Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2025 fourth quarter and fiscal year ended March 31, 2025. “We closed ...
Q4 total revenues of $138.3 million, up 17% year-over-year
Q4 operating cash flow of $98.5 million, up 54% year-over-year
Q4 free cash flow of $97.0 million, up 56% year-over-year
Fiscal year 2025 total revenues of $570.4 million, up 20% year-over-year
Fiscal year 2025 operating cash flow of $273.3 million, up 48% year-over-year
Fiscal year 2025 free cash flow of $266.7 million, up 50% year-over-year
SAN FRANCISCO: Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2025 fourth quarter and fiscal year ended March 31, 2025.
“We closed out fiscal 2025 on a high note, with record engagement, strong profits, and 20% annual revenue growth,” said Jeff Tangney, co-founder and CEO of Doximity. “Our newsfeed, workflow, and AI tools all hit fresh highs in Q4, helping doctors save time and provide the best care for their patients.”
Fiscal 2025 Fourth Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended March 31, 2024.
Fiscal Year 2025 Financial Highlights
All comparisons, unless otherwise noted, are to the fiscal year ended March 31, 2024.
Financial Outlook
Doximity is providing guidance for its fiscal first quarter ending June 30, 2025 as follows:
Doximity is providing guidance for its fiscal year ending March 31, 2026 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 the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024. Additional information will be provided in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. 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) | |||||||
| March 31, 2025 |
| March 31, 2024 | ||||
Assets |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 209,614 |
| $ | 96,785 |
| |
Marketable securities |
| 706,050 |
|
|
| 666,115 |
|
Accounts receivable, net |
| 128,354 |
|
|
| 101,332 |
|
Prepaid expenses and other current assets |
| 44,602 |
|
|
| 48,709 |
|
Total current assets |
| 1,088,620 |
|
|
| 912,941 |
|
Property and equipment, net |
| 13,656 |
|
|
| 12,318 |
|
Deferred income tax assets |
| 60,014 |
|
|
| 45,068 |
|
Operating lease right-of-use assets |
| 8,886 |
|
|
| 12,332 |
|
Intangible assets, net |
| 23,072 |
|
|
| 27,317 |
|
Goodwill |
| 67,940 |
|
|
| 67,940 |
|
Other assets |
| 2,121 |
|
|
| 1,458 |
|
Total assets | $ | 1,264,309 |
|
| $ | 1,079,374 |
|
Liabilities and Stockholders’ Equity |
|
|
| ||||
Current liabilities: |
|
|
| ||||
Accounts payable | $ | 1,356 |
|
| $ | 2,253 |
|
Accrued expenses and other current liabilities |
| 38,405 |
|
|
| 43,703 |
|
Deferred revenue, current |
| 114,285 |
|
|
| 99,145 |
|
Operating lease liabilities, current |
| 2,211 |
|
|
| 2,149 |
|
Total current liabilities |
| 156,257 |
|
|
| 147,250 |
|
Deferred revenue, non-current |
| 280 |
|
|
| 211 |
|
Operating lease liabilities, non-current |
| 10,185 |
|
|
| 12,397 |
|
Contingent earn-out consideration liability, non-current |
| 5,579 |
|
|
| 10,895 |
|
Other liabilities, non-current |
| 9,383 |
|
|
| 7,224 |
|
Total liabilities |
| 181,684 |
|
|
| 177,977 |
|
Stockholders' Equity |
|
|
| ||||
Preferred stock |
| — |
|
|
| — |
|
Common stock |
| 189 |
|
|
| 187 |
|
Additional paid-in capital |
| 894,225 |
|
|
| 823,885 |
|
Accumulated other comprehensive income (loss) |
| 1,323 |
|
|
| (2,664 | ) |
Retained earnings |
| 186,888 |
|
|
| 79,989 |
|
Total stockholders' equity |
| 1,082,625 |
|
|
| 901,397 |
|
Total liabilities and stockholders’ equity | $ | 1,264,309 |
|
| $ | 1,079,374 |
|
DOXIMITY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | |||||||||||||||
| Three Months Ended March 31, |
| Fiscal Year Ended March 31, | ||||||||||||
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||||||
Revenue | $ | 138,288 |
|
| $ | 118,057 |
| $ | 570,399 |
| $ | 475,422 | |||
Cost of revenue(1) |
| 14,467 |
|
|
| 12,567 |
|
|
| 55,874 |
|
|
| 50,669 |
|
Gross profit |
| 123,821 |
|
|
| 105,490 |
|
|
| 514,525 |
|
|
| 424,753 |
|
Operating expenses(1): |
|
|
|
|
|
|
| ||||||||
Research and development |
| 24,803 |
|
|
| 20,148 |
|
|
| 93,038 |
|
|
| 81,983 |
|
Sales and marketing |
| 37,611 |
|
|
| 33,517 |
|
|
| 145,713 |
|
|
| 133,129 |
|
General and administrative |
| 12,727 |
|
|
| 9,973 |
|
|
| 45,670 |
|
|
| 37,827 |
|
Restructuring and impairment charges |
| — |
|
|
| — |
|
|
| 2,304 |
|
|
| 7,936 |
|
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