Doximity revenue hits $79 million in second quarter

Doximity, an online network for doctors, hit $79 million in revenue in the second quarter, up 76% from the same period last year. For the third quarter, the company is projecting revenue between $86 million and $87 million.

The network claims more than 80% of doctors and 50% of NPs and PAs in the U.S. are members of its site. Doximity acts as a social media site for physicians and provides telehealth, scheduling, and other online tools.

At the beginning of the pandemic, Doximity launched its telehealth app that enables doctors to engage with their patients via any smartphone without the need for downloading additional apps or signing up for the software.

"We're pleased to report another strong financial quarter as the shift to digital among our clients continues," Jeff Tangney, co-founder and CEO at Doximity, said in a statement. "We're particularly proud that our existing clients generated a record 173% net revenue retention rate, for the trailing 12 months, and that our telehealth platform grew to a record of over 330,000 active providers."

Doximity announced $36.1 million in net income in its fiscal 2022 second quarter, ending Sept. 30, compared to $10 million during the same quarter last year. Non-GAAP net income for the quarter came to $42 million, versus $11 million, a 52% margin.

The company, founded in 2010, has a current market value of nearly $14 billion.

When the company initially went public, the company sold 23.3 million shares for $26, above its initial share price of $20-$23 per share, raising more than $600 million.

Doximity reported net income of 17 cents per share during the second quarter, with earnings coming in at 19 cents per share, compared to 2 cents a year ago. The company reported operating cash flow of $19 million versus $13 million and free cash flow of $18 million versus $11 million during the same period a year ago.