Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 second quarter ended September 30, 2023.
“We’re proud to make medicine mobile, with another quarter of record engagement across our entire platform,” said Jeff Tangney, co-founder and CEO of Doximity. “Over 550,000 unique providers used our generative AI, telehealth, messaging, and scheduling workflow tools in Q2 to provide better care for their patients.”
Fiscal 2024 Second Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended September 30, 2022.
- Revenue: Revenue of $113.6 million, versus $102.2 million, an increase of 11% year-over-year.
- Net income and non-GAAP net income: Net income of $30.6 million, versus $26.3 million, representing a margin of 26.9%, versus 25.7%. Included in net income was restructuring expense of $7.9 million, which consisted primarily of severance, benefits and stock-based compensation for equity award modification for terminated employees. Non-GAAP net income of $45.6 million, versus $36.2 million, representing a margin of 40.1%, versus 35.4%.
- Adjusted EBITDA: Adjusted EBITDA of $54.2 million, versus $46.0 million, an increase of 18% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 45.0%.
- Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.15, versus $0.12, while non-GAAP diluted net income per share was $0.22, versus $0.17.
- Operating cash flow and free cash flow: Operating cash flow of $12.9 million, versus $39.5 million, a decrease of 67% year-over-year, and free cash flow of $11.6 million, versus $37.7 million, a decrease of 69% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal third quarter ending December 31, 2023 as follows:
- Revenue between $127 million and $128 million.
- Adjusted EBITDA between $61 million and $62 million.
Doximity is updating guidance for its fiscal year ending March 31, 2024 as follows:
- Revenue between $460 million and $472 million.
- Adjusted EBITDA between $207 million and $219 million.
Stock Repurchase Program
Doximity’s board of directors authorized another program to repurchase up to $70 million of the Company’s Class A common stock. The repurchases are expected to be executed from time to time over the next 12 months, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. All prior repurchase programs were completed as of October 2023.
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