Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 first quarter ended June 30, 2023.
“We’re pleased to report another quarter of record engagement across our entire platform, with over 525,000 unique providers using our workflow tools in Q1,” said Jeff Tangney, co-founder and CEO at Doximity. “Looking ahead, we are focused on streamlining our client workflows, so we can fully capitalize on our long-term potential.”
Fiscal 2024 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2022.
- Revenue: Revenue of $108.5 million, versus $90.6 million, an increase of 20% year-over-year.
- Net income and non-GAAP net income: Net income of $28.4 million, versus $22.4 million, representing a margin of 26.2%, versus 24.7%. Non-GAAP net income of $40.6 million, versus $30.8 million, representing a margin of 37.5%, versus 34.0%.
- Adjusted EBITDA: Adjusted EBITDA of $46.6 million, versus $33.5 million, an increase of 39% year-over-year, representing adjusted EBITDA margins of 42.9%, versus 37.0%.
- Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.10, while non-GAAP diluted net income per share was $0.19, versus $0.14.
- Operating cash flow and free cash flow: Operating cash flow of $57.2 million, versus $44.8 million, an increase of 28% year-over-year, and free cash flow of $55.6 million, versus $42.6 million, an increase of 31% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2023 as follows:
- Revenue between $108.5 million and $109.5 million.
- Adjusted EBITDA between $44 million and $45 million.
Doximity is revising guidance for its fiscal year ending March 31, 2024 as follows:
- Revenue between $452 million and $468 million.
- Adjusted EBITDA between $193 million and $209 million.
Workforce Reduction
On August 8, 2023, Doximity announced a plan to reduce its current workforce by approximately 100 employees, representing 10% of its workforce, to simplify its operations and better align its resources with its priorities. The Company expects the restructuring charge to be $8 – 10 million, the majority of which will be incurred in the second quarter of fiscal year 2024, and that the reduction in force will be substantially complete by the third quarter of fiscal year 2024.
Source: https://www.businesswire.com/
