Doximity, Inc. Q3 FY2026 earnings call

• CFO Anna Bryson is on medical leave, with Tim Cabral assisting on financials.
• Q3 financials were solid with $185 million revenue, 10% Y/Y growth, and adjusted EBITDA margin of 60%.
• Network stats: Surpassed 3 million registered members, 85% of US physicians and 66% of NPs/PAs on the platform. Strong engagement with record usage of news feed, workflow, and AI products. Workflow users had largest sequential gain ever. Doximity Dialer ranked number one telehealth platform. AI tools saw over 300,000 unique prescribers in Q3, 100+ health systems using AI suite with 180,000 prescribers, and peer check program with over 10,000 physician experts.

Third quarter revenue was $185 million, a 10% year-on-year growth and 2% above the high end of guidance. Adjusted EBITDA was $111 million with a 60% margin, 7% above the high end of guidance. Net revenue retention rate on a trailing twelve-month basis was 112%, with top 20 customers having a net revenue retention rate of 117%. There were 126 customers contributing at least $500,000 each in subscription-based revenue on a trailing twelve-month basis, accounting for 84% of total revenue.

• Fiscal 2026 revenue expected in range of $143M-$144M (4% growth midpoint), adjusted EBITDA $63.5M-$64.5M (45% margin).
• Full year 2026 revenue expected $642.5M-$643.5M (13% growth), adjusted EBITDA $355.5M-$356.5M (55% margin).
• Impact of MFN deals and AI commercialization plans, expecting to tap into innovation upsell and search budgets later in the year.

• Policy uncertainties related to MFN deals and regulatory headwinds.
• AI infrastructure costs associated with scaling AI usage.
• Competition in the rapidly expanding medical AI market.

Q: Details on AI study and provider utilization impact?

A: Study with 1,300 high-prescribing physicians showed Doximity AI at twice the rate of competition due to better drug reference, journal access, and speed, with word spreading quickly in medicine.