Doximity (DOCS) has been beaten down lately with too much selling pressure. While the stock has lost 7% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that mea ...

Investors with an interest in Medical Services stocks have likely encountered both Icon PLC (ICLR) and Doximity (DOCS) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive ear ...

SAN FRANCISCO--(BUSINESS WIRE)--Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced that it will participate in the following upcoming investor events. Raymond James 45th Annual Institutional Investors Conference Date: March 5, 2024 Fireside Chat Time: 2:50 pm ET/11:50 am PT Speaker: Anna Bryson, Chief Financial Officer Barclays 26th Annual Global Healthcare Conference Date: March 13, 2024 Fireside Chat Time: 11:15 am ET/8:15 am PT Speaker: Anna Bryson ...

Financial Data and Key Metrics Changes - The company raised its fiscal 2024 annual revenue guidance midpoint by $8 million or 2%, and its EBITDA guidance midpoint by 6% to $225 million, representing a 47% margin [7][32] - Q3 revenue grew to $135.3 million, up 17% year-over-year, exceeding the high end of the guidance range [30] - The net revenue retention rate was 115% on a trailing 12-month basis, with the top 20 customers showing a higher rate of 122% [30] Business Line Data and Key Metrics Changes - New modules, including Peer-to-Peer, Point-of-Care, and Formulary, grew over 100% year-over-year during the upfront season [13][16] - The company reported strong performance in modules outside traditional marketing budgets, indicating a shift in customer spending [12][13] Market Data and Key Metrics Changes - The company expects the market to grow roughly 5% to 7% in calendar year 2024, with confidence in outperforming this growth [18][73] - The company noted a more condensed upsell season compared to the previous year, affecting budget allocations [77] Company Strategy and Development Direction - The next phase of growth is anticipated to be AI-fueled, with a focus on enhancing the workflow platform and integrating new technologies [9][10] - The company is excited about the potential of its client portal to unlock new customer segments and improve sales efficiency [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance in Q3 and the potential for continued growth, despite macroeconomic uncertainties [73][88] - The company is focused on maintaining a high-tech and high-touch relationship with clients, ensuring personalized service while leveraging technology [144][148] Other Important Information - The company has repurchased $262 million worth of shares, reducing fully diluted shares outstanding by approximately 6% [12] - The gross margin reached a record non-GAAP level of 93%, driven by revenue outperformance and cost optimization [31][65] Q&A Session All Questions and Answers Question: What are the key factors for share gains relative to budgets? - Management believes that continued investment in newer modules and their packaged approach will drive share gains, despite market growth expectations of 5% to 7% [18][40] Question: Can you discuss the portal's readiness for purchasing? - The portal is currently being used by 10% of customers, with positive feedback. Management plans to gradually roll it out to more clients while ensuring a smooth transition [20][22] Question: How does the company view the market growth in fiscal '25? - Management indicated that while the market growth rate remains uncertain, they are optimistic about their ability to gain share based on strong customer investment [73][92] Question: What is the impact of the new modules on legacy products? - New modules are expected to unlock new budgets and are not seen as cannibalizing legacy products, as they offer more interactive solutions [47][125] Question: How is the company addressing the sales relationship with the portal? - The company aims to maintain a balance between high-tech solutions and high-touch service, ensuring clients can access data easily while still receiving personalized support [144][148]

For the quarter ended December 2023, Doximity (DOCS) reported revenue of $135.28 million, up 17.4% over the same period last year. EPS came in at $0.29, compared to $0.22 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $127.46 million, representing a surprise of +6.14%. The company delivered an EPS surprise of +20.83%, with the consensus EPS estimate being $0.24.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...

Doximity (DOCS) came out with quarterly earnings of $0.29 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20.83%. A quarter ago, it was expected that this medical social networking site would post earnings of $0.18 per share when it actually produced earnings of $0.22, delivering a surprise of 22.22%.Over the last four quarte ...

Part I—Financial Information [Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents Doximity's unaudited condensed consolidated financial statements for Q3 and nine months ended Dec 31, 2023, including balance sheets, operations, and cash flows [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Doximity's total assets decreased to **$1.0 billion** from **$1.14 billion** as of December 31, 2023, driven by reduced cash and marketable securities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $840,899 | $975,453 | | **Total Assets** | **$1,000,649** | **$1,136,888** | | **Total Current Liabilities** | $104,762 | $139,507 | | **Total Liabilities** | **$136,035** | **$170,772** | | **Total Stockholders' Equity** | **$864,614** | **$966,116** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 2023, revenue grew **17%** to **$135.3 million** and net income increased **43%** to **$48.0 million**, with diluted EPS at **$0.24** Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $135,284 | $115,262 | $357,365 | $308,086 | | **Gross Profit** | $123,094 | $101,736 | $319,263 | $268,273 | | **Income from Operations** | $58,551 | $38,484 | $122,026 | $92,267 | | **Net Income** | $47,956 | $33,468 | $106,964 | $82,150 | | **Diluted EPS** | $0.24 | $0.16 | $0.52 | $0.38 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$120.2 million**, while investing activities provided **$107.4 million**, and financing used **$262.4 million** due to repurchases Cash Flow Summary for Nine Months Ended Dec 31 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $120,152 | $132,963 | | **Net cash provided by (used in) investing activities** | $107,356 | $(46,719) | | **Net cash used in financing activities** | $(262,446) | $(62,599) | - The increase in cash paid for income taxes to **$38.4 million** from **$2.5 million** YoY was partially related to the Tax Cuts and Jobs Act of 2017, requiring capitalization and amortization of R&D expenditures[197](index=197&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, revenue recognition, investments, equity structure, and the August 2023 restructuring plan - The company's revenue primarily derives from Marketing Solutions and Hiring Solutions for pharmaceutical and health system customers[28](index=28&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) Revenue Disaggregation (in thousands) | Revenue Source | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Subscription | $129,489 | $107,508 | $337,398 | $286,556 | | Other | $5,795 | $7,754 | $19,967 | $21,530 | | **Total revenue** | **$135,284** | **$115,262** | **$357,365** | **$308,086** | - In August 2023, the company initiated a restructuring plan, reducing its workforce by approximately **10%** and incurring **$7.9 million** in related expenses[120](index=120&type=chunk) - As of December 31, 2023, **$62.0 million** remained available under the latest **$70 million** stock repurchase program authorized in October 2023[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting **17%** revenue growth, key metrics, non-GAAP measures, operational results, liquidity, and capital resources [Overview and Key Metrics](index=37&type=section&id=Overview%20and%20Key%20Metrics) Doximity, a leading digital platform for U.S. medical professionals, achieved **17%** YoY revenue growth in Q3 2023, with key customer and retention metrics monitored - Doximity's platform includes over **80%** of U.S. physicians across all 50 states and every medical specialty[137](index=137&type=chunk) Key Business Metrics as of December 31 | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Customers with at least $100,000 of TTM revenue | 289 | 282 | | Net revenue retention rate | 115% | 119% | [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes Adjusted EBITDA and Free Cash Flow as key non-GAAP measures, with Adjusted EBITDA reaching **$73.3 million** (54% margin) in Q3 2023 Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net income** | $47,956 | $33,468 | $106,964 | $82,150 | | **Adjusted EBITDA** | **$73,283** | **$55,501** | **$174,020** | **$135,038** | | Net income margin | 35% | 29% | 30% | 27% | | Adjusted EBITDA margin | 54% | 48% | 49% | 44% | Reconciliation of Net Cash from Operations to Free Cash Flow (in thousands) | Metric | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $120,152 | $132,963 | | Purchases of property and equipment | $(147) | $(1,680) | | Internal-use software development costs | $(4,020) | $(3,478) | | **Free cash flow** | **$115,985** | **$127,805** | [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Q3 2023 revenue increased **17%** to **$135.3 million**, driven by subscription growth and improved gross margin to **91%**, while operating expenses remained relatively flat - The **$20.0 million** YoY revenue increase in Q3 was primarily driven by **$16.0 million** from existing customers and **$6.0 million** from new customers[173](index=173&type=chunk) - Gross margin for Q3 and the nine-month period increased to **91%** and **89%** respectively, benefiting from revenue growth and restructuring efficiencies[174](index=174&type=chunk)[176](index=176&type=chunk) - The company incurred **$7.9 million** in restructuring charges during the nine months ended Dec 31, 2023, related to a **10%** workforce reduction[184](index=184&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2023, liquidity totaled **$710.2 million** in cash and marketable securities, with active share repurchase programs including a new **$70 million** authorization - Principal sources of liquidity as of December 31, 2023, were cash, cash equivalents, and marketable securities totaling **$710.2 million**[188](index=188&type=chunk) - The company completed **$340 million** in share repurchase programs and authorized a new **$70 million** program in October 2023, with **$62.0 million** remaining available as of Dec 31, 2023[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks, primarily interest rate risk on its **$710.2 million** investment portfolio, with a **100 basis point** rate increase potentially decreasing its market value by **$2.9 million** - The company's primary market risk is interest rate risk affecting its **$710.2 million** portfolio of cash, cash equivalents, and marketable securities[188](index=188&type=chunk)[208](index=208&type=chunk) - A hypothetical **100 basis point** increase in interest rates would decrease the market value of cash equivalents and marketable securities by **$2.9 million** as of December 31, 2023[210](index=210&type=chunk) [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2023, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the report period end[212](index=212&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[213](index=213&type=chunk) Part II—Other Information [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any legal matters that would materially affect its financial position or results of operations - The company is not aware of any legal matters that would materially affect its financial results[126](index=126&type=chunk)[216](index=216&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023 - No material changes to the risk factors from the Annual Report on Form 10-K for the fiscal year ended March 31, 2023, have been reported[217](index=217&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details unregistered equity sales, including stock option exercises and warrant, and updates on share repurchase activities, with no material change in IPO proceeds use Share Repurchases for Q3 2023 | Period | Total Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 1 - 31, 2023 | 2,916,353 | $21.84 | | Nov 1 - 30, 2023 | 162,720 | $24.17 | | Dec 1 - 31, 2023 | 169,240 | $24.13 | | **Total** | **3,248,313** | - | - The October 2022 (**$70 million**) and June 2023 (**$200 million**) repurchase programs were completed as of October 2023, with a new **$70 million** program authorized[222](index=222&type=chunk)[224](index=224&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) CFO Anna Bryson adopted a Rule 10b5-1 trading plan on November 30, 2023, to sell **120,000** shares of common stock over a one-year period - CFO Anna Bryson adopted a Rule 10b5-1 trading plan on November 30, 2023, to sell **120,000** shares of common stock over a one-year period[228](index=228&type=chunk)

Wall Street analysts forecast that Doximity (DOCS) will report quarterly earnings of $0.24 per share in its upcoming release, pointing to a year-over-year increase of 9.1%. It is anticipated that revenues will amount to $127.46 million, exhibiting an increase of 10.6% compared to the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Befo ...

Doximity, Inc. (NYSE:DOCS) Q2 2024 Earnings Conference Call November 9, 2023 5:00 PM ET Company Participants Perry Gold - VP of IR Jeffrey Tangney - Co-Founder & CEO Anna Bryson - CFO Nate Gross - Co-Founder & CSO Conference Call Participants Brian Peterson - Raymond James Richard Close - Canaccord Genuity Ryan Daniels - William Blair Scott Berg - Needham & Company Samir Patel - Evercore ISI Jessica Tassan - Piper Sandler Scott Schoenhaus - KeyBanc Craig Hettenbach - Morgan Stanley Jailendra Singh - Truist ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q _________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file numbe ...