Engagement trends are solid, when will monetization inflect?

Research evidence excerpt

Engagement trends are solid, when will monetization inflect?

Idea

August 3, 2026 04:00 AM GMT

Morgan Stanley & Co. LLCMDoximity, Inc. | North America Craig Hettenbach

Equity Analyst

Engagement trends are solid, Craig.Hettenbach@morganstanley.comJialin Jin +1 212 761-6435

Research Associate

Jay.Jin@morganstanley.com +1 212 761-3913

when will monetization inflect? Erin Wright

Erin.Wright1@morganstanley.com +1 212 761-6137

There's a disconnect, as improving member engagement on Michelle Foley

Doximity's platform has coincided with a meaningful Research Associate

Michelle.Foley@morganstanley.com +1 212 761-4056

deceleration in revenue growth. While AI search should help Linda Bolduc

reignite growth in 2027, visibility into this new initiative is low EquityLinda.Bolduc@morganstanley.comAnalyst +1 617 856-8009

and we'll be looking for new details on the earnings call. Derek Gross

We have stuck with our Overweight on DOCS despite disappointing revenue Derek.Gross@morganstanley.com +1 212 761-2455

Katherine A Bennorth

growth on the view that DoxGPT will drive higher engagement and new Research Associate

monetization opportunities. A key question is whether AI search will lead to Katie.A.Bennorth@morganstanley.com +1 212 761-3753

reacceleration in revenue growth next year, like the catalyst provided by video

Doximity, Inc. (DOCS.N, DOCS UN)

modules in FY25, off the baseline for guidance of only 4% y/y growth in FY27

Healthcare Technology | United States of America

(March year-end). On the last earnings call, management stated it has won a few AI Stock Rating Overweight

search deals with top 20 Pharma companies while emphasizing that it will take time Industry View In-Line

Price target $35.00

for this new initiative to ramp (minimal contribution baked into FY27 guidance).