Doximity (DOCS) 6 Feb 252025 Q3 Earnings call transcript

Company Profile

Participants

Perry Gold	executive
Jeffrey Tangney	executive
Anna Bryson	executive
Brian Peterson	analyst
Glen Santangelo	analyst
Ryan Daniels	analyst
Ryan MacDonald	analyst
Elizabeth Anderson	analyst
Richard Close	analyst
Scott Schoenhaus	analyst
Allen Lutz	analyst
Nate Gross	executive
Michael Cherny	analyst
Anne McCormick	analyst
Craig Hettenbach	analyst
David Larsen	analyst
Vikram Kesavabhotla	analyst
Jeffrey Garro	analyst
David Roman	analyst
Jailendra Singh	analyst
Eric Percher	analyst
Stanislav Berenshteyn	analyst

Call transcript

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Operator

Hello, and welcome to Doximity Fiscal 2025 Third Quarter Earnings Call. [Operator Instructions]. I would now like to turn the conference over to Perry Gold, Investor Relations.

You may begin.

Perry Gold

Thank you, operator. Hello and welcome to Doximity's Fiscal 2025 Third Quarter Earnings Call. call 'Dr. Jeff the CEO Co-Founder on Doximity, of me today Tangney, are and With Co-Founder CFO; Gross, Nate and CFO. and Anna Bryson,

A Form investors.doximity.com. remarks, X-K, all can results with a release as of on our in along as disclosure prepared of well related press today stated our be our in available copy our earlier complete found our website at

available is reminder, recorded, and be today's will call being on a website. As replay our a

in XX-Qs statements. to forward-looking statements Form today, and results any we time, and we filing SEC will on time update our obligation XX-Q. and annual part current statements are uncertainties. including any disclaim Please and materially, that As from our management's upcoming to making based or filings any of outlook. comments report assumptions be subsequent and may XX-K various factors refer Actual with These Form to views, reports our risk expectations to forward-looking any differ and other filed the Form are be on may subject risks on the

filing Our today's forward-looking XXXX. as call February on press statements nor reiterate note, believe a such the that financial to it X-K. provided of adjust the unless Of also Form release policy is neither date, it Doximity's X, a is disclosure as public reasonable the are to be today's or through we guidance based of assumptions on through done

release. be found our Today, GAAP can to results. today's reconciliation we aid earnings A comparable will believe in the we certain financial understanding of non-GAAP discuss that metrics metrics in historical

may nature, metrics onetime metrics in dynamics into These our Finally, these details not future. may on we during updates of incremental in to greater provide insight call, or provide the the may the we business. be and may offer

now CEO Co-Founder, to Tangney. the our call to and would over Jeff? I turn like Jeff

Jeffrey Tangney

earnings for Thanks, our third everyone, Perry, and joining quarter call. thank you,

highlights. commercial growth today, financials, updates our X have network and We

First, third the XX% top the revenue fiscal top grew Of once line, up a sophisticated for the for companies entire broader a represents These our million marketplace. teams to proof year-on-year our our end continued clients high [ XX% them largest, fastest range. from $XXX guidance ] and analysts our in clients their of We XX which is quarter to value on XX-month the of our note, trailing XXX% are again growth marketing believe we of basis. delivered pharma XXXX, of us, to with measure growth most our effectiveness. employ beat the

strong of also record in and $XXX with QX EBITDA XX% which guidance. was line the up adjusted our bottom end margin year-on-year million, a high Our was above of XX% XX% or

with just EBITDA. in quarter X years in X figures So first X achieved adjusted after figures now we've revenue, our

XX% highlights: a X and raise the So beat, financial that's a XX% margins. X%

Okay.

Turning our growth engagement. now network to and

Our users fresh all and basis and QX unique active on with hit weekly percent highs a year-on-year. double-digit monthly growth quarterly, in

continued news for to lead way usage the feed us. Our

latest active QX, more scrolled news feed current in time our stay the X unique the For fields. of ever to first on than million their in prescribers

Our workflow XXX,XXX QX highs hit unique in over prescribers. tools new with also active

reminder, a our workflow AI and -- tools. As health, facts, tools scheduling our include

the fastest XX% grew million up in with prior over prompts, QX the tools AI X.X over Our quarter.

been delivering clients health the Zoom Microsoft best-in-class has systems #X has over to many for outperforming others. health XXX video engagement hospital now their patients. proud to Teams, and vaunted Doximity care stronger. telehealth network Finally, and and year ] staff, In fourth serve [ systems the and their earned short, telehealth never in We're CIOs by our platform

and proud way. more digital, be to to As be health more shifts the more mobile leading we're AI-powered, care

Okay.

integrated products, client led sales, commercial our QX report our to to by highlights. strong year-end pleased new calendar portal. and now programs X We're Turning initiatives:

First, of QX, sales. and over XX% grew our pharmaceutical formulary products in our new XXX% point generating of care over

our represent modules and outside As these appear reminder, of entirely news us. new a feed inventory for

Second, data create to programs, approach custom doctor. with dynamic each tailored can our science for clients a leverage newer our integrated

prefer example, sizes dives deep Monday personalize For bullet visits, clients guidelines prefer and their Others us point between our scientific QX. helped grow some letting many our across optimize our campaigns doctors on in patient evening. program modules in

weaving their a portal our to single our together is Finally, of providing see clients test strategies trusted results. this client place by all and

gives Our our and a solidifying role seamless our clients partner. real data proof as of insights third-party strategic prescription impact

our Now as have of initiative. over multiyear we've said Today, half our a access. is clients portal brand client before,

to is in of clients our plan add Our all XXXX.

last We in month. them mix marketing bring this with inaugural portal also partners. summit as to XX added the Together, our New health agencies to later signing consumer-grade excited training we're do York tools quarter, care. to We'll

have end my incredibly care. Okay. work about never excited proud more to more continue realize to building hard mission I'd teammates together. like what who to personally better health by thanking been we're Doximity or their I to

with Anna? Bryson, And and I'll over to our guidance. hand our that, Anna financials discuss CFO, it to

Anna Bryson

to the today. thanks call Jeff, Thanks, everyone and on

finished and rate net retention revenue of quarter trailing a continued guidance end with lead quarter existing Similar $XXX.X our the the XXX% revenue to million, Third range. of grew basis. to to our prior customers on exceeding up XX% a year-over-year our growth. XX-month quarters, high We

rate revenue. and year remained with in trailing each cohort our a revenue net from we This XXX%. revenue subscription-based XX% customers total the contributing accounted XX% customers increase XX of is least for of fastest the customers growing, our in XXX Our retention $XXX,XXX basis. XX-month ago with these this on ended a a customers We at a XX quarter had top

Non-GAAP and Adjusted profitability. high flat profitable compared XX% year margins. a the represents of XX%, EBITDA was the the gross a $XX.X the in $XXX with incremental we period. quarter was versus million run margin in EBITDA business to our prior margin as quarter growth XX% year period. and to adjusted adjusted This prior XX% to was third margin Turning third for EBITDA million, year-over-year continue very

to third million $XX.X an our year flow of quarter securities. cash and compared generated million and equivalents an flow share ended to our year-over-year. balance marketable $XX.X repurchase of prior turning We cash sheet, program. cash, the $XXX quarter with period, update on in in XX% million increase the free cash of Now We the

During business. use quarter, generate needed we in at what's XX.X cash the of our price we $XX.XX. repurchased the third million is repurchasing shares valuable believe incremental reinvest above We to the an a average shares of

As had remaining program. of XX, our existing we $XXX in million repurchase December

a Now to recap I'll of annual turn buying season. our

sign our quarter what of quarter committing sales represents for As upfront largest a This farm significant year's a majority programs, on annual next are called marketing December customers by budgets our their amount. the reminder, is our what contracts. in

over expand recognize across primarily the entire While contracts in platform. we continue their depending timing signed our launches. This program clients on the we months, XX QX, reach our next these to upfront of will revenue season,

modules Our sit outside point news than of grew that year-over-year formulary feed, combined. of care and more the XXX% by

a We brands a these large integrated sizes. of larger to programs as much contributed than on basis. which grew as our on also a basis, fast multimodule sold twice more buying buying integrated modules number deal stand-alone offerings Brands

increased among record our prescriber first product growth partners. and brand. see commercial demonstrated scale further time. million-plus season to $XX $X room $XX and is With the We [ brands innovation, Finally, runway still our hundreds ever million-plus number for that had partnerships our engagement our pharma of of there million to continued of plenty we upfront brand ] over ample

Now moving on to our outlook.

growth $XX.X For we XX% range to EBITDA $XX.X the at of million, fiscal expect range adjusted we $XXX.X million margin. and to million, of million representing the quarter $XXX.X representing expect adjusted the of XX% EBITDA fourth XXXX, a the revenue in midpoint in

$XXX.X expect $XX million, growth roughly million. the guidance the at guidance an margin. range of For outperforming representing in we after or increase our million increase the the full expect million, representing or $XX roughly midpoint QX million XX% of revenue million $XXX.X after to adjusted midpoint. million. by at now This $XXX.X XX% fiscal by now roughly outperforming to the $XXX.X QX adjusted of range EBITDA X% our a million $XX midpoint year, roughly the $XX in is an We of XX% at This EBITDA is

variety Our to factors. increased a annual outlook is of due

driving pharma our outperformed anticipated than QX upsells materially revenue. First, year-end stronger

cycle exceeded and due larger expectations integrated to primarily product buying traction programs. new annual multi-module our Second,

structure of are programs programs These integrated led to client's at years. first contracted higher prior than Finally, launches to beginning these the January of a module. content the percentage with start the of approved year the

annual our we're faster, excited upfront sales this efficiency While go pace. a revenue to means faster also converting at are QX help to launch customers live

in our recognized year As will sales a past. fiscal the result, upfront in years as current revenue of than more be

roughly grow digital Looking ahead, X%. market we to the to expect HCP pharma to X% continue

remains ahead goal will in provide fiscal the to guidance our our overall we May, XXXX of While market. grow

are strong well we Given competitive year share and engagement, positioning positioned another we for of our record believe gains.

over operator the that, With for turn it I to questions. will

Operator

Instructions]. [Operator

question first from Your James. Raymond Peterson comes with Brian

Brian Peterson

on Congrats quarter. really really, a strong

So that terms aren't, they're say any kind in year into year get perspective on could anything that there their -- of the of versus on on of commonality buying what saw patterns the the have about portal. to those XX% I'd compared that customers volume you that love how those terms aren't you of Is midyear any in to fiscal in portal that of today on you and 'XX? aren't end

Jeffrey Tangney

Jeff. is question. Hi, Brian. This Yes, great

our from quarterly clients earnings have we continue portal so. last to our in said and we higher growth call, do seen As

today. team again, about our ago. So expect trained this we a to half service yes, roll out our just year, of all couple our clients out rolled that we've sales of on and to weeks And it's entire of clients it to

So IQVIA have to make more share We're course them because their our basis, and corrections what's working lift on the look allows and the them return at in monthly strategically folks and see way. shows the their right? results working, a hands investment allows in on along we're what's portal data more the not that them of excited pulling it to to out

So that your I hope question. answers

Brian Peterson

or margins terms the incremental XX% this of quarter, of balance obviously to I appreciate profitability kind versus the And generating Any about how you're I thinking higher in maybe, EBITDA XX% just color, I models Anna, guess, growth. expected. help way -- wonder than in our much you investing Jeff.

Anna Bryson

for Brian. Thanks Yes. question, the

-- business have material to given line flows that with you quarter outperformance. noted, the almost the strong as in out all very through QX did a bottom upsell performance our we So of nature of model, line. And

not quarter we're similar now. quarterly are margin So a take XX% X EBITDA. to And there that variations revenue, and think business plus I to would

which we annual fiscal as -- our year. this business, So best the you sorry, for look of our at ] is [ encourage XX% to representation at EBITDA margin

Operator

Jefferies. from question Glen next comes Santangelo with The

Glen Santangelo

correctly. the of both, a but brand X sales your if this think partners, in that sort would be driving of what's the your your the seeing strength? I'm that And your that think fact programs, out all obviously, I I Or where this And you Jeff, really I how is products And those what's maybe elaborate these -- is on if and heard I remarks, really multi-module momentum? that driving combination kind about think dynamics you more could these kind what but of that's uptake. quarter, you're portal we're said new you it of products curious I helpful. of about contributing and these operating we're I'm figure guessing in when the guess drove trying and to momentum, new any they're out to to integrated what it's I'm that prepared think rolling these agencies way XX% is

Jeffrey Tangney

big always And done Thanks, return I insights referring have well a cycle, from of the our planning very the out at we programs the Or Are think nerdy? our to content their want a longer-term want have integrated a particularly their our have midyear where portal clients of I guidelines they and portal. which have clients, think clients well home with through But there prefer? I our -- types and and our doctors. year-end and we top their make our and time these it I one top they studies? to good last we during this them And what and on work the to easier lot optimize, question. Glen. them item clients performed they budgets efficiency, with and partnership really program It's voted where that they they May, punch, help a here, shines. do a optimize are is and half-day that that past us when we've that's X-X integrated the and did they commitment. do end And look sit just of quick I of No, during $XXX,XXX it's quick go at it's acronyms budget think, because board Are well, transact our their traditionally them. the and like advisory think they our investment year budget year, skin down meetings, changes? So for XX they to that programs realize did of a programs because more and use advisory learning machine we of remember board was pharma help clients coming the smaller AI, to with

is, helped our season during a during lot most helping think and season. I last is So programs the really the portal short integrated upsell upfront this answer our

Operator

of Blair. Ryan from The next question William Daniels comes

Ryan Daniels

Congrats on for outstanding one quarter. Anna, the maybe you.

Curious near seasonality year. how recognition. guess get the I too of programs sales change integrated multimodal ourselves we've seen talked I the don't a in calendar revenue start of far of might seems models the You the our of as the in want what bit like it the cadence to ahead versus could that this past. larger change about launching quarterly

any color So there?

Anna Bryson

a And to their Ryan. an our formats it flexible to question, take channels. But as opportunity here our in programs these work. more expressed talk across about the optimize Jeff just said, how you the bit I'll on bit. more interest offering little programs for Thanks hit Yes. little a and dynamic multiple and clients a also

these about started year which upfront our rolled much a programs really top ago. a multi-module out these this And trialing a last season, But about, so we we larger talked we of we to offerings and year, number just some of integrated great saw traction. clients,

content. start as in concerned, XX to the far length. are to and visibility module has typically And first with contract start programs is the January whichever [ is ] available They're as these so to contracted

the if start their integrated modules while modules in of it, by that content, video care but So news video is have we of preapproved with and and does and in buying news client a we'll for news, the care optimizing care background. point work video an both example, of point not, program and point content the program the on and launching

It launch. the So our longer multimodule customers really They obviously a better revenue then And love to this the love board. is us, the for the the speed win-win we deals, flexibility and love provides. larger predictability. across

more into For the seasonality, over I than think certainly could programs continue our revenue we've these seen definitely as to we aim we that's move consistent programs, curve year-to-year past time. these we more a see as sell customers over few years. And

Ryan Daniels

really Okay. And to as many about seen script Nate. Jeff Super and lot follow-up a PAs physicians. helpful for data color. We've then recently not or a maybe starting as if NPs of more write as

that just you've big and a bit if curious that you October. talk about already is in there? a how So Navigator target how and little or are target But capitalizing I I'm market? you know can you opportunity NPs more PAs you NP launched do broadly, growth

Jeffrey Tangney

answer question. I'll Jeff. that is This

in we're announced practices And we've our we're members. XX% all of country there. the over growth So of as proud new

the but I growing will it's want to of this fact, We and we In us our Board, they of they to patients practitioner really all hosted they're and off very in ability percentage. product. less from all from we've little factors pharmacy, had bore to about tool. with patient use it, our goals the come them. one they these nurse NPs the year write from I wherever our to workload well handle love our their over to done with that resumes, say cell The to out a XXX they Interestingly, strong of what growth in internal tell of phones here things, you CDs. letters, are ability proud prior are, Advisory our users ability just GPT first-ever call keep where will the with their

as there. frequently popular, been I functionality, workflow growth forward is think, really again, by more look But LinkedIn to and have we them. tools style the not So our used more

Operator

next MacDonald The Needham. Ryan with question from comes

Ryan MacDonald

Ryan on Scott. for

point plus the year-over-year these strong orders looks of formulary. within like, And consecutive here on You of couple penetration growth the most recent overall runway care XXX% of of products? just for about Can what the and customer you here have the sort talk quarters maybe base?

Anna Bryson

question, the as And saw for in -- Jeff in yes, from Thanks Ryan. prepared mentioned Sure. we new remarks, of products our quarter. the XX% the

white with see are growth. this opportunity. with consecutive year our to unmonetized quarters over early on XXX% really we speed So with year Between traction that our X par the channels our could innings driver on there we very our to next modules the over and of growth. see in strong in we a I incremental become We that, believe do definitely the Even of engagement and years space. workflow starting key firmly are think workflow new X the of

Ryan MacDonald

And a Excellent. as then maybe follow-up.

noted getting XX should in to has been agency How So few have sort the the the those and process more just for of ramp the we new partners then of using fiscal look as training ramping ahead those of here magnitude into not we continuing sort the of of of pool, only the partners adding actively up of next agency and signed start going about that you trained of partners 'XX. agency think kind incremental Thanks. but weeks. the the sort

Jeffrey Tangney

this I'll too strategic more clients, all smart. And giving that is our their all because help I really come really forward New with win-win around. do York equal. Yes, excited be through summit Yes, with insights and them their partners. take a we We're look them which strategies to our to else make look inform mean, end in up this I to City Jeff. is agency go that. coming they're yes,

we it we that referrals new SMB previously. this last share in over X-figure been shared can past clients. continues, That call, and our was than on I quarter with had had growth stronger the

look credit of one million working us our better AC we e-mail-centric do portal, these them most we're seamless being just see. client, creative. creating, creative, is a just bring these created which the in in a less content be some from helping to new and couple us agency so partners think, our again, this more way fact, we that partners really great $X.X is agency partners. So of of had partners. view, And of our of smart, more weeks And helping ago, to I with And our a is develop

of agencies excited we're more the that but we it's I are don't medical major There down will the -- the big on our big agency in X, the know to certainly will it serve do I more a space So we lots you're of today. XX portal how many that. X program in road, have year, And exactly there. There's have well. out now think smaller there's right. the be than

Operator

next Evercore question from comes The Elizabeth ISI. with Anderson

Elizabeth Anderson

to on last time. over that like help direct Congrats to but us Maybe there. of clients one, sort longer-term non-agency the learnings quarter. of the mean direction opportunity evolving you do to see understand obviously, early how just I of a split of agency, days, can sort you fairly any it's still up point kind the early kind that follow honestly,

Jeffrey Tangney

Thanks, Yes. Elizabeth.

us a the do might professional our creative that you clients. be -- we again, use And experts But us health lot we clinical any We they is reach to in and are present with that think to of the care where as to principal own. resellers. to clients they're I to still areas. their I their We're on clear, none of table to of to provide longer data are agencies them them letting -- us direct their they relationship -- about some can a what And provide that data HCP, inform, their who strategic I insights do other again, to this think thinking of not their hard again, or message. intros there's hear new help So have that tail have strategy buying call look for folks with things them maintain maybe these are we others.

Operator

comes Richard The from next question of Close Canaccord Genuity.

Richard Close

margins. on if road a Jeff, how give we I any of here, map formulary if on But Congratulations updates? care could about products. us AI quarter. had the the was wondering these a products? got you for of you then I great internally follow-up and new And any point future driving Anna, could Yes. Obviously, talk thoughts that's

Jeffrey Tangney

Thanks, Richard. AI answer I'll by well. as Sure. is Jeff. saying This

product up host So here weeks. we're And proud of we physician to did the what at save ideas better quarter, there's help as can look X.X our with in advisory few over medical physicians, doctors the lot our board docket prompts about of million new XXX I about we're we're care. of quarter-on-quarter. going really a XX% time, provide do to last that a excitement And AI

in leaned I And lot a really of we're on think so today, opportunity. we that. And that's and monetization where X have area Anna? an

Anna Bryson

expansion Richard, has into facilitate internally for definitely We've Doximity. leaning been now. thanks on margin do at for or a helped for year Yes, it the X question us believe we AI. AI

in some et turbocharge it. overall very Just AI -- our G&A, our for embracing data we're data all cetera, AI, examples is utilizing as really AI very for contracts, all, about team sales team. forecasting, that uses R&D we we're entry, team sharing, fortunate And for knowledge think to and our additive programming, scatting for

to it has over been seen year we've last margin a So XX%. factor definitely the in the expansion

Operator

with from comes question next The Scott Schoenhaus KeyBanc.

Scott Schoenhaus

about brands Congrats Sorry the module on program plus -- noticed integrated brand XX believe million momentum. million-plus you X that. side. I to

year the -- of the platform on your revenue we past. forward revenues So meaning our your should how these versus going budget unlocks from opportunities see should launches, we larger selling think throughout

Anna Bryson

you just cutting question? bit. Do the a apologize, I out little mind you repeating were Scott, quickly

Scott Schoenhaus

and now you is dollar question My multimillion brands. Sorry, all have larger larger these basically

throughout brand. the year-end the at just million ever plus the versus year How unlocks first years midyear You the and past? in budget revenue announced XX should we and another opportunities both think the about

Anna Bryson

talk brands. about little larger bit to Happy a our more Sure.

first XX put to our too, reminder, context, ever X only had years in as we brand this million-plus ago. a Just

million, today, brands plus million-plus we brand. so X XX ever And million XX now have and --

every to a is to brand certainly, to milestones our willing we see and to no reach So year, we yet in how brand limit much continue Doximity. invest with partners,

the had As I it's of strong way tell. as and us means year, this the we season especially this regards think rest could soon upfront just We and season. far what strong a programs. too as to for upfront, commitments, integrated what had just for too with our to us upsell for to further to comment certainly soon It's mean for the upsell

Operator

The of of Allen next question Lutz comes from Bank America.

Allen Lutz

Jeff how for way doctors was XX% is Could much Nate, this X.X is how quantify platform? quarter-over-quarter. talked you an then any what to spending tools. walk maybe there you much adding the doing, time And using are or through can example time X are how doctors you on or AI are these prompts the AI One just that about of million prompts up

Nate Gross

we've Yes, quarter is the X.X doctors, invest, we continue Hi, about about space. we is it Allen. the in a possible. as to we're setting the million last excited leader And had we're grow. which submitted Nate. And by AI the as in This clinical excited applied to become prompts in what's continues number

their XX only workloads they that's save we've to when tools. AI increase. pretty can continue a they a they using And that hours surveyed around think salvation massive So as week doctors, -- us unlock or our really told

letters already they have that time kind it's as trainees. improved patients, our not then still like big with questions use because help we are new no when companies faxing are do like with authorization exactly prioritize, efficiency patients so Well, have processes do just it year have prior our involve of members having are colleague of insurance And answering continuing communications. first ask reducing generate common a Even of that for burden things has that the existing only doctors that been to is letters tools them we entirely they what are administrative lot can letters that hit, things what that those and interests surprise faxing. our paperwork can connect there's So that tests top we recommendation things certain around appeals, assisting us. doing? And like to drafts for of might cases at to but of their to these into tools want today times so doctors can with workflow far, a

Allen Lutz

prepared about And for the Anna. to talked one growing In you market X%. is then the still remarks, digital X%

As we has improved you've talk seeing market is the Or Really results out understand X And or about modestly think market the share taking trying more over just the just even improving? put that there at you're Doximity at here. what kind end can about past all? the is quarters, kind X to if of market you of the level?

Anna Bryson

bit years, about more that we've share We we've we gains. did looked over was growth our to probably year of of few lot a majority due stability. definitely the gave think the to X% range that of Sure. Thanks but certainly for that Yes, little see X% seen likely at for the higher XXXX, past as it's market Allen. outperformance question, on we calendar When end range. the improvement, marginal a

to quite were take able a So of bit we share.

little of really were started there provide analysis think really we I a flight there new products to this better a was quality off. audience with to year, our and able and portal insights, ROI clients take bit our a to and

gains. by So say majority this year I growth share our led was of the would

by this it's you which we've seen at if In market about likely Xx. Xx the fact, outperformance, typically where historically look year, we to outperformed been closer

past year. of continue. right But to A for we outperformance ahead, we year level this the it's something lot expect is we saw we think As would look this not necessarily really of things historical we'll to rate. more forward, think Xx it's our like bit as growth something more an that norm norm. of of little We market outlier probably going see a the likely the opposed more us

Operator

The question next Leerink comes from Cherny Partners. with Michael

Michael Cherny

what now you a changing? you oriented of where positioning about both you. actually you anti-DTC you the quality of build ask Allen's do see around on for if the we I was 'XX elements that When And question the 'XX much certain for How advertising, takes flight asking the market on puts forward-looking is and moving think macro does potential saw with some market? right How think growth in and volatility think on and dynamic. head to other the Maybe of factor quarter. and into guidance. the also about macro Congrats your that channels great question sit where can you as the within on HHS in by a that

Nate Gross

This is Nate.

I So it's can path lot things clear early. say yet to but about effects with a been a set. There's have is what implementation priorities said, BXC have that to be of still

of DXC some around or and A DXC in up lot of they advertising, TV feasible of is overcome. in because could terms ban like ground that advertisements. talk disclosures be of a could less pricing around regulations a likely conversations full middle far has thus hurdles So bubbled there'd be transparency seem pricing be more lot on as such to the

come ]. of Doctors being discussed general, well do That the and of just I said, a commercial clients. it's we're calls, from focused just best will our strategies, what -- make a to poll change. on of today we requests being don't receiving early administration basing in hopes like think our on on of end lot We're I that think have But too with not again, from strategies administrative lot [ what's with doctors.

Operator

JPMorgan. The Anne from with comes Samuel question next

Anne McCormick

outstanding on Congrats the quarter.

that that Or at thinking Are the space investment? of in term, incremental longer thinking margins require it resources with any about you're seeing the kind able Just have you one lately. for incremental you that white massive model your monetization Just across look to you today? the platform? will penetrate as the

Jeffrey Tangney

is This news has Jeff. our Anne. that, Anna Thanks, as said, product. that workload very up opportunity core the we're Well, with proud feed as as is And we already of think opened opportunity big our products. we've

have, us of go a the space you So absolutely. think and we that to as after we that team white do for still that's lot relationships with yes, -- say,

continue top show to all with within the hospitals, good I think XX with we them. we growth XX work all We pharma. top and work the

had which I the last our my do make growth XXX% top comments growth XXX%, to That rate want or year. over revenue last net is in a of we XX year, retention up was we that clients. NRR pre-record, with clarification one an XX% over said about

make to clarify want sure just I that. I So

that. clear that's very of I comments, for we I that Anna's we choice think large make fashionable. the the And still reclarify to of. be it's we're think market partner a care health very I think want in to but from But are innings well no, early reaching positioned

Anne McCormick

just sneak could was hoping helpful. of And really the trended? an more. one if how on in could give just health That's provider I us you update that's I business, the

Anna Bryson

Yes. for the Thanks Annie. question,

business does that business the is year. this for our initially a we health start before, the is fastest-growing So to seen remain we've upside our as But better our than and pharma said business performing of most responsible expected little year. system bit

We our of see over out past pickup we uncertainty. in the the really a macro So sales. But X isn't still improvement that do business bit that months. a industry of marginal a little we've in new as well market seen believe

material growth expecting So future. this on near change a cohort the we aren't in

pharma We fastest are our growing. remain still our expecting business to

Operator

Stanley. Hettenbach comes Craig next The with Morgan question from

Craig Hettenbach

positive hearing have module been video on We feedback front. the

accelerating a driving I touch to and off be So you taking mean, things a momentum just step and what's the product on just on Can now. initially the start that nicely Jeff, refined just video the back, got slow you've resonating appears that's side? to

Jeffrey Tangney

question, good too. It's Yes. a Thanks, Craig.

really within look and sidelines the see it, their where try out review stick not sort products, through an it's their else ROI what out. something of that's new which our they're helpful S-shaped will back a they like trialists doctor for and not or right everyone our actually happened modules great products, like patient didn't for to think basically think, the tell also step actionable sort we've uncommon and go moment, right, they drug, and point-of-care to see a candidly, rates there. And I join cover their the a highly curve industry at their necks with I from then a to That's you formulary coverage X for a of are have strong the adoption and moment whether client seen modules, right? strong It's, on As and sits worked. And and right? who pharmaceuticals, as what waiting to they not or formulary, really your and legal whether will really what wait and wait again, insurance looks loss ROIs I visit, year, regulated

people that it's it get as our that our it's while, Anna on legal to ago, the vertical little business. for So a moment. I really new us it hump think we perspective seed video second we comfortable I taken be S-curve a to big earlier, could when with launched its this where from in couple for are we said while of the a that as core look clients having return think at as And years think, again,

Operator

from Larsen comes with David question next BTIG. The

David Larsen

very about like of like some talking you large the look Reduction like the year-over-year clinical increase the also because clinical XX% changes biopharma this on challenges Inflation When different at Part reprioritizing IQVIA good When of trials, reducing companies, them. pressure facing we having a at morning, Act reimbursement, they're on trials. Congratulations they're talking quarter. about and D reported CROs the they cancellations of look are in in costs,

like of to seem So it seems parts it the lot space, across sector like a under the be CRO of pressure.

the is is and just mean, Just thoughts invest helpful. under Now efforts? they're that's any what that it Can they're very to on? causing you your I we look in at commercial results more going would fantastic. there them be explain pressure

Nate Gross

is Hi, David. This Nate.

U.S. barometer it's is note the pharma year-to-date. of I'll the So which for X% sort a that U.S. iShares is up pharma ETF, companies, one around thing

optimism Phase of We the we're some post helping -- at stages brands or work involved are or pretty trials. stages typically with in market I conversations launch early So But not strategic businesses pre-launch. these the II we there. stage that typically at those Phase the in launch. their start Maybe

early the trials seeing would cost definitely we help So that stages in run very would. different be in and businesses different effects types of

Reduction Again, So -- with it's to the Inflation with it the it. priorities around to administration's new Act. early still regards

repeal a feel look is up seems it lot few hundred you, stage. dollars. drugs I pretty of a But path unlikely think any calendar affected, the million a a -- because some late a and at is of mind this experts XXXX free if sort to scheduled in cuts, you IRA the bit are already

will So our the a launching this with even revenue. continue still single regulatory XX science, we drugs the work than that -- for partners digit Because, were when and stage to grow percentage and went the exciting growth more just and drugs launch we with we of found there's while pipelines in us. affected a really pipeline brands announced, of again, different low be first potentially lot analyzed that shift changes, medicines

David Larsen

And sync that, like trade products contributing your or introduce Great. revenue [ X care. without size to develop formulary to Can like will is and ability you then growth. new from X year. sort ] is your or Okay. how products your like of many it for pipeline, seems new any coming much you And secrets anything how and maybe of in just point then sense are per modules

would that thoughts helpful. Just be around color or any

Jeffrey Tangney

we've answer said Yes, Jeff. is Yes, I'll point care is our XX%. of that this that.

for And our down They at doctors together the you not get revenue with have and our we're XXX similar-sized even trade on more. eventually could are our I are And to our road. against Advisory overall secrets. monetized that. I we those excited opportunity here So products, a Medical think perhaps think, Board work bigger which size all, again, AI and

shown of innovate So got shot ways to think physician that new products we I can have. about don't really we've goal got because, there we like than in appreciate. better doctors think that others we we've team a some talk our on that course, And has constantly

that close to best. our hold we So

Operator

comes Vikram from with Baird. question next The Kesavabhotla

Vikram Kesavabhotla

Great. to you're new wanted to this some that now the just growth for is X% cycle. you're long still Okay. that accelerate growth rate to move on questions what on think you some term? previous they need from And of Do based I Or getting upfront the industry the around that rate the another trends X% point? can for feedback industry that see up follow customers time? you at think on that to higher through order do in normal do

Anna Bryson

in. shift it's to digital. little the the Vikram. place circumstances of their for seeing pharma and ton Thanks agency and X% an I with And that our think, we're something is bit talk the a X% the to partners, a today, we're client effect about we internally question, of macro is in that

spending we're of about is just massive if to XX% take So digitally. step only to budgets back, still going a XX% their pharma

to industries that at compare other are XX% You other industries, plus.

So pharma under-indexed. certainly still very

a growth see could increase. we rate which that in So world does

pharma see going that the uncertainty, for on digital, do today. now, when rate think I under growth not But it that's know I happen seeing just given could right to just yet. up. given generalized don't where We we're believe index how go a world is we does

Operator

comes with Stephens. Garro question next from The Jeff

Jeffrey Garro

from Maybe less topic the a quick implies of legal review the becoming kind is that upfront of going of launches challenge. to medical in selling and turnaround back and January that more season. That

Or approach barriers? ] has NRR execution those just or [ serving we work ask to from and a anything changed as if wanted of are strong witnessing perspective? I a flexible integrated So solutions two compliance the

Anna Bryson

Yes. Thanks large did for right. absolutely January a see excited we're about. in launches which the And question, We Jeff. to really compared our increase years, prior

always at integrated with in is content that whatever module for of really one have brands help goal possible our quickly to allowing been content. to our as their them by working maximize ROI. Our will we're least has pre-approved that module gain customers on a our programs to starting are Most as have And while with channel which pre-approved. do pleased

lines, really like changes do this changes live revenue in our However, we though, see getting been also make time when note we that's a game changer see I clients want for launch So do us faster to in in sure to growth.

lead a upside are So XXXX 'XX. points tougher which we percentage of for to of January couple growth contributing this theoretically in some to fiscal move comps ahead as to launches fiscal us, could higher of

Operator

next Mizuho The question Securities. from with comes Stephen Valiquette

from comes Goldman Your of question Roman next Sachs. David

David Roman

to continues been that which for track a back top total that obviously and retention the But this growth, net sustainable to just wanted exceeding seeing XX% a at revenue at of level and pace at time. to is fairly come growth period line accelerating. it's we're I

outside on a the some top and the understand maybe of of we performance that drivers about total NRR how the think those go-forward should to the line So What top help sustainability customers customers? between incremental drivers and of those can you then is And of contributing largest basis. growth? us some

Anna Bryson

over such we past the yes, a did our we think customers that sign adding NRR in portal. is find the overall we've question, the a slight good really our grow as months. expand on care last able adding seen we're NRR to continue for encouraged our XX we existing reacceleration And see quarters, stability modules certainly particularly ways for our in additional within really which to their program customers. of Thanks NPs to continue that our existing X to through point David. And or And on we're

more so little that earlier, to mentioned at grow continuing Now seeing as come we're great historically. our about bit we a what is far had seen growth from And what's had as and Jeff than also here, SMB portal. funnel funnel continue bottom customers. of will I And that over the the the likely top of to our these time, think with all of angles especially see of the funnel client

NRR then of moving future from a pieces we're seeing top here It's soon just don't also change growth a as really just give a expect our to far continued what number. traction. of but with for customers, of as too SMB today. us amongst So between here specific couple kind material we but

David Roman

some and know, say cycle accelerated of we underlying bit those This year. are could we a you you talked on where drivers drivers? factors, about fiscal about in are of the forward. follow-up, as of about seeing the to evolution more the kind a And comps maybe go how think the performance year? trying Where get of little little about life And of growth a you're that this -- S-curve of are you this going would or I you helpful. this But think some supporting things. maybe drivers? That's a Jeff, more bit not the detail kind each of is just those in the you some improved at these just into is those here of in question

Jeffrey Tangney

where really short Hi, to David. is answer This Yes, is The we? doing well. Jeff. are we're I'll that. speak

folks having does maybe households doing I newer context I doctors, the think lot are does the whatever behavior in of day, who trialist you well, aren't if couple technologies. in the down, our matter. end else At up as don't decisions to aren't this a around results. in put past where being demonstrated we've the doctors really are we candidly, it that or context ways reach those think And the some right? a of clinical all games year, them. And of clinical last clients the matters, of finding boil years there was context video right? in That matter, work, ways really But to they

will we context to for our high-integrity physicians. continue credible a highly clinical think deliver I

Operator

next question comes Securities. Singh with from Jailendra The Truist

Jailendra Singh

enough have in and following need growth, do XX% products teens, growth on top and you So which line your last to to comfortable your the would you going high trying to accelerate partnership, on you this sustainable you get that tools deepening forward high that on that Or growth I'm market pharma response. forward. you year. keep growing likely earlier teens, back comment levels? XX% sustainable, you like Xx at finer from current engagement mean driving fiscal pipeline up market think going and just growth being rate to the Xx a grew put about feel your Does to point for to

Anna Bryson

forward as as do the do business. right back say, And for going And now, question, historically, mentioned our past somewhere by if if rate Jailendra. our out Thanks look a market car Yes. that's outperform we over I is X best we look this estimate to better back the taking closer of we before, years, proxy the growth for year, typically Xx.

we're more a believe happen. consistent gains place gains. we And we'll softer this going had to that think see just we XXXX. a opportunity share fiscal year, saw we accelerate share I after in of But forward, an really that where we're encouraged

place As overall we far in continue faster grow as market, have the to the than if to we we tools believe do. absolutely

portal, that I just opportunity accelerated for last what It's ton within of point still we our know if as we care but as don't assuming have quite this think not growth of with seed next we year. and a year. we're saw

Jailendra Singh

difference sets all back you these seeing Any your or I between versus the what ROI those Just your plus guys brand from might confirm million to not on you're can programs for are the understand are that, opportunity color or clients? who brands engagement, portal clients new want to share portal? you around or client to can are Okay. incremental roll pharma pharma and also your plus a portal. you you after if follow-up, those can XX on self-serve of the X out partners upsell you data million trying And all go like between self-serve portal X across X and first on million, customers see XX pharma

Jeffrey Tangney

Thanks, Jailendra. This Jeff. is

more see thing that -- one are and So reality reports self-serve and clients clarify to self-serve. portal. our is go refer about don't The it's credit and I will as yes, But website not should still People whatnot. able it line, to the a experience the the our end from some and new we requested up know. clients to we protect on we user have I've will hold with card

review and not are, that in are physician that want they don't We very put program vet every garish, approach. experience, still are to things frankly, they're to native protect every again, to not we we there, still the going out client, clinical, going our

know the are tell -- all is the to this portal, positive. of our that, plan I on In again, roll you I'm who for don't clients offhand It a about those this our I for all can terms year. but it's they clients out training of talking process, And I portal IQVIA not the top X, there's you think they're the their really they to in data it market data. IQVIA definitions little of it tweaking and define for walk takes in might through to us a of make bit way be and the and different different need sure show and because parts time all them every them understand to case. the

And to that make internal with definition. sure so their want we aligns

to clients again, them there But to get So get it all us it's really for does to new some our the portal. take of year. goal time on this

Operator

The Eric next with from Nephron. comes question Percher

Eric Percher

I question visibility next plan to workflow financial a the budget visibility drive you in improved year. around model. flush talked year, On on for think is over the And about we customer longer might then factor. discipline last multimodal launch, the And drive seems thought

So let that where but around you then year the me QX? into do a relative visibility more the a first it to up may you, even on And a you now there ago? items you've have you together, put feel we be of how get ultimately new X year, dependence gained looking quarters, is on in more lot end ask all forward as visibility these you

Anna Bryson

Eric. question, the for Thanks

started we a initial at there's visibility of XX% when our last than as reminder, When a it with year give we guidance, push our play we in because over we looked guidance and when just don't contract. with So effect expect under offerings. had different subscription-based to revenue our May, pull these last bit of started a how year look materially integrated we

upfront fiscal imply recognition certainly in revenue more led visibility versus the little year but into in January, to the to year stronger and current year. deal large So booked the next also they led launched would sizes, fiscal more they a next which which

now, X as I very given feel business. is last So we feel there, of those the strength solar performance, into looking past year's year. connectors, our because of just of think visibility visibility And the comfortable push this pull this with and pretty we

Operator

from comes Wells Stan Fargo Securities. Berenshteyn question with next The

Stanislav Berenshteyn

for ones Just X quick me.

experiencing? the on side who's then you're First, And that the XX a gains million one? of live called of anticipated time that on have do the on the brand, you share on share frame other gains the you what for the campaign is go out, that sense

Anna Bryson

the for thanks question. Stan, Hi,

our we So brand that packages. did integrated plus buy that one million mentioned, of XX

live that is channel. already on our So brand

As something comes share where far much we about it are it's too when the that as not to typically talk seeing we gains, competitors.

to our clients are think pleased the and show we're incremental to from we results want I think we that platform our clients. And just interest I dollars. the place our have their that really have spend the that

Operator

call is questions. we for Jeff all the That CEO, for the I will to Tangney, remarks. have time turn closing

Jeffrey Tangney

Doximity hard so I to by for the than entire more thanking before. start team day every working efficiently serve ever doctors and

and Bye. you, thanks, thank everyone, So for joining.

Operator

you This call. joining. for concludes thank today's conference We

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