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Sep 30, 2022
Doximity Q2 2023 Earnings Report
Revenue surpassed $100 million for the first time, with both top and bottom lines exceeding expectations.
Key Takeaways
Doximity reported a strong fiscal Q2 2023, with revenue reaching $102.2 million, a 29% increase year-over-year. The company's telehealth platform saw record usage, and Doximity is investing in tools to help physicians save time and improve patient care.
Total revenue reached $102.2 million, up 29% year-over-year.
Operating cash flow increased by 106% year-over-year, reaching $39.5 million.
Free cash flow grew by 109% year-over-year to $37.7 million.
Telehealth platform reached 370,000 quarterly active clinicians.
Doximity
Doximity
Forward Guidance
Doximity provided revenue guidance for its fiscal third quarter ending December 31, 2022, and reiterated its fiscal year ending March 31, 2023.
Positive Outlook
- Revenue between $110.7 million and $111.7 million for Q3 2023.
- Adjusted EBITDA between $47.7 million and $48.7 million for Q3 2023.
- Revenue between $424.0 million and $432.0 million for fiscal year 2023.
- Adjusted EBITDA between $178.0 million and $186.0 million for fiscal year 2023.
- Board of directors authorized another program to repurchase up to $70 million of the Company’s Class A common stock.
Challenges Ahead
- Stock repurchases are subject to general business and market conditions and other investment opportunities.
- The impact of the COVID-19 pandemic
- Our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform
- Our ability to attract new customers or retain existing customers
- Breaches in our security measures or unauthorized access to members’ data