Q4 2025 Doximity Inc Earnings Call

Good day, everyone and welcome to city Doximity Q4 <unk>.

Operator: Good day, everyone, and welcome to the Doximity Q4 2025 earnings call.

Speaker Change: 2025 earnings call at this time I will hand, the call over to Perry Gold head of IR. Please go ahead Sir.

Perry Gold: At this time, I will hand the call over to Perry Gold, head of IR. Please go ahead, sir. Thank you, operator.

Perry Gold: Thank you operator, Hello, and welcome to Doximity as fiscal 2025 fourth quarter earnings call.

Perry Gold: Hello, and welcome to Doximity's fiscal 2025 fourth quarter earnings call. With me on the call today are Jeff Tangney, co-founder and CEO of Doximity, Dr. Nate Gross, co-founder and CSO, and Anna Bryson, CFO. A complete disclosure of our results can be found in a press release issued earlier today, as well as in our related form 8K, along with a copy of our prepared remarks, all available on our website at investors.doximity.com.

Speaker Change: To me on the call today are Jeff Cagny co founder and CEO Doximity, Dr. Nate gross co founder and CSO and antibodies in Seattle, a complete disclosure of our results can be found in our press release issued earlier today as well as in our related form 8-K, along with a copy of our prepared remarks, all available on our website at investors <unk> <unk>.

Perry Gold: Dot com.

Perry Gold: As a reminder, today's call is being recorded and a replay will be available on our website. As part of our comments today, we will be making forward-looking statements. These statements are based on management's current views, expectations, and assumptions and are subject to various risks and uncertainties. Actual results may differ materially, and we disclaim any obligation to update any forward-looking statements or outputs. Please refer to the risk factors in our annual report on Form 10-K, any subsequent Form 10-Qs, and our other reports and filings with the SEC that may be filed from time to time, including our upcoming filing on Form 10-Q.

Perry Gold: As a reminder, today's call is being recorded and a replay will be available on our website as part of our comments today, we will be making forward looking statements. These statements are based on management's current views expectations and assumptions and are subject to various risks and uncertainties actual results may differ materially and we disclaim any obligation to update any.

Perry Gold: Forward looking statements or outlook.

Perry Gold: Please refer to the risk factors in our annual report on Form 10-K, and any subsequent form 10, Qs and our other reports and filings with the SEC that may be filed from time to time, including our upcoming filing on Form 10-K.

Perry Gold: Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, May 15, 2025.

Perry Gold: Our forward looking statements are based on assumptions that we believe to be reasonable as of todays date may 15th 2025.

Perry Gold: Of note, it is Doximity's policy to neither reiterate nor adjust the financial guidance provided on today's call unless it is also done through a public disclosure such as a press release or through the filing of a Form 8K. Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial well-being. A historical reconciliation to comparable gap metrics can be found in today's earnings Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business.

Speaker Change: No. It is doximity as policy to neither reiterate nor adjust the financial guidance provided on today's call unless it is also done through a public disclosure such as a press release.

Perry Gold: Filling of a form 8-K.

Perry Gold: Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results.

Speaker Change: Oracle reconciliation to comparable GAAP metrics can be found in today's earnings release. Finally during the call. We may offer incremental metrics to provide greater insights into the dynamics of our business. These details maybe onetime in nature, and we may or may not provide updates on those metrics in the future I would now like to turn the call over to our CEO and co founder.

Perry Gold: These details may be one time in nature, and we may or may not provide updates on those metrics in the future.

Jeff Tangney: I would now like to turn the call over to our CEO and co-founder, Jeff Tangney. Thanks, Barry. And thank you, everyone, for joining our fourth quarter earnings call.

Perry Gold: Jeff.

Perry Gold: Yes.

Perry Gold: Thanks, Perry and thank you everyone for joining our fourth quarter earnings call. We have three topics today, our financials network growth and client summit recap.

Jeff Tangney: We've three topics today, our financials, network growth, and client summit recap. First, our top line, we delivered $138 million in revenue for the fourth quarter of our fiscal 2025, 4% above the high end of our guidance range. For our full fiscal year ended March 31st, we had $570 million in revenue and grew 20% year-on-year. Of note, our top 20 clients who know and measure us best, once again, grew the fastest at 23% in fiscal 2020. Our bottom line was also strong in Q4, with an adjusted EBITDA margin of 50% or $70 million, which was 10% above the high end of our budget.

Perry Gold: First our top line, we delivered $138 million in revenue for the fourth quarter of our fiscal 2025, 4% above the high end of our guidance range for our full fiscal year ended March 31, we had $570 million in revenue and grew 20% year on year.

Perry Gold: Of note our top 20 clients, who know one measure is best once again grew the fastest at 23% in fiscal 2025.

Perry Gold: Our bottom line was also strong in Q4 was an adjusted EBITDA margin of 50% or $70 million, which was 10% above the high end of our guidance our free cash flow was stronger still at $97 million.

Jeff Tangney: Our free cash flow was stronger still at $97 million, up 56% year-on-year. For the full fiscal year, our adjusted EBITDA grew 36% to $314 million.

Perry Gold: 56% year on year.

Perry Gold: For the full fiscal year, our adjusted EBITDA grew 36% to $314 million, our adjusted EBITDA margin was 55% for the year up from 48% the prior year.

Jeff Tangney: Our adjusted EBITDA margin was 55% for the year, up from 48% the prior We generated free cash flow of $267 million, an increase of 50% year-on-year.

Perry Gold: We generated free cash flow of $267 million, an increase of 50% year on year.

Perry Gold: Okay, turning now to our network growth and engagement our unique active users on a quarterly monthly weekly and daily basis, all hit fresh highs in Q4. This growth was again led by our newsfeed, which is both our most used in most monetize product are unique news feed users hit record highs last quarter.

Jeff Tangney: Okay, turning now to our network growth and engagement. Our unique active users on a quarterly, monthly, weekly, and daily basis all hit fresh high. This growth was, again, led by our News Feed, which is both our most used and most monetized product. Our unique News Feed users hit record highs last quarter, while our articles read, or tapped, were up more than 30% year-on-year. Our workflow tools also hit fresh highs in Q4, with over 620,000 unique active prescribers. As a reminder, our workflow tools include our telehealth, fax, scheduling, and AI. Our AI tools grew the fastest again last quarter, up more than 5x year on year.

Perry Gold: While our articles read or perhaps where were up more than 30% year on year.

Perry Gold: Our workflow tools also have fresh highs in Q4 with over 620000 unique active prescribers as a reminder, our workflow tools include our telehealth facts scheduling and AI tools. Our AI tools grew the fastest again last quarter up more than five X year on year.

Jeff Tangney: In short, as the practice of medicine grows both more mobile and more AI-powered, we're proud to be leading the way.

Perry Gold: In short as the practice of medicine grows both more mobile and more AI powered we're proud to be leading the way.

Jeff Tangney: Okay, turning now to our recent Physician and Pharma Client Summits.

Perry Gold: Okay, turning now to our recent physician in pharma client summit in March we hosted our 13th annual physician Tech summit in San Francisco. It was great to roll up our sleeves for two days alongside 150 of our nation's most tech savvy doctors.

Jeff Tangney: In March, we hosted our 13th Annual Physician Tech Summit in San Francisco. It was great to roll up our sleeves for two days alongside 150 of our nation's most tech-savvy doctors. For the third year in a row, our Doximity GPT products took center stage. Physicians love our specialty-specific AI tools and HIPAA-secure environment. And we're learning a lot from their real-world use. One popular new feature is our ability to upload and securely analyze documents. For a recent JAMIA study, a fifth of ER patients nowadays have medical records that are lengthier than Moby Dick. So for a specialist treating a new patient, it can literally take hours of reading to fully come up.

Perry Gold: For the third year in a row, our Doximity GTT products took center stage physicians love, our specialty specific AI tools and HIPAA secure environment and we're learning a lot from their real world use.

Perry Gold: One popular new feature is our ability to upload and securely analyzed documents for a recent Jamie a study a fifth of ER patients Nowadays have medical records that are lengthier than Moby <expletive> so far our specialists treating a new patient it can literally take hours of reading the fully come up to speed.

Jeff Tangney: But with Doximity GPT, they can just upload the patient's file. And our AI can chart the patient's lab values over time, summarize key clinical findings, or search for complex diagnostic clues. It's a long overdue cure for what physicians affectionately call note blows. In a short couple of years, we've seen AI tools like this truly change the mood in medicine from AI leery to AI cheery. For the first time in over a decade, there's genuine hope that physician burnout and information overload can actually be eased with technology. We are incredibly proud and motivated to help crafting AI tools that just work for busy clinicians.

Perry Gold: But with Doximity GPT. They can just upload the patient's file and our AI can chart. The patient's lab values over time summarize key clinical findings or search for complex diagnostic clues, it's a long overdue cure for what physicians affectionately call note bloat.

Perry Gold: And a short couple of years, we've seen AI tools like this truly change the mood and medicine from AI leery to.

Perry Gold: Cheery.

Perry Gold: For the first time in over a decade, there is genuine hope that physician burnout and information overload can actually be eased with technology. We are incredibly proud and motivated to help crafting AI tools that just work for busy clinicians. This is our mission and our roots as a team following our physician summit last month I had first.

Jeff Tangney: This is our mission and our roots as a team.

Jeff Tangney: Following our Physician Summit last month, I have personally shifted my focus from our client portal to our clinical AI product. Speaking of our client portal, the rollout's going very well. The majority of our pharma clients now have access and they love tracking their day-to-day results and ROI. These daily portal insights are also fueling client interest in how our new AI-powered integrated offerings can help them automate their program.

Perry Gold: <unk> shifted my focus from our client portal to our clinical AI products.

Perry Gold: Speaking of our client portal the rollout is going very well the majority of our pharma clients now have access to they loved tracking their day to day results and ROI. These daily poorly insights are also fueling client interest in how our new AI powered integrated offerings can help them automate their programs.

Jeff Tangney: This AI orchestration was a key theme at our annual Pharma Client Summit in New York last week, where we were joined by over 40 marketing leaders from the world's largest pharmaceutical Their top request was to use RAI to optimize their programs at a more strategic. By giving us more latitude to select the right content at the right time for each doctor, we've been able to improve our clients' results along with our own revenue and predictability.

Perry Gold: This AI orchestration was a key theme at our annual pharma client summit in New York last week, where we were joined by over 40 marketing leaders from the world's largest pharmaceutical companies. They're top request was to use our AI to optimize their programs that are more strategic level by giving us more latitude to select the right content at the right time for each doctor.

Perry Gold: We've been able to improve our clients' results along with our own revenue and predictability.

Perry Gold: Okay I'd like to end by thanking my Doximity teammates, who continue to work incredibly hard to care for those who care for us.

Jeff Tangney: Okay, I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to care for those who care for us. As AI-assisted medicine becomes a reality, our future has never been brighter or more exciting. I'm proud to be on this jury.

Perry Gold: As AI assisted medicine becomes a reality, our future has never been brighter or more exciting and I'm proud to be on this journey with you.

Anna Bryson: And with that, I'd like to hand it over to our CFO, Anna Bryson, to discuss our financials and guidance. Thanks, Jeff, and thanks to everyone on the call. Fourth quarter revenue grew to $138.3 million, up 17% year over year, exceeding the high end of our guidance. Full year revenue grew to $570.4 million, up 20% year-over-year. As a reminder, fiscal 2025 revenue benefited from our strategic shift to more multi-module integrated This not only drove larger deal sizes, but also enabled a greater share of annual programs to launch in January. Transitioning to these more efficient launch timelines contributed to a few points of revenue growth upside in fiscal 2020.

Perry Gold: And with that I'd like to hand, it over to our CFO and Brian to discuss our financials and guidance.

Brian: Thanks, Jeff and thanks to everyone on the call today fourth quarter revenue grew to $138 3 million up 17% year over year exceeding the high end of our guidance range.

Brian: Full year revenue grew to $570 4 million up 20% year over year.

Brian: As a reminder, fiscal 2025 revenue benefited from our strategic shift to more multi module integrated offerings.

Brian: It's not only drove larger deal sizes, but also enabled a greater share of annual programs to launch in January.

Brian: Transitioning to these more efficient launch timelines contributed to a few points of revenue growth upside in fiscal 2025.

Brian: Similar to prior quarters, our existing customers continue to lead our growth. We finished the quarter with a net revenue retention rate of 119% on a trailing 12 month basis.

Anna Bryson: Similar to prior quarters, our existing customers continue to lead our We finished the quarter with a net revenue retention rate of 119% on a trailing 12-month basis. For our top 20 customers, net revenue retention was higher at 123%. So our biggest, most sophisticated customers remain our fastest. We ended the quarter with 116 customers contributing at least $500,000 each in subscription-based revenue on a trailing 12-month This is a roughly 17% increase from the 99 customers that we had in this cohort a year ago. And these customers accounted for 84% of our total revenue. Turning to our profitability, non-GAAP gross margin in the fourth quarter was 91%, flat versus the prior year period.

Brian: So our top 20 customers net revenue retention was higher at 123%. So our biggest most sophisticated customers remain our fastest growing.

Brian: We ended the quarter with 116 customers contributing at least $500000 each and subscription based revenue on a trailing 12 month basis.

Brian: This is a roughly 17% increase from the 99 customers that we had in this cohort a year ago and these customers accounted for 84% of our total revenue.

Brian: Turning to profitability non-GAAP gross margin in the fourth quarter was 91% flat versus the prior year period.

Anna Bryson: For the full fiscal year, non-GAAP gross margin was 92% versus 91%. Adjusted EBITDA for the fourth quarter was $69.7 million and adjusted EBITDA margin was $50.3 million. compared to 56.4 million in a 48% margin in a prior year. For the full fiscal year, adjusted EBITDA was $313.8 million and adjusted EBITDA margin was $55.8 million. compared to $230.5 million and a 48% margin last year. We are proud to continue to run a very profitable business with 36% year over year growth in our bottom.

Brian: For the full fiscal year non-GAAP gross margin was 92% versus 91% last year.

Adjusted EBITDA for the fourth quarter was $69 7 million and adjusted EBITDA margin was 50%.

Brian: Compared to $56 4 million and a 48% margin in the prior year period.

Brian: For the full fiscal year, adjusted EBITDA was $313 8 million and adjusted EBITDA margin was 55%.

Brian: Compared to $235 million and a 48% margin last year.

Brian: We are proud to continue to run a very profitable business with 36% year over year growth in our bottom line.

Brian: Now turning to our balance sheet cash flow and an update on our share repurchase program.

Anna Bryson: Now turning to our balance sheet, cash flow, and an update on our share repo. We generated free cash flow in the fourth quarter of $97 million, compared to $62.3 million in the prior year. An increase of 56% year. For the full fiscal year, we generated free cash flow of $266.7 million compared to $178.3 million last year, an increase of 50% year-over-year. We ended the year with $916 million of cash, cash equivalents, and marketable During the fourth quarter, we repurchased $26.8 million worth of shares. For the full fiscal year, we repurchased $116.2 million worth of shares at an average price of $33.73.

We generated free cash flow in the fourth quarter of $97 million compared to $62 3 million in the prior year period, an increase of 56% year over year.

Brian: For the full fiscal year, we generated free cash flow of $266 7 million compared to $178 3 million last year, an increase of 50% year over year.

Brian: We ended the year with $916 million of cash cash equivalents and marketable securities.

Brian: During the fourth quarter, we repurchased $26 $8 million worth of shares.

Brian: For the full fiscal year, we purchased $116 $2 million worth of shares at an average price of $33 73.

Brian: As of March 31, we had 424 million remaining in our existing repurchase program.

Anna Bryson: As of March 31st, we had $424 million remaining in our existing report.

Brian: Now moving onto our outlook.

Anna Bryson: Now moving on to our For the first fiscal quarter of 2026, we expect revenue in the range of $139 to $140 million, representing 10% growth at the mid-year. and we expect adjusted EBITDA in the range of 71 to 72. representing a 51% adjusted EBITDA margin.

Brian: For the first fiscal quarter of 2020, we expect revenue in the range of $139 million to $140 million, representing 10% growth at the midpoint and.

Brian: And we expect adjusted EBITDA in the range of 71 to 72 million, representing a 51% adjusted EBITDA margin.

Brian: For the full fiscal year, we expect revenue in the range of $619 million to $631 million, representing 10% growth at the midpoint and.

Anna Bryson: For the full fiscal year, we expect revenue in the range of $619 to $631 million, representing 10% growth at the And we expect adjusted EBITDA in the range of $333 to $345 million, representing a 54% adjusted EBITDA.

Brian: And we expect adjusted EBITDA in the range of 333 to 345 million, representing a 54% adjusted EBITDA margin.

Brian: Now I will provide more color on our outlook.

Anna Bryson: Now we'll provide more color on our As mentioned above, fiscal 2025 was a strong year of strategic progress. Our new multi-module integrated offerings allowed many of our customers to get their annual programs live in January. While we expect these earlier launches to be the norm going forward, fiscal 2025 received the benefit of being the transition year, leading to a few points of revenue growth. This dynamic creates a tougher year-over-year comparison for fiscal 2026, which is reflected in our expected revenue growth. Long term, we believe these more efficient January launches are a meaningful step forward for our customers and our These earlier launches allow our customers to maintain an uninterrupted presence on our platform, which helps drive ROI.

Brian: As mentioned above fiscal 2025 was a strong year of strategic progress for us our new multi module integrated offerings allowed many of our customers to get their annual program slides in January.

Brian: We expect these earlier launches to be the norm going forward fiscal 2025 receive the benefit of being the transition year, leading to a few points of revenue growth upside.

Brian: This dynamic creates a tougher year over year comparison for fiscal 2026, which is reflected in our expected revenue growth rate.

Long term, we believe these more efficient January launches are a meaningful step forward for our customers and our business.

These earlier launches allow our customers to maintain uninterrupted presence on our platform, which helps drive ROI.

Anna Bryson: As customers realize higher returns, we expect this will translate into even greater investment on Doximity over time.

Brian: As customers realize higher returns, we expect this will translate into even greater investment on doximity overtime.

Anna Bryson: As far as visibility, as of today, we have just under 70% of our initial subscription-based revenue guidance under We expect the pharma HCP digital market to grow at roughly 5% to 7% again. While we have not yet seen any impact to our business from recent macro uncertainty, we believe it's prudent to assume the market growth rate could be on the lower end of this range, which is reflected in our. That said, we believe our pharma business will maintain its strong competitive position and grow at roughly twice the market rate, remaining our fastest growing business in fiscal 2020.

Brian: As far as visibility as of today, we have just under 70% of our initial subscription based revenue guidance under contract.

Brian: We expect the pharma HCP digital market to grow at roughly 5% to 7% again this year.

Brian: While we have not yet seen any impact to our business from recent macro uncertainty. We believe it's prudent to assume market growth rate could be on the lower end of this range, which is reflected in our guidance.

Brian: That said, we believe our pharma business will maintain its strong competitive position and grow at roughly twice the market rate remaining our fastest growing business in fiscal 2026.

Anna Bryson: Between Client Portal Insights, Integrated Program Traction, and Record Physician Engagement, we believe we are set up for another year of meaningful Finally, we're excited to increase our investments in AI. These investments will help us build better tools for our members, develop smarter solutions for our clients, and drive greater efficiency across our entire business over the long We believe we are in the early innings of realizing AI's full potential at Doximity, and we couldn't be more excited for it.

Between client portal insights integrated program traction and record physician engagement. We believe we are set up for another year of meaningful share gains.

Brian: Finally, we are excited to increase our investments in AI. This year. These investments will help us build better tools for our members develop smarter solutions for our clients and drive greater efficiency across our entire business over the long term we.

Brian: We believe we are in the early innings of realizing its full potential at Doximity and we couldnt be more excited for the future.

Operator: With that, I will turn it over to the operator. Thank you, and everyone, if you would like to ask a question, please press star 1 on your telephone keypad. Once again, that is star 1 for questions today.

Brian: With that I will turn it over to the operator for questions.

Brian: Thank you and everyone. If you would like to ask a question. Please press star one on your telephone keypad. Once again that is star one for questions today.

Speaker Change: And we will take our first question from Brian Peterson Raymond James.

Brian Peterson: And we will take our first question from Brian Peterson, Raymond James. Thanks for taking the question and congrats on the strong 20% growth this year. Jeff, I just wanted to start out on the macro. I know you guys mentioned that you haven't seen any impact as of yet, but how are your customer conversations in terms of their willingness to spend this year? And as they're thinking about this volatility that we're seeing from this administration, any perspective on where their heads are?

Brian Peterson: Thanks for taking the question and congrats on the strong 20% growth. This year, Jeff I just wanted to start out on the macro I know you guys mentioned that you haven't seen any impact as of yet, but how are your customer conversations in terms of their willingness to spend this year and as we're thinking about this volatility that we're seeing from this administration.

Brian Peterson: Any perspective on where their heads are.

Jeff Tangney: Great, Brian. Yeah, thanks.

Speaker Change: Great Brian.

Jeff Tangney: This is Jeff. Yeah, as we said in our prepared remarks, we have not seen any signs of a market slowdown yet, but given the material policy uncertainty, we are assuming that there will be. That said, you know, just having gotten together last week with 40 of our biggest clients, which was the best turnout we've ever had at our pharma advisory board, I have to say there's a lot of excitement about AI there as well. I'd say they are also AI cheery, just like doctors are. And as we said in last quarter's call, you know, the clients that buy our AI optimization were growing at double the rate of the other clients on average, so we're excited about their AI cheeriness as well.

Brian Peterson: This is Jeff.

Brian Peterson: As we said in our prepared remarks, we have not seen any signs of a market slowdown yet, but given the material policy uncertainty. We are assuming that there will be that said just haven't got together last week with.

Brian Peterson: 40 of our biggest clients, which was the best turnout we've ever had at our former Advisory Board.

Brian Peterson: As I said, there's a lot of excitement about AI there as well I'd say they are also AI to read just like doctors are.

Brian Peterson: And as we said in last quarter's call the clients that buy our AI optimization, we're growing at double the rate of the other clients on average so we're excited about their AI cheering us as well.

Jeff Tangney: It's interesting. The way that they're starting to do their work is actually starting to change. So, you know, it used to be that for their med legal review, they would come in with one version of an article and just do that in a Word document and redline it and improve it once. Now they're coming in with spreadsheets full of different options, variations, and that's exciting because that allows us to build this library that the AI can then go choose and see what's performing best and optimize their results in real time, which we're seeing meaningful gains from doing.

Brian Peterson: Interesting the way that they're starting to do their work is actually starting to change. So it used to be that for their med legal review they would come in with one version.

Brian Peterson:

Brian Peterson: An article.

Brian Peterson: And just do that in a word document and Red line and an improvement once now they're coming in with spreadsheets full of different option variations and that's exciting because that allows us to build this library that the AI can then go choose and see what performing best and optimize their results in real time, which we're seeing meaningful gains from doing.

Jeff Tangney: So, again, our AI cheery clients are feeling good about leveraging this. The other new thing that they liked at our pharma advisory board last week was our portal just continues to evolve and get smarter and teach them more. One new feature we've added this quarter is the ability to see what percent of their targets are what they call no-see physicians, that is, doctors that no longer see reps, which is roughly half of all U.S. doctors. Actually, some say three out of every five, but that allows them to go as they look at their ROI and their analyses and then claim more credit as marketers relative to salespeople because they're able to look at these doctors that they know the reps aren't getting in to see.

Brian Peterson: So again, our <unk> clients are feeling good about leveraging this I'd say the other new things that they like the at our farm Advisory Board last week was our portal just continues to evolve and get smarter and teach them more one new feature we've added this quarter is the ability to see.

Brian Peterson: What percent of their targets or what they call no see physicians that is doctors that no longer see reps, which is roughly half of all U S. Doctors.

Some say three out of every five but that allows them to go as they look at their ROI in their analyses I think clay more credit as marketers relative to salespeople because they're able to look at these doctors that they know the reps aren't getting in to see so I said the overall mood was cautiously optimistic among our pharma clients, where you are right there.

Jeff Tangney: So, I'd say the overall mood was cautiously optimistic among our pharma clients, but you're right, there is this big cloud of, I think, policy uncertainty that I think we're all assuming will continue to be there this year.

Brian Peterson: Big cloud.

Brian Peterson: I think our policy uncertainty that.

Brian Peterson: I think we're all assuming.

Brian Peterson: We will continue to be there this year.

Speaker Change: Thanks, Jeff and then maybe one for you you called out some AI investments in fiscal year 'twenty six how should we be thinking about the payback period on some of these investments our understanding it's early days, but I do get the question a lot from investors.

Brian Peterson: Thanks, Jeff.

Anna Bryson: And Anna, maybe one for you. You call that some AI investments in fiscal year 26. How should we be thinking about the payback period on some of these investments, understanding it's early days, but I do get the question a lot from investors on kind of the broader monetization of AI. So is there anything that you can you can add there? Thanks.

Speaker Change: The broader monetization of AI. So is there anything that you can you can add there thanks guys.

Speaker Change: Yeah.

Speaker Change: Yes, Thanks for the question, Brian and as we've mentioned before we're still in the early stages of learning how AI can make our business more efficient over time and then we're also still in the early stages of investments here. So when you think about longer term margin and how AI can impact our margins long term well it doesn't take into account other.

Anna Bryson: Yeah, thanks for the question, Brian. And, you know, as we've mentioned before, we're still in the early stages of learning how AI could make our business more efficient over time. And then we're also still in the early stages of investments here. So when we think about longer term margins, and how AI could impact our margins long term, we also have to take into account other considerations, such as what further efficiencies we might see from our client portal, or what further efficient efficiencies integrated programs might bring to our business. So it's too soon to know exactly what that more medium to long term margins could look like for us.

Speaker Change: Generation, such as what further efficiencies, we might see from our client portal or what further.

Speaker Change: These integrated programs might bring to our business. So it just doesn't know exactly what that more medium to long term margins could look like for us, but we feel really good once again about guiding to two years in a row of 50% plus adjusted EBITDA margins and as we've talked about before especially with the margin expansion. We saw this.

Anna Bryson: But we feel really good, once again, about guiding to two years in a row of 50% plus adjusted EBITDA margins. And as we've talked about before, especially with the margin expansion we saw this year, we're already seeing our AI investments pay off, we're still going to continue to make more, but we have been able to scale our business without sufficient additional headcount over the last year, which I think has been a big proof point that AI is already working for us as a business.

Speaker Change: Here, we're already seeing our AI investments, we're still going to continue to make more but we have been able to scale our business without sufficient additional head count over the last year, which I think has been a big proof point that AI is already working for us as a business.

Dana: Thanks Dana.

Michael Cherny: Our next question comes from Michael Cherny, Lee Rink partner.

Speaker Change: Our next.

Speaker Change: <unk> comes from Michael Cherny Leerink partners.

Michael Cherny: Good afternoon, and again, congratulations on ending the year strong. Maybe if I can just kind of follow up on Brian's question a bit, I'm just going to keep it at one here. But relative to the macro dynamic, I think it's certainly prudent that you're taking the stance here of uncertainty. We're seeing it across the board. In that being said.

Speaker Change: Good afternoon, and again, congratulations on ending the year strong.

Speaker Change: Maybe if I can just kind of follow up on Brian's question, a bit I'm trying to keep it at one year, but relative to the macro dynamic I think it's certainly prudent but you're taking the stance here of uncertainty we're seeing it across the board and that being said certainly over the course of the most recent quarter. There was uncertainty maybe not the actual news around Oh.

Speaker Change: Terrorists, most favorite nation, but at least this.

Speaker Change: Sector of the.

Speaker Change: The potential for some type of drug pricing constraints going as far back as the inauguration even along those lines, you're still didn't NRI of 119% over the course of the quarter stronger with your largest customers. So maybe if we dovetail all of these together is there anything we can look back in the time that you've been a company over the last few years, maybe during COVID-19 or anything.

Michael Cherny: along those lines. Maybe if we dovetail all...

Speaker Change: Along those lines, where theres been that level of trepidation, where you've seen some real time pausing. So we can compare how to factor in what clearly might be a macro oriented short term pause against what has obviously been a strong trend even when you take.

Speaker Change: Takeaway the change in timing I know there's a.

Speaker Change: Convoluted question, but I appreciate any more macro color you have.

Speaker Change: Yes, thanks for the question Michael and.

Jeff Tangney: Yeah, thanks for the question, Michael. And, you know, we've, we've certainly gone through tons of evolutions as a business over the last several years with changes, you know, we had COVID that was a huge tailwind for our business. And then, as you know, we experienced some upsell downside post COVID, when there was return to office and a macro downturn.

Speaker Change: We've certainly gone through with tons of evolution as a business over the last several years with changes we had COVID-19 that was a huge tailwind for our business and then as you know we experienced some upsell downside post COVID-19 when there was return to office.

Speaker Change: Macro downturn.

Anna Bryson: So I think one of the biggest things for us as we're looking ahead to next year is one of our biggest learnings over the past, I'd say, three to five years, as we've seen things change, is our upsells can be more variable. So when we think about the next, you know, three to five months, while as Jeff mentioned, and as I've mentioned, we have not yet seen any slowdown in our business, and we continue to have a ton of excitement for our products from our clients, we also know that these dollars are a little more variable.

Speaker Change: I think one of the biggest things for us as we're looking ahead to next year is one of our biggest learnings over the past I'd say three to five years as we've seen things change is our upsells can be more variable. So when we think about the next three to five months wall as Jeff mentioned and as I.

Speaker Change: I've mentioned, we have not yet seen any slowdown in our business and we continue to have a ton of excitement for our products from our clients. We also know that these dollars are a little more variable. So that's one of the biggest parts of our guidance that we're baking in to be a little bit more prudent which is why we're talking about.

Anna Bryson: So that's one of the biggest parts of our guidance that we're baking in to be a little bit more prudent, which is why we're talking about the client's budget growth being more on that 5% range, as opposed to 7% range.

Speaker Change: Client budget growth being more on that 5% range as opposed to the 7% range. So the biggest factor here as you look ahead over the next 12 months will be what our clients' budgets look like and as you mentioned we've been in policy uncertainty for six months now and we haven't seen the slowdown so of course, we're hopeful that we won't but one.

Anna Bryson: So the biggest factor here, as we look ahead over the next 12 months, will be what our clients budgets look like. And as you mentioned, we've been in policy uncertainty for six months now, and we haven't seen the slowdown. So of course, we're hopeful that we won't. But once again, as we're guiding out the next 12 months, we think it's the right thing to do to be prudent that we could see a slowdown.

Speaker Change: So again as we're guiding out the next 12 months. We think is the right thing to do to be prudent that we could see a slowdown.

Speaker Change: The next question comes from Elizabeth Anderson Evercore ISI.

Elizabeth Anderson: The next question comes from Elizabeth Anderson, Evercore ISI. Hi guys, congrats on the quarter. Thanks so much for the question. I was wondering if you could talk to me a little bit more about some of your other business assumptions for the quarter, sort of like more on the physician recruitment side and maybe point of care formulary. Obviously, you've had strength across a number of those products recently. So I just want to sort of understand how you're balancing those out and thinking about those in terms of FY 2021.

Elizabeth Anderson: Hi, guys congrats on a quarter. Thanks, so much for the question.

Elizabeth Anderson: I was wondering if you could talk to them you asked a little bit more about some of your other business assumptions for the quarter I assume that's like more on that physician recruitment side and maybe point of care formulary. Obviously, you had strength across a number of those products recently, so I just wanted to sort of understand.

Elizabeth Anderson: How you're balancing those out and thinking about those in terms of FY 'twenty.

Elizabeth Anderson: Okay.

Jeff Tangney: Hey, Elizabeth, thanks for the question. Yeah, a couple things there. So, as we talked about before, our pharma business has led our growth over the past year, and a big part of that growth was our formulary and our point-of-care products. And we're really excited to continue to see the traction there this next year, and especially within our integrated offerings and selling those modules on a package basis and optimizing those programs for our clients. So, we still believe, as we said in our prepared remarks, that pharma will remain our fastest-growing business.

Speaker Change: Hey, listen thanks for the question Yeah, a couple of things there. So yes, as we've talked about before our pharma business led our growth over the past year and a big part of that growth was our formulary and our point of care products and we're really excited to continue to see.

Speaker Change: Attraction there this next year, and it's especially within our integrated offerings and selling those modules on a package basis and optimizing those programs for our clients. So we still believe as we said in our prepared remarks that pharma will remain our fastest growing business and as far as the other businesses you were asking about recruiting and health systems, we have done.

Jeff Tangney: And as far as the other businesses you were asking about, with recruiting and health systems, we have definitely seen marginal improvement in our health system business over the last six to nine months. Our subscription enterprise offering is actually doing particularly well there, but we also do appreciate, once again, that health systems are typically more near-term impacted by policy changes and macro uncertainty. So, our guidance doesn't necessarily assume we're going to see any continued momentum there. Got it. That's super helpful.

Speaker Change: Marginal improvement or health system business over the last six to nine months or subscription enterprise offering is actually doing particularly well there, but we also do appreciate once again that health systems are typically more near term impact and by policy changes in macro uncertainty. So our guidance doesn't necessarily assume we're going to see any can take it to that.

Speaker Change: Got it that's super helpful and as we think about sort of this share gain commentary you guys offered in the prepared remarks could you unpack that a little bit more like are you seeing and is it sort of just in terms of the offering are you seeing dollars chapters I'd just be curious to sort of hear what you're hearing from customers in that regard.

Elizabeth Anderson: And if we think about sort of the share gain commentary you guys offered on the prepared remarks, could you unpack that a little bit more? Like, are you seeing it as just sort of just in terms of the offering? Are you seeing dollars shift?

Elizabeth Anderson: I'd just be curious to sort of hear what you're hearing from customers in that.

Speaker Change: Yes, sorry about that.

Jeff Tangney: Yeah, sorry about that, Elizabeth. I have a mute button issue there. Yeah, we are definitely continuing to see very strong share gains.

Speaker Change: And then she there yeah, we are definitely continuing to see very strong share gains I think theres a couple things. The first thing I'll point to you just mentioned, we did see an inflection point last year in our workflow modules. Our clients are really starting to now think about these modules is core modules a truly diversified channel and it is.

Jeff Tangney: I think there's a couple things. The first thing I'll point to is, we just mentioned, we did see an inflection point last year in our workflow modules. Our clients are really starting to now think about these modules as core modules, a truly diversified channel, and it's helped us capture a larger share of our overall client budget. So that's helped us grow at faster than 2x the market rate last year.

Speaker Change: Helped us capture a larger share of our overall client budgets. So that's helped us grow at faster than two ex the market rate last year and the second point I'll make is our client portal. So the insights from our client portal has helped our customers make buying decisions based on real time, Roy and recommendation that we've been able to help with.

Jeff Tangney: And the second point I'll make is our client portal. So the insights from our client portal has helped our customers make buying decisions based on real-time ROI and recommendations that we've been able to help with. That has also certainly helped us take share. So I'd say those are the two pieces over the last year that we're excited, once again, to see ahead over the next three to five years as well. But those are the two pieces that were really responsible for the large share gains we took this past year.

Speaker Change: That is also certainly helps us take share. So I'd say those are the two pieces over the last year that we're excited once again to see a head over the next three to five years as well, but those are the two pieces that were really responsible for the large share gains we took this past year.

Jeff Tangney: Super helpful.

Speaker Change: Super helpful. Thank you.

Ryan Macdonald: The next question today is Scott Berg, meet him. Hi, this is Ryan MacDonald on for Scott Berg. Congrats on a great quarter. Jeff, you mentioned, obviously, having the Pharma Client Summit a couple of weeks ago. Curious if the No Handouts for Drug Advertisements Act was brought up at all in conversations, particularly because it seems like, you know, if this kind of goes through here, you'd have these tax deductions, you know, for direct-to-consumer marketing that would go away. You know, I wonder if this actually has the potential to be a positive for your business, as you might see some greater shift and mix of spend towards the HCP channel and benefiting Doximity.

Scott Berg: The next question today is Scott Berg Needham.

Scott Berg: Hi, This is Ryan Macdonald on for Scott Berg, Congrats on a great quarter, Jeff you mentioned, obviously, having the pharma client summit a couple of weeks ago.

Speaker Change: Curious if the no handouts for drug advertisements Act was brought up at all in conversations.

Scott Berg: Particularly because it seems like.

Scott Berg: This kind of goes through here you'd have these tax deductions for direct to consumer marketing that would go away.

Scott Berg: I Wonder if this actually has the potential to be a positive for your business as you might see some greater shift in mix of spend towards H D. H C. P channel and benefiting Doximity, but would just love to hear your comments on really what clients are saying about that potential tailwind there.

Jeff Tangney: But would just love to hear your comments on maybe what clients are saying about that potential tailwind.

Scott Berg: Okay.

Jeff Tangney: Hey, Ryan. Yeah, good question. I think there has been a lot of interesting discussion recently around the role of DTC by the administration, how much has increased, how much has decreased. There's kind of been bipartisan increase in things like price transparency, which we think can be good for the world. And there's also been a focus on extra middlemen in the chain that can hurt our partners and our physicians' patients, which we certainly are glad is getting looked at. We don't really have anything in this space or anything that we're actively hearing from our clients to report on at this time.

Ryan Macdonald: Hey, Ryan Yeah. Good question I think there has been a lot of interesting discussion recently around.

Ryan Macdonald: The role of DTC by the administration and how much is increased how much is decreased there's kind of a bipartisan increase in things like price transparency, which we think can be good for the world.

Ryan Macdonald: And there's also been a focus on extra middle men in the chain that can hurt our partners and our physicians patients switch, which we certainly are.

Ryan Macdonald: Our glad it's getting looked at.

Ryan Macdonald: We don't really have anything in this space or anything that we're actively hearing from our clients to report on at this time I.

Ryan Macdonald: I will say our.

Jeff Tangney: I will say our clients usually have a completely separate team for DTC, so those sorts of crossovers, when they do occur, are often more gradual than acute, just like the shift to digital. But that said, we do actively invest in products like our formulary module that is focused around transparency for physicians and, of course, downstream to patients, which many of them are in increasingly seeking availability and accessibility data when they're considering therapies. And so modules like that, that I think are responsive to trends in both administration-driven priorities, but also physician and patient-driven priorities, are things that we plan to continue to invest of the Color there.

Ryan Macdonald: Our clients usually have a completely separate team for DTC.

Ryan Macdonald: The crossover when they do occur are often more gradual than than acute.

Ryan Macdonald: Just like the shift to digital.

Ryan Macdonald: That said, we do actively invest in products like our formulary module that is focused around transparency for this.

Ryan Macdonald: Physicians and of course downstream to patients switch.

Ryan Macdonald: Many of them are increasingly seeking availability and accessibility data when they are considering therapies and so module like that that I think are responsive to.

Ryan Macdonald: Trends in.

Ryan Macdonald: Okay administration, driven priorities, but also physician and patient driven priorities or things that we plan to continue to invest in.

Ryan Macdonald: Thanks for the color there and then maybe as a follow up for you you mentioned last quarter on the call that the success of the integrated programs really pulled forward some spend.

Anna Bryson: Anna, maybe as a follow-up for you, you know, you mentioned last quarter on the call that the success of the integrated programs really pulled forward some spend in program launches earlier in the year. Just curious, now that we're sort of five months into the year, are you seeing any notable changes in seasonality or how we should be thinking about seasonality of the business as we progress through the remainder of the calendar year here, please? Thanks.

Ryan Macdonald: Program launches earlier in the year I'm just curious now that we're five months into the year are you seeing any.

Ryan Macdonald: Notable changes in seasonality or how we should be thinking about seasonality of the business as we progress through the remainder of the calendar year here. Please thanks.

Ryan Macdonald: Yeah.

Anna Bryson: Yeah, thanks for the question. We're super excited by the integrated programs. In case you can't tell, I think it's one of the better things we've come out with for our clients over the last several years. And we did launch a ton of those programs in January, as you mentioned, and that did contribute to a few points of revenue growth upside in fiscal 2025. And what we're so excited for about these integrated programs is that they should theoretically, over the long term, create a more predictable and consistent revenue curve for us year to year. I think as of right now, we're still in that transition phase and will likely see a revenue curve that looks pretty similar to this past year.

Speaker Change: Yeah. Thanks for the question.

Speaker Change: Super excited by the integrated programs and in case, you can't tell I think it's one of the better things will come out with for our clients over the last several years and we did launch 10 of those programs in January as you mentioned and that did contribute to a few points revenue growth upside in fiscal 2025, and what we're selling.

Speaker Change: Cited for about these integrated programs.

Speaker Change: Is that they should theoretically over the long term and create a more predictable and consistent revenue curve for us year to year I think as of right now we're still in that transition phase and will likely see our revenue curve that looks pretty similar to this past year, but as we look ahead over the next three years or so as we get more into these integrated programs that.

Anna Bryson: But as we look ahead over the next three years or so, as we get more clients into these integrated programs that have January starts and December completions, it's only better for our revenue predictability, our visibility, as well as what the revenue curve will look like in the shape of the year. So I think this is a huge step forward for us to get to that more consistent curve.

Speaker Change: January starts in December completions, it's only better for our revenue predictability or visibility as well as what the revenue curve will look like in the shape of the year. So I think this is a huge step forward for us to get to that more consistent curve.

Speaker Change: Thanks, Congrats again.

Jeff Tangney: Thanks, congrats again.

Speaker Change: Well go next to Jared Haase William Blair.

Jared Haase: We'll go next to Jared Haase, William Blair. Good afternoon and thanks for taking the questions. Maybe I'll ask another one kind of around the market share gain commentary. And I guess with respect to the outlook for the 5 to 7% market growth, you know, sort of still intact here, I'm curious if you're seeing anything incremental in terms of how budgets are being allocated across digital channels? So thinking programmatic, you know, obviously network platforms like Doximity, other channels that might be at the point of care like the EHRs, are you seeing any incremental changes in terms of how budgets are being, you know, sort of the mix of those budgets across those different?

Jared Haase: Hi, good afternoon, and thanks for taking the questions maybe I'll ask another one kind of around the market share gain commentary and I guess with respect to the outlook for the 5% to 7% market growth sort of still intact here I'm curious if you're seeing anything incremental in terms of how budgets are being allocated.

Jared Haase: Across digital channels, so thinking programmatic, obviously network platforms like proximity other channels that might be at the point of care like the HR is are you seeing any incremental changes in terms of how budgets are being sort of the mix of those budgets across those different channels.

Yeah. Thanks, Joe This is Jeff, yes, so again, we've seen no signs of the market growth rate slowing down yet again.

Jeff Tangney: Yeah, thanks, Jared.

Jeff Tangney: This is Jeff. Yeah, so again, we've seen no signs of the market growth rate slowing down yet. But again, we are looking at the uncertainty from a policy perspective, and assuming it'll go to the bottom end of our range, which is, you know, 5%. You're talking about some of the other channels that are out there, I'd say, I think they're not gaining share, at least not at the pace that we are. And it really just comes back again to ROI, right? Does it really reach the right person? And does it really get that person thinking?

Jared Haase: We are looking at the uncertainty from a policy perspective, and assuming it will go to the bottom end of our range, which is 5%.

Jared Haase: Talking about some of the other channels that are out there I would say I think they are not gaining share or at least not at the pace that we are and it really just comes back again to ROI right doesn't really.

Jared Haase: <unk> reached the right person and doesn't really get that person thinking and again I think it's been a flight to quality that we've seen among our clients. They are leaning more into what they call endemic because thats what they are seeing work.

Jeff Tangney: And again, I think it's been a flight to quality that we've seen among our clients, they're leaning more into what they call endemic, because that's what they're seeing work. I will share a couple of our largest clients told us, you know, a year ago that they were really going to try out and experiment more in the programmatic space and in other spaces. And just catching up with them this last week, they told me that, you know, those experiments that they ran, well, they didn't work, or at least they didn't work to the level of return that they've seen with the programs that they're doing with us.

Speaker Change: I will share a couple of our largest clients told us.

Speaker Change: A year ago, they were really going to try out and experiment more in the programmatic space and in other spaces and just catching up with them. This last week.

Speaker Change: Hold me that.

Speaker Change: Those experiments that they ran well they didn't work or at least they didn't work to the level of return that they have seen with the programs that they're doing with us. So again I think we're gaining more share there.

Jared Haase: So again, I think we're gaining more share there against a host of competing options. Got it. That's a, that's nice to hear.

Speaker Change: Against a host of competing options.

Speaker Change: Got it.

Speaker Change: That's nice to hear and then Jeff maybe another one for you you talked a little bit about.

Jared Haase: And then, you know, Jeff, maybe another one for you. You talked a little bit about, you know, kind of the nice traction with the newsfeed in the quarter. Just wanted to get an update on sort of the status of, you know, kind of the ad load across that newsfeed. You know, how much more room do you see for incremental advertising content within that application?

Speaker Change: The nice traction with the news feed in the quarter I just wanted to get an update on sort of the status of kind of the AD load across the news feed how much more room do you see for incremental advertising content within that application.

Jeff Tangney: And I guess, relative to some of the newer products that you've launched and had some success with recently, you know, how important do you think the newsfeed will be to the growth story over the next few Yeah, thanks, Jared. Well, first, I'll just say our clients and I, we're over the moon that we saw a 30% increase, more than 30% year on year in our number of articles tapped in our news feed. So I think we, you know, have really become the news feed of medicine, the place that doctors come to stay up to date on the latest news.

Relative to some of the newer products that you've launched and had some success with recently how important do you think the news feed will be to the growth story over the next few years.

Speaker Change: Yes, Thanks, Eric well first I'll, just say our clients and I were over the Moon that we saw a 30% increase more than 30% year on year, our number of articles tapped in our news feed so.

Speaker Change: We have really become the news feed medicine, but place that doctors come to stay up to date on the latest news and with a decade now of first party data on what their clinical interest. So I think we're just in a strong position to continue to deliver them. The news that they need I will point that there are others that I assume we are taking.

Jeff Tangney: And with a decade now of first party data on what their clinical interests are, I think we're just in a strong position to continue to deliver them the news that they need. I will point that there are others that I assume we are taking share from there. Our clients are telling us about that. You can look online and see that, you know, MedX or MedTwitter is not flourishing. There's just less of that there. So I think we're seeing some migration, I think, from other platforms to our platform, which, again, has been to our net benefit.

Speaker Change: Sure from their clients are telling us about that you can look online and see the med X or mid Twitter.

Speaker Change: It's not flourishing right there.

Speaker Change: There is just less of that is there. So I think we're seeing some migration I think from other other platforms to our platform, which again, it's meant our net benefit.

Jeff Tangney: To your question about ad load, our ad load really hasn't increased. I would say what's happened is it's now spread across more channels. And this is really where our workflow channel that we give stats on each quarter has really been important. That whole point of care formulary motion for us has allowed us to grow and basically a whole new whole new vector without having to affect our news feed channel. That's great.

Speaker Change: To your question about AD load AD load really Hasnt increased I would say what's happened is it's now spread across more channels and this is really where our workflow channel let me give stats on each quarter.

Speaker Change: It's really been important that whole point of care formulary motion for US has allowed us to grow in basically a whole new whole new vector without having to effect.

Speaker Change: Our newsfeed channel.

Speaker Change: That's great. Thank you.

Jeff Tangney: Thank you.

Allen Lutz: Moving to Allen Lutz with Bank of America. Good afternoon, and thanks for taking the questions. I want to follow up on the comments around workflow tools, point of care, formulary, you know, growth there has been really robust. And Jeff, you mentioned that, you know, some of your customers experienced, you know, they tried to go out and work with programmatic. Maybe that didn't work. As you think about these new products that you're launching in the market, is it that your customers are, they tried programmatic, and now they're actually leaning into your newer products, or are they, you know, just going back to the newsfeed, trying to get a sense of maybe where some of that incremental spend that maybe went away as they were testing programmatic, where does that come back to in the Doximity platform?

Speaker Change: Moving to Allen Lutz with Bank of America.

Allen Lutz: Good afternoon, and thanks for taking the questions I wanted to follow up on the comments around workflow tools point of care.

Speaker Change: Formulary.

Speaker Change: Growth there has been really robust and Jeff you mentioned that some of your customers experience. They tried to go out and work with programmatic maybe that didn't work as you think about these new products that youre launching in the market is it that your customers are they tried programmatic and now theyre actually.

Speaker Change: Leaning into the newer products or are they just going back to the news feed trying to get a sense of maybe where some of that incremental spend that maybe went away as they were testing programmatic where does that come back to in the docs and the platform.

Jeff Tangney: Yeah, thanks for the question.

Speaker Change: Yes. Thanks for the question. This is Jeff I'll take that so.

Anna Bryson: This is Jeff, I'll take that. So yeah, I mean, we're really proud of our point of care and our formulary group. As we announced last quarter, in our Q3, we had over 100% a year under growth in those workflow channels, which has certainly been been great for us. To your question about how they're allocating across these other channels, I'll give some credit to our portal as well here, which has helped them see on an ongoing basis, not just in a once a year look back, but you know, on a more frequent basis, to see the true returns, on investment that they're seeing from our platform and the data and the results, and just keeping us frankly, more top of mind.

Speaker Change: So yes, I mean, we're really proud of our point of care and our formulary group as we announced last quarter.

Speaker Change: In our Q3, we had over 100% our year on year growth in those workflow channels, which has certainly been great for us to your question about how they're allocating across these other channels I'll give some credit to our portal as well here, which is help them see on an ongoing basis not just on a once a year look back but.

Speaker Change: More frequent basis to see the true return on investment that they are seeing from our platform and the data and the results and just keeping is frankly more top of mind.

Anna Bryson: You know, I said, well, we started working on the portal a year and a half ago, that clients recognize when we talk to them, we have the best product, we have the best reach, we have the best level of engagement and interest, but we weren't the easiest to buy from, right? It took a lot of effort for them to set up two Zoom calls with us and to get a quote and do all that. And I think our portal has really reduced that friction quite a lot. So that again, now, any time of day or night, they can log in and see how their programs are doing.

Speaker Change: I said when we started working on the portal a year and a half ago that our clients recognize when we talk to them. We have the best product we have the best reach we have the best.

Speaker Change: Level of engagement and interest, but we weren't the easiest to buy from right. It took a lot of effort for them to set up to zoom calls with us to get a quote do all of that and I think our portal is really reduce that friction quite a lot. So that again now any time of day or night, they can log in and see how their programs are doing and they can also thinking about how they can.

Jeff Tangney: And they can also think about how they can grow their Thanks, Jeff.

Speaker Change: <unk>.

Speaker Change: Thanks, Jeff and then one for and I have a question on the guidance framework. So if we take a step back and look at the guidance. The initial guidance that you provided last year I think it contemplated 7% to 9% revenue growth I think the comparable last year was a relatively easy comparable and then this year your guy.

Anna Bryson: And then one for Anna.

Allen Lutz: I have a question on the guidance framework. So if we take a step back and look at the initial guidance that you provided last year, I think it contemplated seven to nine percent revenue growth. I think the comparable last year was a relatively small number. And then this year you're guiding sort of this 8 to 11 percent. So it's higher growth from the initial guide, even though there's a tougher comparable, there's more macro uncertainty this year versus last year, arguably. So I guess, how do we square those things where I guess the, you know, there are tougher comps this year, less certainty.

Speaker Change: Adding sort of this 8% to 11% so its higher growth from the initial guide, even though theres a tougher comparable theres more macro uncertainty this year versus last year arguably so I guess, how do we square those things where I guess the.

Speaker Change: Yes, there are tougher comps this year less certainty how do you think about the framework for guidance this year compared to last year.

Anna Bryson: How do you think about? Framework for guidance this year compared to last year.

Anna Bryson: Thanks.

Anna Bryson: Yeah, thanks for the question, Allen. And, you know, I think there's, there's a couple things I'll hit on here. So, first and foremost, last year was really the first year we started to see our new products take off, our workflow products, and we started to see what our client portal could do for us. So we feel like we are in a much better position than we had been in years prior, from a product offering perspective, and from a share gain perspective. We also last year, I think we hadn't yet seen our clients' budget stabilize yet.

Speaker Change: Yes. Thanks for the question Alan and I think there's a couple of things Sean here. So first and foremost last year was really the first year, we started to see our new products take off our workflow products and were starting to see what our client portal could do for us. So we feel like we're in a much <unk>.

Speaker Change: <unk> position than we had been in years prior and from a product offering perspective and from a share gain perspective.

Speaker Change: Also last year I think we haven't yet seen our clients' budget stabilized yet so we really werent sure what our clients, but it's going to we're going to look like we have seen quite a bit of deceleration post COVID-19 and it's been really great for us to see over the past 12 months not only of our clients' budget stabilize.

Anna Bryson: So we really weren't sure what our clients' budgets were going to look like. We had seen quite a bit of deceleration post COVID. And it's been really great for us to see over the past 12 months, not only have our clients' budgets stabilized, but marginally improved. And you can see that in our 20% year on year growth that, that we just reported for this last year. So, once again, I think we feel better about our competitive position than we ever have. And we feel as though we are in a place that even if the market growth rate is on the lower end of the range, as we're forecasting here, it could be, we feel as though we have good visibility into these numbers and hitting our guidance for the year.

Speaker Change: Marginally improved and you can see that in our 20% year on year growth that we just reported for this last year. So once again I think we feel better about our competitive position than we ever have and we feel as though.

Speaker Change: And the place that even if the market growth rate is on the lower end of the range as we're forecasting here it could be we feel as though we have good visibility into these numbers and hitting our guidance for the year.

Speaker Change: Great. Thank you very much.

Allen Lutz: Great, thank you very much.

Scott Schoenhaus: Up next is Scott Schoenhaus, Key Base. Hey team, thanks for taking my question. Anna, this question's for you. I think this period, a year ago, you had just over 70% of subscription revenue for the year locked in, and you just made in the comments, you just under 70%. And I understand the dynamics of some of the pull forward in January for the annual contracts, but any more color on the dynamics this year versus last year? And then my follow-up question is, that remaining 30%, could you provide color on how much of that is mid-year upsells versus renewals, given the strong mid-year upsells that you saw last year?

Scott Schonhaus: Next is Scott Schonhaus Keybanc.

Scott Schonhaus: Hey team. Thanks for taking my question and then a question for you I think this period a year ago, you had just over 70% of subscription revenue for the year locked in and you just made on the comments you just just under 70% and I understand the dynamics of.

Scott Schonhaus: Some of the pull forward in January for the annual contracts, but any more color on the dynamics this year versus last year.

Scott Schonhaus: And then my follow up question is that remaining 30% could you provide color on how much of that is mid Europe cell versus renewals given the strong mid Europe cells that you saw last year.

Anna Bryson: Thanks.

Anna Bryson: Thanks for the question, Scott. So yeah, as you mentioned, last year, when we gave our initial subscription revenue guidance, we have just over 70% of that under contract. But then throughout the year, we saw stronger upsells, we had stronger annual upfront sales, and with more January launches, which contributed to a revenue raise of roughly $58 million, or about 11% since the start of the year. So if we did a look back, the percent of our final fiscal 2025 revenue that we had under contract to start the year, it would be closer to 60%. So this number can naturally fluctuate throughout the year depending on sales and launches.

Scott Schonhaus: Thanks for the question Scott So as you mentioned last year. When we gave our initial subscription revenue guidance, we had just over 70% of that under contract, but then throughout the year. We saw stronger Upsells, we had stronger annual upfront sales and with more January launches, which.

Scott Schonhaus: To a revenue range of roughly $58 million or about 11% since the start of the year. So we did a look back at the percent of our final fiscal 2025 revenue that we had under contract to start the year it would be closer to 60%. So this number can naturally.

Scott Schonhaus: Fluctuate throughout the year, depending on sales of launches and then this is why we feel as though just under 70, which to be clear it means within a percent or two of 70% is it really prudent starting point for our business for fiscal 2026, and I think that also probably helps answer the second part of your question about what we're assuming for up.

Anna Bryson: And then this is why we feel as though just under 70, which, to be clear, means within a percent or two of 70%, is a really prudent starting point for our business for fiscal 2026. And I think that also probably helps answer the second part of your question about what we're assuming for upsells. I think, once again, given the environment we're in and knowing upsells may be more variable, our guidance is more heavily weighted and dependent on renewals. Perfect.

Scott Schonhaus: So I think once again, given the environment, we're in and knowing Upsells may be more variable our guidance is more heavily weighted independent on renewals.

Speaker Change: Perfect. Thank you so much Anna.

Anne Samuel: Thank you so much, Anna. And Anne Samuel from J.P. Morgan has the next question. Hi, thanks so much for the question. I was hoping maybe we could dig in a little bit more on point of care solutions and was wondering if you could kind of speak to how we should be thinking about the composition of growth for that, you know, is it more clients joining and pricing, you know, versus increasing the number of sponsored calls? I know, you know, at your analyst day, you spoke to one in 100 calls being sponsored, but curious, you know, where we stand on that now and where we can go from here.

Speaker Change: And Anne Samuel from Jpmorgan has the next question.

Anne Samuel: Hi, Thanks, so much for the question.

Anne Samuel: Just hoping maybe we could dig in a little bit more on point of care solutions and I was wondering if you could kind of speak to how we should be thinking about the composition of growth to that is it more clients joining in pricing versus increasing the number of sponsored calls I know at your analyst day, you spoke to one to 100 calls being sponsored but curious where we stand on that now and.

Anne Samuel: Where we can go from here.

Anna Bryson: Yeah, I think the great thing about Point of Care, and the way we've kind of reframed our pitch around it too with our clients, is that our clients are thinking about it as a truly diversified channel. So it is a unique channel from our newsfeed, where our clients are almost thinking about it as if they're buying from another company, and that's how diversified the channel is. And it's an area where, as Jeff had mentioned, we have a lot of white space, a lot of unmonetized white space, and so it's an area our clients have certainly been leaning into.

Anne Samuel: Yeah, I think the great thing about point of care and the way, we kind of reframe their pitch around it to with our clients is that our clients are thinking about it as a truly diversified channel. So it is a unique channel from our newsfeed, where our clients are almost thinking about it as if there it's like buying.

Anne Samuel: Another company <unk>.

Anne Samuel: Suffice to channel it and it's an area where as Jeff had mentioned, we have a lot of white space a lot of other monetize.

Anne Samuel: And so it was an area of client have certainly been leaning into and so that just helped our platform increased reach and frequency for our clients and so we're really excited about that I think.

Anna Bryson: And so that just helps our platform increase, you know, reach and frequency for our clients. So we're really excited about that.

Jeff Tangney: I think we think big picture over the next three to five years, you know, our newsfeed was our first act, our workflow tools are our second act, and you know, we think one day maybe AI will be our third act.

Anne Samuel: Big picture over the next three to five years now our newsfeed was our first stacked our workflow tools. Our second act and we think one day, maybe I'll defer to act.

Anne Samuel: Great. Thank you.

Richard Close: Great, thank you. The next question is Richard Close from Canaccord Genuity. Yeah, first, congratulations on a strong year. Maybe diving a little bit deeper into the upsells in the portal. I guess I'm curious, are clients buying on the portal now? And if so, how is that going? And then how do you think about, you know, maybe more certainty or visibility into, you know, the end year buy ups from buying on the portal? Just curious there.

Speaker Change: The next question is Richard close from Canaccord Genuity.

Richard Close: Yeah first congratulations on a strong year, maybe diving a little bit deeper into the upsells and the poor at all I guess I am curious are clients buying on the portal now and if so how is that going and then how do you think about it.

Richard Close: Maybe more certainty or visibility into.

Richard Close: The end year by ups.

Richard Close: From.

Richard Close: Buying on the poor at all just curious there.

Richard Close: Yes. This is Jeff I'll take that.

Jeff Tangney: Yeah, this is Jeff, I'll take that. So yes, we do present recommendations in our portal, and that does allow our clients to see the pricing. We do, to be clear, still have a separate contract paper flow that doesn't happen directly in the portal yet, but we're working on that. But it does allow clients to go and see the other things they can be doing, and make that upsell motion, I think, a lot more friction-free and seamless for our clients, and our own internal teams as well. So we're excited about where that can take us. In terms of our upsell...

Richard Close: Yes.

Speaker Change: So yes, we do present recommendations in our portal and that does allow our class to see the pricing.

Speaker Change: We do to be clear still of a separate contract paper flow that doesn't happen directly in the portal yet, but we're working on that.

Speaker Change: But it does allow clients to go and see the other things they can be doing.

Speaker Change: It makes that up so so motion I think a lot more friction free and.

Speaker Change: Seamless for our clients.

Speaker Change: Internal teams as well.

Speaker Change: So we're excited about where that can take us.

Speaker Change:

Speaker Change: In terms of our upsell.

Speaker Change: Sort of frequency.

Jeff Tangney: That sort of frequency, I'd say the key thing I'd point to there, or visibility, the key thing I'd point to there is these integrative programs are just much, much more visible for us as a company, because, again, we're effectively putting all of our channels together. They're buying the whole bag, if you will. And then we're allowed to go and, again, optimize the right content at the right time for the right doctor. And that, I think, will be a meaningful improvement, as Anna has said, to our revenue visibility in future years. This is the first year we're going through it, so I think we're being cautious about how it will improve our visibility and these upsell cycles.

Speaker Change: Say the key thing I would point to there or visibility the key thing I would point you. There as these integrated programs are just much much more visible for us as a company.

Speaker Change: Because again, where we're effectively putting all of our channels together they are buying the whole bag. If you will and then we're allowed to go and again optimize the right content at the right time for the right Doctor and that I think will be a meaningful improvement.

Speaker Change: Two our revenue visibility in future years. This is the first year, we're going through it. So I think we're being cautious about how it will improve our our visibility in these upsell cycles, but I will say, it's it's a hard one for us contractually in terms of terms with our clients.

Jeff Tangney: But I will say it's a hard win for us contractually in terms of terms with our clients.

Jeff Tangney: And I think a sign, again, of how much they give us a seat at their strategy table and view us as this long-term partner, not as a quarterly buy.

Speaker Change: And I think a sign again of how much they give us a seat at their strategy table and view us as this long term partner not as a.

Speaker Change: Quarterly by.

Speaker Change: Okay. That's helpful. Thank you.

Jeff Tangney: Okay, that's helpful, thank you.

Jessica Tassan: The next question is from Jessica Tassan, Piper Sandler. Hi, guys. Thank you so much for taking the questions, and congrats on the year. I was hoping maybe, Anna, you could help us understand the revenue cadence over the course of the year, just appreciating the high level of visibility, kind of what explains the implied sequential step up from, like, F1Q to, you know, F2Q, given the early launches in January? It would just be helpful to hear how we should be thinking about F1Q, 2Q to 3Q. Thank you. Yeah, thanks for the question, Jess. So, you know, the nature of our customer's buying cycle is such that, as you know, they deploy about 65 to 70% of their budget upfront, and then they upsell throughout the year.

Speaker Change: The next question is from Jessica <unk> Piper Sandler.

Jessica: Hi, guys. Thank you so much.

Speaker Change: Taking the questions and congrats on the year.

Speaker Change: Maybe you could help us understand the revenue cadence over the course of the year just appreciating the high level of visibility kind of what what explains the implied sequential step up from <unk> to <unk>.

Speaker Change: Given the early launches in January but just be helpful to hear.

Speaker Change: How we should be thinking about <unk>.

Speaker Change: Thank you.

Speaker Change: Yeah. Thanks for the question Jeff.

Speaker Change: The nature of our customers' buying cycle is such that as you know they deployed about 65% 70% of their budget upfront and then they up sell throughout the year one of the things. We are super excited about this year is getting our programs lives in January so getting our clients to have that uninterrupted presence on channel then throughout the year, though.

Anna Bryson: One of the things we are super excited about this year is getting our programs live in January, so getting our clients to have that uninterrupted presence on channel. Then throughout the year, though, as they're upselling on top of those programs, that leads to natural step-ups throughout the year. And so we believe going forward, we'll continue to see a Q3 that is going to be our highest quarter because our customers are adding on to their programs. So even with these integrated programs, we believe we'll continue to see that step-up.

Speaker Change: Upselling on top of this program that leads to natural step ups throughout the year and so we believe going forward well continue to see a Q3 that is going to be our highest quarter because our customers are adding onto their programs. So even with these integrated programs. We believe will continue to see that that step up.

Anna Bryson: The other thing I'll say with integrated programs that we're excited by, and we'll see how it goes, it's still obviously very, very new for us. But when our clients are making their upsell decision, especially now that we have our client portal that helps track real-time ROI, having that longer time on channel, starting in January, as opposed to starting in April, and having, say, six months to track your program performance and see how well it's performing on Doximity, we actually think these January launches could help our upsell cycle. So once again, we're not baking that into our guidance because it's still too early and it's really the first year we're running these programs. But we think they could prove to be actually very beneficial for us as we get into the upsell season.

Speaker Change: The integrated programs that we're excited by and we'll see how it goes it's still obviously very very new for us, but when our clients are making their upsell decision, especially now that we have our client portal that helps track real time RLI.

Speaker Change: Having that longer time on channel starting in January as opposed to starting in April and having say six months to track your program performance and see how well it's performing on Doximity. We actually think these January and walk just could help our up sell cycle. So once again, we're not baking that into our guidance because it's still too early and it's really the first year, we're running this.

Speaker Change: Programs, but we think they can prove to be actually very beneficial for us as we get into the up sell season.

Anna Bryson: That's really helpful. Thank you.

That's really helpful. Thank you and then my quick follow up would be just as you think about the workflow tools and I think you all have talked about that opportunity as being commensurate in size to the news feed.

Anna Bryson: And then my quick follow-up would be just, as you think about the workflow tools, I think you all have talked about that opportunity as being commensurate in size to the newsfeed. So I'm curious if we should think about kind of the two tools, so point-of-care and formulary, as being the sum of workflow, meaning that those two products can basically double the TAM from newsfeed, and that potentially monetizing AI, you know, or DocsGPT would be then an additional opportunity from there, or should we think about that as part of the workflow as well? Thanks again.

Speaker Change: So I'm curious if we should think about kind of the two tools, so point of care and formulary as being the sum of workflow.

Speaker Change: Meaning that those two products can basically double the Tam from news feed and that potentially monetizing AI are docs GPT would be that an additional opportunity from there or should we think about that as part of the workflow.

Speaker Change: Again.

Jeff Tangney: Yeah, thanks for the question, Jess.

Speaker Change: Yes, thanks for the question guests and so.

Jeff Tangney: And it's the former. So as I mentioned before, newsfeed was our first act, it's still our largest revenue driver. Workflow has now become our second act. It's been a huge growth driver for us over the past year or so.

Speaker Change: So as I mentioned before the news feed was our first act, it's still our largest revenue driver.

Speaker Change: <unk> has now become our second act, it's been a huge growth driver for us over the past year or so and then as we look ahead and we're not going to give a specific timeframe on this but as we look ahead, we believe that AI could be our third act and those are three truly distinct channels that will be truly distinct products for our clients.

Jeff Tangney: And then as we look ahead, and we're not going to give a specific timeframe on this, but as we look ahead, we believe that AI could be our third act. And those are three truly distinct channels that will be truly distinct products for our clients.

Stephen Valliquette: The next question today comes from Stephen Valliquette, Missouho Security. Great. Good afternoon. Thanks for taking the question. I also have a question just around the guidance. When thinking about the implied growth rates for revenue in EBITDA in the fiscal first quarter, they're essentially right at the midpoints of the full year growth rates within the FY26 guidance revenue in EBITDA. So I guess a couple of things just to try to confirm.

Speaker Change: The next question today comes from Steven Valiquette Mizuho Securities.

Steven Valiquette: Great. Good afternoon. Thanks for taking the question I also have a question just around the guidance there when thinking about the <unk>.

Steven Valiquette: Implied growth rates for revenue and EBITDA in the fiscal first quarter, they're essentially right. The mid points of the full year growth rates within the FY 'twenty guidance for revenue and EBITDA. So I guess, a couple of things just to try to confirm your one as far as the macro environment risk. You said you are not seeing any impact yet, but just confirm yes or no is there anything baked into the fiscal <unk>.

Anna Bryson: One, as far as the macro environment risk, you said you're not seeing any impact yet, but just to confirm, yes or no, is there anything baked into the fiscal 1Q guidance for any macro risk? And how should we think about the impact when, just from a modeling perspective, maybe just assume more impact in the back half of the fiscal year versus first half? I know there's no perfect answer to it, but just want to get your high-level thoughts.

<unk> guidance for any macro risks and how should we think about the impact just from a modeling perspective, maybe just assume more impact in the back half of fiscal year versus first half I know, there's no perfect answer to it but just want to get your high level thoughts around that thanks.

Anna Bryson: Yeah, I'll answer the last part of the question first. I think once we get back to the integrated programs, I think we'll see a little bit more stability in our revenue growth cadence throughout the year. As far as Q1 specifically, the first point I'll make is about the comparison period. As you might remember, last Q1, I saw an uplift from a lot of spring program launches. But this year, back to the integrated programs, we're seeing more stability, which once again, we believe is best for the predictability of our revenue curve long term. And then as far as your question about if we have any macro assumptions baked into Q1, we are being cautious in our upsell assumptions for this quarter, given that general macro uncertainty upsells typically start around this time period.

Steven Valiquette: Yeah I'll answer the last part of the question first.

Steven Valiquette: Once we get back to the integrated programs I think we will see a little bit more stability in our revenue growth cadence throughout the year as far as Q1, specifically on the first point I'll make is about the comparison period as you might remember last Q1 saw an uplift from a lot of spring program launches, but this year back to the integrated programs, we're seeing more.

Steven Valiquette: Stability, which once again, we believe it's best for the predictability of our revenue long term and then as far as your question about if we have any macro assumptions baked into Q1, we are being cautious in our up sell assumptions for this quarter given that general macro uncertainty upsell typically start around this time period, so that is baked into our <unk>.

Anna Bryson: So that is baked into our Q1 guidance. Got it. OK. Thanks.

Steven Valiquette: Guidance.

Steven Valiquette: Got it okay. Thanks.

Jeff Garro: Jeff Garro from Stevens has the next question. Yeah, good afternoon. Thanks for taking the question.

Steven Valiquette: Jeff Garro from Stephens has the next question.

Jeff Garro: Yeah. Good afternoon. Thanks for taking the question to put maybe a different lens on FY 'twenty six revenue drivers could you help us think through.

Jeff Garro: To put maybe a different lens on FY26 revenue drivers, could you help us think through NRR expectations versus anticipated contributions from new customers? Yeah, absolutely. I'm happy to take that question. So I think, first and foremost, we do continue to believe that our larger customers will lead our growth. But that said, we've got some exciting traction amongst SMB and amongst newer customers over the past six to nine months, especially with our agency partner program, that's actually helped us bring in many new six-figure clients. So we do think that SMB could be a nice growth factor for us, especially over the long term.

Jeff Garro: Expectations versus anticipated contributions from new customers.

Jeff Garro: Yeah, absolutely I'm happy to take that question. So I think first and foremost we do continue to believe that our larger customers will lead our growth, but that said, we've got some exciting traction amongst SMB amongst your customers over the <unk>.

Jeff Garro: Past six to nine months.

Jeff Garro: Initially with our agency partner program, that's actually helped us bring in many new six figure clients. So we do think that SMB it could be a nice growth vector for us, especially over the long term as a reminder, we think big picture, we only work with just over 10% of brands that has less than $100 million in U S sales.

Jeff Garro: As a reminder, if we think big picture, we only work with just over 10% of brands that have less than $100 million in US sales. So we're really excited about bringing our insights and partnership to more of them over time. So I do think we'll see some SMB traction this year. That said, the nature of our business is such that the largest clients will continue to lead our growth.

Jeff Garro: So we're really excited about bringing our insights and partnership to more of them over time. So I don't think we'll see some SMB traction this year.

Jeff Garro: The nature of our business is such that the largest clients will continue to lead our growth.

Jeff Garro: Excellent. I appreciate that. And so quick follow up to try to put a little bit of a macro spin on it.

Speaker Change: Excellent I appreciate that and so a quick follow up to try to put a little bit of a macro spin on it.

Speaker Change: Could you help us with any comments on expectations for new drug approvals over the next 12 months and whether the velocity of approvals and new.

Jeff Tangney: Could you help us with any comments on expectations for new drug approvals over the next 12 months and, and whether the velocity of approvals and new, new treatments entering the market has any impact on your revenue outlook for FY 26? Thanks again.

Speaker Change: New treatments entering the market has any impact on your revenue outlook for FY 'twenty six thanks again.

Jeff Tangney: Hi, Jeff. Yeah, great, great questions. Of course, as you know, it is still early, and there has been material policy uncertainty here with the administration, particularly around that topic. So we're taking a more cautious and a longer approach to the market there. I will say, though, if you look at the science, it's an exciting era for humanity and the future of medicine. I mean, there are new therapies getting ready that are anticipated for the next few years, ranging from rare disease, metabolic disruptors, oncology, neurology, cardiology, advanced therapeutic techniques in the cell and gene therapy space, and, of course, a continuation of what is now a blockbuster battle out there.

Speaker Change: Hi, Jeff, Yes, great great questions of course as you know it is still early and there has been material policy uncertainty here with the administration, particularly around that topic. So we're taking a more cautious and a longer approach to the market. There I will say, though if you look at the science, it's it's an exciting era for humanity in the future.

Speaker Change: There are new therapies getting ready that are anticipated for the next few years ranging from rare disease metabolic disruptors oncology neurology cardiology advanced therapeutic techniques in the cell and gene therapy space and of course.

Speaker Change: <unk> of what is now a blockbuster battle out there.

Jeff Tangney: So while there is uncertainty downstream of new priorities that can be seen as tough on pharma, there's also other statements that can be seen as streamlined processes for getting new therapies approved and out the door, or equalization such as what we're seeing in the repeal of potentially the small molecule penalty in the IRA. So we'll be monitoring, you know, just like everyone else is, but I think if you looked at the U.S. pharma ETF, which some look to as kind of a bellwether for the industry, it's down less than 3% year to date, and the day that the most recent executive order was announced around essential most favored nation policies, I mean, pharma stocks in general were up.

Speaker Change: So while there is.

Speaker Change: Uncertainty downstream of new priorities that can be seen as tough on pharma. There is also other statements that can be seen as streamline processes for getting new therapies approved and out the door or <unk>.

Speaker Change: Equalization such as.

Speaker Change: What we're seeing in <unk>.

Speaker Change: The repeal of potentially small molecule penalty and the IRR, So we'll be monitoring.

Speaker Change: Just like everyone else is but I think if you've looked at.

The <unk>.

Speaker Change: The U S pharma, ETF, which somewhat too is kind of a bellwether for the industry.

Speaker Change: Less than 3% year to date and the data at the most recent executive order was announced around that.

Speaker Change: Most favorite nation policies in pharma stocks in general were online.

Jeff Tangney: I'll end by noting that we're a relatively well-insulated platform. You know, at the moment, I'm not sure our products are particularly uniquely exposed in a positive or negative way compared to the rest of the industry, with one exception, and that's our leading ROI, which can make us really a preferred anchor strategy, even when budgets get tight. You know, efficiency-driven environments can favor proven high ROI digital.

Speaker Change: Alright by noting that we're relatively well insulated platform.

At the moment I'm not sure our products are particularly uniquely exposed in a positive or negative way compared to the rest of the industry with one exception and that is our leading ROI, which can make us really have preferred anchor strategy, even when budgets get tight efficiency driven environment can favorite proven high ROI digital.

David Roman: Great, thanks again. The next question is from David Roman, Goldman Sachs. Thank you, Ganesh and everybody.

Speaker Change: Great. Thanks again.

Speaker Change: The next question is from David Roman of Goldman Sachs.

David Roman: Thank you good afternoon everybody.

David Roman: I wanted just to come back and try to put some of the pieces together on the multi-module products, because I think when I reflect back to the last call, it was very early in the adoption curve of those products. And as I kind of look at where we are today, and at least try to reflect your comments and what's implied in the guidance, It sounds like either we've you've marched through that very quickly or reaching potentially a peak at earlier than expected. How should we think about the just evolution of the commentary on those products from where we were and at the time of the last call to to where we are?

Speaker Change: I wanted just to come back.

Speaker Change: To put some of the pieces together on the multi module products, because I think when I reflect back to the last call. So it's very early in the adoption curve of those products and as I kind of look at where we are today and at least try to reflect your comments on whats implied in the guidance. It sounds like either we marched through that very quickly or reach.

Speaker Change: King potentially a peak at earlier.

Speaker Change: Unexpected how should we think about just evolution of the commentary on those products from where we were in at the time of the last call to to where we are today.

Speaker Change: Yeah.

Jeff Tangney: Yeah, thanks, David.

Jeff Garro: Yeah. Thanks, David This is Jeff I'll, just say, our multi module products are doing really well I mean, as we said on last quarters call. We expect our point of care formulary modules to be a nine figure business for us this year. So.

Jeff Tangney: This is Jeff. I'll just say our multi-module products are doing really well. I mean, as we said on last quarter's call, we expect our point-of-care and formulary modules to be a nine-figure business for us this year. So, to the prior questions about, you know, how big are these additional channels, the answer is very large. And the great news is, now that we're getting more and more ROI reports back from clients who tried these new modules, their ROIs are great. And we're able to show that to them more frequently with our total. That's gone really well.

Jeff Garro: To the prior questions about how how big are these additional channels. The answer is very large and the great News is now that we're getting more and more ROI and reports back from clients who've tried these new modules their rois are great.

Jeff Garro: We were able to show that to them more frequently with our portal, that's going really well.

Jeff Tangney: And, you know, the way this works inside Big Pharma is that it does take a year or two to sort of prove yourself as a high ROI vehicle. But then once you do, more folks lean in. And I can tell you, again, point-of-care and formulary are newer modules. They still have yet to be adopted by, you know, more than low double-digit percentages of our client base, of our brands. So, we still see a lot of room there to grow. Again, just expanding the proven ROI story we have with our proven land and expand approach, more brands inside the same client.

Jeff Garro: And.

Jeff Garro: The way this works inside.

Jeff Garro: <unk>.

Is that it does take a year or two to sort of prove yourself as a high ror vehicle, but then once you do more folks cleaner and I can tell you again point of care and.

Jeff Garro: Formulary, our newer modules they still have yet to be adopted by.

Jeff Garro: More than low double digit percentages of our of our clients.

Jeff Garro: Wyant base of our brands. So we still see a lot of room there to grow again, just expanding the proven ROI story, we have with our proven land and expand approach.

Jeff Garro: <unk> more brands inside the same clients.

Jeff Tangney: So, in terms of multi-modules, I think that really is these integrated programs that we're so excited about. It does allow us to optimize for our clients. The results that they're seeing so far have been just really strong, and from our point of view, it has put us in a stronger position to negotiate contracts that are larger, longer in length, and are very predictable in terms of their launch date. The launch dates that we have in these integrated contracts are not dependent on the client, which is great. We're not stuck in that medical-legal review cycle of January, February of years past.

Jeff Garro: So.

Jeff Garro: In terms of multi modules I think that really is these integrated programs that we're so excited about it does allow us to optimize for our clients. The results that they're seeing so far and just really strong and from our point of view.

Jeff Garro: Put us in a stronger position to negotiate contracts that are larger.

Jeff Garro: Longer in length and are very predictable in terms of their launch date. The launch dates that we haven't seen a greater contracts are not dependent on the clients, which is great alright, we're not stuck in that.

Jeff Garro: Medical legal review cycle.

Jeff Garro: February of years past and again Thats I think a long term big win for the business.

Jeff Tangney: And again, that's, I think, a long-term big win for the business.

Jeff Tangney: Very helpful. And maybe just a follow up on just the engagement side. Can you maybe help us, you've talked a lot about the e-newsletter as a key opportunity, but can you maybe help us think through the mix of engagement on the platform between e-newsletter, physicians logging in, searching content proactively, use of the workflow tool, etc., and maybe how that's just kind of evolved over time?

Speaker Change: Very helpful and maybe just a follow up on just the engagement side can you maybe help us you've talked a lot about the E newsletter as a key opportunity, but can you maybe help us think through the mix of engagement on the platform between E newsletter physicians logging in searching content <unk>.

Speaker Change: Actively use of the workflow tool et cetera, and maybe how that's just kind of evolved over time.

Jeff Tangney: Yeah, so we don't have an e-newsletter product. So just so I'm clear on that front. We do have a newsfeed product. And as we mentioned last quarter, we had over a million unique prescribers using our newsfeed last quarter on this call. And then this quarter we announced we hit a new record. So we're obviously above that million user mark. And again, this quarter we also announced that we had 30% growth in the number of articles tapped in that newsfeed year on year, which again speaks to its continued use, adoption, and growth. So yeah, no, we feel really good about how we're the newsfeed of medicine delivering in the news that doctors need to know, want to know on a very frequent basis.

Speaker Change: Yes, so we don't have an E newsletter products. So just so I'm clear on that front and we do have a news feed product and as we mentioned last quarter.

Speaker Change: Over 1 million unique prescribers using our news feed.

Speaker Change: Last quarter on this call and then this quarter, we announced we hit a new record. So we're obviously above.

Speaker Change: That million user Mark and again this quarter, we also announced that we had 30% growth in the number of articles tap in that do you see.

Speaker Change: Year on year, which again speaks to it.

Speaker Change: Continued adoption and growth so.

Speaker Change: So yes, no we feel really good about how were the new suite of medicine delivering in the news that doctors.

Speaker Change: Need to know want to know on a very frequent basis.

Jeff Tangney: We also feel good about our new channels, as I've already described. And again, they're sold to a minority of our clients to date. But again, we see them being just as large as our newsfeed products.

Speaker Change: So feel good about our new channels as I've already described and again they are sold to a minority of our clients to date.

Speaker Change: But again, we see them being just as large as our news feed business.

Jailendra Singh: The next question today comes from Jailendra Singh from Truist. Thank you, and thanks for taking my questions. First, a quick follow-up on the client portal and your comment that Daily Portal Insights are driving client interest in AI-powered offerings for them. Are you able to monetize these AI-powered offerings? And around what percentage of your pharma clients who are on the portal are using these AI-powered offerings at this point?

Julien Dressing: The next question today comes from Julien dressing from truest.

Julien Dressing: Thank you and thanks for taking my questions. Just a quick follow up on the client for building a comment that daily portal insights are driving client interest in AI powered offerings for them.

Julien Dressing: Are you able to monetize these AI powered all things in and around what percentage of your pharma clients, who are on the portal are using these AI powered options at this point I'm trying to relate it to that.

Jeff Tangney: And kind of related to that, as you think about all these new solutions for pharma and usage you're seeing on the provider side, what is your updated view on 10 is to 1 ROI you have talked about for pharma clients?

Julien Dressing: As you think about all these new solutions are bottom on use of Youre seeing on the provider side. What is your updated view on that as to what Ottawa you have talked about for farmer Mac lines in the past.

Jeff Tangney: Sure, this is Jeff. I'll take first crack at this, and I think Anna may add a few things. So we don't, we haven't given out a percentage of which percent of our clients have purchased our AI optimization package. But suffice it to say, it's, you know, it's still a minority. But of course, we want them to buy it because it's, it's a big upsell for us. It's a larger program. I think we had said on last quarter's call that those programs were, I forget exactly how much larger, but we said on last quarter's call that the brands buying those programs grew more than twice as fast as those that bought our module standalone.

Jeff: Sure. This is Jeff I'll take first crack at this and I think anime may add a few things.

Jeff: So we don't we haven't given out a percentage of which percentage of our clients have purchased our our AI optimization package.

Jeff: But suffice it to say, it's still a minority but of course, we want them to buy it because it's a big upsell for us.

Jeff: A larger program I think we had said on last quarter's call that those programs were.

Jeff: I forget exactly how much larger.

Jeff: We said on last quarters call that the brands behind those programs grew more than twice as fast.

Jeff: Our module Standalone, yes.

Jeff Tangney: Yes. So I think that's the answer to, you know, the AI growth we're seeing there is quite strong. And again, from our point of view, it's better for the doctor, right? Instead of seeing a piece of content that, you know, was slated for a particular time slot or whatever, they're able to see what best fits, I think, their learning journey on the product. And again, the clients who purchased this so far have been really pleased.

Jeff: So I think that's the answer to the AI growth, we're seeing there is quite strong.

Jeff: Okay.

Jeff: And again from our point of view, it's better for the Doctor right instead of seeing a piece of content that was slated for a particular time, Florida or wherever they are able to see what best fits so I think their learning journey on the product and again the clients who purchases so far have been really pleased.

Jeff Tangney: and any update on the auto life part of Oh, yeah. So the short answer there is the portal has allowed us to do many more studies more frequently. We're pleased to be able to make this more turnkey for our clients. There still is some overhead. You know, there's a test and a control and they call it an ANCOVA analysis that's done. But we've done many more of those studies than we have in the past. And that's great because, again, normally our clients used to only do that once a year in September. And now we're able to come back and each quarter show them a new test and control study or they're able to log into the portal and see it.

Jeff: Any update on the auto life part of the question.

Jeff: Oh, yes.

Jeff: The short answer there is the portal has allowed us to do many more studies more frequently.

Jeff: We're pleased to be able to make this more turnkey for our clients.

Jeff: Still have some overhead there as a test in our control and the covenant and Copa analysis that's done.

Jeff: But we've done many more of those studies and we have in the past and that's great because again normally our clients used to only do that once a year in September and now we're able to come back and each quarter.

Jeff: So the new testing control study are theyre able to log into the portal and see it.

Jeff Tangney: And that's not only showing them the value they're getting from us, but it's also helping them optimize their programs. And again, we're optimizing it for them every day as well as we, again, use our tools to to optimize their results.

Jeff: And thats, not only showing them the value they're getting from us, but it's also helping them optimize their programs and again, we're optimizing it for them every day as well as we again use our tools to optimize their their results.

Speaker Change: Okay and my follow up I understand you have not seen any impact on the business yet from a macro point of view, but could you talk about any proactive steps you can take like maybe you are taking to make sure our pharma clients see doximity as a partner to optimize their spending versus an additional cost and make sure that they don't end up going to those.

Jeff Tangney: Okay, and my follow up, I understand you have not seen any impact on business yet from a macro point of view, but can you talk about any proactive steps you can take or maybe you're taking to make sure pharma clients see Doximity as a partner to optimize their spending versus an additional cost and make sure that they don't end up going to those lower quality platforms. Sure. Yeah, I mean, we spent a lot of time investing in that. We have a great team on this. We have made some investments to our teams. We've hired in some executives from YouTube and Facebook and places that I think are upping our knowledge of how to think about video modules and pull that together, which has led to some good insights for our clients.

Jeff: Lower quality flight pumps again.

Jeff: Sure, Yes, I mean, we spend a lot of time investing in that we have a great team on this we estimate that made some investments to our teams we've hired in.

Jeff: Some executives from Youtube and Facebook in places that I think are upping, our knowledge of how to think about video modules and pull that together, obviously led to some some good insights for our clients, but I mean, the key thing you hit on yourself to lender, which is showing them the ROI on a more frequent basis and letting them.

Jeff Tangney: But, I mean, the key thing you hit on yourself, Jailendra, which is showing them their ROI on a more frequent basis and letting them go and see their program results literally on a daily basis with daily refreshes has increased our level of partnership and trust and transparency in a way that's just been very positive for our strategic relationships with our clients.

Jeff: I'll go and see their program results literally on a daily basis with daily Refreshes has increased our level of partnership and trust in <unk>.

Jeff: Transparency in a way that's just been very positive for us.

Jeff: For our strategic relationships with our clients.

Craig Hettenbach: Our next question today comes from Craig Hettenbach from Morgan Stanley. Thanks, Jeff, just going back to your comment of low double digit penetration for kind of point of care. Is there anything you're doing from a sales perspective to kind of continue to push the momentum in that product and kind of how you see that evolving this year and beyond?

Speaker Change: Our next question today comes from Craig heading back from Morgan Stanley.

Craig: Thanks, Jeff just going back to your comment of low double digit penetration for kind of point of care is there anything you're doing from a sales perspective to kind of continue to push the momentum in that product and kind of how you see that evolving.

Speaker Change: This year and beyond.

Jeff Tangney: Yeah, great question, Craig. This is where I'll give a shout out to Lisa Greenbaum, our chief commercial officer. She's really just done a terrific job of making sure our whole team understands how this product works at a detailed level. She's, I think, really instituted a lot of rigor in our sales training, and she calls it being credentialed internally, the ability to talk about point of care. So, I think that's really helped us as an organization do a better job of the N plus one product, and I think this is an important, you know, matrix scalability for us as an organization as we add these new channels that we have the rigor internally to make sure our full team is up to speed on handling all the questions and helping our clients optimize their programs and ROI with each of our channels.

Craig: Yes, Great question Craig this.

This is where I'll give a shout out to at least the Green Balmer Chief Commercial officer has really just been a terrific job of making sure our whole team understands.

Craig: How this product works at a detailed level.

Craig: I think really instituted a lot of rigor in our.

Craig: Sales training and she calls had been credentialed internally the ability to talk about point of care.

Craig: I think that's really helped us as an organization do a better job of the N plus one products and I think this is an important.

Craig: <unk>.

Craig: Matrix scalability for us as an organization as we add these new channels that.

Craig: We have the rigor internally to make sure. Our full team is is up to speed on handling all the questions and helping our clients optimize their programs and ROI with with each of our channels.

Jeff Tangney: In addition, of course, we have internal marketing managers who are tasked with owning the numbers for each of these modules and products, and they're getting stronger and stronger in the organization as we help our sales teams, again, be a N plus one product sales team as opposed to just a two or three product sales team.

Craig: And of course, we have internal marketing managers, who are <unk>.

Craig: Tasked with owning the numbers for each of these modules and products and they are getting stronger and stronger in the organizations we.

Craig: How far our sales teams again, VA and plus one product sales team as opposed to just a two or three product sales team.

Craig: Got it and then just as a follow up cash approaching $1 billion.

Anna Bryson: And then just as a follow-up, cash approaching a billion dollars.

Nate Gross: You talked on the call about kind of investing in technology and AI. Any thoughts there in terms of kind of how you're looking to put cash to work in organic and inorganic potential investments? Sure.

Craig: You talked on the call about kind of investing in technology and AI any thoughts there in terms of kind of how you're looking to put cash to work and.

Craig: Organic and inorganic potential investments.

Nate Gross: Sure Hey, this is Nate.

Nate Gross: Hey, this is Nate. So, we have really good active exposure to opportunities in the market right now. And I will say things are starting to look a little more interesting from an evaluation perspective than prior quarters. So, we're actively studying the market, and we're getting approached by really everything from software to AI transforming what was historically a service, and now it's an AI-enabled service, as you might expect, due to our user distribution and our partner distribution. So, we'll be optimistic. Again, our culture here, going back 15 years now, is super disciplined and value-sensitive and R&D team forward as ever.

Nate Gross: We have really good active exposure to opportunities in the market right now and I will say things are starting to look a little more interesting from a valuation perspective in prior quarters. So we're actively studying the market and we're getting approached by really everything from software to AI transforming what was historically a service and that was an AI enabled.

Nate Gross: As you might expect due to our user distribution and our partner distributions. So we will be optimistic but again, our culture here going back 15 years now is super disciplined value sensitive and R&D team forward as ever and we're really lucky to be able to make decisions at this high quality bar focus on true platform fit.

Nate Gross: And we're really lucky to be able to make decisions with this high-quality bar, focus on true platform fit, not, say, forced into inorganic revenue growth or something like that. And we have a phenomenal and quite large, the largest R&D team serving medicine group of engineers and product designers who can often build this sort of tech in-house. So, we're constantly thoughtful about our use of cash when we're building our flywheel, and we won't hesitate to make a move when we need to, but it'll always be towards being truly thoughtful about expanding our market opportunities and serving doctors.

Nate Gross: Not say forced into inorganic revenue growth or something like that and we have a phenomenal and quite large the largest R&D teams serving medicine.

Nate Gross: <unk> of engineers and product designers, who can often build the sort of tech in house.

Nate Gross: So we're constantly thoughtful about our use of cash when we're building our flywheel and we won't hesitate to make a move when we need to but it will always be towards.

Nate Gross: Truly thoughtful about expanding our market opportunities and serving doctors.

Operator: And ladies and gentlemen, that is all the time we have for questions today.

Speaker Change: And ladies and gentlemen that is all the time, we have for questions. Today. This does conclude our conference who would like to thank you all for your participation you may now disconnect.

Operator: This does conclude our conference. We would like to thank you all for your participation. You may now disconnect.

Speaker Change: Yeah.