Doximity, Inc. reported a significant increase in financial performance for the fiscal year ending March 31, 2025, with total revenue reaching $570.4 million, a 20% increase from $475.4 million in the previous fiscal year. The company's net income also rose to $223.2 million, compared to $147.6 million in fiscal 2024, reflecting a net income margin of 39%. Adjusted EBITDA for the year was $313.8 million, up from $230.5 million the prior year, indicating a strong operational performance driven by increased subscription revenue.
The growth in revenue was primarily attributed to a $93.7 million increase in subscription revenue, with $10.4 million coming from new customers and $83.3 million from existing customers expanding their contracts. The average revenue per existing Marketing Solutions customer increased by 22%, highlighting the effectiveness of Doximity's offerings. Approximately 95% of the company's revenue was derived from subscription customers, underscoring the importance of this segment to its overall financial health.
Doximity has also made strategic advancements, including the acquisition of AMiON, a scheduling and messaging application, which was completed in April 2022. This acquisition is expected to enhance Doximity's Workflow Solutions. The company has continued to invest in its technology platform, with research and development expenses increasing to $93.0 million, up from $82.0 million in the previous year. This investment is aimed at improving existing products and developing new features to better serve its growing user base, which now exceeds two million registered members, including over 80% of U.S. physicians.
Operationally, Doximity reported a net revenue retention rate of 119%, indicating strong customer loyalty and satisfaction. The company also maintained a healthy cash position, with cash and cash equivalents totaling $209.6 million and marketable securities of $706.1 million as of March 31, 2025. Looking ahead, Doximity plans to continue expanding its offerings and customer base while managing costs effectively, although it acknowledges potential challenges related to market competition and regulatory changes in the healthcare industry. The company remains focused on its mission to enhance productivity for medical professionals and improve patient care through its digital platform.
About Doximity, Inc.
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