Transcripts
Doximity, Inc.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q4 FY2026 Earnings Call — Q4 FY2026
Management's clearest statement of the 'AI investment year': how it plans to monetize physician AI, why margins fall on purpose, and a new CFO and President. · Open the full transcript →
The headwind behind the 4% guide: soft HCP ad demand, shorter buys, and 65% of revenue already booked.
Perry Gold (VP, Investor Relations): We are witnessing a continuation of the trend discussed on our last call, with short-term demand in the HCP digital pharma ad market soft and visibility still limited. This market environment is the result of policy uncertainty remaining elevated and increased macro risk. Taken together, we expect overall market growth to be modest this year, likely at or below 5%. Consistent with broader industry trends, many brands still made meaningful upfront investments, but with more modest growth and shorter planning horizons than typical. As a result, we currently have 65% of our subscription-based revenue guidance booked at this point, in line with our three-year average, however, with more moderate growth incorporated into our guide than prior years.
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The distribution moat: 140 health systems onto the clinical-AI suite in two quarters, HIPAA-compliant.
Jeff Tangney (Co-Founder & CEO); Craig Hettenbach (Morgan Stanley): It took us two full years with our telehealth product, Dialer. And this was during COVID, when things were moving very fast. It took us two full years to get to 140 hospital enterprise clients, and we've done that in two quarters with our AI product which is pretty impressive. And now we have over 250,000 doctors in the U.S., a lot more than anyone else, who have the full HIPAA-permission, HIPAAcompliance to put patient data into our tools to help them provide better care, ask questions, get answers. And I think that's a pretty sizable moat.
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The pricing lever most miss: shorter contracts cost Doximity visibility but earn higher prices.
Jeff Tangney (Co-Founder & CEO); Ryan Halsted (RBC Capital Markets): So listen, if we go back five years, I think most of what we sold were annual programs that they would layer on more to in the midyear, right? That's how things work. We're in an environment right now where there's just a lot of change. The AI news cycle, everything, it's moving at a very rapid pace. So the bad news is that, that does hurt our visibility when clients prefer to sign three and six months sort of commitments. The good news is we do it at higher prices. And actually, we're quite explicit about that. So the year-long contracts I mean they get decent discounts for those upfront commitments and clients understand that if they make shorter commitments, they pay higher prices. So in the long run, it could work out to be better for us that we're getting better prices.
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The bear case put to management — is pharma learning to spend less on HCP ads? — and the 'we're the more' reply.
David Roman (Goldman Sachs); Jeff Tangney (Co-Founder & CEO): At what point do you ask yourselves or how do you reassure investors that pharma companies aren't figuring out how to do more with less and the businesses are doing fine without deploying a lot of resources toward HCP advertising? So this is going to be constrained for a longer period of time until they figure out the next area in which to invest. […] So I think pharma companies will do more with less, but we're the more. Today, they spend a lot of the mechanics and analytics and data warehouses. […] And so this allows them to really put money where it works for them, which is where the ROI is.
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Q1 FY2026 Earnings Call — Q1 FY2026
The AI pivot laid out end to end: the Pathway acquisition, the Scribe launch, and Jeff's 'third act' framing of how the AI suite fits the model. · Open the full transcript →
The Pathway acquisition: a six-person Montreal AI team whose model scored 96% on the U.S. medical licensing exam.
Jeffrey A. Tangney (CEO): Lastly, we are happy to announce the acquisition of Pathway, a Montreal-based startup of six people that specializes in AI clinical reference. The team includes physicians trained at McGill, Johns Hopkins, and Harvard. They had previously developed a comprehensive medical AI dataset, called their corpus, to assist with the daily questions faced in the ICU. The strength of this dataset lies in its cross-linked structure, allowing AI to provide reliable answers quickly. Pathway's AI model achieved a record 96% on the U.S. medical licensing exam this May, surpassing competitors.
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Jeff frames AI as Doximity's 'third act' — after the newsfeed and workflow tools — answering doctors' clinical questions.
Jeffrey A. Tangney (CEO); Brian Christopher Peterson (Raymond James): we're certainly very proud of our first two acts here as a company. The first act being our newsfeed and our LinkedIn style feature set, which has a record high over 1 million prescribers last quarter. And then our second act being our workflow tools, scheduling, fax, telehealth, Doximity Dialer, which was 630,000 active prescribers last quarter. So I really think AI, these AI tools and AI suite could be our third act here. That third act is answering the questions that doctors have when they're in front of patients. […] The GPT helps doctors write, the Scribe takes notes, and the Pathway acquisition answers their clinical questions and guidelines and drug dosage questions. All of that, I think, will work together seamlessly and provide an opportunity that I think is, in many ways, as big or perhaps even bigger than our first two acts
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Why engagement compounds across products: sticky scheduling, telehealth at ~45% of U.S. physicians, a decade-long newsfeed data moat.
Jeffrey A. Tangney (CEO); Elizabeth Hammell Anderson (Evercore ISI): In our workflow tools, our scheduler continues to grow, and scheduling is something doctors really have to check every day. They need to know what time their shift starts and which cardiologist is on call. It's a very sticky product, and we're just pleased to see that continue to notch up new client wins. […] Our Doximity dialer package has never seen so many clients or over 200 health systems now, roughly 45% of all U.S. physicians have a paid version of our Doximity Dialer telehealth platform. And that's also a very frequent use case. […] what it boils down to is 10 years of first-party data, knowing what doctors are interested in what types of clinical news and just knowing best how to sort through all of the new journal articles that are published every week, every day and help folks out with those.
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The monetization path: give AI away free, then follow the Dialer playbook to a paid enterprise product.
Jeffrey A. Tangney (CEO); Ryan Scott Daniels (William Blair): We see this being similar to our dialer product, which started as a free offering and later evolved into an enterprise product, ultimately becoming a successful revenue stream. We recognize the opportunities here and have already had discussions with a few of our Dialer clients regarding Scribe. We are encouraged by the success of Pathway, which has managed to get thousands of doctors to pay $300 per year for their clinical products, presenting another long-term opportunity for direct subscription revenue. In summary, you can expect us to approach this in the same way we did with Dialer, which took a few years to transition from the initial free product to premium enterprise versions.
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Unit economics of free AI: transcription now costs 'pennies per visit,' so Scribe can stay free without denting margins.
Jeffrey A. Tangney (CEO); Stanislav Berenshteyn (Wells Fargo Securities): one of the limiting factors, I think we had a year or two ago with Scribe was the cost of medical-grade transcription and medicalgrade, HIPAA-grade LLM use. Thankfully, for us, those costs have come down dramatically. […] There's been a lot of competition in the market, and our expectation is they'll continue to come down. So we're in the pennies per visit camp on this now, which is similar to where we're at with our Dialer product. We don't see the cost there being a barrier given our business model.
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Q3 FY2024 Earnings Call — Q3 FY2024
A beat-and-raise that still guided the next quarter down sharply — the call where the Street pressed Doximity's guidance philosophy and management explained the portal and new modules. · Open the full transcript →
How the upfront works: the December quarter locks in next year's budgets; new modules tap dollars outside marketing.
Anna Bryson (CFO): As a reminder, our December quarter represents our largest sales quarter by a significant amount. This is when our pharma customers sign on for next year's programs, committing the majority of their annual marketing budgets. While we've signed these contracts in Q3, we will primarily recognize revenue over the next 12 months, depending on the timing of program launches. During this upfront season, we saw strong growth with our brand partners, particularly among the number of brands spending at least $1 million with us. This cohort grew to 75 brands this selling season, an increase of roughly 30% year-over-year. Of these $1 million plus brands, we had three brands that spent at least $10 million each, an increase from the one $10 million plus brand we had last year. We also saw strength in our modules that often sit outside of traditional marketing budgets, such as Peer-to-Peer, Pointof-Care, and Formulary. These modules combined grew by more than 100% year-over-year during our upfront season.
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Where AI fits the model: automating the 2-hours-of-admin-per-patient-hour burden, a new engagement wave 'like COVID did with telehealth.'
Jeff Tangney (CEO and Co-Founder); Ryan Daniels (William Blair): the average doctor spends two hours doing administrative work for every one hour they spend seeing patients, which is an incredible problem in this country. And we're helping them take that two hours and really shrink it down. There's a lot of mediocre writing that has to be done in healthcare, and what AI is really good at is mediocre writing. It's really good at helping you get the administrative work done to fight with the insurance companies or others more quickly. So we're super excited that, that will drive a whole another wave of engagement for us, just like COVID did with our telehealth that will, again, accrue to our clients in terms of increased newsfeed and workflow platform usage.
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The pointed question — is the soft Q4 guide 'finding religion' on conservatism? — and Jeff's engagement-first answer.
Stephanie Davis (Analyst); Jeff Tangney (CEO and Co-Founder): how do you bridge the implied step down in the 4Q growth guidance? Is there anything unique beyond timing to cal out there? Or is it reflective of finding religion on a more conservative guidance philosophy? […] you're right in a sense that I'm an engagement first then monetization sort of person. And that's been our approach as well with a product that is really all about monetization, which is helping our clients purchase from us. We're the best product in the market. When our clients sat down at the end of the year to sit down and do their annual reviews of all the programs and all the partners that they work with, again, they're telling us that we win in terms of ROI. We win in terms of our service. We, I think, clearly outgrew the rest of the market here this last quarter, but we're not the easiest to buy from. So we're the best product but not the easiest to buy. And really, we want to fix that.
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The ROI proof and data moat: physician-level prescription data and licensed formulary sets that pharma can't easily replicate.
Jeff Tangney (CEO and Co-Founder); David Larson (Analyst): we do have access to prescription-level data at the physician level from industry-leading companies. This is a significant advantage for our clients, as they typically would have to wait months for a custom project to compile that data to optimize their marketing efforts and assess their performance. […] We've licensed the two leading data sets, so we know which plans are associated with which doctors and which brands are linked to those plans. This allows us to inform individual physicians that their patients may not have a high co-pay for certain medications. This is beneficial for our clients, doctors, and patients needing that medication.
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Q4 FY2022 Earnings Call — Q4 FY2022
The first full-year call as a public company — the clearest look at the recurring-revenue 'Go Get' model, the mega-brand opportunity, and pharma's shift to digital. · Open the full transcript →
The 'Go Get' model: ~60% of guidance already under contract, ~35% renewals and upsells, only 5% from brand-new clients.
Jeff Tangney (Co-Founder and CEO): Today, we're raising our fiscal 2023 annual guidance by $6 million to a midpoint of $456 million, or 33% growth year on year. As with past years, 60% of our subscription-based annual guidance was already under contract as of March 31, and we expect another 35% to come from renewals and upsells with existing clients. So only 5% of our annual guidance is what we call Go Get, that is revenue from new clients.
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The land-and-expand engine at IPO scale: 157% net revenue retention and a fast-growing base of seven-figure accounts.
Anna Bryson (CFO): Full year revenue grew to $343.5 million, a substantial 66% increase year over year. Similar to prior quarters, our existing customers continued to lead our growth. We finished the year with a net revenue retention rate of 157%. We are very encouraged by the increasing scale at which our customers are spending on our platform, demonstrating the tremendous value they are receiving from our solutions. We ended the year with 265 customers contributing at least $100,000 each in subscription-based revenue. This is a 33% increase from the 200 customers we had in this cohort a year ago. Out of these 265 customers, 45 contributed at least $1 million in revenue for the year. This represents a 55% increase from the 29 seven-figure plus customers we had a year ago.
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On concentration risk: no single customer is more than 10% of revenue; the base is top pharma manufacturers.
Anna Bryson (CFO); Stephanie Davis (SVB Leerink): You'll see in our 10-K when it comes out next week, that we have no customer that represents more than 10% of our revenue. And to your question, kind of going a layer deeper, our largest customers are top pharma manufacturers.
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The secular thesis by analogy: a digital-first drug launch (Biohaven's NURTEC) beating big-sales-force incumbents.
Jeff Tangney (Co-Founder and CEO): I'll tell you that Claritin sort of revolutionized direct-to-consumer advertising for pharma back in 1995, right? Those blue-sky TV ads they ran, it was the first time it had ever been done, and that industry went from zero to $10 billion in less than a decade. And we think Biohaven with a digital-first launch against industry heavyweights, really did, I think, create this new poster child for digital first, and we're really proud to have worked deeply with Vlad and his team as we did. And we think that the industry pays attention to these things, and so we're going to see more folks start to follow that NURTEC model.
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Where the growth is coming from: mid-tier 'digital David' challengers, all-in on digital, spending fast per brand.
Jeff Tangney (Co-Founder and CEO); Brian Peterson (Raymond James): So our market share among the mid-tier has actually been lower because we've really focused all of our outbound sales effort on those top 20 pharma. So as I said in our prepared remarks, the top 20 pharma have 13 mega brands each in their portfolios on average, and most mid-tiers are just one or two. So there's less land and expand growth for us, but actually, what we've seen this past year, is that these mid-tiers, since they're all in on digital, it's their chance to be the digital David up against the top-tier Goliath, right?
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The long runway: pharma still only ~20–30% digital vs. ~70% at the Fortune 500 — the core secular bet.
Jeff Tangney (Co-Founder and CEO); Matt Shea (Needham and Company): our best estimate is that pharma still is only spending 20% to 30% of its marketing dollars digitally. The mid-tier is probably higher for the reasons I just said. They're starting more from scratch and they're going where the ROI is. And so they may be over 50% digital, which is closer to the Fortune 500, which is at 70% digital, right? So that's the opportunity, I think, for us in mid-tier to, I think, lead the rest of the market.
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More calls
Q3 FY2026 Earnings Call — Q3 FY2026 · 11 pages · The onset of the soft HCP ad market and the first read on how the AI-monetization plan was taking shape ahead of launch. · Open →
Q2 FY2026 Earnings Call — Q2 FY2026 · 14 pages · Progress on the AI suite (Scribe, Pathway, PeerCheck) and how fast AI engagement was ramping against workflow usage. · Open →
Q4 FY2025 Earnings Call — Q4 FY2025 · 13 pages · Full fiscal 2025 wrap-up and the framing that set up the coming 'AI investment year,' plus the FY2026 guide. · Open →
Q3 FY2025 Earnings Call — Q3 FY2025 · 14 pages · The upfront selling season with the client portal now driving purchasing, and management's read on pharma budgets. · Open →
Q4 FY2024 Earnings Call — Q4 FY2024 · 8 pages · Full fiscal 2024 results and the first buying season with portal purchasing opening up to clients. · Open →
Q1 FY2024 Earnings Call — Q1 FY2024 · 10 pages · Early framing of the modules strategy and the first mentions of a HIPAA-compliant DocsGPT in the newsfeed/workflow suite. · Open →
Q3 FY2022 Earnings Call — Q3 FY2022 · 4 pages · An early post-IPO call for the original pandemic-era growth rates and telehealth adoption baseline. · Open →
Q1 FY2022 Earnings Call — Q1 FY2022 · 4 pages · The very first earnings call after the June 2021 IPO — the original description of the network and business model. · Open →