Doximity, a leading digital platform for U.S. medical professionals, reported a significant increase in financial performance for the quarter ended September 30, 2024. The company's net income rose to $44.2 million, up from $30.6 million in the same quarter of the previous year. Basic net income per share increased to $0.24 from $0.16, and diluted net income per share grew to $0.22 from $0.15. Doximity's revenue for the quarter reached $136.8 million, a 20% increase from the $113.6 million reported in the prior year. The company's growth was primarily driven by a $23.0 million increase in subscription revenue, with new subscription customers contributing $5.7 million and existing customers expanding by $17.3 million. The company's gross margin improved to 90% from 89% year-over-year. In terms of business development, Doximity has...Show More

Doximity, a leading digital platform for U.S. medical professionals, reported a significant increase in financial performance for the quarter ended September 30, 2024. The company's net income rose to $44.2 million, up from $30.6 million in the same quarter of the previous year. Basic net income per share increased to $0.24 from $0.16, and diluted net income per share grew to $0.22 from $0.15. Doximity's revenue for the quarter reached $136.8 million, a 20% increase from the $113.6 million reported in the prior year. The company's growth was primarily driven by a $23.0 million increase in subscription revenue, with new subscription customers contributing $5.7 million and existing customers expanding by $17.3 million. The company's gross margin improved to 90% from 89% year-over-year. In terms of business development, Doximity has executed a sublease for a portion of its office space and incurred a $2.3 million impairment charge related to this sublease. The company also completed a workforce reduction plan, reducing its workforce by approximately 10% and incurring $7.9 million in restructuring expenses. Looking ahead, Doximity is focused on continuing to invest in its platform and product offerings, aiming to drive further growth and maintain its position as a key player in the digital healthcare space.