Doximity Surges After Strong Q2 Results
Doximity Inc. (DOCS) shares soared in after-hours trading on Thursday following the company's impressive second-quarter financial results. Revenue jumped 20% year-over-year, reaching $68.3 million. Additionally, the company generated a robust $66.8 million in free cash flow, a 475% increase compared to the same period last year.
Doximity's success can be attributed to the growing adoption of its clinical workflow tools. Over 600,000 unique active prescribers utilized the platform during the quarter, highlighting its value in streamlining physician workflows and improving patient care.
"Our clinical workflow tools saw record use in the second quarter with over 600,000 unique active prescribers. We’re proud to help physicians save time, so they can provide better care for their patients,” said Jeff Tangney, co-founder and CEO of Doximity.
Looking ahead, Doximity anticipates continued growth. The company projects third-quarter revenue between $152 million and $153 million, with Adjusted EBITDA expected to reach $83 million to $84 million. For the full year, Doximity forecasts revenue between $535 million and $540 million, with Adjusted EBITDA anticipated to fall within the range of $274 million to $279 million.
Following the strong earnings report, Doximity shares surged 37.91% in after-hours trading, reaching $59.88 at the time of publication. This positive response reflects investor confidence in Doximity's ability to capitalize on the growing demand for its innovative healthcare solutions.