Doximity A Dose of Detail – Parsing the Print on Budgets, AI, and Near-Term Visibility

Research evidence excerpt

Doximity A Dose of Detail – Parsing the Print on Budgets, AI, and Near-Term Visibility

J P M O R G A N North America Equity Research

14 May 2026

Doximity Neutral

DOCS, DOCS US

A Dose of Detail – Parsing the Print on Budgets, AI, Price (13 May 26):$23.39

and Near-Term Visibility

Vertical SaaS & HealthTech

Alexei Gogolev AC

(1-212) 622-9391

alexei.gogolev@jpmorgan.com

Destiny Jackson

(1-212) 622-4360

destiny.jackson@jpmorgan.com

Yesterday, DOCS reported relatively in-line 4Q results (see our recap note here),

Ella Smith

but investor focus quickly shifted to management’s view of a lower-growth

(1-212) 622-2451

demand environment and AI-driven margin pressures. Expectations for overall ella.smith@jpmchase.com

market growth of at or below ~5% (below historical 5-7% range), delayed and Isabella A Camaj

shorter budget deployments, and increased macro risk also weighed on sentiment. (1-212) 834-2379

The stock is down ~24% this morning, which we view as an overreaction. bella.camaj@jpmorgan.com

Following the earnings release and callback, we go a level deeper on the key themes J.P. Morgan Securities LLC

from the print—specifically, commercial cadence, AI Search launch mechanics,

and the drivers of near-term visibility.

• Policy uncertainty: management gave concrete examples of what’s sitting

behind the “policy + macro” umbrella. On the callback, management

referenced the FDA Commissioner stepping down and discussion of 100%

tariffs for those not aligned with MFN (April 2nd White House Fact Sheet linked

here) as examples of the types of policy overhangs they believe are contributing

to cautious, shorter-duration decision-making.

• AI Search budget source: management framed early spend as an

“innovation budget” wedge. Management described AI Search as being