DOCS: Takeaways From Investor Meetings; NT Caution But FY28 AI Revenue Opportunity Taking Shape

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DOCS: Takeaways From Investor Meetings; NT Caution But FY28 AI Revenue Opportunity Taking Shape

gulatory changes impacting large pharma AllPricedvaluesas ofin priorUSD unlesstradingotherwiseday's marketnoted.close, EST (unless otherwise noted).

spending decisions. Mgmt noted that pharma marketing budgets are also

being funneled to cheaper yet inferior DTC programs in this challenging

environment, though they expect this dynamic to revert over time as ROI

metrics favor quality HCP-focused channels.

AI Budget Reallocation a Near-Term Headwind. One dynamic that

impacted FY2027 is that incremental pharma budgets (~10-20%) were

mandated to be allocated to AI initiatives. DOCS missed out on capturing

pharma marketing allocations to AI solutions in FY2027, which instead

went to competitors like OpenEvidence. However, mgmt sees its AI

solutions gaining traction in the next budgetary cycle (beginning FQ3 2026).

Importantly, the bolus of budget allocation to DOCS' AI is more likely to

come in FY2028.

DOCS believes its AI offering is better positioned with large pharma

partners seeking alternatives to programmatic, biddable advertising

models. Mgmt highlighted that competitors' move to "biddable models"

provides DOCS with an opportunity to firmly entrench their premium,

relationship-driven model with both its growing health system base and

strong large pharma customers.

DocsGPT Peer Check Momentum. DOCS's Peer Check feature within

DocsGPT has achieved 50,000 clinical reviews in just 6 months on the

market. Mgmt's target is 1 million reviews for critical mass, and early

physician engagement has been strong even beyond monetary incentives,

as doctors appreciate the reputational benefit of being recognized as peer

reviewers in their specialty areas.