Doximity, Inc. Files 2024 Annual Report

TL;DR

Doximity's 2024 10-K is in, check the numbers for FY24 vs FY23.

AI Summary

Doximity, Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its performance and financial condition. The company, headquartered in San Francisco, CA, operates in the computer programming services sector. Key financial data and operational details for the fiscal years 2022, 2023, and 2024 are presented in this filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Doximity's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

• 2024-03-31 — Fiscal Year End (Reporting period for the 10-K)
• 2023-03-31 — Prior Fiscal Year End (Comparison period)
• 2022-04-01 — Fiscal Year Start (Beginning of the reporting period)

Key Players & Entities

• Doximity, Inc. (company) — Filer of the 10-K
• 2024-03-31 (date) — Fiscal year end
• San Francisco, CA (location) — Company headquarters
• 7371 (industry_code) — Standard Industrial Classification for Computer Programming Services
• 2023-03-31 (date) — Prior fiscal year end
• 2022-04-01 (date) — Start of prior fiscal year

FAQ

Key Financial Figures

• $0.001 — which registered Class A common stock, $0.001 par value per share DOCS The New York
• $21.22 — 30, 2023, based on the closing price of $21.22 for a share of Class A common stock on

Filing Documents

• docs-20240331.htm (10-K) — 2130KB
• exhibit211-listofsubsidiar.htm (EX-21.1) — 3KB
• exhibit231-consentfy24.htm (EX-23.1) — 2KB
• exhibit31133124.htm (EX-31.1) — 11KB
• exhibit31233124.htm (EX-31.2) — 11KB
• exhibit32133124.htm (EX-32.1) — 5KB
• exhibit32233124.htm (EX-32.2) — 5KB
• exhibit971-compensationcla.htm (EX-97.1) — 33KB
• docs-20240331_g1.jpg (GRAPHIC) — 116KB
• 0001516513-24-000035.txt ( ) — 11251KB
• docs-20240331.xsd (EX-101.SCH) — 63KB
• docs-20240331_cal.xml (EX-101.CAL) — 112KB
• docs-20240331_def.xml (EX-101.DEF) — 321KB
• docs-20240331_lab.xml (EX-101.LAB) — 895KB
• docs-20240331_pre.xml (EX-101.PRE) — 635KB
• docs-20240331_htm.xml (XML) — 1646KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 42 I tem 1C. C ybersecurity 43 Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 44 Item 4. Mine Safety Disclosures 44 Part II 45 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6. [Reserved] 46 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 47 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 Part III 97 Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accounting Fees and Services 97 Part IV 98 Item 15. Exhibits and Financial Statement Schedules 98 Item 16. Form 10-K Summary 99

Signatures

Signatures 100 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our expectations regarding our revenue, expenses, and other operating results; our future financial performance; our expectations and management of future growth; our ability to acquire new members and successfully retain existing members; our ability to acquire new customers and successfully retain existing customers; our ability to achieve or maintain our profitability; future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements; the costs and success of our sales and marketing efforts, and our ability to promote our brand; our ability to effectively manage our growth, including our ability to identify, retain, and recruit personnel, and maintain our culture; our ability to comply with laws and regulations; our ability to successfully defend litigation brought against us; our ability to maintain, protect, and enhance our intellectual property rights and any costs associated therewith; our ability to maintain data privacy and data security; our ability to respond to rapid t

Business

Item 1. Business Overview We are the leading digital platform for U.S. medical professionals, with over two million registered members as of March 31, 2024. Our members include more than 80% of U.S. physicians, spanning all 50 states and every medical specialty, along with over 60% of U.S. nurse practitioners and physician assistants, and over 90% of graduating U.S. medical students. Our mission is to help every physician be more productive and provide better care for their patients. We are physicians-first, putting technology to work for doctors instead of the other way around. That guiding principle has enabled Doximity to become an essential and trusted professional platform for physicians. Doximity's physician cloud puts modern software in the hands of physicians and other medical professionals. We provide our members with digital tools specifically built for medicine, enabling our members to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. At the core of our platform is the largest medical professional network in the nation, which creates proximity within our community of doctors and hundreds of thousands of other medical professionals. Our focus on physician-centric product design and clinical productivity has led to high levels of adoption and endorsement by health care professionals. For example, we had more than 580,000 unique active providers use our clinical workflow tools in the quarter ended March 31, 2024. Our business model is designed to both respect and support physicians while driving value for our customers through our Marketing, Hiring, and Productivity Solutions (as defined below). Our revenue-generating customers, primarily pharmaceutical manufacturers and health systems, have access to a suite of commercial solutions that benefit from broad physician usage. Our "Mark

View Full Filing

View this 10-K filing on SEC EDGAR