- Doximity ( NYSE: DOCS ), a digital platform for U.S. medical professionals, lost ~16% post-market Thursday after the company announced its Q3 FY23 results and lowered its outlook to stand below Street forecasts.
- San Francisco, California-based health platform expects its full-year revenue to reach $417.7M –$418.7M, down from $424M – $432M expected previously and below the $428.3M in the consensus.
- For the fourth quarter, Doximity ( DOCS ) expects to record $109.6M – $110.6M revenue, and for FY24, its revenue outlook stands at more than $500M compared to $122.2M and $523.6M estimated by analysts, respectively.
- However, the company’s Q3 FY23 financials exceeded Street forecasts as revenue grew ~18% YoY to $115.3M while non-GAAP net income slipped ~28% YoY to $45.8M.
- Meanwhile, cash and cash equivalents improved ~21% from FY22 year-end as free cash flow jumped ~85% YoY to $47.5M.
- “Our clinical workflow tools saw record use last quarter, including our telehealth platform which served 375,000 unique active clinicians,” Chief Executive Jeff Tangney said ahead of the earnings call at 5:00 p.m. EST.
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“Investing in Doximity shares is likely to require some patience and fortitude,” Seeking Alpha contributor Bert Hochfeld wrote last month issuing a Buy rating on the stock.
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Doximity sheds 18% as guidance disappoints