Calls

Source: S&P Capital IQ transcripts via Xpressfeed · latest indexed call 2026-05-13 · generated 2026-07-20.

Latest call digest

Doximity, Inc., Q4 2026 Earnings Call, May 13, 2026 · 2026-05-13T21:00:00

Doximity's Q4 FY2026 call (May 13, 2026) closed a year management reframed as its "AI investment year." Prepared remarks led with strength: a record $107 million free-cash-flow quarter (its first nine-digit FCF quarter), full-year revenue of $645 million (+13%), workflow active prescribers up roughly 30% to over 800,000, and 140 health systems now buying the clinical AI suite. CEO Jeff Tangney also announced the commercial launch of a paid AI Search product for pharma and two leadership changes — Matt Sonefeldt as CFO (succeeding Anna Bryson, who stepped down after medical leave) and Steve Zatz as President.

The Q&A reality was more sober. Q4 revenue grew just 5%, FY27 is guided to only ~4% growth with adjusted-EBITDA margin stepping down to ~49%, and trailing-12-month net revenue retention slipped to 109% from 118% a year earlier. Management attributes the slowdown to a soft HCP digital-pharma ad market, limited visibility, shorter-duration client commitments, and elevated policy and macro risk (including a reference to a war in Iran). AI Search is positioned as the key new growth lever, but management guided to minimal AI revenue in the first half and a ramp only in the fiscal back half, pending regulatory and med-legal review. The stated outlook: Q1 FY27 revenue $151–152 million (+4% at midpoint), full-year revenue $664–676 million (+4% at midpoint), FY27 adjusted-EBITDA margin ~49% with a commitment to the high-40s or better, and stock-based comp rising to the low-20s percent of revenue.

Participant coverage from the latest call.

Group	Participants	Count
Management	Operator; Perry Gold — Head of Investor Relations, Doximity, Inc.; Jeffrey Tangney — Co-Founder, CEO & Chairperson, Doximity, Inc.; Matt Sonefeldt	4
Analysts	Brian Peterson — Managing Director, Raymond James & Associates, Inc., Research Division; Michael Cherny — Senior Research Analyst and Senior MD of Healthcare Technology & Distribution, Leerink Partners LLC, Research Division; Glen Santangelo — Research Analyst, Barclays Bank PLC, Research Division; Elizabeth Anderson — Managing Director & Fundamental Research Analyst, Evercore ISI Institutional Equities, Research Division; Ryan MacDonald — Senior Analyst, Needham & Company, LLC, Research Division; Craig Hettenbach — VP & Equity Analyst, Morgan Stanley, Research Division; Richard Close — MD & Senior Analyst, Canaccord Genuity Corp., Research Division; Ryan Halsted — MD & Healthcare Technology & Distribution Analyst, RBC Capital Markets, Research Division; Steven Valiquette — MD & Senior Equity Research Analyst, Mizuho Securities USA LLC, Research Division; David Roman — Research Analyst, Goldman Sachs Group, Inc., Research Division; Scott Schoenhaus — MD & Equity Research Analyst, KeyBanc Capital Markets Inc., Research Division	11

Curated latest-call exchanges; one row per analyst topic.

Analyst	Firm	Topic	What changed in Q&A
Brian Peterson	Raymond James & Associates	AI Search TAM and pharma appetite	Pressed on how large the AI products could be over a 2-3 year horizon; Tangney framed a multibillion-dollar new TAM on top of existing pharma paid-search budgets, but stressed it is early and regulated.
Glen Santangelo	Barclays	HCP ad regulatory concerns and AI Search economics	Asked what is driving pharma hesitation and how AI paid-search competition and margins differ; Tangney tied 'regulatory' mainly to keyword and suppression-word review on the new AI product rather than a broad regime change.
Ryan Halsted	RBC Capital Markets	Record January bookings pace versus a slower guide	Questioned why record early bookings did not translate into the guide; Gold said January is the smallest bookings month and demand had softened incrementally since the prior call.
David Roman	Goldman Sachs	Falling net revenue retention and 'doing more with less'	Asked how investors should be reassured pharma isn't permanently doing more with less as retention slips; Tangney argued Doximity is 'the more' given its ROI.
Scott Schoenhaus	KeyBanc Capital Markets	In-line-with-market growth versus the historic 2x	Probed the gap versus the long-standing ~2x-market outgrowth; Gold cited the late AI-Search launch timing and a refusal to chase low-cost buys.
Elizabeth Anderson	Evercore ISI	FY27 margin structure and the new CFO	Asked whether the Q4 margin is the FY27 run-rate; Gold pointed to higher AI compute, PeerCheck and brand-marketing spend as the drivers of the step-down.

Theme tracker

Themes are curator-classified across supplied calls.

Theme	Status	Quarters mentioned	Read-through
AI clinical suite build-out (Scribe, DocsGPT, Pathway)	persisted	Q1 2026, Q2 2026, Q3 2026, Q4 2026	The through-line of the year: a free, physician-first AI reference and scribe (post-Pathway acquisition) that scaled from beta to a majority-of-engagement driver. Framing shifted from usage growth toward hospital enterprise sales and PeerCheck as the trust moat.
AI Search paid monetization (new TAM)	emerged	Q3 2026, Q4 2026	First flagged in Q3 as strong inbound demand with a product 'this year'; launched commercially in Q4 with first top-20 pharma deals. Management calls it a multibillion-dollar incremental market but has put minimal revenue in the FY27 guide.
Policy, MFN and macro budget uncertainty	persisted	Q1 2026, Q2 2026, Q3 2026, Q4 2026	A recurring overhang that escalated in tone through the year: general policy caution, then Most Favored Nation pricing deals delaying budgets, then broader macro and geopolitical risk. Consistently cited as the reason for limited visibility.
Health-system AI-suite adoption	emerged	Q2 2026, Q3 2026, Q4 2026	New this year and ramping fast: first top-20 hospitals in Q2, over 100 health systems / 180,000 prescribers in Q3, and 140 systems / 250,000 prescribers by Q4, positioned as a distribution moat via HIPAA-compliant, committee-approved access.
Outgrowing the market by roughly 2x	dropped	Q1 2026, Q2 2026	A long-standing claim (growing ~2x the market rate) that was reaffirmed in the first half but effectively set aside by Q3-Q4, where management guided to in-line-with-market growth and only 'maybe slight outperformance' for FY27. A notable step-down in stated ambition.
Client portal and integrated AI-optimized programs	persisted	Q1 2026, Q2 2026, Q3 2026, Q4 2026	Integrated multi-module programs grew from a small share of bookings to a large one and the portal user base kept expanding, but the topic received noticeably less airtime by Q4 as the narrative pivoted to AI Search.

Guidance ledger

Quotes, calls, and speakers are source-verified; outcomes are curator-classified.

Verbatim guidance	Call	Speaker	Curator outcome	Outcome note
“For the full fiscal year, we now expect revenue in the range of $628 million to $636 million, representing 11% growth at the midpoint.”	Doximity, Inc., Q1 2026 Earnings Call, Aug 07, 2025 · 2025-08-07T21:00:00	Anna Bryson	kept	Fiscal 2026 finished at $645 million (+13%), above this early-year range, which was raised in subsequent quarters.
“For the third fiscal quarter of 2026, we expect revenue in the range of $180 million to $181 million, representing 7% growth at the midpoint”	Doximity, Inc., Q2 2026 Earnings Call, Nov 06, 2025 · 2025-11-06T22:00:00	Anna Bryson	kept	Q3 revenue came in at $185.1 million (+10%), exceeding the high end of this range.
“For the fourth fiscal quarter of 2026, we expect revenue in the range of $143 million to $144 million, representing 4% growth at the midpoint”	Doximity, Inc., Q3 2026 Earnings Call, Feb 05, 2026 · 2026-02-05T22:00:00	Timothy Cabral	kept	Q4 revenue was $145 million (+5%), above the high end of this range.
“Even with these investments, we are in a position where we expect to maintain 50% or greater adjusted EBITDA margins on an annual basis.”	Doximity, Inc., Q3 2026 Earnings Call, Feb 05, 2026 · 2026-02-05T22:00:00	Timothy Cabral	kept	Fiscal 2026 delivered a 55% annual adjusted-EBITDA margin; note the floor was subsequently lowered to the high-40s for fiscal 2027.
“I think we will end the year, exit the year as a double-digit grower.”	Doximity, Inc., Q3 2026 Earnings Call, Feb 05, 2026 · 2026-02-05T22:00:00	Perry Gold	pending	Refers to exiting calendar 2026; not yet reported. The subsequent FY27 outlook of ~4% growth puts a double-digit exit in some tension.
“For the full fiscal year, we expect revenue in the range of $664 million to $676 million, representing 4% growth at the midpoint”	Doximity, Inc., Q4 2026 Earnings Call, May 13, 2026 · 2026-05-13T21:00:00	Perry Gold	pending	Fiscal 2027 outlook; no later call in the supplied history to judge the outcome.
“we remain committed to maintaining adjusted EBITDA margins in the high 40s or better in fiscal 2027”	Doximity, Inc., Q4 2026 Earnings Call, May 13, 2026 · 2026-05-13T21:00:00	Perry Gold	pending	Fiscal 2027 margin commitment, a step down from the 50%-plus floor cited in prior quarters; not yet testable.

Q&A pressure map

Question counts and firms are curator tallies; analyst coverage shown above.

Topic	Questions	Firms	Pressure / response
Pharma budget softness, shorter-duration buys and guidance visibility	8	Raymond James & Associates, Barclays, Needham & Company, Canaccord Genuity, RBC Capital Markets, Mizuho Securities, Goldman Sachs, KeyBanc Capital Markets	The dominant line of questioning on the latest call and a persistent theme all year. Analysts probed why demand is soft, why commitments are shorter, and what would unlock budgets. Management pointed to policy and macro uncertainty and framed shorter commitments as coming at higher prices; on a prior call it also declined to quantify the record January bookings growth rate.
AI Search monetization: size, ramp timing and competition	5	Raymond James & Associates, Barclays, Morgan Stanley, Goldman Sachs	Analysts pushed for a serviceable market size and a monetization timeline. Management conceded it is a genuinely new market that is hard to size and guided to a back-half ramp given med-legal and keyword review, differentiating on drug reference and PeerCheck rather than banner-style ads.
FY27 margin compression and AI compute spend	2	Leerink Partners, Evercore ISI	Questions on how much AI investment is the right amount and whether the Q4 margin is the go-forward run-rate. Management framed rising compute, PeerCheck and brand-marketing spend as a deliberate trade for engagement growth.

Language shifts

Only language evidence verified against the referenced component is shown.

Observation	Verbatim evidence	Call ID	Component
New 'AI investment year' framing that explicitly trades near-term margin for AI spend, a shift from prior quarters' emphasis on protecting 55%-plus margins.	“This is our AI investment year.”	1997209063	2
Geopolitical risk enters the vocabulary; prior FY26 calls centered on policy and MFN uncertainty rather than macro or war.	“We didn't have a war in Iran 90 days ago.”	1997209063	38
Explicit downshift from the long-standing ~2x-market claim to in-line growth with at most slight outperformance.	“This year, if you look at our guide, we are looking like, at least at this point, we'll be more in line with the market, maybe slight outperformance.”	1997209063	51
Continued soft-demand and limited-visibility caution, carried forward from the prior call rather than resolved.	“with short-term demand in the HCP digital pharma ad market soft and visibility is still limited.”	1997209063	3

The call history shows a company converting its physician-engagement lead into an AI platform even as its core pharma-ad growth decelerated from the low-20s to single digits. Fiscal 2027 is framed as an investment year that trades margin and near-term growth for an unproven AI-Search monetization ramp, so the central debate is whether that back-half revenue materializes as promised before the premium associated with outgrowing the market can return.