Doximity, Inc. reported significant financial growth in its latest quarterly filing, with revenue reaching $168.6 million for the three months ended December 31, 2024, a 25% increase from $135.3 million in the same period the previous year. For the nine months ending December 31, 2024, revenue totaled $432.1 million, up 21% from $357.4 million in the prior year. The company also achieved a net income of $75.2 million for the quarter, compared to $48.0 million in the same quarter of 2023, and a net income of $160.7 million for the nine-month period, up from $107.0 million a year earlier.
The increase in revenue was primarily driven by a substantial rise in subscription revenue, which grew by $32.8 million in the latest quarter. This growth was attributed to both the addition of new subscription customers and the expansion of existing customer accounts, with average revenue per existing Marketing Solutions customer increasing by approximately 24%. Doximity's customer base with trailing 12-month subscription revenue exceeding $500,000 rose to 114, up from 94 a year prior, indicating a strengthening market position.
Operationally, Doximity has focused on enhancing its platform and expanding its service offerings. The company reported a net revenue retention rate of 117%, reflecting strong customer loyalty and expansion. The total number of users on the platform continues to grow, with over 80% of U.S. physicians now registered. The company has also made strategic investments in research and development, with expenses in this area increasing by 12% year-over-year, reflecting its commitment to innovation and product enhancement.
Doximity's balance sheet remains strong, with cash and cash equivalents of $165.3 million and marketable securities totaling $679.7 million as of December 31, 2024. The company has also been active in stock repurchases, having repurchased 1.4 million shares for $49.2 million under its recently authorized $500 million buyback program. Looking ahead, Doximity anticipates continued growth driven by its expanding customer base and product offerings, while maintaining a focus on profitability and operational efficiency.
About Doximity, Inc.
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