Summary by Moomoo AI
Doximity reported strong financial results for Q1 FY2025 ended June 30, 2024, with revenue increasing 17% year-over-year to $126.7 million. Net income rose 46% to $41.4 million, while adjusted EBITDA grew 42% to $65.9 million with a 52% margin. The company maintained its industry-leading gross margin of 89%.The growth was primarily driven by expansion within existing customers, with average revenue per Marketing Solutions customer increasing 19%. The company's subscription revenue, which accounts for 95% of total revenue, grew by $18.7 million, including $13.2 million from existing customer expansion and $5.5 million from new customers. The number of customers contributing over $500,000 in trailing 12-month revenue increased to 102, up from 88 a year ago.Looking ahead, Doximity maintains a strong financial position with $750.5 million in cash and marketable securities. The board authorized a new $500 million share repurchase program, with $492.1 million remaining available as of quarter-end. The company's net revenue retention rate remained healthy at 114%, though slightly down from 118% in the prior year period.
