Doximity Reports Strong Fiscal Year 2024 Results, Projects Continued Growth

2 min read | May 19, 2024 02:42 PM PDT | By Team Kalkine Media

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Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, has announced impressive financial results for its fiscal 2024 fourth quarter and the full fiscal year ending March 31, 2024.

Founded in 2010, Doximity has established itself as the premier digital platform for medical professionals in the United States. The company’s fiscal 2024 performance underscores its growing influence and operational excellence.

Fiscal 2024 Fourth Quarter Financial Highlights

Comparing to the same period last year, Doximity’s fourth-quarter financial metrics reveal substantial growth:

Revenue: $118.1 million, up 6% from $111.0 million.
Subscription Revenue: $112.7 million, up 9% from $103.2 million.
Net Income: $40.6 million, representing a 34.4% margin, up from $30.7 million (27.6% margin).
Non-GAAP Net Income: $51.0 million, a 43.2% margin, up from $42.1 million (38.0% margin).
Adjusted EBITDA: $56.4 million, up 15%, representing a 47.8% margin.
Operating Cash Flow: $63.9 million, up 37% from $46.6 million.
Free Cash Flow: $62.3 million, up 37% from $45.6 million.

Fiscal Year 2024 Financial Highlights

For the full fiscal year, Doximity’s performance was equally impressive:

Revenue: $475.4 million, up 13% from $419.1 million.
Subscription Revenue: $450.1 million, up 15% from $389.7 million.
Net Income: $147.6 million, representing a 31.0% margin, up from $112.8 million (26.9% margin).
Non-GAAP Net Income: $195.6 million, a 41.2% margin, up from $154.9 million (37.0% margin).
Adjusted EBITDA: $230.5 million, up 25%, representing a 48.5% margin.
Operating Cash Flow: $184.1 million, up 3% from $179.6 million.
Free Cash Flow: $178.3 million, up 3% from $173.4 million.

Financial Outlook

Doximity provided optimistic guidance for the upcoming fiscal periods:

- First Quarter Ending June 30, 2024:

Revenue: $119.5 million to $120.5 million.
Adjusted EBITDA: $55 million to $56 million.

- Fiscal Year Ending March 31, 2025:

Revenue: $506 million to $518 million.
Adjusted EBITDA: $238 million to $250 million.

Strategic Vision

Doximity's leadership is focused on enhancing the company’s offerings and expanding its reach in the medical community. The integration of AI and automation into clinical workflows has been a key driver of engagement and efficiency, as evidenced by the high adoption rates among medical providers.

As Doximity continues to innovate and grow, it remains well-positioned to maintain its leadership in the digital healthcare space, delivering value to both medical professionals and shareholders.

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