Q1 2023 Doximity Inc Earnings Call
<unk> Doximity our vision.
Is to be the physician cloud the go to App for hybrid mobile medical work.
The pandemic forced many docs to shift to the cloud, but this last quarter as new normal has shown us that they're here to stay.
Across all of these users are mobile App unique weekly active users grew last quarter to five times. The level, we had just four years ago.
We believe this sustained level of day to day engagement and utility.
We will stand out this budget season, when compared to our more Yahoo esque competitors.
Now that the pandemic dust is settling we see an opportunity to be more strategic with our pharmaceutical partners. Yes reps are able to see about half of U S. Doctors live again, but the frequency of their visits has declined and the need to pre arrange meetings has increased.
We'd like to build new digital workflows that make it easier for both physicians and industry to collaborate and.
And like everything will do will build this with the physicians first mindset. So we made good use of our busy members time.
Today, our pharmaceutical clients spend less than 5% of their medical professional marketing budgets with us.
With over 80% of U S physicians as members, we aspire to someday be on par with the pharmaceutical sales forces in terms of our access trust and interactivity with doctors.
We believe this industry is in the early innings of a decade long shift to digital.
Okay.
Those we have a board transition.
Dr. Gill Kliman a mentor of mine an early investor is retiring from our board of directors and joining our advisory Board.
In fact, Gil came up with the names for both Epocrates and Doximity.
His witten wisdom will be missed.
He will be replaced on our board of directors by Phoebe Yang who brings a wealth of healthcare tech experience in our roles as general manager of Amazon Web services health business.
Chief strategy officer at Ascension.
And leader of our White House Task Force on Health I T.
She has served on the common spirit health and Providence Health forwards. In addition to being at a point in two presidential administrations.
Here's healthcare voted her one of health Care's top 10 women of influence and we're delighted to have Phoebe join our board.
And with that I'll hand, it over to Anna to discuss our financials and revised guidance Anna.
Thanks, Jeff and thanks to everyone on the call today as.
As we continue to grow our network footprint. We are excited to have delivered another strong quarter of ROI for our customers.
I'll begin with our Q1 financial results and then move on to our revised guidance.
First quarter revenue grew 25% year over year to $90 6 million exceeding the high end of our guidance range.
Similar to prior quarters, our existing customers continue to lead our growth.
Our net revenue retention rate was 139% in Q1 on a trailing 12 month basis.
Additionally, our largest customers are still growing the fastest with a 145% net revenue retention rate for our top 20.
We ended the quarter with 273 customers contributed at least $100000 each and subscription based revenue on a trailing 12 month basis.
This is a 22% increase from the 224 customers we had in this cohort a year ago.
This cohort of customers accounted for 87% of our total revenue.
Turning to our profitability non-GAAP gross margin in the first quarter was 88% versus 89% in the prior year period.
Adjusted EBITDA for the first quarter was $33 5 million and adjusted EBITDA margin was 37%.
Compared to $31 2 million and a 43% margin in the prior year period.
When considering the year over year change in margin as a reminder, our Q1 of last year was a typically high given revenue growth of 100% year over year in that quarter.
Historically Q1 has always been our lightest quarter from a margin perspective, given annual raises frontloaded hiring and team meetings and we are seeing a return to that normal cadence in our financials.
Now turning to our balance sheet cash flow and an update on our share repurchase program.
We ended the quarter with $776 3 million of cash cash equivalence and marketable securities.
We generated free cash flow in the first quarter of $42 6 million compared to $32 4 million in the prior year period, an increase of 31% year over year.
Through June 30, we repurchased $8 $9 million worth of common stock at an average price of $32 40.
Now moving onto our outlook.
For the second fiscal quarter of 2023, we expect revenue in the range of $99 $5 million to $105 million, representing 26% growth at the midpoint.
And we expect adjusted EBITDA in the range of $40 million to $41 million, representing a 41% adjusted EBITDA margin.
For the full fiscal year, we are revising our revenue guidance to 424 to 432 million.
Presenting 25% growth at the midpoint.
In addition, we are revising our adjusted EBITDA guidance to a range of $178 million to $186 million, representing a 43% adjusted EBITDA margin.
While our pharma customers are exhibiting financial strengths and remain recession resilient the uncertain economic climate has prompted some slowdowns in decision making.
As a reminder, our pharma customers typically engage in an annual upfront buying cycle at calendar year end when they purchased the majority of their next year's marketing programs.
Then throughout the course of the year, our customers add onto based subscriptions by additional modules or increased audience sizes.
During the annual buying cycle for calendar year 2022, our customers purchase doximity subscriptions at record scale.
This included signing not only our first but our first four $5 million plus brand programs with.
With the evolving market landscape, which has impacted discretionary marketing spend our customers are adding onto these large scale programs at a slower pace than we initially expected at this point in the fiscal year.
To help quantify this adjustment as we mentioned on our last earnings call. We began the fiscal year with approximately 60% of our initial subscription based guidance under contract.
We then typically expect another 35% to come from renewals and Upsells and 5% to come from truly new customers.
Our renewal and new business rates remained strong, but the upsell component, which was north of 10% of our initial subscription based guidance and highly dependent on mid year program expansions is tracking below our original plan.
When we first gave guidance roughly 90 days ago, we underestimated our pharma clients reaction to the uncertain macro environment and the impact it could have on our midyear Adams.
Looking ahead, we believe these are near term challenges and the high ROI, we deliver becomes even more attractive and inefficiency focused environment.
Initial conversations leading into this year's annual buying cycle echo that sentiment.
<unk> provides our customers with a critical vehicle for physician engagement and we are uniquely positioned to drive strong returns as a marketing partner for the long term.
With regards to our adjusted EBITDA outlook. We are encouraged that we're able to maintain our original adjusted EBITDA margin target of 43% despite lower than expected revenue.
The strength of our operating model affords us the ability to continue to strategically invest in growth without sacrificing much leverage.
In sum, while we are disappointed by the need to update our guidance our opportunity for long term growth remains significant.
So if somebody is differentiated by the breadth and depth of our platform and we believe our customers will continue to lean into our strong ROI offerings as they expand their digital footprint and further optimize their marketing strategies.
With that I will turn it over to the operator for questions.
Thank you.
At this time, if you'd like to ask a question. Please press star one on your telephone keypad.
We do have 30 minutes by the Q&A session. Please pause for your first question.
Okay.
Your first question is from the line of Ryan Daniels with William William Blair.
Hey, guys. Thanks for taking the question just in regards to some of the weakness on the upsell modules can you speak a little bit to the rois specifically of those.
And I'm curious if it's lower than some of the other areas again, if they were just as high I would think that pharma would still be focusing on that even if there is uncertainty in the macro environment.
Thank you Brian good to hear from you this is Jeff.
He is more difficult to measure the ROI of some of these add on modules. So take the conference module, we spoke to for example.
Conference happens once or twice a year and to see the share lift isn't as easy to measure this over a six or 12 month program as we typically do.
So it is a little more difficult to measure the ROI that said, we have measured it with a number of our programs and we do have excellent ROI there.
We shared in the <unk>.
Script.
Letting a doctor know that your product is covered by formulary. It makes a big deal.
It's much more personalized message for.
That can resonate for their particular patients.
So bottom line, we think overall with with our overall usage of our mobile App up five times to hundreds of thousands of doctors are weak.
Going to continue to show higher ROI for our clients, but as I said it was a bit of a surprise to us that the steady upsell rate we had head on some of these modules.
Was a little more difficult this past quarter.
As we look back on it.
We looked at our clients and our industry revenue forecasts and we thought they would be largely unaffected by the macro pressures.
I think what we've learned here is where we're not immune from those macro pressures, but we are fully vaccine and.
In the sense that 6% hit for us and what we're seeing is there is this macro belt tightening psychology that happens even if.
The client's actual financials arent changing that much and so the most discretionary.
Marketing spend which really are these these add ons that we do throughout the year.
Has been hit more than we expected.
Okay, I appreciate that and I realize it's not a huge reduction in numbers, but.
There will be a focus I'm curious if you can change entry year. Your internal sales focus I know you mentioned, specifically you'll be more focused.
Selling efforts, but can you switch towards more of a co programmed core programs or even.
More novel program initiatives that might be more discretionary to try to make up some of that ground or is it just too late in the year to do that.
Thanks, Brian Good question well.
I'm certainly shifting my focus here is as I've mentioned in the script.
And as I get out and talk to folks I do think we have an opportunity here to to expand what we do probably the brightest spot IC is within our <unk> within our dialer product, which the core product focus on that has been 100% physicians first about serving our doctors and that has grown up to 360.
<unk> thousand unique users doing 200000 calls per workday last quarter. So, we're really becoming that gold standard for medical telephony.
But this last quarter, we did start testing monetizing within our <unk> product within dialer and actually it went quite well I think we've got a real winner here for our budget season, So we're going to get out and start talking to clients about that now and the good news is we already have some models in place with our up to date patient education module has really shown that providing a clinic.
Information both during and after a tariff as it is a win win for the Doctor.
And for industry.
I see some real opportunities for us to meaningfully grow beyond these add on modules even within the year.
Yeah.
Yeah.
Your next question is from the line of Scott Berg with Needham.
Yeah.
Hi, everyone. Thanks for taking my questions here.
A couple of items I guess, let's start off with.
He is midyear programs certainly understand the commentary, Jeff, but how do we think about how the midyear programs affect how your customers.
Make those beginning of your purchases for the following year.
Or the middle of the year purchases kind of like a step up effect, where thats, where they usually start the purchasing for the next year before adding more or just the addition of the midyear programs during the middle of the year and that really influence how they might think about the beginning of the year purchases say for next year.
Okay.
Okay.
Thanks, Scott Yeah, Jeff here I'll take this one too.
So first I'll say, our clients have long memories and summertime bargain.
I can come back to haunt you in the prime winter season. So our approach with regard to pricing is to steadily increase price each quarter to provide consistency for our long term partners. So I can tell you that this last quarter, we raised prices 11% on average.
And.
Did you hear from royalties.
<unk> points does come back to end of year now I'm not certain all of our competition is doing that given everything that's happening in the cookie and re targeting world with.
Google granting another 12 months of reprieve. So they've got 17 months left of third party cookies and.
Of course, most doctors use Apple and that's been changed since early this year, but.
But we really do take a very long term partnership focused view with these top 20 pharmaceutical companies and other clients and I think we look at the mid year is the time to.
Execute well on the programs, we're doing with them. So we can build to that that next year's bigger program based on the ROI we've delivered.
Got it helpful. Jeff and then from a follow up perspective, probably for us.
As we think about kind of leverage and pushes and pulls in the model.
Slowing revenue growth rate should we assume that overtime here, we should see some incremental leverage and adjusted EBIT margins are.
Kind of low to mid Forty's ranges.
Thank you.
Sure Great question Scott.
Yes, listen near term belt tightening of our customers really hasnt impacted the way, we think about our investments in the business for long term growth.
We really strongly believe in the opportunity ahead of us and we're going to continue to strategically about specifically in the areas.
Randy and sales and marketing now that said.
Like most other companies in an environment like that there's definitely some areas, where we're sharpening our pencil such as G&A for example, and that's definitely helping us maintain our original 43% initial margin guide and our long term operating model of 40% plus adjusted EBITDA margins still remains entirely intact.
Your next question is from the line of Richard close from Canaccord.
Yes, thanks for the questions.
I'm curious on the 60% under contract that you referenced in the last call and then again here.
Are customers able to cancel business that they signed up or at the beginning of the year.
So let's say.
Economic.
Environment.
Further deteriorates or are they able to cut that out.
At all as you progress through this year.
Sure Richard I'll take that one so yes, we do see a small amount of cancellations each year, we're very focused on customer success. So we are flexible with our clients typically the tune of a very low single digit percentage of our sale and that has not changed recently, so I wanted to be very clear that there have been no material changes in our cancellation.
Right our customers programs for the year remain intact and what really has changed it's just that they're not adding onto those programs at the same rate that we've historically seen and thats really the key reason that led us to adjust our fiscal year guidance. So there's no change in our cancellation rates.
Okay, that's great and just to be clear on the guidance change is it just these two offer offerings that you guys are referencing tonight or is there anything else in there that.
It has changed significantly.
Somewhat.
Yes, sure I'll take that one as well Richard it's mostly the add on modules that Jeff referenced but the other piece of the audience numbers. So last year, we saw a lot of expansion at this point and audience members. That's another way that our customers typically will add onto their programs mid year and we're just not seeing that at the same pace. This year that we expected.
Okay. Thank you.
Your next question is from the line of Brian Peterson with Raymond James.
Either Jeff or Ana.
In the pace of the move to digital I guess, we've seen some changes over the last few years, but how certain or some of your customers on the pace of that right because I guess, we could see some cyclical with the adjustments here and there the pace changes, but is there still a broader move towards digital over the next two to three years in what is the cost cutting.
Conversations Don maybe over the last few quarters to maybe update that for us. Thanks.
Sure I'll take that one Brian Yeah listen our customers are still absolutely committed to continuing to lean into digital what we witnessed over the past few years.
Customers might've been spending about 17% of their pre pandemic budgets.
Italy, now, it's closer to 25% to 30% and we see that going to 50% in the next five to 10 years. This near term air pocket has not changed the strategic direction of how our clients think about digital they've had two years to witness really strong ROI and back to the point I made in my prepared remarks.
Think in an environment, where our customers are sharpening their pencils and becoming more efficiency focused the high ROI channels, such as Doximity empathy digital will be what wins in the long term. So we believe digital will continue to gain share here and this.
This does not change that.
Thanks, Kevin.
Yeah.
Your next question is from the line of Stephanie Davis with SBB Securities.
Hi, guys. Thank you for taking my question Ana first one for you the new 2023 range implies a relatively stable growth rates throughout the year. So.
So first off does that imply we're kind of at the bottom for any of the Hilton headwinds the pharma brand manager attention and secondly, as we look to 2024 and beyond should we think of this mid twenty's rate at a stable run rate or is this more of a jumping point.
Sure I'll start with your second question first actually and then they go back to your first but short answer on your first one yes, we certainly feel very very comfortable with this new range now and what the step up look like quarter over quarter from a revenue perspective, but as we look ahead to fiscal.
2024, and beyond and while we're not giving guidance there yet we believe there is a lot of reasons for us to be optimistic here now as Jeff called out our network engagement and footprint remains as strong as ever and in that same vein RLI remains as strong as ever and as I, just mentioned with Brian's question and inefficiency focused environment.
Once we get past this temporary wait and see period, we believe our customers will make their decisions based on ROI and then the final point I'll make that I want to kind of circle back to something we've talked about that before.
A significant amount of white space ahead of US we mentioned on our last earnings call that we work with just over half of the growing.
A growing number of Mega brands. So just over half of the number of Mega brands, which is a pie that's growing and we believe our offerings are really incredibly attractive to continue signing those new brands over time. So we're very bullish on the long term growth potential of our business at all we are not updating the guidance for fiscal 'twenty, four and beyond and specific number.
I can just stay where we are.
Very optimistic about that.
Just a follow up I'd actually like to dig a little bit more into that that number of Graham's question.
How much of your growth is from existing brands or neighboring brand.
Pharma companies do you already work with.
Versus how much of it is really reliant on grand launching throughout the year.
A general range for what we think about the forward year in growth.
Sure. The majority of our growth is coming from our existing brands and continuing to grow within those brands by proving ROI upselling additional modules in their annual budgeting cycle timeframe and in growing there now the cross sell motion is a significant part of our growth, but we're not dependent.
On that pie growing necessarily over time, given the fact that we have with 50% plus white space in that I think there is north of 400 Mega brands, we already have 50% plus of that we've signed and then we have another say 180 brands that we can go after there so our growth isn't necessarily dependent on what it's more dependent on those.
The same brands within those new brands of additional really it's upside for us.
So sometimes the drug approvals, but not as much as we may think.
Correct that is helpful.
Correct.
Thank you Anna.
Okay.
Your next question is from the line of Sandy Draper with Guggenheim.
Thanks, So much first just maybe a follow up on that makes it hurt right.
And so when we think about the pacing of revenue and seasonality.
Obviously back in 2020 lots of stuff with fair enough because of Covid. We had the typical more strong fourth quarter December quarter are you still even though there's not as much upsell still expecting the December quarter to be the strongest revenue quarter, and then a step down or I wasn't clear.
The messaging there thanks.
Yes, sure Sam Dave that's a great question. So I'll just start by saying what we saw in our business last year, we believe was an anomaly.
Inefficient acceleration demand and we saw a large amount of mid year and year and add ons.
We're seeing less upsell activity than I expected this year and our customers are focusing more on their core annual buying cycle. We believe let's say Q3 that is not as large of a step up as we did last year and Q4 that is a little more in line with what we have seen in pre pandemic yours, such as fiscal 2019 in fiscal 'twenty, So we'll likely see a slight.
We kicked off our large annual programs there just due to the fact that Q3 won't be that big boost that we saw last year because last year was such an anomaly for us.
Okay, Great. That's really helpful that clears it up and then my follow up question.
Around the scheduling product.
It wasn't clear is that and apologize if I've missed something is that ability for salespeople to schedule time with doctors is that currently in the market something you're you're talking about and I know you probably don't want to give the exact launch date, but it does not what is the expected timing and how would you think about price.
That would that be priced on like.
Every time, we can schedule a farmer.
Pharma rep to get and we get paid or basically a license I'm just trying to understand how that model would work. Thanks.
Thanks, Andy This is Jeff I'll speak to the scheduling part so the scheduling that we provide today is actually doctor to Doctor. So it's there are actual shift schedule who's on call. They call. It for each hospital. So each hospital will need to have a cardiologist on call at all times obstetrician and oncologists, so on and so on and so that schedule.
<unk> was $24 seven and those doctors need to be on call for that night or weekend and again, our app makes it easier for them to host all those schedules in one place instead of having it printed out at some nurse station, which is how it's mostly done today.
And that App is a 200000 physician schedules on it. So it's a very high use thing now that said I do want to turn it over to need here to talk a bit though about the reps scheduling part because I think a lot's changed in.
The industry and the need as the physician is very close to this so Dr. Nate.
Thanks, Jeff and great to hear from Sandy so.
Let me refer back to <unk>.
Prior earnings call, where we discussed how only 10% of U S physicians.
Want to return to the pre pandemic methods of marketing as measured by Accenture study.
Doors were already being close to reps long before the pandemic actually back in 2008, roughly a quarter or so of all U S. Oncologists for what the industry terms, a no see doctor and today, that's grown to nearly four out of five oncologists, there's no fee and across position closer to the half to three out of five range or no <unk>.
Associates.
And those trends are largely irreversible. There's this new generational shift of airborne illness risks discomfort and shared medical spaces. It's a world now where only one parent is able to go into a visit with a pediatric patient. So you can imagine that a rep in a suit who isn't there for clinical care.
It isn't allowed to hang out in the waiting room anymore. So overall access is going down as a decade long trend and frequency of Rep visits is also going down now from for example.
Every month to every quarter and that includes virtual visits by phone calls so the future of this interaction.
These arent office centric anymore interactions around the doctor's preference of timing and modality and technology is needed, but we see a future for that could help the industry adapt.
Great. Thanks, so much.
Your next question is from the line of Jessica <unk> with Piper Sandler.
Hi, Thank you so much for taking my questions.
So I just wanted to go back to a prior response I think Jeff you mentioned network activity being as strong as ever but I think there was a reference also to just audience audience expansion observed during the course of last fiscal year and not necessarily repeated this year can you just elaborate a little bit on what that.
Oh sure Jessica this is Jeff yes. So.
Listen our engagement has never been higher as I said hundreds of thousands of doctors every week in our App five times, what it was four years ago. The audience expansion I think is more from the client side and so we did and to use the word I think pull forward back two quarters ago on an earnings call. We just saw a lot of of Upsells and add ons.
Where our clients were deciding.
That they wanted to add more and more doctors to their programs because they were going so well. So we're not expecting as much of that this year, but we did see a lot of it last year and Thats, what led to I think that's slightly different.
Seasonality last year that were not expecting again this year.
Okay understood and so does that have anything to do with just kind of the level or the number of doctors being a particular.
Advertisement or piece of copy relative to two last year, just there being more eyeballs.
Available to you all our or.
How should we think about just the audience in terms of doctors and that would be helpful.
I mean, our audience has gone.
So that's not the reason at all it's really.
Pharma companies had.
And of your suite budgets, they want to do more.
So we had the audience back then we have even more audience today.
It wasn't a matter of our audience is being constrained now our audience is bigger today than it's ever been as I. Just shared we had a record high number of telehealth users dialer users just this last quarter. So that's not the issue.
Okay.
And then just pick the midpoint of our revised guidance can you help us understand how much of that revenue.
Today or as of the end of <unk>.
And that's it for me thanks.
Sure, Jeff I'll I'll do the bridge on that one so as of now we've got roughly three quarters of our updated subscription base guidance that is books launched our contracted and Thats actually pretty similar to what we've seen in pre pandemic yours at this point and then if we're breaking down that remaining one quarter, we're expecting the law.
Juruti of that to come from our annual renewal cycle, which occurs in our fiscal Q3, and then we're expecting less than 10% that come from new business and Upsells that will mostly occur this quarter. So once again.
<unk> always been slightly more discretionary for us.
<unk> annual programs that are deeply ingrained in our customers' marketing strategies and really deliver incredible results for them seem to be very very positive as far as we kick off with annual renewal cycle.
Got it thank you so much.
Your next question is from the line of Allen Lutz with Bank of America.
Yeah.
Thanks for taking the questions. Jeff you mentioned, the Upsells are being viewed more discretionary but I guess are you also seeing that maybe there was a bit of over indexing to doximity in 2020, and 2021, where you were taking just a ton of share and maybe that this is just a reset year is that something that youre seeing at all.
Well I'll say a couple of things Alan first of all yes, we did grow 78%, 66% in the last two years. So those are tough comps no doubt about it.
I would say one bright spot that we've seen from this past quarter that we haven't mentioned yet was our hospital, referring mark referral marketing business.
<unk> grew faster than it ever did and it's interesting the decision makers on that business. It's a much smaller business, but the decision makers on it are the doctors themselves like the chairs of neurosurgery, who want more neuro surgical referrals and they see firsthand how doximity has grown during the pandemic.
Moving their marketing dollars to us and we believe that over time that where the doctors go pharma will follow and I do think that there is this interesting disconnect. That's happened because pharma is usually very in tune with its customers. They do all sorts of focus groups and industry meet ups and everything else, but it just hasnt happened really for a couple of years.
So again, we think that.
The bellwether here is more of this tier of neurosurgery client, who really knows again, how we've really leapfrogged ahead in terms of our day to day usage during the pandemic.
Great and then the dialer number was really strong.
I know it's early since your last update but is there any update to what type of revenue that could contribute over time.
Well im not going to put a number out for right now, but again, we have not been focused on monetization with this product we have been focused on growth and we've grown quite well 360000 unique users, making 200000 calls per workday last quarter and our integrations with the EHR is get better.
The product just gets better and better helping doctors with their caller Ids. So it appears as.
Doctor Smith, when when they call their patient so they get higher pickup rates.
Theres just a lot we're doing here that is just I think super important and.
Frankly, a little bit.
Maybe boring or backwards looking technology wise, but you got to be backwards compatible and medicine to do well and that's why we invest so much time in fact technology. So they can fix the pharmacies and so forth.
So bottom line, we see a really big opportunity with these two.
200000 calls, we're doing per day and I think.
As we've tested this past quarter I think there's a lot of opportunity there to really.
Grow our future revenue.
Great. Thank you.
Yeah.
Your next question is from the line of Ricky Goldwasser with Morgan Stanley .
I guess back with Morgan Stanley . Thanks.
Just a question on the campaigns I know last year, you guys kind of accelerated at least the pace of campaign and that was a nice tailwind.
Anything in the marketplace today in terms of the timing and how quickly customers are looking to kind of ramp.
Hey, Greg Yeah, that's a great question.
So we have talked a lot about launches in the past and we've continued to get more efficient on our launches actually when we last spoke in may at our last earnings call, we talked a little bit about April being a slower month for us from a launch perspective as our clients were really getting together with each other for the first time in two years, but there's been launches.
Picked up really well for us in May and June and that Reacceleration of launches with actually the main reason behind our top line beat for the quarter. So we've invested heavily in customer success and our customer success team continues to operate with very high efficiency and then on top of that our clients are also generating a strong desire to get these ROI.
The rating programs lives. So our launches remain totally on track if not slightly ahead of our initial state with pace.
That's helpful color, if I could ask just a quick follow up.
Jeff last quarter, you talked about kind of the opportunity set in mid sized companies and bio Haven was an example, just looking for what type of traction you're seeing there and then the opportunity set more broadly for those type of customers.
Thanks, Craig.
Things continue to go well with bio haven't specifically in fact, we're live in market now with our peer to peer product with them, that's going really well so excited to continue to work with them.
In mid tier in general did do better for US this past quarter again, I think they maybe have fewer macro changes that there.
Relating to.
But in general did a little better for us than our top 20.
But as I said, the real bright spot this past quarter was actually our hospital marketers, who again I think are a little closer to what the new normal is with doctors.
Got it thank you.
Okay.
Yeah.
Thank you I will now hand, todays call back over to CEO .
That's M any depth technique.
Okay, well I'd like to just end again by thanking our physician members our clients and the entire Doximity team and thank you everyone for joining bye now.
This concludes today's call. Thank you for joining you may now disconnect your lines.
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