Doximity, Inc. Stock Price: Quote, Forecast, Splits & News (DOCS)

Perplexity Finance

DOCS

Doximity, Inc.

DOCS

Overview

Financials

Historical Data

$58.51

+$2.55

4.56%

At close: Jun 17, 4:00:02 PM EDT

$58.25

-$0.26

0.44%

After hours: 6:56:22 PM EDT

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice.

Market Cap: $11B
IPO Date: 6/24/21
CEO: Mr. Jeffrey A. Tangney
Fulltime Employees: 827
Sector: Healthcare
Industry: Medical - Healthcare Information Services
Country: US
Exchange: New York Stock Exchange

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Doximity, Inc. Stock Price: Quote, Forecast, Splits & News (DOCS)

Change

+$2.55

4.56%

Financial Profile

Prev Close

$55.96

Market Cap

$10.99B

Day Range

$55.44 - $58.91

Open

$55.45

P/E Ratio

52.7

52W Range

$25.00 - $85.21

24H Volume

$184.68M

Dividend Yield

0.00%

EPS

1.11

Key Issues

Latest Price Movement

Jun 17

Earnings

Report Date

May 15, 2025

Reported Revenue

138.3M

Beat +3.41%

Avg 1d Change

29.74%

Report Period

Q4 2025

Reported EPS

0.38

Beat +39.91%

Implied Move 1d

14.03%

Transcript

9m 46s

Hello, and welcome to Doximity's fiscal twenty twenty five fourth quarter earnings call. With me on the call today are Jeff Tangney, Co Founder and CEO of Doximity Doctor. Nate Gross, Co Founder and CSO and Anna Bryson, CFO. A complete disclosure of our results can be found in our press release issued earlier today as well as in our related Form eight ks. Along with a copy of our prepared remarks. All available on our website at investors.doximity.com. As a reminder, today's call is being recorded a replay will be available on our website. As part of our comments today, we will be making forward looking statements. These statements are based on management's current views, expectations and assumptions. And are subject to various risks and uncertainties. Actual results may differ materially, we disclaim any obligation to update any forward looking statements or outlook. Please refer to the risk factors in our annual report on Form 10 ks any subsequent Form 10 Qs and our other reports and filings with the SEC that may be filed from time to time. Including our upcoming filing on Form 10 ks. Our forward looking statements based on assumptions that we believe to be reasonable as of today's date.

10m 54s

May 15, 2025. Of note, it is Doximity's policy to neither reiterate nor adjust the financial guidance provided on today's call unless it is also done through a public disclosure such as a press release, or through the filing of a Form eight ks. Today, we will discuss certain non GAAP metrics that we believe aid in the understanding of our financial results. A historical reconciliation to comparable GAAP metrics be found in today's earnings release. Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business. These details may be one time in nature, we may or may not provide updates on those metrics in the future. I would now like to turn the call over to our CEO and Co Founder, Jeff Tange. Jeff? Thanks, Barry, and thank you, everyone, for joining our fourth quarter earnings call. We've three topics today, our financials, network growth, and client summit recap. First, our top line. We delivered $138,000,000 in revenue the fourth quarter of our fiscal twenty twenty five, 4% above the high end of our guidance range. For our full fiscal year ended March 31, we had $570,000,000 in revenue, and grew 20% year on year.

12m 7s

Of note, our top 20 clients who know and measure us best once again grew the fastest at 23% in fiscal twenty twenty five. Our bottom line was also strong in Q4 with an adjusted EBITDA margin of 50% or $70,000,000 which was 10% above the high end of our guidance. Our free cash flow was stronger still at $97,000,000 up 56% year on year. For the full fiscal year, our adjusted EBITDA grew 36% to $314,000,000 Our adjusted EBITDA margin was 55% for the year, up from 48% the prior year. We generated free cash flow of $267,000,000 an increase of 50%. Year on year. Okay, turning now to our network growth and engagement. Our unique active users on a quarterly, monthly, weekly, and daily basis all hit fresh highs in Q4. This growth was again led by our newsfeed, which is both our most used and most monetized product. Our unique newsfeed users hit record highs last quarter while our articles read or tapped were up more than 30%. Year on year. Our workflow tools also hit fresh highs in Q4 with over 620,000 unique active prescribers. As a reminder, our workflow tools include our telehealth, fax, scheduling and AI tools.

13m 36s

Our AI tools grew the fastest again last quarter, up more than 5x year on year. In short, as the practice of medicine grows both more mobile and more AI powered, we're proud to be leading the way. Okay. Turning now to our recent physician and pharma client summit. In March, we hosted our thirteenth Annual Physician Tech Summit in San Francisco. It was great to roll up our sleeves for two days alongside 150 of our nation's most tech savvy doctors. For the third year in a row, our Doximity GPT products took center stage. Physicians love our specialty specific AI tools and HIPAA secure environment, and we're learning a lot from their real world use. One popular new feature is our ability to upload and securely analyze documents. For a recent JAMIA study, a fifth of ER patients nowadays have medical records that are lengthier than Moby Dick. So for a specialist treating a new patient, it can literally take hours of reading to fully come up to speed. But with Doximity GPT, they can just upload the patient's file and our AI can chart the patient's lab values over time summarize key clinical findings, or search for complex diagnostic clues.

14m 51s

It's a long overdue cure for what physicians affectionately call note bloat. In a short couple of years, we've seen AI tools like this truly change the mood in medicine, from AI Leary to AI Cheery. For the first time in over a decade, there's genuine hope that physician burnout and information overload can actually be eased with technology. Are incredibly proud and motivated to help crafting AI tools that just work for busy clinicians. This is our mission and our roots as a team. Following our physician summit last month, I have personally shifted my focus from our client portal to our clinical AI products. Speaking of our client portal, the rollout's going very well. The majority of our pharma clients now have access, so they love tracking their day to day results. And ROI. These daily portal insights are also fueling client interest in how our new AI powered integrated offerings can help them automate their programs. This AI orchestration was a key theme at our annual pharma client in New York last week, where we were joined by over 40 marketing leaders from the world's largest pharmaceutical companies. Their top request was to use our AI to optimize their programs at a more strategic level by giving us more latitude to select the right content at the right time for each doctor, we've been able to improve our clients' results.

16m 14s

Along with our own revenue and predictability. Okay. I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to care for those who care for us. As AI assisted medicine becomes a reality, our future has never been brighter or more exciting, and I'm proud to be on this journey with you. And with that, I'd like to hand it over to our CFO, Anna Bryson, to discuss our financials and guidance. Anna?

16m 43s

Thanks, Jeff, and thanks to everyone on the call today. Fourth quarter revenue grew to $138,300,000 up 17% year over year exceeding the high end of our guidance range. Full year revenue grew to $570,400,000 up 20% year over year. As a reminder, fiscal twenty twenty five revenue benefited from our strategic shift to more multi module integrated offerings. This not only drove larger deal sizes, but also enabled a greater share of annual programs to launch in January. Transitioning to these more efficient launch timelines contributed to a few points of revenue growth upside in fiscal twenty twenty five. Similar to prior quarters, our existing customers continue to lead our growth. We finished the quarter with a net revenue retention rate of 119% on a trailing twelve month basis. For our top 20 customers, net revenue retention was higher at 123%. So our biggest, most sophisticated customers remain our fastest growing. We ended the quarter with 116 customers contributing at least $500,000 each in subscription based revenue on a trailing twelve month basis. This is a roughly 17% increase from the 99 customers that we had in this cohort a year ago. And these customers accounted for 84% of our total revenue.

18m 2s

Turning to our profitability, non GAAP gross margin in the fourth quarter was 91%, flat versus the prior year period. For the full fiscal year, non GAAP gross margin was 92%, versus 91% last year. Adjusted EBITDA for the fourth quarter was $69,700,000 and adjusted EBITDA margin was 50%. Compared to $56,400,000 and a 48% margin in the prior year period. For the full fiscal year, adjusted EBITDA was 313,800,000.0 and adjusted EBITDA margin was 55%. Compared to $230,500,000 and a 48% margin last year. We are proud to continue to run a very profitable business with 36% year over year growth in our bottom line. Now turning to our balance sheet, cash flow and an update on our share repurchase program. We generated free cash flow in the fourth quarter of $97,000,000 compared to $62,300,000 in the prior year period, increase of 56% year over year. For the full fiscal year, we generated free cash flow of $266,700,000 compared to $178,300,000 last year. Increase of 50% year over year. We ended the year with $916,000,000 of cash, cash equivalents and marketable securities. During the fourth quarter, we repurchased $26,800,000 worth of shares. For the full fiscal year, we repurchased $116,200,000 worth of shares at an average price of $33.73 As of March 31, we had $424 remaining in our existing repurchase program.

19m 48s

Now moving on to our outlook. For the first fiscal quarter of twenty twenty six, we expect revenue in the range of 139,000,000 to $140,000,000 representing 10% growth at the midpoint. And we expect adjusted EBITDA in the range of 71,000,000 to 72,000,000 representing a 51% adjusted EBITDA margin. For the full fiscal year, we expect revenue in the range of $619,000,000 to $631,000,000 representing 10% growth at the midpoint. And we expect adjusted EBITDA in the range of $333,000,000 to $345,000,000 representing a 54% adjusted EBITDA margin. Now I'll provide more color on our outlook. As mentioned above, fiscal twenty twenty five was a strong year of strategic progress for us. Our new multi module integrated offerings allowed many of our customers to get their annual programs live in January. While we expect these earlier launches to be the norm going forward, fiscal twenty twenty five received the benefit of being the transition year, leading to a few points of revenue growth upside. This dynamic creates a tougher year over year comparison for fiscal twenty twenty six. Which is reflected in our expected revenue growth rate. Long term, we believe these more efficient January launches are a meaningful step forward for our customers and our business.

21m 10s

These earlier launches allow our customers to maintain an uninterrupted presence on our platform which helps drive ROI. As customers realize higher returns, we expect this will translate into even greater investment on Doximity over time. As far as visibility, as of today, we have just under 70% of our initial subscription based revenue guidance under contract. We expect the Pharma HCP digital market to grow at roughly 5% to 7% again this year. While we have not yet seen any impact to our business from recent macro uncertainty, we believe it's prudent to assume the market growth rate could be on the lower end of this range, which is reflected in our guidance. That said, we believe our Pharma business will maintain its strong competitive position and grow at roughly twice the market rate. Remaining our fastest growing business in fiscal twenty twenty six. Between client portal insights, integrated program traction, and record physician engagement, we believe we are set up for another year of meaningful share gains. Finally, we are excited to increase our investments in AI this year. These investments will help us build better tools for our members, develop smarter solutions for our clients, drive greater efficiency across our entire business over the long term.

22m 26s

We believe we are in the early innings of realizing AI's full potential at Doximity and we couldn't be more excited for the future. With that, I will turn it over to the operator for questions. Thank you. And we will take our first question from Brian Peterson, Raymond James.

22m 53s

Thanks for taking the question and congrats on the strong 20% growth this year. Jeff, I just wanted to start out on the macro. I know you guys mentioned that you haven't seen any impact as of yet. But how are your customer conversations in terms of their willingness to spend this year? And as they're thinking about this volatility that we're seeing from this administration, any on where their heads are? Great, Brian. Yeah. Thanks. This is Jeff.

23m 21s

Yes, as we said in our prepared remarks, we have not seen any signs of a market slowdown yet. But given the material policy uncertainty, we are assuming that there will be. That said, just having gotten together last week with 40 of our biggest clients, which was the best turnout we've ever had at our pharma advisory board. I'd just say there's a lot of excitement about AI. There as well. I'd say they are also AI cheery just like doctors are. As we said in last quarter's call, the clients that buy our AI optimization were growing at double the rate, of the other clients. On average. So we're excited about their AI cheeriness as well. It's interesting, the way that they're starting to do their work is actually starting to change. So, you know, it used to be that for their med legal review, they would come in with one version. Of an article and just do that in a Word document and redline it in a proven one. Now they're coming in with spreadsheets full of different options, variations that's exciting because that allows us to build this library that the AI can then go choose and see what's performing best and optimize their results in real time.

24m 31s

Which we're seeing meaningful gains from doing. So again, our AI tiering clients are feeling good about leveraging this The other new thing that they liked at our pharma advisory board last week was our portal just continues to evolve and get smarter and teach them more One new feature we've added this quarter is the ability to see what percent of their targets are what they call no see physicians. That is doctors that no longer see reps, which is roughly half of all U. S. Doctors Actually, some say three out of every five. But that allows them to go, as they look at their and their analyses and then claim more credit as marketers relative to salespeople because they're able to look at these doctors that they know reps aren't getting in to see. So I said the overall mood, was cautious optimistic among our pharma clients. But you're right, there is this big cloud of, I think, policy uncertainty that I think we're all assuming will continue to be there this year. Thanks, Jeff. And Anna, maybe one for you. You called out some AI investments in fiscal year twenty six. How should we be thinking about the payback period on some of these investments, understanding its early days, I do get the question a lot from investors on kind of the broader monetization of AI So is there anything that you can you can add there?

25m 53s

Thanks, guys.

25m 56s

Yeah. Thanks for the question, Brian. And know, as we've mentioned before, we're still in the early stages of learning how AI could make our business more efficient over time. And then we're also still in the early stages of investments here. So when we think about longer term margins, and how AI could impact our margins long term, we also have to take into account other considerations such as what further efficiencies we might see from our client portal or what further efficient efficiencies integrated programs might bring to our business. It's too soon to know exactly what that more medium to to long term could look like for us. But we feel really good once again about guiding to two years in a row of 50% plus adjusted EBITDA margins. And as we've talked about before, especially with the margin expansion we saw this year, we're already seeing our AI investments pay off. We're still going to continue to make more, but we have been able to scale our business without sufficient additional headcount over the last year, which, I think has been a big proof point that AI has already working for us as a business.

27m

Thanks, Anna.

27m 3s

Our next question comes from Michael Cherny, Leerink Partners.

27m 8s

Good afternoon. And again, congratulations on ending the year strong. Maybe if I can just kind of follow-up on Brian's question a bit, I'm just going keep it at one here, but relative to the macro dynamic, I think it's certainly prudent that you're taking the stance here of uncertainty. We're seeing it across the board. And that being said, certainly over the course of the most recent quarter, there was uncertainty, maybe not the actual news around tariffs, most favored nation, at least this specter of the potential for some type of drug pricing constraints going as far back as the inauguration Even along those lines, still did an NRR of 119% over the course of the quarter, stronger with your larger customers. Maybe if we dovetail all these together, is there anything we can look back in the time that you've been a company over the last few years, maybe during COVID or anything along those lines where there's been that level of trepidation or you've seen some real time pausing so we can compare how to factor in what clearly might be a macro oriented short term pause against what has obviously been a a strong trend even when you take away the change in timing?

28m 16s

I know that was a convoluted question, but appreciate any more macro color you have.

28m 20s

Thanks.

28m 22s

Yes. Thanks for the question, Michael. And you know, we've we've certainly gone through tons of evolutions as a business over the last several years with changes. You know, we had COVID that was a huge tailwind for our business. And then as you know, we experienced, some upsell downside post COVID when there was return to office and a a macro downturn. So I think one of the the biggest things for for us is we're looking ahead to next year. Is one of our biggest learnings over the past, I'd say, three to five years as we've seen things change. [indiscernible] our up sells can be more variable. So when we think about the next you know, three to five months, while as Jeff mentioned and as I've mentioned, we have not yet seen any slowdown in our business. And we continue to have a ton of excitement for our products from our clients. We also know that these dollars are a little more variable. So that's one of the biggest parts of our guidance that we're baking in to be a little bit more prudent which is why we're talking about the client's budget growth being more on that 5% range as opposed to 7% range.

29m 30s

So the biggest factor here as we look ahead over the next twelve months will be what our client's budget look like. And as you mentioned, we've been in policy uncertainty for six months now and we haven't seen the slowdown. So of course, we're hopeful that we won't. But again, as we're guiding out the next twelve months, we think it's the right thing to do to be prudent that we could see a slowdown.

29m 54s

The next question comes from Elizabeth Anderson, Evercore ISI. Hi, guys. Congrats on the quarter. Thanks so much for the question. I was wondering if you could talk to us a little bit more about some of your other business assumptions for the quarter, sort of like more on the physician recruitment side and maybe point of care formulary? Obviously, you've had strength across a number of those products recently. So I just want to sort of understand how you're balancing those out and thinking about those in terms of FY 2026. Thanks.

30m 30s

Hey, Elizabeth. Thanks for the question. Yes. A couple things there. So as we talked about before, our pharma business has led our growth over the past year. And a big part of that growth was our formulary and our point of care products.

30m 42s

And we're really excited to continue to to see the track there this next year, and especially within our integrated offerings and selling those modules on a package and optimizing those programs for our clients. So we still believe as we said in our prepared remarks that pharma will remain our fastest growing business. And as far as the other businesses you were asking about recruiting and health systems, we have definitely seen marginal improvement in our health system business over the last six to nine months. Our subscription enterprise offering is actually doing particularly well there.

31m 14s

But we also do appreciate once again the health systems are typically more near term impacted by policy changes and macro uncertainty. So our guidance doesn't necessarily assume we're going to see any continued momentum there.

31m 27s

Got it. That's super helpful. And if we think about sort of share gain commentary you guys offered on the prepared remarks, Could you unpack that a little bit more? Like are you seeing it as a sort of just in terms of the offering? Are you seeing dollars shift? Are you Are I'd just be curious to sort of hear what you're hearing from customers in that regard.

31m 50s

Yeah. Sorry about that, Elizabeth. I have a mute button issue there. Yeah. We are definitely continuing to see very strong share gains. I think there's there's a couple things. The first thing I'll point to is we just mentioned we did see an inflection point last year in workflow modules. Clients are really starting to now think about these modules as core modules a truly diversified channel, and it's helped us capture a larger share of overall client budgets. So that's helped us grow at faster than two x the market rate last year. The second point I'll make is our client portal. So the insights from our client portal has helped our customers make buying decisions based on real time ROI and and recommendations that we've been able to help with. That has also certainly helped us take share. So I'd say those are the two pieces over the last year that we're excited once again to see ahead over the next three to five years as well. But those were the two pieces that were really responsible for the large share gains we took this past year.

32m 49s

Super helpful. Thank you. The next question today is Scott Berg, Needham.

32m 57s

Hi, this is Ryan McDonald on for Scott Berg. Congrats on a great quarter.

33m

Just you mentioned obviously having the Pharma Client Summit a couple of weeks ago. Curious if the no handouts drug advertisements act was brought up at all in conversations. Particularly because it seems like, if this kind of goes through here, you'd have these tax deductions, you know, for direct to consumer marketing that would go away. I wonder if this actually has the potential to be a positive for your business as you might see some greater shift in mix of spend towards HDHP channel and benefiting Doximity. But would just love to hear your comments on maybe what clients are saying about that potential tailwind there? Hey, Ryan. Yeah, good question. I think there has been a lot of interesting discussion recently, around, the role of DTC by the administration, how much is increased, how much is decreased. There's kind of been bipartisan increase in in things like price transparency, which which we think can be good for the world. There's also been a a focus on extra middlemen in the chain that can hurt our part and our physicians patients, which we certainly are glad is getting looked at.

34m 8s

We don't really have anything in this space or anything that we're actively hearing from our clients to report on at this time. Will say our clients usually have completely separate team for D2C, so those those sorts of crossovers when they do occur, are often more gradual than acute. Just like the shift to digital. But that said, we we do actively invest in in products like our formulary module that is focused around transparency for physicians and course, downstream to patients, which many of them are increasingly seeking availability and accessibility data when they're considering therapies. And so modules like that that I think are responsive to [indiscernible] both administration driven priorities, but also physician and patient driven priorities, are things that we plan to continue to invest in.

35m 1s

Thanks for the color there. Anna, maybe as a follow-up for you. You mentioned last quarter on the call that the success of the integrated programs really pulled forward some spend and program launches earlier in the year. Just curious now that we're sort of five months into the year, are you seeing any notable changes in seasonality or how we should be thinking about seasonality of the business as we progress through the remainder of the calendar year here, please? Thanks.

35m 27s

Yes. Thanks for the question. We're super excited by the integrated programs. In case you can't tell, I think it's one of the better things we've come out with for our clients over the last several years. And we did launch a ton of those programs in in January, as you mentioned. And that did contribute to a few points of revenue growth upside in fiscal twenty twenty five. And what we're so excited for about these integrated programs is that they should theoretically over the long term create a more predictable and consistent revenue curve for us year to year. I think as of right now, we're still in that transition phase, and we'll likely see a revenue curve that looks pretty similar to to this past year. But as we look ahead over the three years or so, as we get more clients into these integrated programs, that have January starts and December completions, it's only better for our revenue predictability, our visibility, as well as what the revenue curve will look like in the shape of the year. So I think this is a huge step forward for us to get to that more consistent curve.

36m 29s

Thanks. Congrats again.

36m 32s

We'll go next to Jared Haas, William Blair.

36m 38s

Hey, good afternoon and thanks for taking the Maybe I'll ask another one kind of around the market gain commentary. And I guess respect to the outlook for the 5% to 7% market growth, sort of still intact here, I'm curious if you're seeing anything incremental in terms of how budgets are being allocated across digital channels. So thinking programmatic, you know, obviously, network platforms like Doximity, other channels that might be at the point of care like the HRs.

37m 4s

Are you seeing any incremental changes in terms of how budgets are being, you know, sort of the the mix of those budgets across those different channels.

37m 13s

Yes. Thanks, Jared. This is Jeff. Yes. So, we've seen no signs of the market growth rate slowing down yet. But again, we are looking at the uncertainty from a policy perspective and assuming it'll go to the bottom end of our range, which is 5%. You're talking about some of the other channels that are out there. I'd say I think they're not gaining share, at least not at the pace that we are. It really just comes back again to ROI. Right? Does it really reach the right person and does it really get that person thinking? And, again, I think it's been a flight to quality that we've seen among our clients. They're leaning more into what they call endemic because that's what they're seeing work. I will share a couple of our largest clients told us a year ago that they were really going to try out an experiment more in the programmatic space and in other spaces And just catching up with them this last week, they told me that, you know, those experiments that they ran, well, they didn't work or at least they didn't work to the level of return that they've seen with the programs that they're doing with us.

38m 16s

So again, I think we're gaining more share there. Against a host of competing options.

38m 24s

Got it. That's nice to hear. And then, you know, Jeff, maybe another one for you. You talked a little bit about, you know, kind of the nice traction with the new seat in the quarter. Just wanted to get an update on sort of the status of kind of the ad load across that news feed. How much more room do you see for incremental advertising content within that application? And I guess you relative to some of the newer products that you've launched and and had some success with recently, you know, how important do you think the news feed will be to to the growth story over the next few years?

38m 56s

Yeah. Thanks, Jared. Well, first, I'll just say, our clients and I, we're over the moon that we saw a 30% increase, more than 30% year on year. Our numbers at our articles tapped our news feed. So think we have really become the newsfeed of medicine, the place that doctors come to stay up to date on the latest news. What's a decade now of first party data on what their clinical interests are, I think we're just in a strong position to continue to deliver them the news that they need. I will point that there are others that I assume we are taking share from there, our clients are telling us about that. You can look online and see that MedX or MedTwitter is not flourishing. Right? There's just less of that there. So I think we're seeing some migration, I think, from other other platforms to our platform, which, again, has been to our net benefit. To your question about ad load, our ad load really hasn't increased. I would say what's happened is it's now spread across more channels. And this is really where our workflow channel that we get stats on each quarter has really been important that whole point of care formulary motion for us has allowed us to grow in basically a whole new vector without having to affect our news feed channel.

40m 13s

That's great. Thank you.

40m 16s

Moving to Alan Lutz with Bank of America.

40m 20s

Good afternoon and thanks for taking the questions. I want to follow-up on the comments around workflow tools, point of care. Formulary. You know, growth there has been really robust. As and Jeff, you mentioned that, you know, some of your, customers, it experience, you know, they they tried to to go out and and work with programmatic. Maybe that didn't work. You think about these new products that you're launching in the market, is it that your customers are they tried programmatic and now they're actually leaning into the your newer products.

40m 52s

Or are they, you know, just going back to the news feed? Trying to get a sense of maybe where some of that incremental spend that maybe went away as they were testing programmatic. Where does that come back to in the Doximity platform?

41m 8s

Yeah. Thanks for the question. This is Jeff. I'll take that. So yes, I mean, we're really proud of our point of care in our formulary group. As we announced last quarter, in our Q3, had over 100% year on year growth in those workflow channels, which has certainly been been great for us. To your question about how they're allocating across these other channels, I'll give some credit to our portal as well here, which helped them see on an ongoing basis, not just in a once a year look back, but on a more frequent basis to see the true return on investment they're seeing from our platform and the data and the results just keeping us frankly more top of mind. Said when we started working on the portal a year and a half ago that our clients recognize when we talk to them, we have the best product, we have the best reach, we have the the best you know, level of engagement and interest, but we weren't the easiest to buy from. Right? It took, a lot of, effort for them to set up two Zoom calls with us and to get a quote and do all that.

42m 7s

And I think our portal has really reduced that friction quite a lot. So that, again, now anytime a day or night, can log in and see how their programs are doing. And they can also think about how they can grow them.

42m 19s

Thanks, Jeff. And then one for NF.

42m 21s

I have a question on on the guidance framework. So if we take a step back and look at the guide the initial guidance that you provided last year, I think it contemplated 7% to 9% revenue growth. I think the comparable last year was a a relatively easy comparable. And then this year, you're guiding sort of this 8% to 11% So it's it's higher growth from the initial guide. Even though there's a tougher comparable.

42m 46s

There's more macro uncertainty. This year versus last year arguably. So I guess how do we square those those things where I guess the there are tougher comps this year. Less certainty. How do you think about the framework for guidance this year compared to last year?

43m 6s

Thanks.

43m 9s

Yes. Thanks for the question, Alan. And, you know, I think there's there's a couple things I'll hit on here. So first and foremost, last year was really the first year we started to see our new products take off. Our workflow products, and we started to see what our client portal could do for us. So we feel like we are in a much better position than we had been in years prior from a product offering perspective. And from a share gain perspective. We also last year, I think we haven't yet seen our clients' budget stabilize yet. So we really weren't sure what our clients' budgets were gonna look like. We had seen quite a bit of deceleration post COVID, and it's been really great for us to see over the past twelve months, not only have our clients budget stabilized, but marginally improved. And you can see that in our 20% year on year growth that we just reported for this last year. So once again, I think we feel better about our competitive position than we ever have. And we feel as though we are in a place that even if the market growth rate is on the lower end of the range as we're forecasting here, could be, we feel as though we have good visibility into these numbers and hitting our guidance for the year.

44m 24s

Great. Thank you very much.

44m 27s

Up next is Scott Schoenhaus, KeyBanc.

44m 32s

Hey team, thanks for taking my question. Anna, this question is for you. I think this period a year ago, you had just over 70% of subscription revenue for the year locked in. And you just made in the comments you just just under 70% And I understand the dynamics of some of the pull forward in January for the annual contracts. But any more color on the dynamics this year versus last year?

44m 57s

And then my follow-up question is that remaining 30% could you provide color on how much of that is mid year up sells versus renewals given the strong mid year up sells that saw last year? Thanks.

45m 12s

Thanks for the question, Scott. So, yeah, as you mentioned, last year, when we gave our initial subscription revenue guidance, we have just over 70% of that under contract. But then throughout the year, we saw stronger upsells. We had stronger annual upfront sales. And with more January launches, which contributed to a revenue raise of roughly $58,000,000 or about 11% since the start of the year. If we did a look back the percent of our final fiscal twenty twenty five revenue that we had under contract to start the year, would be closer to 60%. So this number can naturally fluctuate throughout the year depending on sales and launches. And then this is why we feel as though just under 70, which to be clear means within a percent or two of 70%, is a really prudent starting point for our business for fiscal twenty twenty six. And I think that also probably helps answer the second part of your question about what we're assuming for up sells. I think once again given the environment we're in and knowing up upsells may be more variable, our guidance is more heavily weighted and dependent on renewals.

46m 23s

Perfect. Thank you so much, Anna.

46m 27s

And and Samuel from JPMorgan has the next question.

46m 31s

Hi, thanks so much for the question. Was hoping we could dig in a little bit more on point of care solutions and was wondering if you could kind of speak to how we should be thinking about the composition of growth for that Is it more clients joining and pricing versus increasing the number of sponsored calls? I know at your Analyst Day, spoke to one in a one calls being sponsored, but curious where we stand on that now and and where we can go from here. Yeah, I think the great thing about point of care and the way we've kind of reframed our pitch around it too with our clients is that our clients are thinking about it as a truly diversified channel.

47m 10s

So it is a unique channel from our news feed where our clients are almost thinking about it as if they're it's like buying from another company, but that's how diversified the channel is.

47m 19s

And it's an area where, as as Jeff had mentioned, we have a lot of white space. Lot of unmonetized white space. And so it's an area our clients have certainly been leaning into. And so that just helped our platform, increase, you know, reach and frequency for for our clients. So we're really excited about that. I think, you we think big picture over the next three to five years, you know, our newsfeed was was our first act. Our workflow tools are our second act. And, you know, we think one day maybe AI will do our third act.

47m 51s

Great. Thank you. The next question is Richard Close from Canaccord Genuity.

47m 59s

Yes. First, congratulations on a strong year. Maybe diving a little bit deeper into the up sells in the portal. I guess I'm curious, are clients buying on the portal now? And if so, how is that going? And then how do you think about maybe more certainty or visibility into, [indiscernible] from buying on the portal? Just curious there. Yes. This is Jeff. I'll take that. So, yes, we do present recommendations in our portal, and that does allow our clients to, see the pricing. We do, to be clear, have a separate contract paper flow that doesn't happen directly in the portal yet, but we're working on that. But it does allow clients to go and see the other things they can be doing and makes that upsell sell motion, I think, a lot more free and, seamless for our clients. Again, our own internal teams as well. So we're we're excited about where that that can take us. In terms of our upsell sort of frequency, I'd say the key thing I'd point to there or visibility, the key thing I'd point to there is these integrated programs are just much, much more visible for us as a company.

49m 24s

Because, again, we're we're effectively putting all of our channels together. They're they're buying the whole bag, if you will.

49m 31s

And then we're allowed to go, and again, optimize the right content at the right time for the right doctor And that, I think will be a meaningful improvement as Anna has said, to our revenue visibility in future years. This is the first year we're going through it, so I think we're being cautious about how it will improve our our visibility and these upsell cycles. But I will say it's it's a hard win for us contractually in terms of terms with our clients. And I think a sign, again, of how much they give us a seat at their strategy table and view us as this long term partner, not as a you know, quarterly buy. Okay. That's helpful. Thank you.

50m 17s

Next question is from Jessica Desant, Piper Sandler. Hi guys. Thank you so much for taking the questions and congrats on the year. I was hoping maybe, Anna, you could help us understand the revenue cadence over the course of the year, just appreciating the high level of visibility kind of what explains the implied sequential step up from like, f one q to, you know, f two q? Given the early launches in January, it would just be helpful to hear how how we should be thinking about [indiscernible] to 3Q. Thanks.

50m 51s

Yeah. Thanks for the question, Jess. So, you know, the nature of our customers buying cycle is such that, as you know, they deploy about 65% to 70% of their budgets upfront and then they up throughout the year. One of the things we are super excited about this year is getting our programs live in January. So getting our clients to have that uninterrupted presence on channel. Then throughout the year, though, as they're upselling on top of those programs, that leads to natural step ups throughout the year. And so we believe going forward, continue to see a Q3 that is going to be our highest quarter because our customers are adding on to their programs. So even with these integrated programs, we believe we'll continue to see that that step up. And the other thing I'll say with the integrated programs that we're by, and we'll we'll see how it goes. It's still obviously very, very new for us. But when our clients are making their upsell decisions, especially now that we have our client portal that helps track real time ROI, Having that longer time on channel starting in January as opposed to starting in April and having, say, six months to track your program performance and see how well it's performing on Doximity we actually think these January launches could help our upsell cycle.

52m 7s

So once again, we're not baking that into our guidance because it's still too early and it's really the first year we're running these programs. But we think they could group to be actually very beneficial for us as we get into the upsell season.

52m 20s

That's That's really helpful. Thank you. And then my quick follow-up would be as you think about the workflow tools, I think you all have talked about that opportunity as being commensurate in size to the newsfeed. So I'm curious if we should think about kind of the two tools, so point of care and formulary as being the sum of workflow. Meaning that those two products can basically double the TAM from News Feed, and that potentially monetizing AI, you know, or Doc GPT would be then an additional opportunity from there? Or should we think about that as part of the workflow as well? Thanks again.

52m 54s

Yeah. Thanks for the question, Jess. And it's it's the former. So as I mentioned before, you know, news feed was our our first act. It's it's still our largest revenue driver. Workflow has now become our second act. It's been a huge growth driver for us over the past year or so. And then as we look ahead, and we're not going to give a specific timeframe on this, but as we look ahead, we believe that AI could be our third act. And those are three truly distinct channels that will be truly distinct products for our clients.

53m 26s

The next question today comes from Steven Valiquette, Mizuho Securities.

53m 32s

Great. Good afternoon. Thanks for taking the question.

53m 34s

Also have a question just around the guidance. When thinking about implied growth rates for revenue and EBITDA in the fiscal first quarter, they're essentially right at midpoints of the full year growth rates within the FY twenty twenty six guidance revenue and EBITDA. Guess a couple of things just to try to confirm. One, as far as the macro environment risk, you said you're not seeing any impact yet, but just confirm yes or no. Is there anything baked into the fiscal 1Q guidance for any macro risk? And how should we think about the impact when just from a modeling perspective, maybe just assume more impact in the back half of fiscal year versus first half? I know there's no perfect answer to it, but just want to get your high level thoughts around that. Thanks.

54m 14s

Yeah. I'll answer the last part of the question first. I think once we get back to the integrated programs, I think we'll see a little bit more stability in our revenue growth cadence throughout the year. As far as Q1 specifically, the first point I'll make is about the comparison period. As you might remember, last Q1, I saw an uplift from a lot of spring program launches. But this year, back to the integrated programs, we're seeing more stability. Which once again we believe is best for the predictability of our revenue curve long term.

54m 44s

Then as far as your question about if we have any macro assumptions baked into Q1, we are being cautious in our upsell assumptions for this quarter, given that general macro uncertainty, upsells typically start around this time period. So that is baked into our q one guidance.

55m 1s

Got it.

55m 1s

Okay. Thanks.

55m 4s

Jeff Garro from Stephens has the next question.

55m 10s

To put maybe a different lens on FY 2026 revenue drivers, could you help us think through NRR expectations versus anticipated contributions from new customers?

55m 26s

Yeah. Absolutely. I'm happy to take that question. So I think first and foremost, we do continue to believe that our larger customers will lead our growth. But that said, we just have exciting traction amongst SMB and amongst newer customers over the past six to nine months, especially with our agent partner program. That's actually helped us bring in many new 6 figure clients. So we do think that SMB could be a nice growth factor for us. Especially over the long term. As a reminder, we think big picture, we only work with just over 10% of brands that have less than a hundred million in US sales. So we're really excited about bringing our insights and partnership to more of them over time. So I do think we'll see some SMB traction this year. That said, the nature of our business is such that the largest clients will continue to lead our growth.

56m 19s

Excellent. I appreciate that. And so quick follow-up to try to put a little bit of a macro spin on it. Could you help us with any comments on expectations for new drug approvals over the twelve months and whether the velocity of approvals and new new treatments entering the market has any impact on your revenue outlook for FY 2026? Thanks again.

56m 45s

Hi, Jeff. Yes, great questions. Course as you know it is still early and and there has been material policy uncertainty here with the administration for that topic. So we're we're taking a more cautious and a longer approach to the market market there. I will say, though, if if you look at the science, it's an exciting era for humanity and the future of medicine. I mean, there are new therapies getting ready that are anticipated for the next few years ranging from rare disease, metabolic disruptors, oncology, neurology, cardiology, advanced therapeutic techniques in the cell and gene therapy space, And of course, a continuation of what is, now a block battle out there.

57m 25s

So while there is you know, uncertainty downstream of new priorities that can be seen as tough on pharma, There's also other statements that can be seen as streamlined process for getting new therapies approved and out the door. Or equalization such as what we're seeing in the repeal of, potentially the small molecule panel in the in the IRA. So we'll be monitoring, you know, just like like everyone else is, But I think if you looked at the, US pharma ETF, which some look to as kind of a bellwether for the industry, it's it's down less than 3% year to date. And the day that the most recent executive order was announced around potential most favored nation policies, mean, stocks in general were were up. I'll end by noting that we're a relatively well insulated platform. You know, at the moment, I'm not sure our products are particularly uniquely exposed in a positive or negative way compared to the rest of the industry with one exception. And that's our leading ROI, which can make us really preferred anchor strategy. Even when budgets get tight. You know, efficiency driven environments can favor proven high ROI digital.

58m 36s

Great. Thanks again.

58m 38s

The next question is from David Roman, Goldman Sachs.

58m 44s

Thank you. Good afternoon, everybody.

58m 46s

I wanted just to come back and try to put some of the pieces together on the multi module products. Because I think when I reflect back to the last call, it was very early in the adoption curve of those products. And as I kind of look at where we are today and at least try to reflect your comments on what's implied in the guidance, It sounds like either we've you've marched through that very quickly or reaching potentially a peak at earlier than expected. How should we think about the just evolution of the commentary on those products from where we were in the time of the last call to where we are today?

59m 24s

Yes. Thanks, David. This is Jeff. I'll just say our multimodule products are doing really well. I mean, as we said on last quarter, call, we expect our point of care formulary modules to be a 9 figure business for us this year. So to the prior questions about how big are these additional channels, the answer is very large. And the great news is now that we're getting more and more ROI reports back from clients who tried these new modules, their ROIs are great. And we're able to show that to them more frequently with our portal. That's going really well. And the way this works inside big pharma is that it does take a year or two to sort of prove yourself as a high ROI vehicle. But then once you do, more folks lean in. And I can tell you, again, point of care and formulary are newer modules. They still have yet to be adopted by more than low double digit percentages of our our client base, of our brands. So we still see a lot of room there to grow, again, expanding the proven ROI story we have with our proven land and expand approach, more brands inside the same clients.

1h 34s

So in terms of multi modules, think that really is these integrated programs that we're so excited about. It does allow us to optimize for our clients the results that they're seeing so far and just really strong. And from our point of view, it put us in a stronger position to negotiate contracts that are larger, longer in length and are very predictable in terms of their launch The launch dates that we have in these integrated contracts are not dependent on the client, which is great. Right? We're not stuck in that medical legal review cycle of January, February of years past. And again, that's, I think, a long term big win for the business. Very helpful. And maybe just a follow-up on just the engagement side. Can you maybe help us, you've talked a lot about the e newsletter as a key But can you maybe help us think through the mix of engagement on the platform between e newsletter, physicians logging in searching content proactively, use of the workflow tool, etcetera, and maybe how that's just kind of evolved over time?

1h 1m 48s

Yeah. So we don't have an e newsletter product. So just I'm clear on that front. We do have a news feed product. And as we mentioned last quarter, we had over a million unique prescribers using our newsfeed last quarter on this call. And then this quarter we announced we hit a new record. So we're obviously above, that that million user mark And again, this quarter, we also announced that we had 30% growth in the number of articles tapped in that news feed. Year on year, which, again, speaks to its continued use adoption and growth. So So yes, no, we feel really good about how we're the newsfeed of medicine delivering in the news that doctors need to know, want to know on a very frequent basis. We also feel good about our new channels, as I've already described. And again, they're sold to a minority of our clients. To date. But again, we see them being just as large as our newsfeed business.

1h 2m 46s

The next question today comes from Jalendra Singh from Truist.

1h 2m 51s

Thank you and thanks for taking my questions.

1h 2m 54s

First a quick follow-up on the client portal in your comment that daily portal insights are driving client interest in AI powered offerings for them. Are you able to monetize these AI powered offerings? And around what percentage of pharma clients who are on the portal are using these AI powered at this point? And kind of related to that, you think about all these new solutions for pharma and use that you're seeing in the provider side, what is your updated view on 10 is to one ROI you have talked about for pharma clients in the past?

1h 3m 27s

Sure. This is Jeff. I'll take first crack this, and I think Anna may add a few things.

1h 3m 31s

So, we don't we haven't given out a percentage of which percent of our clients have purchased our our AI, optimization package. But suffice it to say, it's, you know, it's still a minority. But, of course, we want them to buy because it's it's a big upsell for us. It's a a larger program. I think we had said on last quarter's call that those programs were forget exactly how much larger We said on last quarter's call that the brands buying those programs grew more than twice as fast as those that bought our our module stand alone.

1h 4m 4s

Yep.

1h 4m 5s

So I think that's the answer to, you know, the the AI growth we're seeing there is is quite strong. And again, from our point of view, it's better for the doctor, right, instead of seeing a piece of content that, you know, was slated for a particular time slot or whatever, they're able to see what best fits, I think, their learning journey on the product. And, again, the clients who purchased this so far have been been really pleased.

1h 4m 33s

And any update on the ROI? Of the question?

1h 4m 37s

Oh, yeah. So the short answer there is the has allowed us to do many more studies more frequently. We're We're pleased to be able to make this more turnkey for our clients. There still is some overhead, you know, there's a test and a control and they call it an ANCOVA analysis that's done. But we've done many more of those studies than we have in the past, and that's great because, again, normally our clients used to only do that once a year in September. Now we're able to come back and each quarter show them a new test and control study or they're able to log into the portal and see it. And that's not only showing them the value they're getting from us, but it's also helping them optimize their program. And, again, we're optimizing it for them. Every day as well as we again, use our tools to optimize their results.

1h 5m 28s

Okay. And my follow-up, I understand you have not seen any impact on business yet from a macro point of view. But could you talk about any proactive steps you can take or maybe your taking to make sure pharma clients see Doximity as a partner to optimize their spending versus an additional cost to make sure that they don't up going to those lower quality platforms again?

1h 5m 52s

Sure. I Yeah. I mean, we spend a lot of time investing in that. We have a great team on this. We have to admit it made some investments to our teams. We've hired in some executives from YouTube and Facebook and places that I think are upping our knowledge of how to think about video modules and and pull that together. I would just like to send some good insights for our clients But, I mean, the key thing you you hit on yourself, Jalinda, which is, you know, showing them their ROI a more frequent basis and letting them go and see their program results, you know, literally on a daily basis with daily refreshes. Has increased our level of partnership and trust and transparency in a way that's just been very positive for our strategic relationships with our clients.

1h 6m 41s

Our next question today comes from Craig Hettenbach from Morgan Stanley.

1h 6m 46s

Thanks. Jeff, just going back to your comment of low double digit penetration for kind of point of care. Is there anything you're doing from a sales perspective kind of continue to push the momentum in that product and kind of how you see that evolving this year and beyond?

1h 7m 3s

Yeah. Great question, Craig. Is where I'll give a shout out to Lisa Greenbaum, our Chief Commercial Officer. She's really just done a terrific job of making sure our whole team understands how this product works at a detailed level. She's I think, really instituted a lot of rigor in our sales training and she calls it being credentialed internally on the ability to talk about point of care. So think that's really helped us as an organization do a better job of the n plus one product. And I think this is an important you know, matrix scalability for us as an organization as we add these new channels. That we have the rigor internally to make sure our full team is is up to speed on handling all the questions and helping our clients optimize their programs and ROI with with each of our channels. In addition, course, we have internal marketing managers who are tasked with owning the numbers for each of these modules. And products. They're getting stronger and stronger in the organization as we help our sales teams again, be a n plus one product sales team as opposed to just a two or three product sales team.

1h 8m 22s

Got it. And then just as a follow-up, cash approaching $1,000,000,000 You talked on the call about kind of investing in technology and AI. Any thoughts there in terms of kind of how you're looking to put cash to work? And organic and inorganic potential investments? Sure. Hey. This is Nate. So we have really good active exposure to opportunities in the market right now. And and I will say things are starting to look a little more interesting from a valuation perspective than than prior quarters. So we're we're actively studying the market, and we're getting approached, by really everything from software to AI transforming what was historically a service, and and that was an AI enabled service. As you might expect, due to our user distribution and our partner distribution. So so we'll be optimistic our culture here going back fifteen years now is super disciplined and is value sensitive and R and D team forward is. As ever. And we're really lucky to be able to make decisions with this high quality bar focused on true platform fit, not, say, forced into inorganic revenue growth or something like that. And we have a phenomenal and quite large, the largest R and D team serving medicine, group of of engineers and and product designers who who can often build this sort of tech in house.

1h 9m 36s

So so we're constantly thoughtful about our our use of cash when we're building our flywheel, and and we won't hesitate to to make a move when we need to, but it'll always be towards being truly thoughtful about expanding our market opportunities and serving doctors. And ladies and gentlemen, that is all the time we have for questions today. This does conclude our conference. We would like to thank you all for your participation. You may now disconnect.

Key Insights

Doximity delivered strong Q4 FY25 results, with revenue of $138.3M (up 17% YoY, 4% above guidance) and full-year revenue of $570.4M (up 20% YoY); adjusted EBITDA margin was 50% for Q4 and 55% for the year, with free cash flow up 56% YoY in Q4 and 50% for the year.
The company saw record engagement across its platform, with unique active users and newsfeed usage at all-time highs; workflow tools, especially AI-powered features, grew rapidly (AI tools up 5x YoY), and point of care/formulary modules saw over 100% YoY growth.
Doximity’s top 20 clients grew revenue 23% YoY, with net revenue retention rates of 119% overall and 123% for top clients; the number of customers contributing at least $500K in subscription revenue rose 17% YoY.
FY26 guidance calls for revenue of $619M–$631M (10% growth at midpoint) and adjusted EBITDA of $333M–$345M (54% margin), reflecting a tougher YoY comparison due to the transition to integrated program launches in January; about 70% of initial subscription revenue guidance is already under contract.
The company is increasing investment in AI, seeing early returns in efficiency and client interest; integrated offerings and the client portal are driving larger, more predictable deals and share gains, with pharma expected to remain the fastest-growing segment, outpacing the overall digital pharma market by 2x.

Recent Transcripts

Stabilization achieved with significant inventory and debt reduction; business set for future growth.

Doximity delivered 20% annual revenue growth and record profitability, exceeding guidance.

Doximity delivered 25% revenue growth and record 61% EBITDA margin, far exceeding guidance.

Q3 trading met expectations; FY 2025 guidance unchanged amid challenging markets.

Earnings

Report Date

May 15, 2025

Reported Revenue

138.3M

Beat +3.41%

Avg 1d Change

29.74%

Report Period

Q4 2025

Reported EPS

0.38

Beat +39.91%

Implied Move 1d

14.03%

Transcript

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Thanks, guys.

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27m

Thanks, Anna.

27m 3s

Our next question comes from Michael Cherny, Leerink Partners.

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28m 16s

I know that was a convoluted question, but appreciate any more macro color you have.

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Thanks.

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Super helpful. Thank you. The next question today is Scott Berg, Needham.

32m 57s

Hi, this is Ryan McDonald on for Scott Berg. Congrats on a great quarter.

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36m 29s

Thanks. Congrats again.

36m 32s

We'll go next to Jared Haas, William Blair.

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Are you seeing any incremental changes in terms of how budgets are being, you know, sort of the the mix of those budgets across those different channels.

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38m 16s

So again, I think we're gaining more share there. Against a host of competing options.

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40m 13s

That's great. Thank you.

40m 16s

Moving to Alan Lutz with Bank of America.

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Thanks, Jeff. And then one for NF.

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Thanks.

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Great. Thank you very much.

44m 27s

Up next is Scott Schoenhaus, KeyBanc.

44m 32s

44m 57s

And then my follow-up question is that remaining 30% could you provide color on how much of that is mid year up sells versus renewals given the strong mid year up sells that saw last year? Thanks.

45m 12s

46m 23s

Perfect. Thank you so much, Anna.

46m 27s

And and Samuel from JPMorgan has the next question.

46m 31s

47m 10s

So it is a unique channel from our news feed where our clients are almost thinking about it as if they're it's like buying from another company, but that's how diversified the channel is.

47m 19s

47m 51s

Great. Thank you. The next question is Richard Close from Canaccord Genuity.

47m 59s

49m 24s

Because, again, we're we're effectively putting all of our channels together. They're they're buying the whole bag, if you will.

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The next question today comes from Steven Valiquette, Mizuho Securities.

53m 32s

Great. Good afternoon. Thanks for taking the question.

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54m 44s

55m 1s

Got it.

55m 1s

Okay. Thanks.

55m 4s

Jeff Garro from Stephens has the next question.

55m 10s

To put maybe a different lens on FY 2026 revenue drivers, could you help us think through NRR expectations versus anticipated contributions from new customers?

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56m 19s

56m 45s

57m 25s

58m 36s

Great. Thanks again.

58m 38s

The next question is from David Roman, Goldman Sachs.

58m 44s

Thank you. Good afternoon, everybody.

58m 46s

59m 24s

1h 34s

1h 1m 48s

1h 2m 46s

The next question today comes from Jalendra Singh from Truist.

1h 2m 51s

Thank you and thanks for taking my questions.

1h 2m 54s

1h 3m 27s

Sure. This is Jeff. I'll take first crack this, and I think Anna may add a few things.

1h 3m 31s

1h 4m 4s

Yep.

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1h 4m 33s

And any update on the ROI? Of the question?

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Our next question today comes from Craig Hettenbach from Morgan Stanley.

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Key Insights

Doximity delivered strong Q4 FY25 results, with revenue of $138.3M (up 17% YoY, 4% above guidance) and full-year revenue of $570.4M (up 20% YoY); adjusted EBITDA margin was 50% for Q4 and 55% for the year, with free cash flow up 56% YoY in Q4 and 50% for the year.
The company saw record engagement across its platform, with unique active users and newsfeed usage at all-time highs; workflow tools, especially AI-powered features, grew rapidly (AI tools up 5x YoY), and point of care/formulary modules saw over 100% YoY growth.
Doximity’s top 20 clients grew revenue 23% YoY, with net revenue retention rates of 119% overall and 123% for top clients; the number of customers contributing at least $500K in subscription revenue rose 17% YoY.
FY26 guidance calls for revenue of $619M–$631M (10% growth at midpoint) and adjusted EBITDA of $333M–$345M (54% margin), reflecting a tougher YoY comparison due to the transition to integrated program launches in January; about 70% of initial subscription revenue guidance is already under contract.
The company is increasing investment in AI, seeing early returns in efficiency and client interest; integrated offerings and the client portal are driving larger, more predictable deals and share gains, with pharma expected to remain the fastest-growing segment, outpacing the overall digital pharma market by 2x.