Why Doximity Shares Are Trading Lower After Hours

Doximity Inc DOCS reported fourth-quarter revenue growth of 40.4% year-over-year to $93.7 million, beating the consensus of $90.11 million.
Adjusted net income was $44.9 million versus $24 million in 4Q21, representing a 48% margin.
Adjusted EPS was $0.21, beating the consensus of $0.15.
Adjusted gross margin expanded by 200 bps to 90%. The adjusted operating income improved 47% Y/Y to $38.24 million, and the margin expanded by 183 bps to 40.8%.
Adjusted EBITDA improved 47.2% Y/Y to $39.35 million, and margin expanded by 193 bps to 42%.
Doximity generated cash from operating activities for FY22 of $126.57 million, compared to $82.96 million a year ago. Free cash flow of $120.88 million.
Buyback: Doximity authorized a new stock repurchase program to acquire up to $70 million of its Class A common stock, commencing in1Q23.
"We're proud to now serve over 2 million US healthcare professionals, including over 80% of US physicians and over 50% of Physician Assistants and Nurse Practitioners. This quarter, we added scheduling to our product suite with the acquisition of Amion, and saw record use of our fax, e-signature, and telehealth tools.," commented Jeff Tangney, co-founder & CEO at Doximity.
1Q23 Outlook: Doximity expects revenue of $88.6 million - $89.6 million vs. a consensus of $96.78 million and Adjusted EBITDA of $28.6 million and $29.6 million.
FY23 Outlook: The company expects revenue of $454 million - $458 million vs. a consensus of $452.12 million and Adjusted EBITDA of $192 million and $196 million.
Price Action: DOCS shares are trading lower by 18.10% at $27.75 during the post-market session on Tuesday.
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