Q2 2026 Doximity Inc Earnings Call Transcript
Key Points
- Doximity Inc (DOCS) reported a strong financial performance with $169 million in revenue for Q2 2026, representing a 23% year-on-year growth and a 7% beat from the high end of their guidance range.
- The company achieved an adjusted EBITDA margin of 68%, which was 15% above the high end of their guidance, and adjusted EBITDA grew 32% year on year.
- Doximity's AI tools, particularly the DoxGPT feature and AI Scribe, have seen significant adoption, with AI Scribe users nearly tripling from Q1 to Q2.
- The integration of Pathway's medical data set and AI models into DoxGPT has been completed, enhancing Doximity's AI capabilities with unique features like integrated drug reference and access to over 2,000 medical journals.
- Doximity's client portal and integrated programs have driven strong upsell performance, with bookings growth in the SMB cohort up 100% year over year in Q2.
- There is some uncertainty around budget discussions for calendar 2026, which could potentially impact future revenue growth.
- The transition to more integrated programs has led to a smoother upsell cycle, but it also means that Q3 growth may not see as large of a step-up as in previous years.
- Doximity is facing ongoing litigation with OpenEvidence, which could pose a risk, although the company seems confident in its position.
- The company anticipates increased costs related to developing and powering AI solutions in the back half of the year, which could impact margins.
- There is potential uncertainty in the market due to policy changes, such as those affecting direct-to-consumer advertising, which could influence client budgets and spending decisions.
Ladies and gentlemen, thank you for standing by. My name is [Christa]. I will be your conference operator today.
At this time, I would like to welcome you to the Doximity second-quarter 2026 earnings conference call.
(Operator Instructions)
Thank you. I'd now like to turn the conference over to Perry Gold, Vice President of Investor Relations. Perry, you may begin.
Thank you, operator. Hello and welcome to Doximity's fiscal 2026 second-quarter earnings call.
With me on the call today are Jeff Tange, Co-Founder and CEO of Doximity; 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 Form 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. A replay will be available on our website.
As part of our comments today, we will be making forward-looking
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