We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Doximity Inc | NYSE:DOCS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.59 | 23 | 12:00:03 |
Total revenues of $108.5 million, up 20% year-over-year
Operating cash flow of $57.2 million, up 28% year-over-year
Free cash flow of $55.6 million, up 31% year-over-year
Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 first quarter ended June 30, 2023.
“We’re pleased to report another quarter of record engagement across our entire platform, with over 525,000 unique providers using our workflow tools in Q1,” said Jeff Tangney, co-founder and CEO at Doximity. “Looking ahead, we are focused on streamlining our client workflows, so we can fully capitalize on our long-term potential.”
Fiscal 2024 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2022.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2023 as follows:
Doximity is revising guidance for its fiscal year ending March 31, 2024 as follows:
Workforce Reduction
On August 8, 2023, Doximity announced a plan to reduce its current workforce by approximately 100 employees, representing 10% of its workforce, to simplify its operations and better align its resources with its priorities. The Company expects the restructuring charge to be $8 - 10 million, the majority of which will be incurred in the second quarter of fiscal year 2024, and that the reduction in force will be substantially complete by the third quarter of fiscal year 2024.
Conference Call Information
Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.
About Doximity
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The Company's network members include over 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients. For more information, visit www.doximity.com.
Forward-Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty, including the resurgence or resolution of the COVID-19 pandemic or other pandemics, epidemics or infectious diseases; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 and as may be updated in any subsequent Quarterly Reports on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
DOXIMITY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, 2023
March 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
306,729
$
158,027
Marketable securities
566,444
682,972
Accounts receivable, net
92,922
107,047
Prepaid expenses and other current assets
19,832
22,289
Deferred contract costs, current
3,729
5,118
Total current assets
989,656
975,453
Property and equipment, net
11,639
11,279
Deferred income tax assets
38,895
34,907
Operating lease right-of-use assets
13,282
13,819
Intangible assets, net
30,638
31,836
Goodwill
67,940
67,940
Other assets
1,459
1,654
Total assets
$
1,153,509
$
1,136,888
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
582
$
1,272
Accrued expenses and other current liabilities
31,741
31,245
Deferred revenue, current
98,323
105,238
Operating lease liabilities, current
2,048
1,752
Total current liabilities
132,694
139,507
Deferred revenue, non-current
191
198
Operating lease liabilities, non-current
13,585
13,885
Contingent earn-out consideration liability, non-current
10,454
15,942
Other liabilities, non-current
5,798
1,240
Total liabilities
162,722
170,772
Stockholders' Equity
Preferred stock
—
—
Common stock
195
194
Additional paid-in capital
777,772
762,150
Accumulated other comprehensive loss
(12,336
)
(14,083
)
Retained earnings
225,156
217,855
Total stockholders' equity
990,787
966,116
Total liabilities and stockholders’ equity
$
1,153,509
$
1,136,888
DOXIMITY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
2023
2022
Revenue
$ 108,469
$ 90,639
Cost of revenue(1)
13,153
13,077
Gross profit
95,316
77,562
Operating expenses(1):
Research and development
21,931
19,022
Sales and marketing
34,455
28,134
General and administrative
9,247
8,724
Total operating expenses
65,633
55,880
Income from operations
29,683
21,682
Other income, net
4,839
804
Income before income taxes
34,522
22,486
Provision for income taxes
6,116
103
Net income
$ 28,406
$ 22,383
Net income per share attributable to Class A and Class B common stockholders:
Basic
$ 0.15
$ 0.12
Diluted
$ 0.13
$ 0.10
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic
194,521
192,947
Diluted
212,355
214,954
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended June 30,
2023
2022
Cost of revenue
$ 2,461
$ 2,122
Research and development
3,256
2,552
Sales and marketing
5,995
3,074
General and administrative
2,289
1,758
Total stock-based compensation expense
$ 14,001
$ 9,506
DOXIMITY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended June 30,
2023
2022
Cash flows from operating activities
Net income
$
28,406
$
22,383
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
2,604
2,370
Deferred income taxes
—
105
Stock-based compensation, net of amounts capitalized
14,001
9,506
Non-cash lease expense
537
401
Amortization of premium (accretion of discount) on marketable securities, net
(299
)
1,455
Loss on sale of marketable securities
273
37
Amortization of deferred contract costs
2,667
2,767
Other
(152
)
(30
)
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable
14,032
5,533
Prepaid expenses and other assets
2,589
1,246
Deferred contract costs
(1,210
)
(866
)
Accounts payable, accrued expenses and other liabilities
677
(6,109
)
Deferred revenue
(6,922
)
6,152
Operating lease liabilities
(3
)
(198
)
Net cash provided by operating activities
57,200
44,752
Cash flows from investing activities
Cash paid for acquisition
—
(53,500
)
Purchases of property and equipment
(70
)
(710
)
Internal-use software development costs
(1,494
)
(1,415
)
Purchases of marketable securities
(35,284
)
(8,870
)
Maturities of marketable securities
116,649
8,271
Sales of marketable securities
37,525
14,724
Net cash provided by (used in) investing activities
117,326
(41,500
)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
3,285
3,014
Taxes paid related to net share settlement of equity awards
(1,964
)
(109
)
Repurchase of common stock
(21,755
)
(8,874
)
Payment of contingent consideration related to a business combination
(5,390
)
—
Net cash used in financing activities
(25,824
)
(5,969
)
Net increase (decrease) in cash and cash equivalents
148,702
(2,717
)
Cash and cash equivalents, beginning of period
158,027
112,809
Cash and cash equivalents, end of period
$
306,729
$
110,092
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Three Months Ended June 30,
2023
2022
(unaudited)
(in thousands, except percentages)
Net income
$
28,406
$
22,383
Adjusted to exclude the following:
Acquisition and other related expenses
—
30
Stock-based compensation
14,001
9,506
Depreciation and amortization
2,604
2,370
Provision for income taxes
6,116
103
Change in fair value of contingent earn-out consideration liability
269
(54
)
Other income, net
(4,839
)
(804
)
Adjusted EBITDA
$
46,557
$
33,534
Revenue
$
108,469
$
90,639
Net income margin
26.2
%
24.7
%
Adjusted EBITDA margin
42.9
%
37.0
%
Three Months Ended June 30,
2023
2022
(unaudited)
(in thousands)
Net cash provided by operating activities
$
57,200
$
44,752
Purchases of property and equipment
(70
)
(710
)
Internal-use software development costs
(1,494
)
(1,415
)
Free cash flow
$
55,636
$
42,627
Other cash flow components:
Net cash provided by (used in) investing activities
$
117,326
$
(41,500
)
Net cash used in financing activities
$
(25,824
)
$
(5,969
)
Three Months Ended June 30,
2023
2022
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue
$
13,153
$
13,077
Adjusted to exclude the following:
Stock-based compensation
(2,461
)
(2,122
)
Amortization of acquired intangibles
(137
)
(137
)
Non-GAAP cost of revenue
$
10,555
$
10,818
GAAP gross profit
$
95,316
$
77,562
Adjusted to exclude the following:
Stock-based compensation
2,461
2,122
Amortization of acquired intangibles
137
137
Non-GAAP gross profit
$
97,914
$
79,821
GAAP gross margin
87.9
%
85.6
%
Non-GAAP gross margin
90.3
%
88.1
%
GAAP research and development expense
$
21,931
$
19,022
Adjusted to exclude the following:
Stock-based compensation
(3,256
)
(2,552
)
Non-GAAP research and development expense
$
18,675
$
16,470
GAAP sales and marketing expense
$
34,455
$
28,134
Adjusted to exclude the following:
Stock-based compensation
(5,995
)
(3,074
)
Amortization of acquired intangibles
(1,061
)
(1,063
)
Change in fair value of contingent earn-out consideration liability
(269
)
54
Non-GAAP sales and marketing expense
$
27,130
$
24,051
GAAP general and administrative expense
$
9,247
$
8,724
Adjusted to exclude the following:
Acquisition and other related expenses
—
(30
)
Stock-based compensation
(2,289
)
(1,758
)
Non-GAAP general and administrative expense
$
6,958
$
6,936
GAAP operating expense
$
65,633
$
55,880
Adjusted to exclude the following:
Acquisition and other related expenses
—
(30
)
Stock-based compensation
(11,540
)
(7,384
)
Amortization of acquired intangibles
(1,061
)
(1,063
)
Change in fair value of contingent earn-out consideration liability
(269
)
54
Non-GAAP operating expense
$
52,763
$
47,457
GAAP operating income
$
29,683
$
21,682
Adjusted to exclude the following:
Acquisition and other related expenses
—
30
Stock-based compensation
14,001
9,506
Amortization of acquired intangibles
1,198
1,200
Change in fair value of contingent earn-out consideration liability
269
(54
)
Non-GAAP operating income
$
45,151
$
32,364
GAAP net income
$
28,406
$
22,383
Adjusted to exclude the following:
Acquisition and other related expenses
—
30
Stock-based compensation
14,001
9,506
Amortization of acquired intangibles
1,198
1,200
Change in fair value of contingent earn-out consideration liability
269
(54
)
Income tax effect of non-GAAP adjustments (1)
(3,248
)
(2,243
)
Non-GAAP net income
$
40,626
$
30,822
Non-GAAP net income margin
37.5
%
34.0
%
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic
194,521
192,947
Diluted
212,355
214,954
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic
$
0.21
$
0.16
Diluted
$
0.19
$
0.14
(1)
For the three months ended June 30, 2023 and 2022, management used an estimated annual effective non-GAAP tax rate of 21.0%.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808088346/en/
Investor Relations Contact: Perry Gold ir@doximity.com Media Contact: Amanda Cox pr@doximity.com
1 Year Doximity Chart |
1 Month Doximity Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions