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Doximity Reports Strong Q3 Earnings with 25% Revenue Growth

byLuca Blaumann
February 7, 2025
in Medical Devices, Mid-Cap
Reading Time: 3 mins read
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AI Tools and Provider Engagement Drive Record Performance

Doximity (DOCS), the leading digital platform for U.S. medical professionals, reported strong fiscal 2025 third-quarter results, showcasing significant growth in revenue, net income, and adjusted EBITDA. For the quarter ended December 31, 2024, the company delivered total revenue of $168.6 million, marking a 25% year-over-year increase from $135.3 million in the same period last year.

“We’re proud to deliver another quarter of record engagement in Q3, with over 610,000 unique providers using our clinical workflow tools,” said Jeff Tangney, co-founder and CEO of Doximity. “Our AI tools grew the fastest last quarter, up 60% over the prior quarter, while our newsfeed surpassed more than one million unique providers.”

Financial Highlights

  • Revenue: $168.6 million, up 25% from $135.3 million in Q3 FY2024.
  • Net Income: $75.2 million, reflecting a 57% increase from $48.0 million.
  • Non-GAAP Net Income: $91.4 million, up from $58.5 million, with a margin improvement to 54.2%.
  • Adjusted EBITDA: $102.0 million, an increase of 39% from $73.3 million, with adjusted EBITDA margins reaching 60.5%.
  • Diluted EPS: $0.37 per share, compared to $0.24 per share in the previous year.
  • Operating Cash Flow: $65.2 million, reflecting a 30% growth from $50.1 million.
  • Free Cash Flow: $63.4 million, up from $48.7 million, also representing a 30% increase.

Growth Drivers and AI Expansion

Doximity’s robust performance was fueled by increasing adoption of its AI-driven tools, which saw a remarkable 60% growth in the quarter. Additionally, its newsfeed feature surpassed one million unique providers, underlining the platform’s expanding engagement and utility for medical professionals.

Financial Outlook

Looking ahead, Doximity provided guidance for its fiscal fourth quarter ending March 31, 2025:

  • Revenue: Expected between $132.5 million and $133.5 million.
  • Adjusted EBITDA: Forecasted between $62.5 million and $63.5 million.

For the full fiscal year 2025, the company revised its projections:

  • Revenue: Estimated between $564.6 million and $565.6 million.
  • Adjusted EBITDA: Expected between $306.6 million and $307.6 million.

Doximity’s continued investment in AI tools and digital engagement solutions positions the company for sustained growth. With strong financial performance and increasing adoption among healthcare professionals, the company remains a key player in the digital health space.

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