Doximity Inc. (DOCS) shares slumped 13.87% in after-hours on Tuesday, November 09, 2021, and closed the daily trading at $65.90. However, in the regular trading session, DOCS’s stock performed well and gained 7.68%. The stock volume remained 2.9 million shares. DOCS shares have moved up 5.14% in the past week. Over the past three months, the stock has gained 8.66%. The company has a current market of $15.21 billion and its outstanding shares stood at 185.21 million.
Let’s see is there any recent news behind its turnaround?
DOCS recent financial results announcement
On November 9, 2021, Doximity, Inc. (DOCS) announced financial results for the fiscal 2022 second quarter ended September 30, 2021.
Q2 2022 financial highlights
- DOCS reported total revenue of $79.4 million in Q2 2022 compared to $45.1 million in Q2 2021.
- The cost of revenue was $8.9 million compared to $7.5 million in Q2 2021.
- Total operating expenses were $45.5 million in Q2 2022 compared to $27.2 million in Q2 2021.
- It earned a net income of $36.1 million or diluted net income per share of $0.17 in Q2 2022 compared to$10.0 million or diluted net income per share of $0.02 in Q2 2021.
- Adjusted EBITDA was$32.8 million in Q2 2022 compared to $12.6 million in Q2 2021.
Q3 2022 financial outlook
For Q3, 2022, Doximity is expecting,
- Total revenue in the range of $85.8 million and $86.8 million.
- Adjusted EBITDA in the range of $32.0 million and $33.0 million.
FY 2022 Financial outlook
Doximity updated guidance for its fiscal year ending March 31, 2022, and now expecting,
- Revenue between $326.1 million and $328.1 million.
- Adjusted EBITDA between $127.6 million and $129.6 million.
DOCS 2021-2022 Residency Navigator tool
On August 26, 2021, Doximity, Inc (DOCS) released its 2021-2022 Residency Navigator tool. The Residency tool is widely used by U.S. medical students before earning their medical degree.
Residency Navigator Is the most comprehensive online directory of American residency programs and includes nominations, ratings, and individual reviews from over 100,000 Doximity physician members.
DOCS participation in the recent conference
Doximity, Inc. (DOCS) recently participated in a virtual fireside chat at Morgan Stanley’s 19th Annual Global Healthcare Conference which was held on Thursday, Sept. 9, 2021. The company was presented by Anna Bryson, CFO during the event.
Conclusion
Doximity stock plunged after its poor Q2 2022 performance and we can see it continue to decline in the coming trading session as well.
