Doximity, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $136.8 million for the three months ended September 30, 2024, marking a 20% increase from $113.6 million in the same period of the previous year. For the first half of fiscal 2025, revenue reached $263.5 million, up 19% from $222.1 million in the first half of fiscal 2024. This growth was primarily driven by a $23 million increase in subscription revenue for the quarter, with contributions from both new and existing customers.
Gross profit for the three months ended September 30, 2024, was $123.2 million, a 22% increase from $100.9 million in the prior year. The gross margin improved to 90%, up from 89% year-over-year, reflecting effective cost management as revenue growth outpaced cost increases. Operating income for the quarter was $53.1 million, compared to $33.8 million in the same period last year, while net income rose to $44.2 million from $30.6 million, resulting in a net income margin of 32%.
Doximity's adjusted EBITDA for the quarter was $76.1 million, up from $54.2 million in Q2 2023, indicating a strong operational performance. The company reported net cash provided by operating activities of $109.6 million for the six months ended September 30, 2024, compared to $70.1 million for the same period in 2023.
On the strategic front, Doximity initiated a restructuring plan in August 2023, resulting in a 10% workforce reduction and incurring $7.9 million in restructuring expenses. The company also recognized a $2.3 million impairment charge related to a sublease for its office space in Irving, Texas.
As of September 30, 2024, Doximity had cash and cash equivalents of $184.2 million and marketable securities totaling $621.3 million, bringing total liquid assets to $805.6 million. The company has also authorized a stock repurchase program of up to $500 million, with $30 million already utilized for repurchasing shares.
Legal challenges are ongoing, with Doximity and certain directors facing lawsuits related to securities claims and shareholder derivative actions. Despite these challenges, the company maintains a strong financial position and continues to focus on growth within its digital platform for U.S. medical professionals.
About Doximity, Inc.
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