Doximity has published a report with revenue growth of 67%

The communication platform for healthcare professionals Doximity Inc. (DOCS) has published a substantial report for the third quarter of the fiscal year 2022. The company has significantly increased the audience of the telemedicine platform and continued double-digit revenue growth. In the quarter ended December 31, Doximity’s revenue grew by 67% year-on-year to $97.9 million. 

Gross margin was 57%, net profit reached $55.6 million, whereas this figure was $17.2 million a year earlier. Non-GAAP profit was $0.26 per diluted share ($0.05 a year earlier), free cash flow increased to $25.6 million. The driver for Doximity was an increase in advertising costs of healthcare providers who use attention to the COVID-19 problem to increase sales. 

Retention in the Doximity ecosystem at a record level — customers spent 71% more on the company’s services than in 2020. In addition, the advertising industry, including the medical services segment, is moving from traditional channels to digital, and against this background, Doximity increases profits. Doximity expects the positive dynamics to continue. According to the entire year’s results, the company forecasts revenue of $338.9-$339.9 million; in 2023 it is expected to grow by more than 30% to $450 million. The Doximity platform allows specialists from the healthcare industry and related areas to interact and contact patients for consultations. 

Medical service centers, drug manufacturers, public health services, providers of telemedicine services;

The Doximity telemedicine platform grew to 350 thousand active providers of remote medical services in the last quarter. 

In April 2022, Doximity acquired the Amion business, which offers a website service for making appointments with doctors. About 200 thousand doctors use the Amion service to manage their working hours.