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Here’s what is causing the Doximity, Inc. (DOCS) stock to fall in aftermarket?

Doximity, Inc. (DOCS) has experienced a downfall of 13.93% after the leading digital platform of U.S. medical professionals announced second-quarter financial results. With that, the last trading session concluded at $76.51 with an incline of 7.68%.

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What did the second-quarter financial results of DOCS reveal?

DOCS announced second-quarter 2021 results on 9th November 2021 in which the company reported a revenue of $79.4 million a 76 percent increase year over year. Moreover, the net income and non-GAAP net income were $36.1 million and $10.0 million, respectively, indicating a 45 percent margin. Non-GAAP net income of $41.6 million compared to $11.2 million, a 52 percent increase. In addition, the Adjusted EBITDA was $32.8 million.

What’s going on?

As the clients’ migration to digital continues, the company is thrilled to announce another excellent financial quarter. DOCS is especially pleased with its current clients, who produced a record 173 percent net revenue retention rate (over the previous 12 months), and their telehealth platform, which now has over 330,000 active providers.

2021-2022 Residency Navigator by DOCS – What is it?

On 26th August 2021, DOCS announced the Residency Navigator tool for the years 2021-2022. Before receiving the medical degree, almost 90% of graduating medical students in the United States join Doximity to use products like Residency Navigator. Residency Navigator is the most extensive online database of American residency programs, with over 100,000 DOCS physician members contributing nominations, ratings, and reviews.

With the advent of the Couples Match Tool, this year’s Residency Navigator, which provides information on over 4,900 residency programs in 28 specialties, goes a step further in assisting medical students in staying connected with their significant others.

Now, what’s next?

The number of medical students applying for the ‘Couples Match’ has increased by 55 percent every year since 2009, according to the National Resident Matching Program (NRMP). For most medical students, matching into residency is a stressful process. Adding the complexity of bringing a partner into the process might feel daunting however, DOCS Couples Match Tool makes this procedure easier by automatically producing all conceivable combinations of programs from various disciplines within a set distance.

First Quarter 2021 Results – Was it a strong quarter?

DOCS announced the first quarter 2021 results on 10th August 2021. As per the report, the revenue recorded was $72.7 million with an increase of 100%. In addition, fully diluted net income per share was $0.09 while non-GAAP fully diluted net income per share was $0.11. Operating and free cash flow were $33.2 million and $32.4 million as compared to $8.8 million and $7.6 million, respectively. After generating $548.5 million in net proceeds from its IPO on June 28th, DOCS concluded the first quarter of 2022 with $726.5 million in unrestricted cash, cash equivalents, and marketable securities.

DOCS Conclusion on First Quarter

The company is thrilled to report solid financial results in the first quarter as a publicly-traded business, with triple-digit sales growth and record profit margins. DOCS customers’ migration to digital is continuing, as the company recorded 167 percent net revenue retention (for the past 12 months), as they perceive the network as well-built for the highly specialized information flows in medical marketing.

Moreover, the company is happy that their productivity tools were able to help frontline physicians deal with heavy caseloads and epidemics. This quarter, DOCS witnessed record utilization of its e-signature and fax products, and they added 24,000 additional doctors to the business telehealth platform. Lastly, with the help of paid telehealth product, DOCS currently serves more than 30% of all US physicians.

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