Doximity Inc (NYSE:DOCS) shares are trading lower Wednesday after the company reported financial results and issued quarterly guidance below analyst estimates.
Doximity said fiscal fourth-quarter revenue increased 40% year-over-year to $93.7 million, which beat the $90.11-million estimate, according to data from Benzinga Pro. The company reported quarterly earnings of 21 cents per share, which beat the estimate of 15 cents per share.
Doximity also authorized a new stock repurchase program for up to $70 million of the company's common stock, beginning in the first quarter.
Doximity said it expects fiscal first-quarter revenue to be between $88.6 million and $89.6 million versus the $96.78-million estimate. The company expects full-year fiscal 2023 revenue to be between $454 million and $458 million versus the $452.12-million estimate.
Doximity operates a digital platform for medical professionals. The company's network members include over 80% of U.S. physicians across all specialties and practice areas.
Analyst Assessment:
- SVB Leerink analyst Stephanie Davis maintained Doximity with an Outperform rating and lowered the price target from $72 to $67.
- Needham analyst Scott Berg maintained Doximity with a Buy rating and lowered the price target from $70 to $45.
- Morgan Stanley analyst Craig Hettenbach maintained Doximity with an Equal-Weight rating and lowered the price target from $55 to $35.
- Jefferies analyst Glen Santangelo maintained Doximity with a Buy rating and lowered the price target from $78 to $46.
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DOCS 52-Week Range: $27.06 - $107.79
The stock was down 14% at $29.05 at time of publication.
Photo: courtesy of Doximity.
