Doximity Soars on Raised FY Outlook, 1Q Sales Growth

Dow Jones
08/07
 
 

Shares of Doximity surged as the company boosted its full-year outlook after sales grew in the latest quarter.

The stock soared 74% to $35.98 in after-hours trading on Thursday. At market close, shares were down 53% year to date.

The digital platform for healthcare workers said it now expects revenue between $671 million and $681 million for the fiscal year, up from its prior guide of $664 million to $676 million.

For the second quarter, the company projects revenue of $170 million to $171 million. Analysts project $171.8 million.

The guidance comes as the company posted higher revenue in its latest quarter, topping Wall Street's expectations. Chief Executive Jeff Tangney said the platform drew over 30% more workflow active prescribers from a year ago, while AI search queries on the platform rose more than 25% quarter over quarter.

Doximity's fiscal first-quarter profit came in at $24.3 million, or 13 cents a share, compared with $53.3 million, or 27 cents a share, a year earlier.

Adjusted earnings per share were 29 cents, compared with estimates of 30 cents a share according to analysts polled by FactSet.

Revenue rose 7% to $156.6 million, above analyst estimates of $151.8 million.

 
 

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