Doximity, Inc

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Doximity, IncNYSE
 
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Aug 122021

Impressive earnings set pulses racing for Doximity investors

Newly public Doximity, which is aiming to be the next LinkedIn for medical professionals, shot into TradingView’s top gainers on Wednesday with a 33% price increase after seeing revenue double in its latest quarterly earnings

Shares of Doximity lifted 33% on Wednesday after the firm released its first earnings as a public company, blowing investors' socks off with a 100% year-over-year revenue increase. Doximity likes to describe itself as the ‘LinkedIn for doctors,’ and doctors clearly like to chat – leading to some major IPO gains for early investors in its June 24 IPO. Doximity priced its shares at $26 last month, and has since traded steadily between the $50-70 range, until its earnings took things to the next level.

The niche healthcare networking platform reported earnings per share of $0.11 on revenue of $72.7 million, compared to the $63.6 million in revenue analysts were expecting. Revenue more than doubled in the quarter on a year-on-year basis and sales for the full fiscal year are expected to come in somewhere between $296.5 million and $299.5 million – which would represent an annual increase of around 43%. Revenue was given a helping hand by increasingly targeting marketing strategies, and a new telehealth service to allow doctors to communicate with their patients through the platform.

Prices shot to their highest price ever, peaking at $70.67 before closing up 33% at $70.41.

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Jun 252021

Doctor, doctor, give me the news...

Medical networking service Doximity doubles in its stock market debut on Thursday to reach a market cap of $9.4 billion. It’s like there was a global pandemic that brought all these doctors together or something.

Doximity likes to describe itself as the LinkedIn for doctors, and doctors clearly like networking – leading to some major IPO gains for early investors. The niche company was founded in 2010, and though you may not have heard of it, you’d have a hard time finding a doctor without it by now. Doximity has quickly grown in recent years to become the primary app that doctors use to stay connected and share the latest medical tips and tricks. The platform is now home to over 1.8 million medical professionals in the U.S., and over 80% of physicians say that they use the app.

Doximity was the best performer of all the IPOs on Thursday, selling 19 million shares at $26 each, well above its price range of $20 to $23 – and closing up a whopping 104% at $53. The IPO raised a total of $606 million, a pleasant surprise considering it was originally looking for a $100 million IPO in its May 28 SEC filing.

Revenue was up 77% year-over-year to $206.9 million according to its prospectus, and the company is actually profitable – which is unusual in such early stages. Probably worth noting though, is that a lot of that revenue comes from just a couple of key customers: one of which is responsible for around 12% of revenue, so losing even one client could be a big hit.