement with Stripe to enhance payment processing for its 27,000+ healthcare customers in the U.S. The partnership now includes Stripe Capital, offering flexible financing for small business owners. Weave aims to improve customer engagement through digital payment options like Text to Pay and mobile wallets. Recent insights reveal that 63% of patients prefer to receive healthcare bills via text, highlighting a gap in payment collection methods. This strategic alliance is set to elevate payment experiences and operational efficiency for Weave's clients.

Weave (NYSE: WEAV) has announced new integrations with four veterinary practice management systems—DVMAX, V-Tech Platinum, Advantage+, and StringSoft. This partnership aims to enhance client communication and streamline operations for veterinary clinics across the U.S. The integration includes features like vaccination reminders, CallPop for patient recognition, and appointment management. CEO Brett White highlighted the importance of automated workflows in improving daily operations for busy clinics. These updates follow recent product launches, enhancing Weave's service offerings to over 27,000 customers.

Weave Communications, Inc. (NYSE: WEAV) disclosed that it had approximately $2 million in total deposits with Silicon Valley Bank (SVB), representing less than 2% of its total cash and short-term investments. The company had no cash equivalents at SVB and had invested in money market funds managed by a third party, mitigating exposure from SVB's insolvency. Following SVB's receivership announcement on March 12, 2023, which protects all depositors, Weave does not perceive significant risk. Additionally, it holds a $50 million revolving line of credit with SVB, of which $10 million has been drawn, with no plans for further borrowing currently.

Weave (NYSE: WEAV) has been recognized in Y Combinator’s Top Companies 2023 list, showcasing its status as a leading B2B SaaS firm valued over $150 million. This accolade underscores Weave's growth and innovation since its participation in Y Combinator nearly a decade ago. CEO Brett White highlighted the company's ongoing commitment to delivering business value, especially to healthcare practices. In the past year, Weave expanded its offerings, including enhancements to its Payments product and new scheduling and insurance verification tools. The company has also received recognition on various prestigious lists, including Deloitte’s Technology Fast 500.

Weave Communications, Inc. (NYSE: WEAV) reported impressive financial results for Q4 and the full year of 2022. Q4 total revenue reached $37.7 million, an 18% increase year-over-year, while full-year revenue was $142.1 million, up 23% from 2021. The company significantly improved its gross and operating margins. Although it reported a GAAP net loss of $9.3 million in Q4, this was an improvement from $14.3 million in the same quarter last year. For 2023, Weave anticipates total revenue between $156.0 million and $160.0 million.