4Q’26 Revs In Line, EBITDA Beat; FY’27/1Q’27 Guides Below ST; New CFO Named

研报英文原文证据摘录

4Q’26 Revs In Line, EBITDA Beat; FY’27/1Q’27 Guides Below ST; New CFO Named

Flash Note Health Care | Healthcare Technology & Distribution

May 13, 2026

Doximity, Inc. Elizabeth Anderson Joanna Zhou 212-446-5632 212-446-5659

DOCS | $26.45 elizabeth.anderson@evercoreisi.com joanna.zhou@evercoreisi.com

In Line | Target Price/Base Case: $25.00 Amir Farahani, CFA Ayush Vyas

Commentary 646-551-8518 646-551-8512

Amir.Farahani@evercoreisi.com Ayush.Vyas@evercoreISI.com

4Q’26 Revs In Line, EBITDA Beat; FY’27/1Q’27 Guides Below ST; New CFO

Named

DOCS delivered a mixed 4Q’26. Revenue was in-line with expectations, with organic growth of 5% (slower

vs. last quarter’s 9.8% against an easier comp), with NRR of 109% and 125 clients >$500K. Engagement

remained a relative bright spot, with management highlighting >800k quarterly active prescribers (+~30%

y/y), nearly half of whom used AI tools, alongside continued traction in AI Search and Scribe and growing

enterprise adoption across health systems. Gross margins decelerated to 88.7% (vs. 91.4% in 4Q’25 and

91.5% in 3Q’26) on higher AI compute costs (likely new run rate?), while EBITDA bat expectations by ~2%

despite the lower gross margin and higher OpEx as expectations were already for a step down in

profitability. The quarter was also accompanied by a notable leadership update, with Matt Sonefeldt named

CFO, bringing prior experience across LinkedIn, Atlassian, and DocuSign. In addition, DOCS is partnering

with Aledade to provide VBC AI agents for primary care and has closed a few IA search deals with top 20

pharma.

Looking forward, management initiated 1Q’27 and FY’27 below Street, with the outlook reflecting a more

cautious demand environment, with softness in pharma ad spend, shorter planning cycles, and limited near-