Doximity Inc (DOCS, Financial), a leading digital platform for U.S. medical professionals, announced its financial results for the fourth quarter and fiscal year 2024 on May 16, 2024. The company reported significant growth in revenue and net income, surpassing analyst expectations. The detailed financial outcomes were disclosed in Doximity's 8-K filing.
Company Overview
Doximity Inc operates a cloud-based platform tailored for medical professionals in the United States. The platform facilitates collaboration among colleagues, secure patient care coordination, virtual patient visits, and access to the latest medical news and research. It also assists medical professionals in managing their careers efficiently.
Fiscal Year 2024 Performance Highlights
For the fiscal year ended March 31, 2024, Doximity reported revenues of $475.4 million, a 13% increase from the previous year's $419.1 million. This performance exceeded the estimated revenue of $473.84 million. Net income saw a substantial rise of 31% year-over-year, reaching $147.6 million. The company's adjusted EBITDA also grew by 25%, indicating a strong profitability margin.
The fourth quarter results were equally impressive with revenues of $118.1 million, up 6% from the prior year, and surpassing the quarterly estimate of $116.40 million. Net income for the quarter increased by 32% to $40.6 million. Both diluted net income per share and non-GAAP diluted net income per share for the quarter stood at $0.20 and $0.25, respectively, indicating robust earnings growth.
Key Financial Metrics and Achievements
Doximity's financial strength is further underscored by its operational cash flow, which increased by 37% year-over-year to $63.9 million in the fourth quarter. The company's free cash flow followed a similar trend, demonstrating effective capital management and operational efficiency.
The balance sheet remains solid with total assets of $1,079,374 thousand as of March 31, 2024. The company's liquidity position is also strong, evidenced by cash and cash equivalents of $96,785 thousand.
Strategic Moves and Future Outlook
Looking ahead, Doximity provided guidance for the fiscal first quarter ending June 30, 2024, with revenue expectations between $119.5 million and $120.5 million and adjusted EBITDA between $55 million and $56 million. For the fiscal year ending March 31, 2025, the company anticipates revenue between $506 million and $518 million, and adjusted EBITDA between $238 million and $250 million.
In a strategic move to enhance shareholder value, Doximity's board of directors authorized a stock repurchase program of up to $500 million of the company’s Class A common stock. This program reflects the company's confidence in its financial health and future prospects.
Conclusion
Doximity's fiscal 2024 performance highlights its ability to exceed market expectations and continue its growth trajectory in the digital healthcare space. With a strong financial foundation and strategic initiatives aimed at enhancing user engagement and operational efficiency, Doximity is well-positioned to maintain its leadership in the industry and deliver value to its stakeholders.
For detailed insights and further information, investors and interested parties are encouraged to refer to the full earnings report and financial statements available on Doximity's investor relations website.
Explore the complete 8-K earnings release (here) from Doximity Inc for further details.
