Doximity, Inc. filed a registration statement with the Securities & Exchange Commission on May 28, 2021 for its initial public offering (IPO). The number of Class A shares to be sold and price of shares is not yet specified. The statement specifies that up to 15% of the shares will be reserved for sale to certain qualifying member physicians. The existing Class B shares are held by the company's officers and directors and their affiliates.

 

Doximity had 1.8 million medical professional members as of March 31, 2021, including more than 80% of US physicians. It also counts 50% of nurse practitioners and physician assistants among its members, as well as 90% of graduating U.S. medical students. Doximity membership is free for physicians; its revenue-generating customers are pharmaceutical manufacturers and health care systems. Doximity states that its cloud-based platform provides tools to its professional members including member profiles for the largest medical professional network in the nation; a newsfeed oriented to the latest medical news; and clinical workflow tools including telehealth, secure messaging and digital faxing. It monetizes its platform through its marketing solutions for pharmaceutical manufacturers and health system customers; hiring solutions for health system customers; and telehealth solutions. With regard to telehealth, Doximity states that it had 63 million telehealth visits in its fiscal year ending March 31, 2021, and subscription agreements with 150 health systems.

Doximity's financial statistics for its 2020 and 2021 fiscal years are:

  2020 2021
Revenue $116.4 million $206.9 million
Net income $29.7 million $50.2 million
Adjusted EBITDA $26.6 million $64.8 million

It had 200 customers with subscription-based revenue of at least $100,000 in FY 2021.

 

The company estimates its current total addressable market at $18.5 billion, including a $7.3 billion opportunity in pharmaceutical marketing and $6.9 billion opportunity in health system marketing and staffing. Doximity was incorporated in 2010 and began serving pharma and health system customers in 2014. The company states it has no plans to pay dividends in the foreseeable future.

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