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Doximity Stock a Top Performer Among 2021 Medtech IPOs

Zymergen and Talis disappoint shareholders with 90% price drops

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Mar 24, 2022
  • Ortho Clinical Diagnostics and SD BioSensor also in the win column.
  • Decliners include Signify Health, Oxford Nanopore, Exscientia, Sight Sciences and Singular Genomics.
  • Pandemic boosted testing, use of health care data and remotely connected services.
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If you were one of the early investors in Doximity Inc. (

DOCS, Financial), take a bow. If you got in early on Zymergen Inc. (ZY, Financial) or Talis Biomedical Corp. (TLIS, Financial), my sincerest condolences.

Of the top 10 medtech initial public offerings last year, as compiled by Fierce Biotech, Doximity stock is up 90% from its offering price to about $50. At the other end of the spectrum are Zymergen and Talis, with their share prices declining 90%. Those two had plenty of company as six of the 10 companies on the list saw declines in market value.

San Francisco-based Doximity’s social network designed for doctors has been a big hit. The company has more than 1.8 million health care professionals within its digital network, providing a wealth of telehealth and scheduling tools.

Doximity posted revenue of $207 million in 2020, up 78% from 2019. And the beat goes on. Last month, the company reported bang-up results for the third quarter of 2022, which ended Dec. 31. Revenue was $97.9 million, versus $58.7 million, an increase of 67% year over year. Net income came in at $55.6 million, up 57% from the same period a year earlier.

For the fiscal fourth quarter ending March 31, Doximity is guiding for revenue between $89 million and $90 million and adjusted Ebitda between $34 million and $35 million. For the year, the company expects sales between $338.9 million and $339.9 million and adjusted Ebitda between $144.9 million and $145.9 million

Doximity said its telehealth platform grew to 350,000 active providers and, with last month’s acquisition of Amion, adds that company’s management of nearly 200,000 physician schedules at thousands of hospitals, including 18 of the top 20.


Of 12 analysts following the stock, 10 rate it a buy or strong buy, with an average 12-month target price of $67.55 and a high of $81, according to Yahoo Finance. Even at $80, Doximity is $20 short of its high achieved last September.

Zymergen and Talis both had something in common with Doximity: a 90% change in their share price from the IPO. Unfortunately, for those long the stocks, their direction was south.

Zymergen, a biomanufacturing company, saw its shares dive after hitting the trifecta of bad news: setbacks in development, failure to make any real money and the exodus of co-founder Josh Hoffman, who also stepped down as CEO and left the company’s board. He was replaced by former Illumina Inc. (

ILMN, Financial) CEO Jay Flatley, who continues to serve as acting chief.

Talis shareholders can commiserate with their brethren at Zymergen. Not even a month after closing on its Nasdaq IPO and garnering $232.5 million in net proceeds, the point-of-care infection test developer revealed it was withdrawing its application to the Food and Drug Administration for emergency authorization for its Covid-19 test. Ouch.

Like Zymergen, Talis lost its CEO, further spooking investors. Brian Coe was replaced by interim chief Kim Popovits, former president, CEO and chair of Genomic Health before it was acquired by Exact Sciences Corp. (

EXAS, Financial). About three months later, the company’s chief commercial officer, Rob Kelley, was given the top job.

Following is a list of the other companies that made Fierce Biotech's list.


IPO Price

Current Price


Ortho Clinical Diagnostics Holdings PLC (

OCDX, Financial)




SD BioSensor Inc (137310.KS)




Signify Health Inc. (

SGFY, Financial)




Oxford Nanopore Technologies Ltd. (ONTTF)




Exscientia PLC (

EXAI, Financial)




Sight Sciences Inc. (

SGHT, Financial)




Singular Genomics Systems Inc. (

OMIC, Financial)





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