DOXIMITY Reports Q2 FY2024 Financial Results, Ending September 30 2023
November 29, 2023
🌥️Earnings Overview
On November 9th, 2023, DOXIMITY ($NYSE:DOCS) revealed its financial figures for the second quarter of 2024, ending September 30th, 2023. USD 113.6 million in total revenue was reported for the quarter, an 11.2% year-on-year rise. Net income was USD 30.6 million, a 16.3% increase from the same period last year.
Market Price
On Thursday, DOXIMITY reported its financial results for the second quarter of fiscal year 2024, ending September 30 2023. The opening stock price for DOXIMITY was $21.2, and the closing price for the day was $20.5, translating to a decrease of 2.7% when compared to the previous closing price of $21.1. Despite the slight downturn, analysts remain confident that DOXIMITY will soon rebound from this short-term dip and continue to grow in the coming months. DOXIMITY has had an impressive performance in the past quarter, with a strong focus on creating innovative products and services for medical professionals.
Their focus on excellent customer service, combined with their commitment to providing top-notch healthcare solutions, has made them a leader in the field. Overall, the company looks to be in a strong position to continue its success for the foreseeable future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Doximity. More…
| Total Revenues | Net Income | Net Margin |
| 448.31 | 123.14 | 28.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Doximity. More…
| Operations | Investing | Financing |
| 165.43 | 67.32 | -198.03 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Doximity. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.03k | 154.1 | 4.62 |
Key Ratios Snapshot
Some of the financial key ratios for Doximity are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 53.3% | 78.1% | 31.8% |
| FCF Margin | ROE | ROA |
| 35.8% | 9.6% | 8.7% |
Analysis
At GoodWhale, we have conducted an analysis of DOXIMITY and their wellbeing. Our Star Chart shows that DOXIMITY is strong in asset, growth, and profitability, but weak in dividend. We have concluded that DOXIMITY is a ‘gorilla’ type of company, which has achieved stable and high revenue or earning growth due to its strong competitive advantage. Investors interested in this type of company would be those looking for long-term stability and potential capital appreciation. DOXIMITY’s high health score of 10/10 indicates that it is capable of paying off debt and funding future operations. This suggests that it is well-suited for investors looking for a safe long-term investment. More…
Peers
In the medical field, there is intense competition between Doximity Inc and its competitors MEDLEY Inc, Welby Inc, and Topchoice Medical Corp. All four companies are vying for the top spot in the industry, and each has its own unique strengths and weaknesses. Doximity Inc has a strong focus on technology and innovation, while MEDLEY Inc has a more traditional approach to medicine. Welby Inc is known for its high-quality customer service, and Topchoice Medical Corp has a wide range of products and services.
– MEDLEY Inc ($TSE:4480)
MEDLEY Inc. is a publicly traded company with a market capitalization of $103.2 billion as of 2022. The company has a return on equity of 5.77%. MEDLEY Inc. is a leading provider of healthcare services in the United States. The company’s services include medical and dental care, mental health services, and prescription drug coverage.
– Welby Inc ($TSE:4438)
Welby Inc is a publicly traded company with a market capitalization of $3.66 billion as of 2022. The company has a return on equity of 0.13%. Welby Inc is a diversified holding company with operations in a variety of industries, including healthcare, automotive, industrial, and consumer products. The company’s healthcare businesses include a provider of home health and hospice services, a provider of senior living services, and a provider of healthcare services to the government. The company’s automotive businesses include a provider of automotive parts and services, a provider of vehicle financing, and a provider of automotive aftermarket products and services. The company’s industrial businesses include a provider of industrial products and services, a provider of energy services, and a provider of logistics and transportation services. The company’s consumer products businesses include a provider of home improvement products and services, a provider of home furnishings, and a provider of consumer electronics.
– Topchoice Medical Corp ($SHSE:600763)
Topchoice Medical Corp is a publicly traded company that focuses on providing medical services. The company has a market capitalization of 44 billion as of 2022 and a return on equity of 19.02%. Topchoice has been in business for over 10 years and is headquartered in the United States. The company operates in over 60 countries and provides medical services to millions of patients each year. Topchoice is a publicly traded company and its shares are listed on the NASDAQ stock exchange.
Summary
DOXIMITY had a successful second quarter of fiscal year 2024, with total revenue reaching USD 113.6 million, a year-on-year increase of 11.2%. Net income increased by 16.3% to USD 30.6 million, demonstrating the company’s strong financial performance. These results demonstrate that investing in DOXIMITY would be a sound investment decision, as its financial performance continues to be strong and steady. With their innovative products and services, DOXIMITY is well-positioned to continue its growth in the coming years.
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