Doximity, a leading digital platform for U.S. medical professionals, reported a revenue increase to $475.4 million for the fiscal year ended March 31, 2024, up from $419.1 million the previous year, marking a 13% growth. The company's net income also rose to $147.6 million from $112.8 million, while adjusted EBITDA reached $230.5 million, up from $184.0 million. The growth was primarily driven by a $60.3 million increase in subscription revenue, with new and existing customers contributing to the expansion. Doximity's customer base with trailing 12-month subscription revenue greater than $100,000 and $500,000 grew, accounting for approximately 90% and 81% of fiscal 2024 revenue, respectively. Despite legal proceedings initiated against the company and certain directors and officers, Doximity intends to defend vigorously. The company's Class A common stock is listed on the...Show More

Doximity, a leading digital platform for U.S. medical professionals, reported a revenue increase to $475.4 million for the fiscal year ended March 31, 2024, up from $419.1 million the previous year, marking a 13% growth. The company's net income also rose to $147.6 million from $112.8 million, while adjusted EBITDA reached $230.5 million, up from $184.0 million. The growth was primarily driven by a $60.3 million increase in subscription revenue, with new and existing customers contributing to the expansion. Doximity's customer base with trailing 12-month subscription revenue greater than $100,000 and $500,000 grew, accounting for approximately 90% and 81% of fiscal 2024 revenue, respectively. Despite legal proceedings initiated against the company and certain directors and officers, Doximity intends to defend vigorously. The company's Class A common stock is listed on the NYSE under the symbol 'DOCS'. Doximity has not paid dividends and does not plan to do so in the foreseeable future, intending to retain future earnings for operational growth. The company successfully closed its IPO in June 2021, raising $548.5 million after expenses. Doximity's board authorized a stock repurchase program, with $40.3 million remaining as of March 31, 2024. The company's liquidity position remains strong, with $762.9 million in cash and marketable securities, and it believes existing funds will support operations for at least the next 12 months.