Doximity, a leading digital platform for U.S. medical professionals, reported a strong financial performance for the quarter ended June 30, 2024. The company's revenue increased to $126.7 million, up 17% from $108.5 million in the same quarter of the previous year. Net income also saw a significant rise, reaching $41.4 million compared to $28.4 million in the prior year's quarter, marking a substantial year-over-year growth. Basic and diluted net income per share for the quarter were $0.22 and $0.21, respectively, compared to $0.15 and $0.13 for the same period in 2023. The company's effective tax rate was 22.2% for the quarter, up from 17.7% in the previous year. Doximity's adjusted EBITDA for the quarter was $65.9 million, a notable increase from $46.6 million in the same quarter of the...Show More

Doximity, a leading digital platform for U.S. medical professionals, reported a strong financial performance for the quarter ended June 30, 2024. The company's revenue increased to $126.7 million, up 17% from $108.5 million in the same quarter of the previous year. Net income also saw a significant rise, reaching $41.4 million compared to $28.4 million in the prior year's quarter, marking a substantial year-over-year growth. Basic and diluted net income per share for the quarter were $0.22 and $0.21, respectively, compared to $0.15 and $0.13 for the same period in 2023. The company's effective tax rate was 22.2% for the quarter, up from 17.7% in the previous year. Doximity's adjusted EBITDA for the quarter was $65.9 million, a notable increase from $46.6 million in the same quarter of the previous year, reflecting a strong margin improvement. The company's net revenue retention rate stood at 114%, indicating solid customer retention and growth. Doximity's business development continued to thrive with a growing customer base, particularly those contributing over $500,000 in trailing 12-month subscription revenue, which now stands at 102 customers, up from 88 in the previous year. The company's future plans include continued investment in its platform and product offerings, with a focus on driving value for its customers through its Marketing, Hiring, and Productivity Solutions. Doximity's commitment to its core mission of helping physicians be more productive and provide better care for their patients remains central to its strategy.