Doximity Ask Unlocks Multi-Billion Dollar Paid Search Market; Buyers, OW, $42 PT

Research evidence excerpt

Doximity Ask Unlocks Multi-Billion Dollar Paid Search Market; Buyers, OW, $42 PT

S$4,659.3

AI Suite partnerships across 140 health systems. In Exhibit 1, we estimate that Debt/Total Equity 0.0%

queries grew from 4.8M per month in January of CY26 to 11.6M in April of CY26. Avg Daily Vol (000) 2,996

Net Cash Per Share US$3.69 This is the type of exponential, grassroots utilization growth that has become typical

Div Yield 0.00%

of a DOCS product launch. We also see the DOCS product launch playbook in the Fiscal Year End Mar

company's deliberate pursuit of enterprise Clinical AI Suite contracts. Doximity Dialer

is the precedent. 140 hospitals including 7 of the top 20 U.S. Health Systems have Price Performance - 1 Year

purchased Doximity's Clinical AI Suite. >250K prescribers now have access to the USD

Clinical AI Suite in a single, hospital-approved, HIPAA-compliant workflow. Our health 80

system Chief Informatics Officer checks suggest that Doximity's PeerCheck overlay on 70

top of the Pathway LLM produces more accurate and appropriate clinical reference

query responses at Doximity Ask vs. alternatives. Doximity Ask is earning the trust of 60

working clinicians and clinical leadership simultaneously. We believe Doximity is selling 50

enterprise subscription contracts for the Clinical AI Suite, similar to Doximity Dialer for 40

Enterprise. We think the hospital/ health system cost of enterprise subscriptions will be 30

subsidized by pharma marketing revenue.

May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

• Doximity Ask unlocks multi-billion dollar paid search opportunity. DOCS launched Source: Bloomberg

AI search for pharma at its annual Pharma Client Summit in NY last week. The product