Doximity, a leading digital platform for U.S. medical professionals, reported a significant increase in financial performance for the quarter ended December 31, 2023. The company's revenue rose to $135.3 million, up 17% from $115.3 million in the same quarter the previous year. Net income also saw a substantial increase, reaching $47.9 million compared to $33.5 million in the prior year's quarter, marking a 43% increase in income from operations. The diluted net income per share for the quarter was $0.24, up from $0.16 in the previous year. Doximity's business development included an amended agreement with U.S. News, extending their partnership for six years, with the possibility of termination after three years. The company also incurred a restructuring expense of $7.9 million in the second quarter of...Show More

Doximity, a leading digital platform for U.S. medical professionals, reported a significant increase in financial performance for the quarter ended December 31, 2023. The company's revenue rose to $135.3 million, up 17% from $115.3 million in the same quarter the previous year. Net income also saw a substantial increase, reaching $47.9 million compared to $33.5 million in the prior year's quarter, marking a 43% increase in income from operations. The diluted net income per share for the quarter was $0.24, up from $0.16 in the previous year. Doximity's business development included an amended agreement with U.S. News, extending their partnership for six years, with the possibility of termination after three years. The company also incurred a restructuring expense of $7.9 million in the second quarter of fiscal 2024 due to a workforce reduction plan, which was substantially completed by December 31, 2023. Looking ahead, Doximity has a non-cancelable web hosting arrangement until December 31, 2024, with a commitment of $5.2 million, indicating ongoing investment in its cloud infrastructure. The company's future plans are focused on maintaining its position as an essential platform for physicians, with continued investment in product offerings and customer support.