What were the key takeaways from Doximity’s earnings call?

What is the revenue and EPS growth rate for Doximity year over year?

What is the market's earnings forecast for Doximity next quarter?

What guidance did Doximity's management provide for the next earnings period?

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What were the key takeaways from Doximity's earnings call?

- **Revenue Superformance**: $169M Q2 revenue (+23% YoY), 7% above guidance, with 60% EBITDA margin.
- **AI Growth Engine**: AI tools up 50% QoQ, Scribe users tripled, and 40% of bookings from integrated programs vs. 5% YoY.
- **Financial Strength**: $91.6M free cash flow, $878M cash, and 13% FY26 revenue growth guided.
- **Market Differentiation**: Unique access to 2,000+ journals and HIPAA-compliant AI scribe outpace competitors.

**【CEO Summary Section】**
- Q2 2026 revenue reached $169 million, up 23% YoY, with a 7% beat on the high end of guidance. Adjusted EBITDA margin was 60% ($101 million), 15% above guidance.
- Network growth: 650,000 unique prescribers used workflow tools, AI tools grew 50% QoQ, and newsfeed engagement hit new highs.
- AI advancements: Pathway acquisition integrated into DoxGPT, offering instant drug references and full-text journal access. Scribe users tripled QoQ.

**【CFO Financial Commentary】**
- GAAP net income: $420 million; Non-GAAP EPS: $1.08 (vs. $0.95 prior year). Gross margin: 92%, flat YoY.
- Free cash flow: $91.6 million (37% YoY growth). Cash balance: $878 million. Shares repurchased: $21.9 million.
- FY26 guidance: Revenue $640-646 million (13% growth), EBITDA $351-357 million (55% margin). Integrated programs now 40% of bookings vs. 5% YoY.

**【Q&A Highlights】**
- **Budget Uncertainty**: 2026 calendar year budgets face policy-related delays, but client engagement with integrated programs remains strong.
- **AI Strategy**: AI tools (e.g., Scribe) drive 50% QoQ growth; 100+ AI developers optimize client ROI. SMB bookings up 100% YoY.
- **Competitive Edge**: Unique access to 2,000+ medical journals and HIPAA-compliant AI scribe differentiate DoxGPT from competitors.
- **Policy Impact**: Direct-to-consumer ad restrictions may shift pharma budgets, but Doximity's portal and AI tools maintain client loyalty.


Doximity, Inc. (DOCS) Q2 2026 Earnings Call Transcript

- **Revenue Beats Expectations**: Q1 2026 revenue up 15% YoY to $146M, EBITDA margin 55%, free cash flow +52% YoY.
- **AI Growth Engine**: 
  - Scribe beta tested by 10,000+ providers, 75% weekly retention.
  - Pathway acquisition adds 96% USMLE-accurate clinical AI, integrated into Doximity GPT.
  - AI tools reduce "pajama time" by automating notes and clinical queries.
- **Strong Balance Sheet**: $841M cash, $122M share buybacks in Q1, $302M remaining in program.
- **Guidance Cautious**: FY2026 revenue $628-636M (11% YoY), reflecting policy uncertainty but broad-based business strength.
- **Operational Excellence**: Flat headcount over 2 years, AI-driven efficiency boosts margins despite $2M FY26 Pathway costs.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 2026 revenue of $146 million, up 15% YoY, exceeding high-end guidance by 4%. Adjusted EBITDA of $80 million (55% margin) and free cash flow up 52% YoY.
- **Network Expansion**: Record 1 million quarterly active prescribers in newsfeed, 630,000 active users in workflow tools, and AI tools growing 5x YoY.
- **AI Product Launches**: 
  - **Scribe**: Free AI scribe for medical notes, beta-tested by 10,000+ providers, with 75% weekly retention. Integrates with telehealth tools.
  - **Pathway Acquisition**: Montreal-based AI clinical reference startup with 96% USMLE accuracy. Integrated into Doximity GPT, beta-tested by thousands.
  - **DocsGPT**: HIPAA-compliant AI for clinical queries, powered by Pathway's corpus of guidelines, drugs, and trials.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - GAAP revenue $145.9M (15% YoY), non-GAAP gross margin 91%, adjusted EBITDA $79.8M (55% margin).
  - Free cash flow $60.1M (52% YoY growth), cash reserves $841M.
  - Share buybacks $122.3M in Q1, $302M remaining in program.
- **Guidance**: 
  - Q2 2026: Revenue $157-158M (15% YoY), EBITDA $87-88M (56% margin).
  - FY 2026: Revenue $628-636M (11% YoY), EBITDA $341-349M (55% margin).
- **Costs**: Pathway acquisition ($26M cash, $37M equity) adds $2M FY26 OpEx. Stock comp to rise to 17-18% of revenue in FY26-27.

**【Q&A Key Highlights】**
- **AI Strategy**: 
  - Scribe could become enterprise product (similar to Dialer), with pharma clients already expressing interest.
  - Pathway's clinical reference tool has 300,000+ registered users, with thousands paying $300/year for premium version.
  - AI tools aim to reduce "pajama time" (1.5hrs/night for notes) and improve physician efficiency.
- **Market Trends**: 
  - Pharma SMBs growing 100% YoY in Q1, driven by client portal adoption.
  - Health system business outperforming expectations, with 17/20 top systems using enterprise solutions.
  - Curative (locum staffing) up 20% YoY, leveraging AI for recruitment.
- **Policy Risks**: 
  - Guidance cautious due to ongoing policy uncertainty (e.g., DTC drug ads ban). 
  - 70%+ of FY26 subscription revenue under contract, but remaining bookings dependent on renewals.
- **Operational Efficiency**: 
  - Headcount flat over 2 years despite growth, driven by internal AI adoption for sales, R&D, and G&A.
  - Client portal enables SMBs to self-manage campaigns, reducing sales friction.


Doximity, Inc. (DOCS) Q1 2026 Earnings Call Transcript

- **Revenue Growth**: Q4 2025 revenue up 17% YoY to $138M, FY2025 total $570M (20% YoY). Free cash flow surges 56% YoY to $97M. 
- **AI-Driven Expansion**: AI prescribers up 5x YoY; pharma clients prioritize AI for 2x revenue growth. 
- **Profitability**: Adjusted EBITDA margin 50% in Q4, FY2025 margin 55% (vs. 48% prior). 
- **FY2026 Outlook**: 10% YoY revenue growth, 54% EBITDA margin. Pharma to grow ~2x market rate. 
- **Key Risk**: Assuming 5% market growth vs. 7% prior due to macro uncertainty. 


**【CEO Summary Section】**
- **Revenue Performance**: Q4 2025 revenue of $138M (17% YoY growth), FY2025 total $570M (20% YoY). Top 20 clients grew 23% YoY. Free cash flow reached $97M (56% YoY growth), FY2025 total $267M (50% YoY growth). 
- **Network Growth**: Unique active users hit all-time highs across metrics. Newsfeed users and article interactions up 30% YoY. AI tools adoption surged, with AI prescribers up 5x YoY. 
- **Client Engagement**: 13th Annual Physician Tech Summit highlighted AI adoption (e.g., document analysis for clinical decision-making). Pharma Client Summit saw 40+ leaders prioritize AI-driven program optimization. 

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: Non-GAAP gross margin 91%, adjusted EBITDA $69.7M (50% margin). FY2025 adjusted EBITDA $314M (36% YoY growth). 
- **FY2026 Guidance**: Q1 2026 revenue $139-140M (10% YoY), FY2026 $619-631M (10% YoY). Adjusted EBITDA margin expected at 54%. 
- **Strategic Shifts**: 70% of FY2026 subcription revenue under contract. Pharma business to grow ~2x market rate (5-7% growth). AI investments to enhance efficiency and product differentiation. 

**【Q&A Key Themes】**
- **Macroeconomic Impact**: No current slowdown seen, but assuming 5% market growth vs. 7% prior. Pharma clients cautious but optimistic, with AI adoption driving 2x revenue growth. 
- **AI Payoff**: Early AI investments reducing headcount growth while maintaining margin expansion. Long-term potential for 50%+ EBITDA margins. 
- **Competitive Position**: 84% revenue from 116 clients >$500K ARR. Workflow tools (formulary, point-of-care) growing 100%+ YoY, becoming second-largest revenue driver. 
- **Policy Risks**: Neutral impact on core business; focus on high ROI digital channels vs. DTC. Formulary module aligns with drug pricing transparency trends. 


Doximity, Inc. (DOCS) Q4 2025 Earnings Call Transcript

- **Revenue & Profit Superlatives**: $169M (25% YoY), 61% EBITDA margin, 122% top client growth
- **AI Explosion**: 1.8M prompts (60% QoQ), 1M+ prescribers using news feed
- **Portal Penetration**: 50% clients active, 10 agencies trained, 1st $15M brand
- **Sustainability**: 93% gross margin, $63.4M free cash flow, 19% FY25 revenue growth
- **Market Leadership**: 20% of sales from new modules, 3x market share gain this year

**【CEO Financial Highlights】**
- Q3 revenue: $169M (25% YoY growth, 10% above high-end guidance)
- Adjusted EBITDA: $102M (61% margin, 39% YoY growth)
- Top 20 clients grew 122% YoY on a trailing 12-month basis
- 1.8M AI prompts generated, up 60% QoQ
- Record 1M+ unique prescribers engaging with news feed

**【CFO Financial Deep Dive】**
- Non-GAAP gross margin: 93% (flat YoY)
- Free cash flow: $63.4M (30% YoY growth)
- Share buyback: 19.2M shares repurchased at $48.62 avg price
- FY25 guidance updated: $564.6M-$565.6M revenue (19% growth)
- 4 million+ brands now on client portal, 1st $15M+ brand signed

**【Q&A Key Themes】**
- **Portal adoption**: 50% of clients now active, 10 agencies trained
- **AI impact**: 13+ hours weekly time savings for doctors
- **Market growth**: Pharma digital spend still 30-35% of total budget
- **New products**: Point-of-care/formulary modules 20% of revenue
- **Regulatory risk**: No material impact from HHS changes yet observed

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