Why Doximity's Stock Is Trading Higher Today

Doximity Inc DOCS is trading higher Thursday after the company announced better-than-expected financial results.

Doximity reported quarterly earnings of 11 cents per share, which beat the estimate of 8 cents per share. The company reported quarterly revenue of $72.7 million, which beat the estimate of $63.41 million. 

Doximity expects fiscal second-quarter 2022 revenue to be in a range of $73 million to $74 million.

"We're pleased to report strong financial results in our first quarter as a public company -- triple digit revenue growth and record profit margins. The shift to digital among our clients continues, as we generated 167% net revenue retention (for the trailing 12 months), as they see our network is well-built for the highly specialized information flows in medical marketing," said Jeff Tangney, co-founder and CEO of Doximity.

Doximity offers a digital cloud-based platform with tools specifically built for medical professionals.

Price Action: Doximity has traded as low as $41.17 since its IPO in June. It's making new all-time highs in trading today. 

At last check Thursday, the stock was up 13.60% at $79.98.