Doximity Stock Jumps 10% On Q4 Earnings: What You Need To Know

Doximity Inc DOCS reported financial results for the fourth quarter of fiscal-year 2024 Thursday after the bell. Here’s a look at the key highlights from the quarter.

Q4 Earnings: Doximity’s fourth-quarter revenue increased 6% year-over-year to $118.1 million, which beat the consensus estimate of $116.4 million, according to Benzinga Pro. The company reported adjusted earnings of 25 cents per share, beating analyst estimates of 20 cents per share.

Doximity generated operating cash flow of $63.9 million, up 37% year-over-year. Free cash flow was also up 37% year-over-year to $62.3 million.

“We were pleased to beat on our top and bottom lines, as we delivered another quarter of strong profits and record engagement,” said Jeff Tangney, co-founder and CEO of Doximity. “We’re proud to bring AI and automation to clinical workflows, with over 580,000 unique providers using our workflow tools last quarter.”

Doximity highlighted that its board authorized a repurchase program of up to $500 million of the company’s common stock on May 1. The company noted that all prior repurchase programs were completed as of April 2024.

Outlook: Doximity expects first-quarter revenue to be between $119.5 million and $120.5 million versus estimates of $119.23 million. Full-year revenue is expected to be between $506 million and $518 million versus estimates of $520.772 million, according to Benzinga Pro.

Doximity also guided for first-quarter adjusted EBITDA of $55 million to $65 million and full-year adjusted EBITDA of $238 million to $250 million.

A conference call with more details on the company’s quarter is scheduled for 5 p.m. ET.

DOCS Price Action: Doximity shares were up 11.54% after hours at $26.48 at the time of publication, according to Benzinga Pro.

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Photo: Courtesy of Doximity.