Q1 2025 Doximity Inc Earnings Call Transcript
Key Points
- Doximity Inc (DOCS) reported a 17% year-over-year revenue growth for the first quarter of fiscal 2025, exceeding the high end of their guidance range.
- The company achieved a strong adjusted EBITDA margin of 52%, which was 18% above the high end of their guidance.
- Doximity Inc (DOCS) saw record engagement with double-digit percentage growth in unique active users across monthly, weekly, and daily metrics.
- The introduction of new AI and client portal products has been well-received, with positive feedback from 30% of clients using the portal.
- The company has a strong net revenue retention rate of 114%, with top 20 customers showing even higher retention at 121%.
- Free cash flow decreased by 29% year-over-year, primarily due to the timing of tax payments.
- Despite strong performance, the company remains cautious about macroeconomic uncertainties, which is reflected in their conservative outlook for the second half of fiscal 2025.
- There is variability in quarterly revenue growth, which can be attributed to changes in customer purchasing and program launch patterns.
- The company acknowledges that the macro environment remains uncertain, which could impact future growth.
- Doximity Inc (DOCS) faces competition in the digital healthcare space, although specific competitors were not named.
At this time, I would like to hand over to Vice President of Investor Relations, Perry Gold. Please go ahead, sir.
Thank you, operator, and hello, and welcome to Doximity's fiscal 2025 first quarter earnings call. With me on the call today are Jeff Tangney, Co-Founder and CEO of Doximity; Nate Gross, Co-Founder and CSO; and Anna Bryson, CFO.
A complete disclosure of our results can be found in our press release issued earlier today as well as in our related 8-K along with a copy of our prepared remarks, all available on our website at investors.doximity.com. As a reminder, today's call is being recorded and a replay will be available on our website.
As part of our comments today, we'll be making forward-looking statements. These statements are based on management's current views, expectations, and assumptions and are subject to various risks and uncertainties. Actual results may differ materially, and we disclaim any obligation to update any forward looking statements or outlook.
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