Doximity, Inc.: Double whammy of softer revenue outlook and increased investment

研报英文原文证据摘录

Doximity, Inc.: Double whammy of softer revenue outlook and increased investment

6mn, Exhibit 1 . The Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

company repurchased $91mn of stock in the quarter and has $493mn remaining in ** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

the existing repurchase program. Guidance for Q1 revenue and EBITDA is 1% and 12% e = Morgan Stanley Research estimates

below the Street ( Exhibit 2 ). FY27 revenue guidance of $664-676mn represents 4% Quarterly EPS ($)

y/y growth at the midpoint. EBITDA guidance is $323-335mn, below the Street at Quarter 2026 2027ePrior Current2027e 2028ePrior Current2028e

$697mn and $373mn. Q1 0.36 0.35 0.29 0.41 0.37

Q2 0.45 0.42 0.37 0.47 0.44

Expect the stock to remain in the penalty box near term but still see value. We Q3 0.46 0.50 0.45 0.56 0.52

Q4 0.26 0.36 0.31 0.42 0.37

are disappointed in the growth outlook, which is counter to trends we have been

e = Morgan Stanley Research estimates

hearing for the HCP digital ad industry (see - Checks show modest improvement in

pharma ad spend against low expectations). That said, a change in CFO also likely

influenced what appears to be conservative FY27 (March year-end) guidance.

Positives that will likely get overlooked today but ultimately drive value: 1) Sharp

uptick in engagement, including 30% y/y growth in active prescribers using

workflow tool to 800K+. 2) Clearer path to AI monetization (a couple of top

Morgan Stanley does and seeks to do business with

pharma wins for new AI search within a few weeks of the product becoming companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

available). 3) New President - Dr.