Doximity (DOCS) jumps into first-quarter earnings

Jeff Tangney, CEO of Doximity for the New York Stock Exchange IPO, June 24, 2021.

Source: NYSE

Doximity shares surged 10% in an extended deal on Tuesday after an online health company that debuted on the stock market in June doubled quarterly sales.

Compared to the Street Account estimate, the company’s performance in the first quarter is as follows:

  • Revenue: Forecast of $ 72.7 million vs. $ 63.6 million
  • Revenue: 11 cents per share vs. expected 6 cents

Doximity, which provides healthcare professionals with professional networking and telemedicine tools, said it doubled its quarterly revenues, with full-year revenues from $ 296.5 million to $ 299.5 million. This is an annual increase of at least 43% from $ 206.9 million.

The company is increasing its revenue by providing pharmaceutical companies and hospitals with more targeted marketing services that can reach professional audiences with Doximity’s news feed. In addition, Doximity has a new telemedicine service that allows doctors to communicate securely with their patients.

Doximity hasn’t disclosed specific revenues for telemedicine products, but says the company currently offers paid services to more than 30% of all US doctors.

Doximity’s news feed contains articles posted by the company from mainstream news sources and medical and scientific journals. The comments section is open to the user base of doctors, nurse practitioners, doctor assistants, medical students, pharmacists and other healthcare professionals.

Like other social networks, Doximity faces the challenge of dealing with an increase in false information related to the Covid-19 vaccine and masks in comments, CNBC reported last week. Doximity CEO Jeff Tangney said in a post-revenue statement to CNBC on Tuesday that such claims came from less than 0.1% of users.

“Unfortunately, we’ve found that it contains a violation of community guidelines that explicitly prohibit the posting of medical false alarms, so more comments have to be removed,” Tangney said. Is writing. “Commenters making inaccurate claims are a minority of members (<0.1%), but recognize that they need to improve their ability to identify and quickly remove erroneous information from the network. increase."

Doximity’s share price rose to $ 58.20 in overtime trading and then fell to $ 56.25. Shares closed on Tuesday at $ 52.93.

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Doximity (DOCS) jumps into first-quarter earnings

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