Doximity Delivers Record-Breaking Q2 Performance with 20% Year-Over-Year Revenue Growth
San Francisco, CA - November 7, 2024 - Doximity, a leading digital platform for healthcare professionals, today announced its record-breaking second quarter performance for fiscal year 2025. The company delivered $137 million in revenue, representing a 20% year-over-year growth and a 7% beat from the high end of its guidance range.
"We are thrilled with our Q2 results, which demonstrate the continued value that Doximity brings to healthcare professionals and pharma companies alike," said Jeff Tangney, Co-Founder and CEO of Doximity. "Our network growth and engagement metrics also reached new heights, underscoring the importance of our platform in the digital transformation of healthcare."
According to Tangney, Doximity's top 20 clients grew at an impressive 24% on a trailing 12-month basis, with these sophisticated pharma companies employing entire teams of analysts to measure their marketing effectiveness. The company believes that its continued growth with these clients is proof of its value to the broader marketplace.
"Our bottom line was also strong in Q2, with a record adjusted EBITDA margin of 56% or $76 million, which was 41% year-over-year growth and 20% above the high end of our guidance," added Anna Bryson, CFO. "We had a better-than-expected first half of our fiscal year, with 19% top line growth and 54% margins."
In addition to its financial performance, Doximity also announced record engagement metrics for Q2. The company's unique active users on a quarterly, monthly, weekly, and daily basis were all up double-digit percentages year-over-year.
"We're proud to put our 12 years of proprietary data to use to personalize each news feed for each of our more than 2 million members," said Tangney. "Our workflow tools also set new records in Q2, with over 600,000 unique active prescribers. Our AI tools grew the fastest, with over 1 million Doximity GPT prompts in Q2."
The company's telehealth tools also grew nicely, helping doctors save time and provide better care for their patients. While still in the early innings of monetizing these workflow tools, Doximity's point-of-care and formulary products continue to gain traction, with 20% of its pharma sales in Q2 coming from these modules.
"As healthcare shifts to be more digital, mobile, and AI-powered, we're proud to be leading the way," said Tangney. "Our new client portal is also generating excitement among our clients, who are eager to see how our AI and point-of-care tools can transform their practices and lives for the better."
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