Doximity (DOCS)
Market Price (8/7/2026): $35.85 | Market Cap: $6.6 BilSector: Health Care | Industry: Health Care Technology
Doximity (DOCS)
Market Price (8/7/2026): $35.85Market Cap: $6.6 BilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 8.3% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Social Media & Creator Economy. Themes include Telehealth Platforms, and Social Media Platforms. | Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -109% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19% Key risksDOCS key risks include [1] a heavy dependence on pharmaceutical ad revenue, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 8.3% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Social Media & Creator Economy. Themes include Telehealth Platforms, and Social Media Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -66%, 3Y Excs Rtn is -109% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Key risksDOCS key risks include [1] a heavy dependence on pharmaceutical ad revenue, Show more. |
Qualitative Assessment
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Doximity (DOCS) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Lower-than-expected Fiscal Q4 2026 Profitability and Conservative Fiscal Year 2027 Adjusted EBITDA Guidance. Doximity reported its fiscal Q4 2026 (ended March 31, 2026) results on May 13, 2026. While revenue of $145.4 million exceeded expectations, adjusted earnings per share of $0.26 missed analyst estimates of $0.28. More significantly, net income declined to $19.1 million from $62.5 million in the prior year, and adjusted EBITDA decreased 6% year-over-year to $65.8 million, representing a margin of 45.3% compared to 50.4% in the previous year. The company's initial guidance for fiscal year 2027 revenue was between $664 million and $676 million, and adjusted EBITDA guidance was between $323 million and $335 million. The full-year fiscal 2027 adjusted EBITDA guidance fell below the $357.8 million reported for fiscal year 2026, signaling anticipated margin compression.
2. Increased AI Investment Leading to Margin Pressure. The company's reported decline in profitability and conservative fiscal year 2027 adjusted EBITDA guidance were attributed, in part, to increased investments in artificial intelligence. Doximity indicated that higher AI compute costs were compressing margins, and this heavier investment was expected to continue weighing on margins, leading to a "more measured" growth outlook for fiscal year 2027.
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Doximity (DOCS) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Lower-than-expected Fiscal Q4 2026 Profitability and Conservative Fiscal Year 2027 Adjusted EBITDA Guidance. Doximity reported its fiscal Q4 2026 (ended March 31, 2026) results on May 13, 2026. While revenue of $145.4 million exceeded expectations, adjusted earnings per share of $0.26 missed analyst estimates of $0.28. More significantly, net income declined to $19.1 million from $62.5 million in the prior year, and adjusted EBITDA decreased 6% year-over-year to $65.8 million, representing a margin of 45.3% compared to 50.4% in the previous year. The company's initial guidance for fiscal year 2027 revenue was between $664 million and $676 million, and adjusted EBITDA guidance was between $323 million and $335 million. The full-year fiscal 2027 adjusted EBITDA guidance fell below the $357.8 million reported for fiscal year 2026, signaling anticipated margin compression.
2. Increased AI Investment Leading to Margin Pressure. The company's reported decline in profitability and conservative fiscal year 2027 adjusted EBITDA guidance were attributed, in part, to increased investments in artificial intelligence. Doximity indicated that higher AI compute costs were compressing margins, and this heavier investment was expected to continue weighing on margins, leading to a "more measured" growth outlook for fiscal year 2027.
3. Analyst Concerns Regarding Slower Core Growth and Competitive Risks. Following the fiscal Q4 2026 earnings, several analyst firms trimmed their price targets for Doximity's stock. Concerns were raised about a potential slowdown in the company's core advertising business growth, alongside rising competitive and execution risks within the digital pharma marketing and healthcare AI tools sectors. This broader market skepticism regarding Doximity's long-term growth trajectory contributed to the stock's decline.
4. Removal from Russell 2500 Growth Benchmark. Doximity was dropped from the Russell 2500 Growth Benchmark around June 29, 2026. Such an exclusion can trigger selling pressure from passively managed funds that track the index, as they are required to rebalance their portfolios to reflect changes in benchmark components.
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Stock Movement Drivers
Fundamental Drivers
The -15.5% change in DOCS stock from 4/30/2026 to 8/6/2026 was primarily driven by a -19.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.44 | 20.66 | -15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 638 | 645 | 1.1% |
| Net Income Margin (%) | 37.5% | 30.4% | -19.0% |
| P/E Multiple | 19.1 | 19.5 | 1.8% |
| Shares Outstanding (Mil) | 187 | 185 | 1.4% |
| Cumulative Contribution | -15.5% |
Market Drivers
4/30/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| DOCS | -15.5% | |
| Market (SPY) | 6.9% | -5.0% |
| Sector (XLV) | 12.6% | 7.3% |
Fundamental Drivers
The -44.9% change in DOCS stock from 1/31/2026 to 8/6/2026 was primarily driven by a -29.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.47 | 20.66 | -44.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 621 | 645 | 3.8% |
| Net Income Margin (%) | 40.7% | 30.4% | -25.3% |
| P/E Multiple | 27.8 | 19.5 | -29.9% |
| Shares Outstanding (Mil) | 188 | 185 | 1.5% |
| Cumulative Contribution | -44.9% |
Market Drivers
1/31/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| DOCS | -44.9% | |
| Market (SPY) | 11.4% | 2.0% |
| Sector (XLV) | 6.7% | -2.8% |
Fundamental Drivers
The -64.8% change in DOCS stock from 7/31/2025 to 8/6/2026 was primarily driven by a -60.7% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.75 | 20.66 | -64.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 570 | 645 | 13.1% |
| Net Income Margin (%) | 39.1% | 30.4% | -22.3% |
| P/E Multiple | 49.6 | 19.5 | -60.7% |
| Shares Outstanding (Mil) | 188 | 185 | 1.9% |
| Cumulative Contribution | -64.8% |
Market Drivers
7/31/2025 to 8/6/2026| Return | Correlation | |
|---|---|---|
| DOCS | -64.8% | |
| Market (SPY) | 22.6% | 15.6% |
| Sector (XLV) | 27.7% | 6.3% |
Fundamental Drivers
The -42.2% change in DOCS stock from 7/31/2023 to 8/6/2026 was primarily driven by a -68.3% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.73 | 20.66 | -42.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 419 | 645 | 53.9% |
| Net Income Margin (%) | 26.9% | 30.4% | 12.9% |
| P/E Multiple | 61.4 | 19.5 | -68.3% |
| Shares Outstanding (Mil) | 194 | 185 | 4.8% |
| Cumulative Contribution | -42.2% |
Market Drivers
7/31/2023 to 8/6/2026| Return | Correlation | |
|---|---|---|
| DOCS | -42.2% | |
| Market (SPY) | 73.8% | 27.6% |
| Sector (XLV) | 28.3% | 15.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DOCS Return | -5% | -33% | -16% | 90% | -17% | -51% | -59% |
| Peers Return | 0% | -42% | -10% | -41% | -14% | 55% | -59% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| DOCS Win Rate | 43% | 25% | 50% | 67% | 42% | 38% | |
| Peers Win Rate | 53% | 35% | 43% | 35% | 38% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DOCS Max Drawdown | - | -61% | -50% | -27% | -48% | -61% | |
| Peers Max Drawdown | -43% | -49% | -46% | -55% | -47% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VEEV, IQV, TDOC, AMWL, AMN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/6/2026 (YTD)
How Low Can It Go
| Event | DOCS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.5% | -9.5% |
| % Gain to Breakeven | 68.0% | 10.5% |
| Time to Breakeven | 318 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.0% | -6.7% |
| % Gain to Breakeven | 13.7% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.9% | -24.5% |
| % Gain to Breakeven | 112.1% | 32.4% |
| Time to Breakeven | 756 days | 427 days |
In The Past
Doximity's stock fell -4.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.4% gain to breakeven.
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| Event | DOCS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.5% | -9.5% |
| % Gain to Breakeven | 68.0% | 10.5% |
| Time to Breakeven | 318 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.9% | -24.5% |
| % Gain to Breakeven | 112.1% | 32.4% |
| Time to Breakeven | 756 days | 427 days |
In The Past
Doximity's stock fell -4.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Doximity (DOCS)
Doximity, Inc. (DOCS) operates a leading cloud-based digital platform specifically designed for medical professionals within the United States. The company's fundamental purpose is to equip physicians and other healthcare providers with a robust suite of digital tools aimed at enhancing their professional lives and streamlining patient care.
The platform offers a variety of core services, enabling its members to securely collaborate with colleagues, efficiently coordinate patient care, and conduct virtual patient visits. Beyond these clinical tools, Doximity also helps medical professionals stay up-to-date with the latest medical news and research, and provides resources for career management and professional development.
Doximity's business model primarily serves pharmaceutical companies and health systems. These organizations leverage Doximity's platform as a crucial communication and engagement channel to connect with and reach medical professionals, facilitating their marketing, educational outreach, and strategic initiatives within the healthcare industry.
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LinkedIn for Doctors
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- Professional Networking & Collaboration: Enables medical professionals to securely connect and collaborate with colleagues.
- Patient Care Coordination Tools: Provides features for healthcare providers to efficiently coordinate patient care.
- Telehealth Services: Facilitates secure virtual patient visits and consultations for medical professionals.
- Medical Information & Research Hub: Offers access to the latest medical news, research, and educational content.
- Career Development Resources: Supports medical professionals in managing and advancing their careers through dedicated tools.
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Doximity (DOCS) primarily sells its services to other companies. Its major customers fall into the following categories:
- Pharmaceutical companies
- Health systems
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Jeff Tangney, Chief Executive Officer & Director
Jeff Tangney is the Co-Founder, Chief Executive Officer, and Director at Doximity, responsible for the company's vision and strategy. Before co-founding Doximity in 2010, he co-founded Epocrates, a mobile medical reference app, where he served as President and Chief Operating Officer. Tangney took Epocrates public in 2011 and later sold it to Athenahealth for $293 million. His professional background also includes investment banking at Goldman Sachs and consulting and software development at ZS Associates. He holds a B.S. in Economics and Math from the University of Wisconsin-Madison and an M.B.A. from the Stanford Graduate School of Business.
Anna Bryson, Chief Financial Officer
Anna Bryson is the Chief Financial Officer at Doximity, overseeing the company's financial strategy and operations. She joined Doximity in 2017 and was appointed CFO in May 2021, having previously served as the company's VP of Strategic Finance and Financial Planning and Analysis (FP&A). Before Doximity, Bryson founded ACB Capital, an investment advisory firm, and worked as a bond trader at the Royal Bank of Scotland. She holds a B.A. and an M.A. in Philosophy, Politics, and Economics from the University of Oxford.
Nate Gross, Co-Founder & Chief Strategy Officer
Nate Gross is a Co-Founder and the Chief Strategy Officer at Doximity, focusing on the company's strategic direction and long-term vision. He also co-founded Rock Health, a venture capital fund for digital health startups, and has been an angel investor at Cityblock Health. Gross graduated from Emory University School of Medicine with an M.D., Harvard Business School with an M.B.A., and Claremont McKenna College with a B.A. in Government. He serves as affiliated faculty for the Clinical Informatics Fellowship at Stanford. Note: Nate Gross transitioned from his day-to-day role to an advisory role at Doximity in February 2026.
Jey Balachandran, Chief Technology Officer
Jey Balachandran is the Chief Technology Officer at Doximity, responsible for the company's technological strategy and the robustness of its platform. His extensive career at Doximity includes roles as VP, Architect, and Director of Software Engineering. He holds a background in Computer Science from the University of Toronto.
Shari Buck, Co-Founder & Senior Vice President, People & Operations
Shari Buck is a Co-Founder and the Senior Vice President of People & Operations at Doximity. She played a key role in the company's founding in 2010.
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Digital Health Market (U.S.): The U.S. digital health market was estimated at approximately USD 88.38 billion in 2025 and is projected to reach around USD 266.5 billion by 2035, growing at a CAGR of 11.67% from 2026 to 2035. Another estimate places the global digital health market size at USD 427.24 billion in 2025, with North America holding a 42.67% market share in the same year. Yet another report indicates the global digital health market was valued at USD 573.3 billion in 2025 and is expected to reach USD 2,088.1 billion by 2034, with North America dominating with over 38.6% of the market share in 2025.
Telehealth/Telemedicine Market (U.S.): The U.S. telehealth market was valued at USD 42.54 billion in 2024 and is expected to grow at a CAGR of 23.8% from 2025 to 2030, reaching USD 150.13 billion by 2030. Another source indicates the U.S. telehealth market size reached approximately USD 52.77 billion in 2025 and is anticipated to increase to USD 65.35 billion in 2026, with projections to reach around USD 447.69 billion by 2035 at a CAGR of 23.84%. The U.S. telemedicine market specifically was valued at USD 41.54 billion in 2025 and is projected to reach around USD 188.05 billion by 2035, growing at a CAGR of 16.3% from 2026 to 2035.
Healthcare Business Collaboration Tools / Clinical Communication & Collaboration Market (Global and North America): The global healthcare business collaboration tools market size was estimated at USD 32.53 billion in 2024 and is projected to grow at a CAGR of 23.4% from 2025 to 2030, reaching USD 115.83 billion by 2030. North America's healthcare business collaboration tools market is anticipated to register significant growth. The North American clinical communication and collaboration market accounted for a 38.2% revenue share in 2024. The global clinical communication & collaboration market is projected to grow from approximately USD 2,876.1 million in 2025 to USD 5,302.9 million by 2030, at a CAGR of 13.02%. The North America healthcare business collaboration tools market accounted for USD 6.9 billion in 2023 and is anticipated to grow at a CAGR of 18.9% between 2024 and 2032.
Pharmaceutical Digital Advertising Spending (U.S.): Healthcare and pharmaceutical digital ad spending in the U.S. is estimated to reach USD 24.8 billion in 2025, with a forecast of USD 26.2 billion in 2026. Another estimate indicates U.S. pharma digital ad spending is expected to rise to USD 20.19 billion in 2025. By 2027, digital is expected to comprise 82% of all healthcare and pharma ad spending in the U.S.
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Expected Drivers of Future Revenue Growth for Doximity (DOCS)
- Expansion and Monetization of Artificial Intelligence (AI) Products and Services: Doximity is actively developing and integrating AI tools, such as DocsGPT, into its platform, which have seen significant user adoption. While revenue upside from AI tools outside of hospitals has not yet been fully commercialized or included in current guidance, the company plans to commercialize these products later, presenting a clear opportunity for future revenue growth.
- Continued Growth in Existing Customer Spend and Strong Net Revenue Retention: Doximity consistently demonstrates a high net revenue retention rate, indicating that existing pharmaceutical companies and health systems are increasing their spending on the platform. The company's top customers, in particular, continue to grow at the fastest rate, driven by increased engagement with Doximity's offerings and the positive influence of its client portal on purchasing decisions.
- Increasing Penetration of the Healthcare Professional Market and Enhanced Platform Engagement: Doximity continues to expand its already extensive network of medical professionals, having surpassed 3 million registered members, including a substantial majority of U.S. physicians and a significant portion of NPs and PAs. This growing and highly engaged user base enhances the platform's value proposition for pharmaceutical companies and health systems, attracting more clients and driving demand for Doximity's digital solutions.
- Capitalizing on the Shift Towards Digital Advertising in Healthcare: As pharmaceutical companies and healthcare organizations increasingly reallocate their advertising budgets to digital channels, Doximity is well-positioned to capture a larger share of this spend. Its established and highly engaged platform provides an attractive and targeted environment for advertisers to reach medical professionals.
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Capital Allocation Decisions for Doximity (DOCS) (Last 3-5 Years)
Share Repurchases
- Doximity announced a new $500 million share repurchase program in February 2026, which authorizes the company to buy back up to 8% of its outstanding shares.
- As of March 31, 2025, Doximity had repurchased and retired 1,875,226 shares of Class A common stock for an aggregate purchase price of $76.0 million, with $424.0 million remaining available under the authorized program at that time.
- During the second fiscal quarter of 2026 (ending September 30, 2025), the company repurchased $21.9 million worth of shares, with $280 million remaining under the existing repurchase authorization.
Share Issuance
- For fiscal year 2025, proceeds from the issuance of common stock upon the exercise of stock options and common stock warrants totaled $19.732 million.
- Proceeds from the issuance of common stock in connection with the employee stock purchase plan were $2.147 million in fiscal year 2025.
- As of May 13, 2025, Doximity had 136,906,542 shares of Class A common stock and 50,919,611 shares of Class B common stock outstanding.
Outbound Investments
- Doximity acquired Pathway Medical Inc. for $63 million around August 2025, an acquisition intended to boost the platform's AI capabilities.
Capital Expenditures
- Investing Cash Flow for fiscal year 2025 showed an outflow of $29.0 million, primarily reflecting strategic investments and minimal capital expenditures, which is characteristic of a capital-light technology platform.
- Doximity allocated $93.04 million to research and development (R&D) in fiscal year 2025, representing 16.31% of its revenue, focusing on innovation and new products, including AI-powered solutions.
- The company anticipates increasing investments in AI, expecting related costs to rise in the latter half of fiscal year 2026, while aiming to maintain a 55%+ adjusted EBITDA margin.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.73 |
| Mkt Cap | 2.5 |
| Rev LTM | 2,904 |
| Op Inc LTM | 176 |
| FCF LTM | 512 |
| FCF 3Y Avg | 339 |
| CFO LTM | 533 |
| CFO 3Y Avg | 396 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.6% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 22.4% |
| Op Inc Chg 3Y Avg | 17.1% |
| Op Mgn LTM | 9.0% |
| Op Mgn 3Y Avg | 9.5% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 19.1% |
| CFO/Rev 3Y Avg | 15.7% |
| FCF/Rev LTM | 16.8% |
| FCF/Rev 3Y Avg | 12.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.5 |
| P/S | 1.6 |
| P/Op Inc | 12.5 |
| P/EBIT | 17.1 |
| P/E | 8.4 |
| P/CFO | 8.2 |
| Total Yield | -0.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.2 |
| Net D/E | -0.0 |
Price Behavior
| Market Price | $20.66 | |
| Market Cap ($ Bil) | 3.8 | |
| First Trading Date | 06/24/2021 | |
| Distance from 52W High | -72.5% | |
| 50 Days | 200 Days | |
| DMA Price | $21.89 | $32.76 |
| DMA Trend | down | down |
| Distance from DMA | -5.6% | -36.9% |
| 3M | 1YR | |
| Volatility | 66.3% | 55.0% |
| Downside Capture | -31.06 | 145.93 |
| Upside Capture | -122.03 | -6.10 |
| Correlation (SPY) | -7.1% | 14.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.02 | 0.05 | -0.44 | 0.01 | 0.62 | 1.09 |
| Up Beta | -1.44 | 0.24 | -0.14 | -1.30 | -0.06 | 0.85 |
| Down Beta | 0.09 | 0.26 | 0.44 | 0.53 | 1.10 | 1.16 |
| Up Capture | 48% | -17% | -96% | -31% | -6% | 87% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 32 | 58 | 116 | 376 |
| Down Capture | 37% | -2% | -77% | 100% | 123% | 107% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 31 | 68 | 135 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOCS | |
|---|---|---|---|---|
| DOCS | -64.5% | 54.9% | -1.67 | - |
| Sector ETF (XLV) | 25.8% | 15.6% | 1.27 | 6.1% |
| Equity (SPY) | 23.5% | 12.9% | 1.37 | 14.9% |
| Gold (GLD) | 25.3% | 28.3% | 0.79 | -4.9% |
| Commodities (DBC) | 32.4% | 19.8% | 1.30 | -4.5% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 7.9% |
| Bitcoin (BTCUSD) | -43.6% | 43.0% | -1.21 | 4.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOCS | |
|---|---|---|---|---|
| DOCS | -19.6% | 67.8% | -0.05 | - |
| Sector ETF (XLV) | 6.1% | 15.0% | 0.22 | 19.3% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | 35.3% |
| Gold (GLD) | 17.9% | 18.5% | 0.78 | 3.3% |
| Commodities (DBC) | 8.0% | 19.6% | 0.31 | 4.6% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 27.3% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 19.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOCS | |
|---|---|---|---|---|
| DOCS | -9.2% | 68.3% | -0.00 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.48 | 18.6% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 34.7% |
| Gold (GLD) | 11.8% | 16.2% | 0.59 | 3.3% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 4.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 26.5% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 18.9% |
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Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | -23.0% | -15.1% | -14.3% |
| 2/5/2026 | -16.8% | -25.8% | -23.5% |
| 11/6/2025 | -13.2% | -20.5% | -27.9% |
| 8/7/2025 | 13.7% | 8.5% | 18.7% |
| 5/15/2025 | -10.1% | -12.3% | -4.3% |
| 2/6/2025 | 36.0% | 32.1% | 3.8% |
| 11/7/2024 | 34.2% | 19.9% | 24.0% |
| 8/8/2024 | 38.7% | 36.3% | 43.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 9 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 28.4% | 20.0% | 18.7% |
| Median Negative | -11.6% | -11.8% | -18.9% |
| Max Positive | 38.7% | 43.3% | 91.4% |
| Max Negative | -23.0% | -30.9% | -28.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | -23.0% | -15.1% | -14.3% |
| 2/5/2026 | -16.8% | -25.8% | -23.5% |
| 11/6/2025 | -13.2% | -20.5% | -27.9% |
| 8/7/2025 | 13.7% | 8.5% | 18.7% |
| 5/15/2025 | -10.1% | -12.3% | -4.3% |
| 2/6/2025 | 36.0% | 32.1% | 3.8% |
| 11/7/2024 | 34.2% | 19.9% | 24.0% |
| 8/8/2024 | 38.7% | 36.3% | 43.9% |
| 5/16/2024 | 18.1% | 15.5% | 18.3% |
| 2/8/2024 | 1.2% | 7.4% | -1.9% |
| 11/9/2023 | 16.2% | 23.9% | 17.2% |
| 8/8/2023 | -22.8% | -30.9% | -28.1% |
| 5/16/2023 | -5.7% | -7.5% | -4.5% |
| 2/9/2023 | -12.9% | -4.5% | -20.1% |
| 11/10/2022 | 32.7% | 20.1% | 33.2% |
| 8/4/2022 | -7.4% | -4.0% | -18.9% |
| 5/17/2022 | -10.2% | -5.6% | -4.1% |
| 2/8/2022 | 24.0% | 14.3% | 0.3% |
| 11/9/2021 | -5.9% | -11.4% | -24.9% |
| 8/10/2021 | 33.0% | 43.3% | 91.4% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 9 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 28.4% | 20.0% | 18.7% |
| Median Negative | -11.6% | -11.8% | -18.9% |
| Max Positive | 38.7% | 43.3% | 91.4% |
| Max Negative | -23.0% | -30.9% | -28.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/19/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/20/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/23/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/19/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/20/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/23/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/27/2022 | 10-K |
| 12/31/2021 | 02/09/2022 | 10-Q |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 06/15/2021 | S-1/A |
Recent Forward Guidance
Updated 8/6/2026Latest: Q1 2027 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | 170.00 Mil | 170.50 Mil | 171.00 Mil | 12.5% | Higher New | Guidance: 151.50 Mil for Q1 2027 | |
| Q2 2027 Adjusted EBITDA | 80.50 Mil | 81.00 Mil | 81.50 Mil | 17.4% | Higher New | Guidance: 69.00 Mil for Q1 2027 | |
| 2027 Revenue | 671.00 Mil | 676.00 Mil | 681.00 Mil | 0.9% | Raised | Guidance: 670.00 Mil for 2027 | |
| 2027 Adjusted EBITDA | 309.00 Mil | 319.00 Mil | 329.00 Mil | -3.0% | Lowered | Guidance: 329.00 Mil for 2027 | |
Prior: Q4 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 151.00 Mil | 151.50 Mil | 152.00 Mil | 5.6% | Higher New | Actual: 143.50 Mil for Q4 2026 | |
| Q1 2027 Adjusted EBITDA | 68.50 Mil | 69.00 Mil | 69.50 Mil | 7.8% | Higher New | Actual: 64.00 Mil for Q4 2026 | |
| 2027 Revenue | 664.00 Mil | 670.00 Mil | 676.00 Mil | 4.2% | Higher New | Actual: 643.00 Mil for 2026 | |
| 2027 Adjusted EBITDA | 323.00 Mil | 329.00 Mil | 335.00 Mil | -7.6% | Lower New | Actual: 356.00 Mil for 2026 | |
Q3 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 143.00 Mil | 143.50 Mil | 144.00 Mil | -20.5% | Lower New | Actual: 180.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | 63.50 Mil | 64.00 Mil | 64.50 Mil | -38.2% | Lower New | Actual: 103.50 Mil for Q3 2026 | |
| 2026 Revenue | 642.50 Mil | 643.00 Mil | 643.50 Mil | 0 | Affirmed | Guidance: 643.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 355.50 Mil | 356.00 Mil | 356.50 Mil | 0.6% | Raised | Guidance: 354.00 Mil for 2026 | |
Q2 2026 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 180.00 Mil | 180.50 Mil | 181.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | 103.00 Mil | 103.50 Mil | 104.00 Mil | ||||
| 2026 Revenue | 640.00 Mil | 643.00 Mil | 646.00 Mil | 1.7% | Raised | Guidance: 632.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 351.00 Mil | 354.00 Mil | 357.00 Mil | 2.6% | Raised | Guidance: 345.00 Mil for 2026 | |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 7202026 | 22.02 | 1,732 | 38,139 | 2,064,903 | Form |
| 2 | Sitaram, Siddharth | Interim PAO | Direct | Sell | 6102026 | 20.41 | 2,444 | 49,882 | 1,851,309 | Form |
| 3 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 5132026 | 25.77 | 2,309 | 59,503 | 2,303,735 | Form |
| 4 | Wampler, Kira Scherer | Direct | Sell | 5082026 | 26.06 | 9,000 | 234,540 | 517,004 | Form | |
| 5 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 4142026 | 21.09 | 2,427 | 51,185 | 1,828,608 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 7202026 | 22.02 | 1,732 | 38,139 | 2,064,903 | Form |
| 2 | Sitaram, Siddharth | Interim PAO | Direct | Sell | 6102026 | 20.41 | 2,444 | 49,882 | 1,851,309 | Form |
| 3 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 5132026 | 25.77 | 2,309 | 59,503 | 2,303,735 | Form |
| 4 | Wampler, Kira Scherer | Direct | Sell | 5082026 | 26.06 | 9,000 | 234,540 | 517,004 | Form | |
| 5 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 4142026 | 21.09 | 2,427 | 51,185 | 1,828,608 | Form |
| 6 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 3122026 | 25.37 | 2,319 | 58,833 | 2,134,429 | Form |
| 7 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 3122026 | 27.88 | 2,282 | 63,622 | 2,270,854 | Form |
| 8 | Wampler, Kira Scherer | Direct | Sell | 3052026 | 26.00 | 2,000 | 52,000 | 515,814 | Form | |
| 9 | Wampler, Kira Scherer | Direct | Sell | 2042026 | 37.33 | 2,000 | 74,660 | 740,590 | Form | |
| 10 | Wampler, Kira Scherer | Direct | Sell | 1062026 | 44.65 | 2,000 | 89,300 | 885,811 | Form | |
| 11 | Wampler, Kira Scherer | Direct | Sell | 12032025 | 50.71 | 2,000 | 101,420 | 1,006,036 | Form | |
| 12 | Cabral, Timothy S | Direct | Sell | 11242025 | 50.00 | 10,000 | 500,000 | 161,050 | Form | |
| 13 | Wampler, Kira Scherer | Direct | Sell | 11052025 | 66.44 | 2,000 | 132,880 | 1,318,103 | Form | |
| 14 | Benjamin, Regina M | Direct | Sell | 10142025 | 70.84 | 5,000 | 354,200 | 1,405,395 | Form | |
| 15 | Wampler, Kira Scherer | Direct | Sell | 10032025 | 70.01 | 2,000 | 140,020 | 1,388,928 | Form | |
| 16 | Cabral, Timothy S | Direct | Sell | 9262025 | 75.00 | 20,000 | 1,500,000 | 241,575 | Form | |
| 17 | Benjamin, Regina M | Direct | Sell | 9162025 | 70.50 | 5,000 | 352,500 | 1,398,650 | Form | |
| 18 | Cabral, Timothy S | Direct | Sell | 9042025 | 66.30 | 6,360 | 421,656 | 213,546 | Form | |
| 19 | Wampler, Kira Scherer | Direct | Sell | 9042025 | 66.57 | 2,000 | 133,140 | 1,320,682 | Form | |
| 20 | Bryson, Anna | Chief Financial Officer | Direct | Sell | 8272025 | 66.76 | 40,000 | 2,670,244 | 23,159,360 | Form |
| 21 | Cabral, Timothy S | Direct | Sell | 8182025 | 63.78 | 20,000 | 1,275,566 | 405,630 | Form | |
| 22 | Benjamin, Regina M | Direct | Sell | 8112025 | 63.00 | 5,000 | 315,000 | 1,046,934 | Form | |
| 23 | Wampler, Kira Scherer | Direct | Sell | 8012025 | 57.09 | 2,000 | 114,180 | 948,722 | Form | |
| 24 | Benjamin, Regina M | Direct | Sell | 7112025 | 60.04 | 5,000 | 300,200 | 997,745 | Form | |
| 25 | Wampler, Kira Scherer | Direct | Sell | 7022025 | 60.96 | 2,000 | 121,920 | 1,013,033 | Form |
Investor Activity (13F)
Updated Aug 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
DOCS Trade Sentinel
Neutral / Watch
CONVICTION RATIONALE
Doximity's core business is decelerating to a guided 4% growth rate, creating a significant headwind. A strategic pivot to AI shows early promise, with 140 health systems signed on. However, meaningful revenue from this investment is not expected until the second half of fiscal 2027, making the story dependent on future execution.
STOCK ARCHETYPE
B Subscription SaaS(Number of Customers) x (Average Revenue Per Customer), where growth is driven by new customer acquisition and net revenue retention from existing customers. High gross margins on subscription revenue combined with operating leverage from a scaled digital platform.
INVESTMENT THESIS
Evidence suggests a high-stakes transition is underway, leveraging its physician network to capture a new market.
- Workflow engagement reached 800,000 active prescribers, up 30% year-on-year.
- The company's clinical AI suite has been purchased by 140 health systems.
- First AI search deals have been closed with top 20 pharma manufacturers.
- AI answers were chosen over a competitor's by 2:1 in a physician evaluation.
- Management believes AI search represents a multibillion dollar new addressable market.
PRIMARY RISK
The core pharma marketing business is decelerating sharply, and heavy AI investment is compressing margins before generating meaningful revenue, risking a prolonged value trap.
- Full-year revenue growth is guided to 4%, down from 13.1% TTM.
- Net Revenue Retention Rate has fallen sequentially from 118%.
- The number of large customers declined last quarter.
- Trailing-twelve-month operating margin fell to 33.3% from 40.3% a year prior.
- Operating expenses grew 26.4%, significantly outpacing revenue growth.
| KPI | Status | Rationale |
|---|---|---|
| Net Revenue Retention Rate | 109% on a trailing 12-month basis for the quarter ended March 31, 2026 - Decelerating | The Net Revenue Retention Rate, while still indicating net expansion from existing customers, is on a clear decelerating trend. Management attributes this slowdown to a soft digital pharma ad market, policy uncertainty, and shorter planning horizons from clients. |
| Customers with >$500,000 TTM Revenue | 125 customers for the quarter ended March 31, 2026 - Decelerating | The slowdown in adding large customers, culminating in a slight sequential decline, aligns with management's commentary about a challenging market. This indicates difficulty in both landing new large accounts and expanding smaller ones past the $500,000 threshold. |
| Customers with TTM Subscription Revenue | (TTM ended 3/31/2026) | Indicates the scale of the business and its ability to secure large contracts with major pharmaceutical and health system customers. This cohort accounted for much of the total revenue. |
| Workflow Engagement (Unique Active Prescribers) | (Q4 FY2026 (ended 3/31/2026)) | Measures the adoption and usage of the company's clinical workflow tools (telehealth, scheduling, AI), which is a key driver for future enterprise sales and monetization opportunities. |
AI Pivot vs. Core Market Slowdown
BULL VIEW
The AI pivot will succeed, leveraging a network of 800,000 engaged prescribers to build a new, high-margin revenue stream that more than offsets the temporary cyclical weakness in pharma ads.
CORE TENSION
Can new AI adoption, with 140 health systems signed, offset the core market slowdown to 4% guided growth, which drove a -19% post-earnings stock reaction?
PREVAILING SENTIMENT
The latest evidence favors the bears financially, with growth decelerating. However, leading operational indicators for the AI pivot, like user engagement and initial contracts, favor the bulls' long-term case.
BEAR VIEW
The core pharma ad business is facing a structural slowdown, and the AI investments will fail to generate sufficient revenue to offset this decline, leading to permanently lower growth and margins.
| Timeline | Event & Metric To Watch |
|---|---|
August 6, 2026 | Negative Earnings Reaction Watch: Q1 results versus guidance and, more importantly, the outlook for Q2 and the full year. |
August 6, 2026 | Q1 Fiscal 2027 Earnings Watch: Doximity will report financial results for its fiscal first quarter ended June 30, 2026. |
November 2-18, 2026 | Negative Peer Read-Through Watch: Commentary from peers on pharma marketing spend, digital health adoption, and macro uncertainty, which could affect sentiment for DOCS. |
November 4, 2026 | Delayed AI Monetization Watch: Commentary on the Q2 earnings call regarding initial traction and bookings for the new AI Search commercial offering. |
11/18/2026 | Peer VEEV Earnings Report Watch: Peer Veeva Systems (VEEV) is scheduled to report earnings. |
fiscal back half | AI Revenue Ramp Expected Watch: A more notable revenue ramp from the new commercial AI Search offering is anticipated. |
No set date | Shareholder Litigation Filing Watch: The filing of a formal class-action lawsuit or derivative suit against the company or its officers. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-16 | Q1 FY27 Earnings Date Set Details: Announced it will report financial results for its fiscal first quarter ended June 30, 2026, after the market close on August 6, 2026. | -3.3% $22.26 -> $21.52 |
2026-07-15 | Positive AI Safety Study Details: Announced its clinical AI platform, Doximity Ask, outperformed leading frontier AI models in an independent clinical AI safety study conducted by researchers from Stanford and Harvard. | +1.9% $21.80 -> $22.21 |
2026-06-02 | Shareholder Investigations Announced Details: Multiple law firms announced they were investigating claims on behalf of investors for violations of securities laws and potential fraud. | -6.7% $22.55 -> $21.04 |
2026-05-13 | Aledade AI Partnership Details: Announced an integration with Aledade to incorporate its HIPAA-compliant Clinical AI Suite, including Scribe and Ask, into Aledade's platform for value-based care settings. | -31.9% $26.45 -> $18.01 |
2026-05-13 | Q4 FY26 Earnings and Guidance Details: Announced Q4 and full-year 2026 results, with Q4 revenue up 5% YoY. Issued conservative FY2027 guidance of 4% revenue growth. The stock reacted -19.0%. | -31.9% $26.45 -> $18.01 |
2026-03-17 | Physician AI Adoption Study Details: The company released a report on physician adoption of AI, finding that 94% of physicians reported they are currently using or interested in using AI in their practice. | +0.8% $24.59 -> $24.79 |
2026-02-05 | Q3 FY26 Earnings Report Details: The company announced fiscal 2026 third quarter results. The stock had a two-day reaction of -21.0% around the earnings call. | -21.3% $35.25 -> $27.73 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: DOCS trades at roughly 61% annualized options-implied volatility versus about 15% for the S&P 500 (4.1x the market), around the 84th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
VEEV - Veeva Systems
Established SaaS PeerVeeva offers exposure to life sciences technology with a much larger revenue base and significantly higher absolute research and development spending of $791.7 million.
IQV - a business partner
Market Incumbenta business partner is a dominant market incumbent with revenue 25.8 times that of Doximity, offering broad exposure to the healthcare data and technology market.
The LinkedIn for doctors, monetized like a B SaaS platform, now pivoting to become the essential AI assistant for clinical workflows.
Doximity built a dominant network of U.S. physicians, which it monetizes through high-margin subscriptions to pharma and health systems for marketing and hiring. The company is now leveraging this network to drive adoption of its AI-powered workflow tools (Scribe, Ask), aiming to create a new, large revenue stream from AI search and enterprise subscriptions. This strategic pivot comes as its core marketing business faces a soft market, making the success of its "AI investment year" critical for future growth.
Accelerated adoption of the Clinical AI Suite by health systems, successful monetization of the new AI Search offering with top pharma clients, and a re-acceleration in net revenue retention.
Stagnating user engagement with workflow tools, failure to convert AI usage into meaningful revenue, or significant market share gains by competing AI platforms within the healthcare sector.
Quarterly fluctuations in pharma marketing spend, and news of shareholder lawsuits which are common for public companies after stock price declines.
Repricing Catalyst
Successful monetization of the new AI Search offering, which management believes represents a multi-billion dollar new addressable market, and could re-accelerate revenue growth.
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Technology Resources |
| Healthcare IT News |
| MobiHealthNews |
| HealthTech Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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