Doximity (DOCS) jumps into the profit zone of the first quarter
Jeff Tangney, CEO of Doximity for its initial public offering on the New York Stock Exchange, June 24, 2021.
Doximity shares rose 10% on Tuesday in an expanded deal after an online health care company that debuted publicly in June doubled quarterly sales.
Compared to the street account estimate, the company’s performance in the first quarter is as follows:
- Revenue: Forecast of $ 72.7 million versus $ 63.6 million
- Revenue: 11 cents per share vs. 6 cents expected
Doximity, which provides healthcare professionals with professional network and telemedicine tools, doubled its quarterly revenue with annual revenue from $ 296.5 million to $ 299.5 million. That’s an annual increase of at least 43% from $ 206.9 million.
The company grows revenue by providing more targeted marketing services to pharmaceutical companies and hospitals that can use Doximity’s newsfeed to reach a professional audience. In addition, Doximity has a new telemedicine service that enables doctors to communicate securely with their patients.
Doximity hasn’t disclosed any specific revenue for telemedicine products, but says the company currently provides paid services to more than 30% of all US doctors.
Doximity’s news feed features articles the company has published from mainstream news sources and medical and scientific journals. The comment area is open to the user base of doctors, nurses, medical assistants, medical students, pharmacists and other health professionals.
Like other social networks, Doximity is facing the challenge of dealing with an increase in false information related to the Covid-19 vaccine and masks in comments, CNBC reported last week. Jeff Tangney, CEO of Doximity, said in a post-sales statement Tuesday to CNBC that such claims were made by less than 0.1% of users.
“Unfortunately, we discovered that it contained a violation of community guidelines that specifically prohibit posting medical false positives, so more comments need to be removed,” Tangney said. Write. “Commentators who make inaccurate claims are a minority of the members (
Doximity’s share price rose to $ 58.20 in overtime trading and then fell to $ 56.25. The stock closed at $ 52.93 on Tuesday.
Looking for: CEO of IPO Doximity