Doximity, Inc.

What they do

Doximity operates a physician-first professional network with over 3 million registered members as of March 31, 2026, representing more than 85% of U.S. physicians, two-thirds of U.S. nurse practitioners and physician assistants, and roughly 90% of graduating U.S. medical students. Members use the platform to collaborate, read medical news, manage careers and on-call schedules, and conduct virtual patient visits, supported by a Clinical AI Suite that includes Doximity Ask and Scribe. The company sells Marketing, Hiring, and Workflow Solutions primarily to pharmaceutical manufacturers and health systems.

Revenue drivers

• Marketing Solutions — Pharmaceutical and health system customers pay to deliver content, services, and peer connections to targeted medical professionals through various modules.
• Hiring Solutions — Health systems and medical recruiting firms pay for digital recruiting access to active and passive candidates; includes Curative Talent, a staffing firm combining Doximity data with recruiters.
• Workflow Solutions — Telehealth, on-call scheduling, digital fax, and AI tools including Ask and Scribe generate revenue from clinical workflow products.
• Large customer concentration — Customers with at least $500,000 of trailing 12-month subscription revenue accounted for approximately 83% of revenue for the TTM ended June 30, 2026.

Recent performance

For fiscal Q1 2027 ended June 30, 2026, revenue was $156.6 million, up 7% from $145.9 million a year earlier. Net income fell to $24.3 million (15.5% margin) from $53.3 million (36.5% margin), and adjusted EBITDA declined 6% to $74.8 million (47.7% margin). Diluted EPS was $0.13 versus $0.27, and non-GAAP diluted EPS was $0.29 versus $0.36. Operating cash flow fell 32% to $42.0 million and free cash flow fell 34% to $39.6 million.

Strategy

Management continues to invest in its Clinical AI Suite, with CEO Jeff Tangney highlighting that Doximity Ask was the top-performing U.S.-based model in the NOHARM benchmark. The company reported workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter. Doximity focuses on expanding engagement across its member network to drive value for pharmaceutical and health system customers, supported by its proprietary data set and analytics team.

Risks

• Member retention and growth — Failure to retain existing members or add new members could significantly harm revenue, operating results, and business.
• Customer renewal and expansion — If new customers are not attracted or existing customers do not renew, renew on less favorable terms, or buy additional solutions, results could be materially adversely affected.
• Competition and technology change — The company operates in a competitive and rapidly changing environment, and failure to respond to rapid technological changes could harm its position.
• Growth management and limited operating history — The company has a limited operating history and must effectively manage growth to execute its business plan and address competitive challenges.

Outlook

For fiscal Q2 ending September 30, 2026, Doximity guides revenue of $170 million to $171 million and adjusted EBITDA of $80.5 million to $81.5 million. For the full fiscal year ending March 31, 2027, the company updated guidance to revenue of $671 million to $681 million and adjusted EBITDA of $309 million to $329 million.