Benzinga - by Vandana Singh, Benzinga Editor.
Thursday after close, Doximity Inc (NYSE:DOCS), a provider of digital platforms for U.S. medical professionals, reported third-quarter 2024 of $135.3 million, up 17% Y/Y, beating the consensus of $127.49 million and management guidance of $127 million-$128 million.
The company reported adjusted net income of $58.5 million, versus $45.8 million a year ago, representing a margin of 43.2% versus 39.7%, with adjusted EPS of $0.29, beating the consensus of $0.23.
Adjusted EBITDA reached $73.3 million, up 32% Y/Y, surpassing the management guidance of $61 million-$62 million.
“We’re proud to deliver another quarter of double-digit engagement growth across our entire platform, with a beat and raise on both our top and bottom lines,” said Jeff Tangney, co-founder and CEO of Doximity. “Our clinical workflow tools continue to drive daily use among doctors, and we now count 17 of the top 22 U.S. hospitals as enterprise software clients.”
Financial Outlook: Doximity expects the fiscal year 2024 revenue of $473.3 million-$474.3 million compared to the consensus of $467.32 million.
The company expects adjusted EBITDA between $224.5 million and $225.5 million.
Doximity sees fourth quarter 2024 revenue of $115.9 million-$116.9 million versus the consensus of $117.884 million.
Adjusted EBITDA is expected to be between $50.5 million and $51.5 million.
Wells Fargo analyst Stan Berenshteyn maintained Doximity with an Equal-Weight rating but raised the price target from $25 to $27.
Price Action: DOCS shares are up 1.70% at $28.72 on the last check Friday.
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Latest Ratings for DOCS
| Feb 2022 | Goldman Sachs | Initiates Coverage On | Buy | |
| Feb 2022 | Raymond James | Maintains | Outperform | |
| Feb 2022 | Needham | Maintains | Buy |
View the Latest Analyst Ratings
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