Doximity’s AI-Driven Surge: A William Blair Presentation to Ignite a Valuation Re-Rating

Investors in healthcare technology are about to witness a critical moment for Doximity (NYSE: DOCS). On June 3, 2025, CEO Jeff Tangney will present at the William Blair 45th Annual Growth Stock Conference, a platform that has historically been a catalyst for re-evaluating high-growth firms. This presentation is poised to underscore Doximity’s transformation into a must-own stock in the AI-driven healthcare revolution, with its financial performance, product traction, and strategic vision setting the stage for a valuation re-rating. Here’s why this event could unlock significant upside for shareholders.

The Catalyst: Why This Presentation Matters

Doximity’s Q4 2025 earnings, released on May 15, revealed a company dominating its niche with 20% annual revenue growth, $313.8 million in adjusted EBITDA (55% margin), and a 119% net revenue retention rate. These metrics signal a high-margin, sticky business model with secular tailwinds. But the William Blair presentation offers a chance to crystallize these results into a broader narrative for institutional investors, who may have overlooked Doximity’s potential due to its niche focus on physician engagement.

The event will likely emphasize three key themes:
1. AI’s role in solving physician burnout, where Doximity’s tools reduce “note bloat” and streamline workflows.
2. Pharma’s insatiable demand for ROI-driven platforms, where Doximity’s client portal and AI-driven program optimization are outperforming competitors.
3. Market share gains in a $3 billion+ healthcare digital advertising market, where Doximity is growing at twice the sector’s pace.

The Financial Foundation: A Machine Built for Scale

Doximity’s financials are a textbook case of execution under pressure. Despite macroeconomic headwinds, Q4 revenue hit $138.3 million, exceeding guidance and marking 17% YoY growth. Full-year free cash flow surged to $266.7 million, up 50% year-on-year, while adjusted EBITDA margins expanded to 55%. The company’s $916 million cash balance and $424 million remaining in buyback capacity further underscore its financial flexibility.

But the real magic lies in its network effects:
- 620,000 unique prescribers using Doximity’s workflow tools (up 5x for AI modules).
- 30% YoY growth in News Feed engagement, a key monetization lever.
- 40+ pharma clients leveraging its portal to track real-time ROI and identify “no-see” physicians.

These metrics reflect a self-reinforcing flywheel: more physicians adopt tools → more data → better AI insights → higher client retention → stronger financials.

The AI Opportunity: From Tool to Table Stakes

Doximity’s AI-driven tools, such as Doximity GPT, are no longer a “nice-to-have” but a competitive necessity in healthcare. By automating tasks like summarizing patient records and flagging diagnostic clues, these tools directly address $17 billion in annual costs tied to physician burnout. The CEO’s pivot to AI product development is already paying off:
- Pharma clients are demanding AI orchestration to optimize marketing spend, with ROI tracking features driving 70% of FY2026 revenue already under contract.
- Physician adoption is surging, with specialty-specific AI tools (e.g., for oncologists or cardiologists) creating unassailable barriers to entry.

This shift isn’t just about growth—it’s about owning the future of healthcare delivery.

Risks? Yes. But the Upside Outweighs Them

Critics will point to policy risks, such as drug pricing reforms or reduced pharma marketing budgets. However, Doximity’s client feedback shows pharma is doubling down on AI-driven efficiency, not cutting budgets. Meanwhile, the 2026 guidance—10% revenue growth with margins held at 54%—is intentionally conservative, leaving room for upside if macro fears subside.

Conclusion: A Rare Growth Story with a Catalyst Coming

Doximity is a rare breed: a high-margin, cash-rich tech company with proven execution in a $3 billion+ market it’s set to dominate. The William Blair presentation offers a rare opportunity to crystallize this narrative for a broader audience, potentially unlocking a valuation re-rating.

With shares trading at 12x forward EV/EBITDA—a discount to peers like Veeva Systems (VEEV)—this is a buy before the catalyst. Mark June 3 on your calendar: this could be the day Doximity’s stock finally gets the recognition it deserves.

Act now. The clock is ticking.