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About

Doximity, Inc. operates a digital platform for medical professionals in the United States.

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📈 Growth Pattern

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⭐ Superinvestors Holding DOCS

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	3.06M	$71.3M	0.11%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed ↓ Deteriorating 4 quarters analysed

Q1 2026

Confident Vague

Management expresses strong Q1 results and AI momentum (e.g., 'better than expected Q1', 'record highs across all metrics') but remains vague on back-half visibility, citing 'policy uncertainty' and refusing to quantify percentage of revenue under contract beyond initial 70%.

Q2 2026

Confident Specific

Management repeatedly cited specific figures (23% revenue growth, 60% EBITDA margin, 118% NRR, 40% integrated program bookings) and provided concrete explanations for the upsell cycle shift, demonstrating strong command of results.

Q3 2026

Confident Specific

Management presented strong Q3 beats ($185M revenue, 60% EBITDA margin) and detailed AI adoption metrics (300K prescribers, 100 health systems), while candidly explaining pharma policy delays and lower Q4 guidance.

Q4 2026 latest

Mixed

Management expressed confidence in AI-driven engagement growth and long-term TAM, but also acknowledged near-term market softness, policy uncertainty, and shorter planning horizons from pharma clients. They repeatedly emphasized 'AI investment year' while guiding to only 4% revenue growth.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is mixed after this call. Short-term growth momentum slowed dramatically to ~4% due to pharma budget caution and limited visibility, a meaningful deceleration from the prior year's 13% growth. However, long-term AI opportunity appears stronger than ever: engagement with workflow tools accelerated to 30% Y/Y, AI usage tripled, and 140 health systems have adopted the Clinical AI Suite. Monetization of AI Search is in its earliest stages and will not contribute materially until fiscal H2, but early pharma interest is high. The key near-term risk is whether the soft HCP advertising market persists, and the key catalyst to watch is AI Search revenue ramp in the second half of fiscal 2027 and continued health system adoption. Overall, the thesis remains intact but now relies more heavily on AI adoption translating into revenue, which may take several quarters.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →

📊 MIXED Doximity: Record $107M free cash flow, 800K+ workflow providers, AI Search launch

Revenue & Profitability

Q4 revenue: $145 million (+5% YoY); full-year revenue: $645 million (+13% YoY). Adjusted EBITDA was $66 million (45% margin) in Q4 and $358 million (55% margin) for the full year. Free cash flow reached a record $107 million in Q4 and $317 million for the full year (up 19% YoY). Net revenue retention was 109% on a trailing twelve-month basis, with top 20 customers at 114%.

Outlook

Management expects the short-term HCP digital pharma ad market to remain soft with modest growth at or below 5% due to policy uncertainty and increased macro risk. Brands are making shorter-term commitments and looking for either innovative new offerings or low-cost options. Second-half budget activity is beginning to materialize, but visibility remains limited.

Growth Drivers

Key growth levers include the new AI Search monetization offering (closed initial deals with top-20 pharma), accelerating workflow engagement (30% YoY growth), and telehealth scale (720,000 patients served in a single day). Portal users doubled year-over-year. The partnership with Aledade brings AI to primary care, and the new e-prescribing feature is in beta with over 1,000 prescribers.

Balance Sheet & CapEx

Not discussed in this earnings call in terms of capital expenditure guidance. However, investments in AI compute are increasing significantly, driving gross margin compression (89% in Q4 vs 91% a year earlier). The company expects stock-based compensation to rise to the low 20s% of revenue in fiscal 2027 due to Pathway acquisition grants and performance-based awards for the AI team. Share repurchases totaled $432 million in fiscal 2026.

Margins

Non-GAAP gross margin was 89% in Q4 (down from 91% a year ago due to AI compute costs) and 91% for the full year (vs 92%). Adjusted EBITDA margin was 45% in Q4 (vs 50%) and 55% for the full year (flat). Management expects fiscal 2027 adjusted EBITDA margins to remain in the high 40% range despite higher AI-related expenses. Stock-based compensation is expected to increase to low 20s% of revenue in fiscal 2027 before trending down in 2028.

Key Risks

Management cited elevated policy uncertainty and macro risk (including the war in Iran) as leading to soft pharma ad demand and shorter planning horizons. AI monetization is subject to regulatory reviews that delay revenue recognition. The market environment may limit net revenue retention growth. Additionally, internal risks include the potential for AI compute costs to outpace revenue if engagement decelerates.

Generated by AI · Q4 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-08-06

Revenue grew 7% year-over-year to $157M, with adjusted EBITDA margin at 48% and strong AI-driven momentum. AI Search and Scribe products are fueling new contracts and deeper client engagement, while guidance for FY27 was raised on robust demand and expanding enterprise adoption.

Q4 2026 Q4 2026 2026-05-13

Q4 and full-year results exceeded guidance, with strong free cash flow and accelerating AI engagement. FY27 guidance reflects modest revenue growth and continued AI investment, with minimal near-term AI revenue but strong long-term potential.

Q3 2026 Q3 2026 2026-02-05

Q3 revenue grew 10% year-over-year to $185.1M, with a 60% adjusted EBITDA margin and strong engagement across workflow and AI products. Delayed pharma budgets and policy headwinds impacted Q4 outlook, but double-digit growth is expected by year-end as AI commercialization ramps.

Q2 2026 Q2 2026 2025-11-06

Q2 revenue grew 23% year-over-year to $169M, with a 60% Adjusted EBITDA margin and strong free cash flow. Integrated AI-optimized programs and agency partnerships drove growth, while guidance for FY26 was raised amid continued investment in AI and robust client engagement.

Q1 2026 Q1 2026 2025-08-07

Q1 FY26 revenue grew 15% year-over-year to $146M, beating guidance, with adjusted EBITDA margin at 55% and free cash flow up 52%. AI product launches and the Pathway acquisition are driving engagement and future growth, while guidance remains cautious due to policy uncertainty.

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