Doximity delivered a standout QQ1 2025 quarter, underscored by top-line growth, robust profitability, and accelerating AI-enabled product adoption. Revenue reached $126.7 million, up 17% year over year, with non-GAAP gross margin at 92% on a quarterly basis and an adjusted EBITDA margin of 52%, exceeding guidance. Management highlighted continued strength in core pharma upsells, the ongoing rollout of the client portal to 30% of clients, and the early traction of Doximity GPT as a tool that dramatically reduces administrative burden for physicians. The quarter also featured strong engagement metrics, including a record 590,000 daily active prescribers using AI, telehealth, and scheduling tools, reaffirming Doximity’s position as the mobile medical office and news feed of medicine.
The company maintained a disciplined path toward sustainable growth through product expansion and expanding addressable demand. New point-of-care and formulary products grew over 70% year over year, aided by the client portal’s real-time ROI insights, which are accelerating upsell decisions. Management reaffirmed guidance for Q2 and the full year, projecting revenue of $126.5–$127.5 million in Q2 (12% growth at the midpoint) and full-year revenue of $514–$523 million (9% growth at the midpoint) with ~49–52% EBITDA margins. Doximity also reiterated a strong balance sheet with roughly $750 million in cash, a dry net cash position overall, and an ongoing share repurchase program that reduced fully diluted shares by 6% since prior year.
Looking ahead, the key drivers include further monetization of the client portal, expanded weekly prescription data, and the ongoing integration of content creation capabilities into a self-serve framework later in the year. Management acknowledged macro uncertainty and signaled a cautious but constructive approach to unbooked revenue, while remaining confident in their competitive position and momentum in pharma upsells. Investors should monitor (1) portal-driven revenue uplift and unit economics, (2) continued acceleration in pharma upsell cycles, (3) speed of content-creation features rollout, and (4) evolving macro health-system demand as the year progresses.