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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 | 20 | 09:01:35 |
Total revenues of $113.6 million, up 11% year-over-year Net income margin of 27% and adjusted EBITDA margin of 48% Net income growth of 16% and adjusted EBITDA growth of 18% year-over-year
Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 second quarter ended September 30, 2023.
“We’re proud to make medicine mobile, with another quarter of record engagement across our entire platform,” said Jeff Tangney, co-founder and CEO of Doximity. “Over 550,000 unique providers used our generative AI, telehealth, messaging, and scheduling workflow tools in Q2 to provide better care for their patients.”
Fiscal 2024 Second Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended September 30, 2022.
Financial Outlook
Doximity is providing guidance for its fiscal third quarter ending December 31, 2023 as follows:
Doximity is updating guidance for its fiscal year ending March 31, 2024 as follows:
Stock Repurchase Program
Doximity’s board of directors authorized another program to repurchase up to $70 million of the Company’s Class A common stock. The repurchases are expected to be executed from time to time over the next 12 months, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. All prior repurchase programs were completed as of October 2023.
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; (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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September 30, 2023
March 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
108,403
$
158,027
Marketable securities
621,451
682,972
Accounts receivable, net
97,217
107,047
Prepaid expenses and other current assets
32,789
22,289
Deferred contract costs, current
2,960
5,118
Total current assets
862,820
975,453
Property and equipment, net
11,780
11,279
Deferred income tax assets
39,289
34,907
Operating lease right-of-use assets
12,743
13,819
Intangible assets, net
29,440
31,836
Goodwill
67,940
67,940
Other assets
1,559
1,654
Total assets
$
1,025,571
$
1,136,888
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
714
$
1,272
Accrued expenses and other current liabilities
29,086
31,245
Deferred revenue, current
91,446
105,238
Operating lease liabilities, current
1,935
1,752
Total current liabilities
123,181
139,507
Deferred revenue, non-current
237
198
Operating lease liabilities, non-current
13,119
13,885
Contingent earn-out consideration liability, non-current
10,448
15,942
Other liabilities, non-current
7,119
1,240
Total liabilities
154,104
170,772
Stockholders' Equity
Preferred stock
—
—
Common stock
188
194
Additional paid-in capital
794,804
762,150
Accumulated other comprehensive loss
(8,928
)
(14,083
)
Retained earnings
85,403
217,855
Total stockholders' equity
871,467
966,116
Total liabilities and stockholders’ equity
$
1,025,571
$
1,136,888
DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Six Months Ended September 30,
2023
2022
2023
2022
Revenue
$
113,612
$
102,185
$
222,081
$
192,824
Cost of revenue(1)
12,759
13,210
25,912
26,287
Gross profit
100,853
88,975
196,169
166,537
Operating expenses(1):
Research and development
19,958
19,104
41,889
38,126
Sales and marketing
30,201
29,021
64,656
57,155
General and administrative
8,966
8,749
18,213
17,473
Restructuring
7,936
—
7,936
—
Total operating expenses
67,061
56,874
132,694
112,754
Income from operations
33,792
32,101
63,475
53,783
Other income, net
5,903
908
10,742
1,712
Income before income taxes
39,695
33,009
74,217
55,495
Provision for income taxes
9,093
6,710
15,209
6,813
Net income
$
30,602
$
26,299
$
59,008
$
48,682
Net income per share attributable to Class A and Class B common stockholders:
Basic
$
0.16
$
0.14
$
0.30
$
0.25
Diluted
$
0.15
$
0.12
$
0.28
$
0.23
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic
193,112
193,137
193,813
193,042
Diluted
209,014
213,949
210,681
214,452
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended September 30,
Six Months Ended September 30,
2023
2022
2023
2022
Cost of revenue
$
2,278
$
2,392
$
4,739
$
4,514
Research and development
2,538
2,862
5,794
5,414
Sales and marketing
2,697
3,982
8,692
7,056
General and administrative
2,288
2,117
4,577
3,875
Restructuring
3,646
—
3,646
—
Total stock-based compensation expense
$
13,447
$
11,353
$
27,448
$
20,859
DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended September 30,
Six Months Ended September 30,
2023
2022
2023
2022
Cash flows from operating activities
Net income
$
30,602
$
26,299
$
59,008
$
48,682
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
2,604
2,589
5,208
4,959
Deferred income taxes
—
—
—
105
Stock-based compensation, net of amounts capitalized
13,447
11,353
27,448
20,859
Non-cash lease expense
540
551
1,077
952
Amortization of premium (accretion of discount) on marketable securities, net
(1,495
)
1,218
(1,794
)
2,673
Loss (gain) on sale of marketable securities
(131
)
463
142
500
Amortization of deferred contract costs
2,063
2,072
4,730
4,839
Other
137
37
(15
)
7
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable
(4,388
)
(3,339
)
9,644
2,194
Prepaid expenses and other assets
(13,093
)
2,405
(10,504
)
3,651
Deferred contract costs
(1,238
)
(1,476
)
(2,448
)
(2,342
)
Accounts payable, accrued expenses and other liabilities
(8,740
)
1,635
(8,063
)
(4,474
)
Deferred revenue
(6,831
)
(4,280
)
(13,753
)
1,872
Operating lease liabilities
(579
)
(13
)
(582
)
(211
)
Net cash provided by operating activities
12,898
39,514
70,098
84,266
Cash flows from investing activities
Cash paid for acquisition
—
—
—
(53,500
)
Purchases of property and equipment
(41
)
(766
)
(111
)
(1,476
)
Internal-use software development costs
(1,238
)
(1,051
)
(2,732
)
(2,466
)
Purchases of marketable securities
(144,942
)
(82,307
)
(180,226
)
(91,177
)
Maturities of marketable securities
96,119
16,167
212,768
24,438
Sales of marketable securities
—
49,434
37,525
64,158
Net cash provided by (used in) investing activities
(50,102
)
(18,523
)
67,224
(60,023
)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
3,933
2,570
7,218
5,584
Proceeds from issuance of common stock in connection with the employee stock purchase plan
1,494
2,341
1,494
2,341
Taxes paid related to net share settlement of equity awards
(2,120
)
(1,152
)
(4,084
)
(1,261
)
Repurchase of common stock
(164,429
)
(61,168
)
(186,184
)
(70,042
)
Payment of contingent consideration related to a business combination
—
—
(5,390
)
—
Net cash used in financing activities
(161,122
)
(57,409
)
(186,946
)
(63,378
)
Net decrease in cash and cash equivalents
(198,326
)
(36,418
)
(49,624
)
(39,135
)
Cash and cash equivalents, beginning of period
306,729
110,092
158,027
112,809
Cash and cash equivalents, end of period
$
108,403
$
73,674
$
108,403
$
73,674
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$
29,438
$
123
$
29,438
$
123
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 condensed 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 September 30,
Six Months Ended September 30,
2023
2022
2023
2022
(unaudited)
(in thousands, except percentages)
Net income
$
30,602
$
26,299
$
59,008
$
48,682
Adjusted to exclude the following:
Acquisition and other related expenses
—
—
—
30
Stock-based compensation
9,801
11,353
23,802
20,859
Depreciation and amortization
2,604
2,589
5,208
4,959
Provision for income taxes
9,093
6,710
15,209
6,813
Restructuring expense
7,936
—
7,936
—
Change in fair value of contingent earn-out consideration liability
47
(40
)
316
(94
)
Other income, net
(5,903
)
(908
)
(10,742
)
(1,712
)
Adjusted EBITDA
$
54,180
$
46,003
$
100,737
$
79,537
Revenue
$
113,612
$
102,185
$
222,081
$
192,824
Net income margin
26.9
%
25.7
%
26.6
%
25.2
%
Adjusted EBITDA margin
47.7
%
45.0
%
45.4
%
41.2
%
Three Months Ended September 30,
Six Months Ended September 30,
2023
2022
2023
2022
(unaudited)
(in thousands)
Net cash provided by operating activities
$
12,898
$
39,514
$
70,098
$
84,266
Purchases of property and equipment
(41
)
(766
)
(111
)
(1,476
)
Internal-use software development costs
(1,238
)
(1,051
)
(2,732
)
(2,466
)
Free cash flow
$
11,619
$
37,697
$
67,255
$
80,324
Other cash flow components:
Net cash provided by (used in) investing activities
$
(50,102
)
$
(18,523
)
$
67,224
$
(60,023
)
Net cash used in financing activities
$
(161,122
)
$
(57,409
)
$
(186,946
)
$
(63,378
)
Three Months Ended September 30,
Six Months Ended September 30,
2023
2022
2023
2022
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue
$
12,759
$
13,210
$
25,912
$
26,287
Adjusted to exclude the following:
Stock-based compensation
(2,278
)
(2,392
)
(4,739
)
(4,514
)
Amortization of acquired intangibles
(137
)
(137
)
(274
)
(273
)
Non-GAAP cost of revenue
$
10,344
$
10,681
$
20,899
$
21,500
GAAP gross profit
$
100,853
$
88,975
$
196,169
$
166,537
Adjusted to exclude the following:
Stock-based compensation
2,278
2,392
4,739
4,514
Amortization of acquired intangibles
137
137
274
273
Non-GAAP gross profit
$
103,268
$
91,504
$
201,182
$
171,324
GAAP gross margin
88.8
%
87.1
%
88.3
%
86.4
%
Non-GAAP gross margin
90.9
%
89.5
%
90.6
%
88.8
%
GAAP research and development expense
$
19,958
$
19,104
$
41,889
$
38,126
Adjusted to exclude the following:
Stock-based compensation
(2,538
)
(2,862
)
(5,794
)
(5,414
)
Non-GAAP research and development expense
$
17,420
$
16,242
$
36,095
$
32,712
GAAP sales and marketing expense
$
30,201
$
29,021
$
64,656
$
57,155
Adjusted to exclude the following:
Stock-based compensation
(2,697
)
(3,982
)
(8,692
)
(7,056
)
Amortization of acquired intangibles
(1,061
)
(1,061
)
(2,122
)
(2,124
)
Change in fair value of contingent earn-out consideration liability
(47
)
40
(316
)
94
Non-GAAP sales and marketing expense
$
26,396
$
24,018
$
53,526
$
48,069
GAAP general and administrative expense
$
8,966
$
8,749
$
18,213
$
17,473
Adjusted to exclude the following:
Acquisition and other related expenses
—
—
—
(30
)
Stock-based compensation
(2,288
)
(2,117
)
(4,577
)
(3,875
)
Non-GAAP general and administrative expense
$
6,678
$
6,632
$
13,636
$
13,568
GAAP operating expense
$
67,061
$
56,874
$
132,694
$
112,754
Adjusted to exclude the following:
Acquisition and other related expenses
—
—
—
(30
)
Stock-based compensation
(7,523
)
(8,961
)
(19,063
)
(16,345
)
Amortization of acquired intangibles
(1,061
)
(1,061
)
(2,122
)
(2,124
)
Change in fair value of contingent earn-out consideration liability
(47
)
40
(316
)
94
Restructuring
(7,936
)
—
(7,936
)
—
Non-GAAP operating expense
$
50,494
$
46,892
$
103,257
$
94,349
GAAP operating income
$
33,792
$
32,101
$
63,475
$
53,783
Adjusted to exclude the following:
Acquisition and other related expenses
—
—
—
30
Stock-based compensation
9,801
11,353
23,802
20,859
Amortization of acquired intangibles
1,198
1,198
2,396
2,397
Change in fair value of contingent earn-out consideration liability
47
(40
)
316
(94
)
Restructuring
7,936
—
7,936
—
Non-GAAP operating income
$
52,774
$
44,612
$
97,925
$
76,975
GAAP net income
$
30,602
$
26,299
$
59,008
$
48,682
Adjusted to exclude the following:
Acquisition and other related expenses
—
—
—
30
Stock-based compensation
9,801
11,353
23,802
20,859
Amortization of acquired intangibles
1,198
1,198
2,396
2,397
Change in fair value of contingent earn-out consideration liability
47
(40
)
316
(94
)
Restructuring
7,936
—
7,936
—
Income tax effect of non-GAAP adjustments (1)
(3,986
)
(2,627
)
(7,235
)
(4,870
)
Non-GAAP net income
$
45,598
$
36,183
$
86,223
$
67,004
Non-GAAP net income margin
40.1
%
35.4
%
38.8
%
34.7
%
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic
193,112
193,137
193,813
193,042
Diluted
209,014
213,949
210,681
214,452
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic
$
0.24
$
0.19
$
0.44
$
0.35
Diluted
$
0.22
$
0.17
$
0.41
$
0.31
(1)
For the three and six months ended September 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/20231109485823/en/
Investor Relations Contact: Perry Gold ir@doximity.com
Media Contact: Amanda Cox pr@doximity.com
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