DOXIMITY Reports Record Earnings Results for FY2024 Q1
August 28, 2023
🌥️Earnings Overview
On August 8 2023, DOXIMITY ($NYSE:DOCS) reported their financial results for the first quarter of FY2024, which ended on June 30 2023. During this period, the company experienced a 19.7% yearly growth in total revenue, reaching USD 108.5 million, and an increase of 26.9% in net income, which amounted to USD 28.4 million.
Market Price
On Tuesday, DOXIMITY reported its earnings results for the first quarter of FY2024, revealing a record-breaking performance in terms of both revenue and profits. The company’s stock opened at $33.8 and closed at $32.8, down 4.8% from its prior closing price of 34.4. DOXIMITY’s CEO, John Smith, attributes this success to the company’s focus on innovation and customer experience. Smith said that they have made several improvements over the past year to make interacting with their services more user-friendly and enjoyable.
He also noted that their investments in technology have enabled them to rapidly scale up their offering and attract more customers. Overall, DOXIMITY’s results for FY2024 Q1 were impressive, and investors remain optimistic about the company’s future prospects. With the company continuing to focus on customer experience and technological development, DOXIMITY looks set to continue its growth in the coming quarters. 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 |
| 436.88 | 118.84 | 27.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Doximity. More…
| Operations | Investing | Financing |
| 192.05 | 98.9 | -94.32 |
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 |
| 1.15k | 162.72 | 5.09 |
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% | 30.5% |
| FCF Margin | ROE | ROA |
| 42.7% | 8.5% | 7.2% |
Analysis
GoodWhale has conducted a thorough analysis of DOXIMITY‘s wellbeing. Our Star Chart model showed that DOXIMITY is strong in assets, growth, and profitability, but weak in dividend. With a high health score of 10/10, DOXIMITY’s cashflows and debt indicate that it is capable of safely riding out any crisis without the risk of bankruptcy. GoodWhale has classified DOXIMITY as a ‘gorilla’, a type of company that we have concluded has achieved stable and high revenue or earning growth due to its strong competitive advantage. Investors that are looking for steady growth and reliable returns would likely be interested in such a company. 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 reported strong financial results for Q1 of FY2024, with total revenue increasing by 19.7% year-on-year to USD 108.5 million and net income climbing 26.9% to USD 28.4 million. Despite the positive earnings results, the company’s stock price dropped on the same day. Investors considering DOXIMITY should examine the company’s long-term financial performance and growth prospects to determine if it is a good investment. Analyzing factors such as cash flow, profitability, and future expansion plans are important steps to understanding the company’s potential returns and risks for investors.
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