What's Going On With Doximity Stock Wednesday?

Doximity Inc DOCS shares are trading lower Wednesday after the company reported fiscal fourth-quarter results and issued weak guidance. 

Q4 Earnings: Doximity said fourth-quarter revenue increased 18% year-over-year to $110.97 million, which narrowly beat consensus estimates of $110.09 million, per Benzinga Pro.

The company reported adjusted earnings of 20 cents per share, which beat estimates of 17 cents per share. 

Doximity generated operating cash flow of $46.6 million, down 1% year-over-year. Free cash flow was up 2% year-over-year to $45.6 million. 

"With the public health emergency officially over, we're proud to emerge with a record number of providers using our physician cloud in Q4 to power their scheduling, fax, e-signature, and telehealth needs," said Jeff Tangney, co-founder and CEO of Doximity.

Outlook: Doximity said it expects first-quarter revenue to be between $106.5 million and $107.5 million versus estimates of $112.09 million. Full-year revenue is expected to be between $500 million and $506 million versus estimates of $507.05 million.

Following the print, Needham analyst Scott Berg reiterated Doximity with a Buy rating and a $45 price target.

See Also: Doximity, Hess Midstream, Container Store Group And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

DOCS Price Action: Doximity shares were down 9.33% at $30.70 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Doximity.