Doximity Announces New Workflow Products, Long-Term Financial Targets at Inaugural Investor Day
June 06 2023 - 2:00PM
Business Wire
Company Charts Path to $1 Billion in Revenue by
Fiscal Year 2028
Doximity, Inc. (NYSE: DOCS), the leading digital platform for
U.S. medical professionals, today announced new physician workflow
products and long-term financial targets during its inaugural
Investor Day at the New York Stock Exchange.
“In the two years since our IPO, we have doubled our revenue and
expanded our paid enterprise subscriptions to over 40% of all U.S.
physicians,” said Jeff Tangney, co-founder and CEO of Doximity.
“We’re proud to help physicians streamline their workflows, so they
can provide better care for their patients.”
Long-Term Financial Targets and Key Financial
Announcements
- Greater than $1 billion in revenue in fiscal 2028
- Long-term operating model adjusted EBITDA margins of 45%+
- Additional $200 million in share repurchases over the next 24
months
Product Innovation
Doximity continues to innovate with new AI and productivity
tools. These include:
- www.BestDoc.ai: With detailed CVs on over 80% of U.S.
physicians, Doximity is already the place where doctors find
sub-specialists for referrals and second opinions. BestDoc.ai is a
GPT-powered chatbot to help users navigate sub-specialized care and
find the best medical experts in their local area for any
particular disease, condition, or procedure.
- Hospital Directories: Doctors on the go often need to
call specific labs or hospital departments to get updates on their
patients, but they don’t always carry that laminated sheet of phone
numbers with them. Fret not, Doximity hospital directories are now
live at more than 50 hospitals with more coming soon.
- Hold for Me: Doximity’s new hold assistant lets doctors
skip the hold music with pharmacies and insurance companies. It
detects when the call is answered by a human and rings the doctor
to rejoin. Physician users estimate it’ll save them 61 minutes of
wait time per month, a full extra hour to spend on patient
care.
New Workflow Metric
The company announced a new, more comprehensive usage metric:
unique quarterly active workflow providers. This metric measures
workflow engagement across Doximity’s workflow tools, which today
include telehealth, scheduling, digital fax, e-signature, secure
messaging, and DocsGPT. Doximity reported more than 500,000
quarterly active workflow providers for the quarter ended March 31,
2023.
Stock Repurchase Program
Doximity’s Board of Directors authorized another program to
repurchase up to $200 million of the Company’s Class A common
stock. The repurchases are expected to be executed over the next 24
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.
Webcast of Investor Day
A replay of Doximity’s Investor Day will be available following
the event at https://investors.doximity.com.
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,
including the resurgence or resolution of the COVID-19 pandemic or
other pandemics, epidemics or infectious diseases; (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
annual period ended March 31, 2023. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230606005544/en/
Investor Relations Contact: Perry Gold
ir@doximity.com
Media Contact: Amanda Cox pr@doximity.com
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