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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 | |
---|---|---|---|---|---|---|---|---|
0.136 | 0.33% | 41.386 | 41.8707 | 41.30 | 41.47 | 227,669 | 18:19:35 |
Total revenues of $126.7 million, up 17% year-over-year Net income growth of 46% and adjusted EBITDA growth of 42% year-over-year
Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2025 first quarter ended June 30, 2024.
“We were pleased to deliver strong profits and record engagement last quarter, as we beat on both our top and bottom lines,” said Jeff Tangney, co-founder and CEO of Doximity. “Last quarter, a record 590,000 unique providers used our AI, telehealth, messaging, and scheduling workflow tools to save time and better serve their patients.”
Fiscal 2025 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2023.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2024 as follows:
Doximity is providing guidance for its fiscal year ending March 31, 2025 as follows:
Conference Call Information
Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. 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 more than 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, streamline documentation and administrative paperwork, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.
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, 2024 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)
June 30, 2024
March 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
111,442
$
96,785
Marketable securities
639,046
666,115
Accounts receivable, net
120,910
101,332
Prepaid expenses and other current assets
37,068
48,709
Total current assets
908,466
912,941
Property and equipment, net
12,869
12,318
Deferred income tax assets
44,742
45,068
Operating lease right-of-use assets
11,852
12,332
Intangible assets, net
26,256
27,317
Goodwill
67,940
67,940
Other assets
1,333
1,458
Total assets
$
1,073,458
$
1,079,374
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
1,656
$
2,253
Accrued expenses and other current liabilities
28,488
43,703
Deferred revenue, current
102,943
99,145
Operating lease liabilities, current
2,190
2,149
Total current liabilities
135,277
147,250
Deferred revenue, non-current
116
211
Operating lease liabilities, non-current
11,841
12,397
Contingent earn-out consideration liability, non-current
5,349
10,895
Other liabilities, non-current
7,295
7,224
Total liabilities
159,878
177,977
Stockholders' Equity
Preferred stock
—
—
Common stock
186
187
Additional paid-in capital
841,470
823,885
Accumulated other comprehensive loss
(1,008
)
(2,664
)
Retained earnings
72,932
79,989
Total stockholders’ equity
913,580
901,397
Total liabilities and stockholders’ equity
$
1,073,458
$
1,079,374
DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
2024
2023
Revenue
$
126,676
$
108,469
Cost of revenue(1)
13,550
13,153
Gross profit
113,126
95,316
Operating expenses(1):
Research and development
22,574
21,931
Sales and marketing
35,244
34,455
General and administrative
9,255
9,247
Total operating expenses
67,073
65,633
Income from operations
46,053
29,683
Other income, net
7,116
4,839
Income before income taxes
53,169
34,522
Provision for income taxes
11,792
6,116
Net income
$
41,377
$
28,406
Net income per share attributable to Class A and Class B common stockholders:
Basic
$
0.22
$
0.15
Diluted
$
0.21
$
0.13
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic
185,610
194,521
Diluted
199,224
212,355
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended June 30,
2024
2023
Cost of revenue
$
2,894
$
2,461
Research and development
4,684
3,256
Sales and marketing
6,586
5,995
General and administrative
2,926
2,289
Total stock-based compensation expense
$
17,090
$
14,001
DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended June 30,
2024
2023
Cash flows from operating activities
Net income
$
41,377
$
28,406
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
2,562
2,604
Stock-based compensation, net of amounts capitalized
17,090
14,001
Non-cash lease expense
481
537
Accretion of discount on marketable securities, net
(2,360
)
(299
)
Net loss on sale of marketable securities
—
273
Amortization of deferred contract costs
2,726
2,667
Change in fair value of contingent earn-out consideration liability
202
269
Other
(738
)
(421
)
Changes in operating assets and liabilities:
Accounts receivable
(19,372
)
14,032
Prepaid expenses and other assets
10,460
2,589
Deferred contract costs
(1,431
)
(1,210
)
Accounts payable, accrued expenses and other liabilities
(12,942
)
677
Deferred revenue
3,704
(6,922
)
Operating lease liabilities
(516
)
(3
)
Net cash provided by operating activities
41,243
57,200
Cash flows from investing activities
Purchases of property and equipment
—
(70
)
Internal-use software development costs
(1,704
)
(1,494
)
Purchases of marketable securities
(170,413
)
(35,284
)
Maturities of marketable securities
202,058
116,649
Sales of marketable securities
—
37,525
Net cash provided by investing activities
29,941
117,326
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options
2,551
3,285
Taxes paid related to net share settlement of equity awards
(2,394
)
(1,964
)
Repurchase of common stock
(51,214
)
(21,755
)
Payment of contingent consideration related to a business combination
(5,470
)
(5,390
)
Net cash used in financing activities
(56,527
)
(25,824
)
Net increase in cash and cash equivalents
14,657
148,702
Cash and cash equivalents, beginning of period
96,785
158,027
Cash and cash equivalents, end of period
$
111,442
$
306,729
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$
12,907
$
—
Non-GAAP Financial Measures
To supplement our condensed 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 June 30,
2024
2023
(unaudited)
(in thousands, except percentages)
Net income
$
41,377
$
28,406
Adjusted to exclude the following:
Stock-based compensation
17,090
14,001
Depreciation and amortization
2,562
2,604
Provision for income taxes
11,792
6,116
Change in fair value of contingent earn-out consideration liability
202
269
Other income, net
(7,116
)
(4,839
)
Adjusted EBITDA
$
65,907
$
46,557
Revenue
$
126,676
$
108,469
Net income margin
32.7
%
26.2
%
Adjusted EBITDA margin
52.0
%
42.9
%
Three Months Ended June 30,
2024
2023
(unaudited)
(in thousands)
Net cash provided by operating activities
$
41,243
$
57,200
Purchases of property and equipment
—
(70
)
Internal-use software development costs
(1,704
)
(1,494
)
Free cash flow
$
39,539
$
55,636
Other cash flow components:
Net cash provided by investing activities
$
29,941
$
117,326
Net cash used in financing activities
$
(56,527
)
$
(25,824
)
Three Months Ended June 30,
2024
2023
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue
$
13,550
$
13,153
Adjusted to exclude the following:
Stock-based compensation
(2,894
)
(2,461
)
Amortization of acquired intangibles
—
(137
)
Non-GAAP cost of revenue
$
10,656
$
10,555
GAAP gross profit
$
113,126
$
95,316
Adjusted to exclude the following:
Stock-based compensation
2,894
2,461
Amortization of acquired intangibles
—
137
Non-GAAP gross profit
$
116,020
$
97,914
GAAP gross margin
89.3
%
87.9
%
Non-GAAP gross margin
91.6
%
90.3
%
GAAP research and development expense
$
22,574
$
21,931
Adjusted to exclude the following:
Stock-based compensation
(4,684
)
(3,256
)
Non-GAAP research and development expense
$
17,890
$
18,675
GAAP sales and marketing expense
$
35,244
$
34,455
Adjusted to exclude the following:
Stock-based compensation
(6,586
)
(5,995
)
Amortization of acquired intangibles
(1,061
)
(1,061
)
Change in fair value of contingent earn-out consideration liability
(202
)
(269
)
Non-GAAP sales and marketing expense
$
27,395
$
27,130
GAAP general and administrative expense
$
9,255
$
9,247
Adjusted to exclude the following:
Stock-based compensation
(2,926
)
(2,289
)
Non-GAAP general and administrative expense
$
6,329
$
6,958
GAAP operating expense
$
67,073
$
65,633
Adjusted to exclude the following:
Stock-based compensation
(14,196
)
(11,540
)
Amortization of acquired intangibles
(1,061
)
(1,061
)
Change in fair value of contingent earn-out consideration liability
(202
)
(269
)
Non-GAAP operating expense
$
51,614
$
52,763
GAAP operating income
$
46,053
$
29,683
Adjusted to exclude the following:
Stock-based compensation
17,090
14,001
Amortization of acquired intangibles
1,061
1,198
Change in fair value of contingent earn-out consideration liability
202
269
Non-GAAP operating income
$
64,406
$
45,151
GAAP net income
$
41,377
$
28,406
Adjusted to exclude the following:
Stock-based compensation
17,090
14,001
Amortization of acquired intangibles
1,061
1,198
Change in fair value of contingent earn-out consideration liability
202
269
Income tax effect of non-GAAP adjustments (1)
(3,854
)
(3,248
)
Non-GAAP net income
$
55,876
$
40,626
Non-GAAP net income margin
44.1
%
37.5
%
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic
185,610
194,521
Diluted
199,224
212,355
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic
$
0.30
$
0.21
Diluted
$
0.28
$
0.19
(1)
For the three months ended June 30, 2024 and 2023, 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/20240808776516/en/
Investor Relations Contact: Perry Gold ir@doximity.com
Media Contact: Amanda Cox pr@doximity.com
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