Q3 2026 Doximity Inc Earnings Call

February 5, 2026

Speaker #1: Thank you for standing by. My name is Jalen, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Doximity third quarter 2026 earnings call.

Operator: Thank you for standing by. My name is Jale, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Doximity Q3 2026 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. I will now like to turn the conference over to Perry Gold, VP of Investor Relations. Go ahead.

Speaker #1: All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

Speaker #1: If you would like to withdraw your question, simply press star one again. I would now like to turn the conference over to Perry Gold, VP of Investor Relations.

Speaker #1: ahead. Go

Speaker #2: Thank you, Operator. Hello and welcome to Doximity's fiscal 2026 third quarter earnings call. With me on the call today are Jeffrey Tangney, co-founder and CEO of Doximity; and audit committee chair and board member Tim with our CFO, Anna Bryson, Cabral, who is stepping in to help out currently on medical leave.

Perry Gold: Thank you, operator. Hello and welcome to Doximity's Fiscal 2026 Q3 Earnings Call. With me on the call today are Jeff Tangney, co-founder and CEO of Doximity, and audit committee chair and board member Tim Cabral, who is stepping in to help out with our CFO, Anna Bryson, currently on medical leave. 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.doximity.com. 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.

Q3 2026 Doximity Inc Earnings Call

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Q3 2026 Doximity Inc Earnings Call

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Thursday, February 5th, 2026 at 10:00 PM

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Speaker #2: complete disclosure of our results can be found in our press release issued earlier A 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.doximity.com.

Speaker #2: today's call is being recorded and a As a reminder, replay will be available on our website. As part of our comments today, we will be making forward-looking statements.

Speaker #2: These statements are based on management's current views, expectations, and assumptions, and are subject to various risks and may differ materially, and we disclaim uncertainties.

Perry Gold: Actual results may differ materially, and we disclaim any obligation to update any forward-looking statements or outlook. 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. Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date, 5 February 2026. 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 8-K. Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A historical reconciliation to comparable GAAP metrics can be found in today's earnings release.

Speaker #2: any obligation to update any Actual results forward-looking statements or outlook. 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.

Speaker #2: based on assumptions that we believe to Our forward-looking statements are be reasonable as of today's date, February 5th, 2026. 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 8-K.

Perry Gold: Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A historical 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 may be one-time 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 co-founder and CEO, Jeff Tangney. Jeff?

Speaker #2: Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A historical reconciliation to comparable GAAP metrics can be found in today's earnings release.

Speaker #2: Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business. These details may be one-time in nature and we may or may not provide updates on those metrics in the future.

Perry Gold: Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business. These details may be one-time 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 co-founder and CEO, Jeff Tangney. Jeff?

Speaker #2: would now like to turn the call over to our co-founder and CEO, Jeffrey I Tangney. Jeff?

Operator: Thanks, Perry, and thank you, everyone, for joining our third quarter earnings call. We have 4 updates today: our CFO, financials, network stats, and AI results. First, some unfortunate news. Our CFO, Anna Bryson, is out sick on medical leave. We miss her here at the office and wish her the best. I know she wishes she could be here too. We've been fortunate to have Tim Cabral, the former 10-year veteran CFO from Veeva Systems, as our audit committee chair the past 5 years. Tim has graciously agreed to speak to our financials on this call and help guide our finance team. Okay. In happier news, our Q3 financials were solid. We delivered $185 million in revenue, which was 10% year-over-year growth and a 2% beat from the high end of our guidance.

Jeff Tangney: Thanks, Perry, and thank you, everyone, for joining our third quarter earnings call. We have 4 updates today: our CFO, financials, network stats, and AI results. First, some unfortunate news. Our CFO, Anna Bryson, is out sick on medical leave. We miss her here at the office and wish her the best. I know she wishes she could be here too. We've been fortunate to have Tim Cabral, the former 10-year veteran CFO from Veeva Systems, as our audit committee chair the past 5 years. Tim has graciously agreed to speak to our financials on this call and help guide our finance team. Okay. In happier news, our Q3 financials were solid. We delivered $185 million in revenue, which was 10% year-over-year growth and a 2% beat from the high end of our guidance.

Speaker #3: third quarter earnings call. We Thanks, Perry, and thank you, everyone, for joining our have four updates today. Our CFO, financials, network stats, and AI results.

Speaker #3: First, some unfortunate news. Our CFO, Anna Bryson, is out sick on medical leave. We miss her here at the office and wish her the best.

Speaker #3: I know she wishes she could be here, too. We've been fortunate to have Tim Cabral, the former 10-year veteran CFO from Veeva Systems, as our audit committee chair the past five years.

Speaker #3: Tim has graciously agreed to speak to our financials on this call and help guide our finance team. Okay, in happier news, our Q3 financials were solid.

Speaker #3: We delivered $185 million in revenue, which was 10% year-on-year growth and a 2% beat from the high end of our guidance. Meanwhile, our Q3 adjusted EBITDA margin was 60% or 111 million dollars, which was 7% guidance.

Operator: Meanwhile, our Q3 adjusted EBITDA margin was 60% or $111 million, which was 7% above the high end of our guidance. All in, we had a better-than-expected third quarter and another record upfront annual buying season. Okay. Time now for our network stats. We're excited to announce that we just surpassed 3 million registered members and now have more than 85% of all US physicians and two-thirds of all NPs and PAs on our platform. Engagement in Q3 was strong. Our unique active users on a quarterly, monthly, weekly, and daily basis all hit fresh highs with record usage of our newsfeed, workflow, and AI products. Our workflow users saw the largest sequential gain we've ever had, with a record 720,000 unique active prescribers in Q3. As a reminder, workflow includes our telehealth, scheduling, digital fax, and AI tools.

Jeff Tangney: Meanwhile, our Q3 adjusted EBITDA margin was 60% or $111 million, which was 7% above the high end of our guidance. All in, we had a better-than-expected third quarter and another record upfront annual buying season. Okay. Time now for our network stats. We're excited to announce that we just surpassed 3 million registered members and now have more than 85% of all US physicians and two-thirds of all NPs and PAs on our platform. Engagement in Q3 was strong. Our unique active users on a quarterly, monthly, weekly, and daily basis all hit fresh highs with record usage of our newsfeed, workflow, and AI products. Our workflow users saw the largest sequential gain we've ever had, with a record 720,000 unique active prescribers in Q3. As a reminder, workflow includes our telehealth, scheduling, digital fax, and AI tools.

Speaker #3: above the high end of our All in, we had a better-than-expected third quarter and another record upfront annual buying season. Okay, time now for our network stats.

Speaker #3: We're excited to announce that we just surpassed 3 million registered members, and now have more than 85% of all U.S. physicians and two-thirds of all NPs and PAs Engagement in Q3 was strong.

Speaker #3: on our platform. unique active users on a quarterly Our monthly weekly and daily basis all hit fresh highs with record usage of our newsfeed, workflow, and AI products.

Speaker #3: Our workflow users saw the largest sequential gain we've ever had, with a record 720,000 unique active prescribers in Q3. As a reminder, workflow includes our telehealth, scheduling, digital facts, and AI tools.

Speaker #3: And for the fifth year in a row, Doximity Dialer was ranked the number one best-in-class telehealth platform by Health Systems CIOs and their teams.

Operator: For the fifth year in a row, Doximity Dialer was ranked the number one best-in-class telehealth platform by health system CIOs and their teams, outperforming Microsoft Teams, Zoom, and many others. With an AI glow-up, our fax service also hit new highs. Doctors can now query or summarize long faxes as part of our AI platform. You'd be surprised how long patient record transfer faxes can be. We had one last month that was 2,600 pages. So with our AI summary and query tool, we're proud to help doctors save both time and toner. Okay. On that note, I'd like to share our results so far in entering the noisy, crowded, and rapidly expanding market for medical AI. First, we're proud to announce that over 300,000 unique prescribers used our AI products in Q3, and they're using us a lot.

Jeff Tangney: For the fifth year in a row, Doximity Dialer was ranked the number one best-in-class telehealth platform by health system CIOs and their teams, outperforming Microsoft Teams, Zoom, and many others. With an AI glow-up, our fax service also hit new highs. Doctors can now query or summarize long faxes as part of our AI platform. You'd be surprised how long patient record transfer faxes can be. We had one last month that was 2,600 pages. So with our AI summary and query tool, we're proud to help doctors save both time and toner. Okay. On that note, I'd like to share our results so far in entering the noisy, crowded, and rapidly expanding market for medical AI. First, we're proud to announce that over 300,000 unique prescribers used our AI products in Q3, and they're using us a lot.

Speaker #3: Outperforming Microsoft Teams, Zoom, and many others. With an AI glow-up, our fax service also hit new highs. Doctors can faxes as part of our AI platform.

Speaker #3: now query or summarize long You'd be surprised how long patient record transfer faxes can be. We had one last month that was 2,600 pages.

Speaker #3: AI summary and query tool, we're proud to So with our help doctors save both time and toner. Okay, on that note, I'd like to share our results so far in entering the noisy, crowded, and rapidly expanding market for medical AI.

Speaker #3: First, we're proud to announce that over 300,000 unique prescribers used our AI products in Q3. And they're using us a lot. In January, DoxGPT active prescribers queried us on average four times a week.

Operator: In January, DocsGPT active prescribers queried us on average four times a week. So in our first full quarter since acquiring Pathway AI in August, we've already become one of the most used AI tools by physicians. We've done so by delivering doctors a faster, higher-quality clinical answer. Indeed, in a head-to-head trial of over 1,300 high-prescribing physicians we published today, doctors preferred DocsGPT at over twice the rate of our nearest competitor. We win most often on drug-related questions, as ours is the only medical AI with a built-in deterministic drug reference. We also do well with complex cases and niche evidence, as we have a licensing agreement with ASCO that gives our users access to their guidelines. And we're the only medical AI to provide full PDF access to over 2,000 medical journals. We're also doing great with hospitals.

Jeff Tangney: In January, DocsGPT active prescribers queried us on average four times a week. So in our first full quarter since acquiring Pathway AI in August, we've already become one of the most used AI tools by physicians. We've done so by delivering doctors a faster, higher-quality clinical answer. Indeed, in a head-to-head trial of over 1,300 high-prescribing physicians we published today, doctors preferred DocsGPT at over twice the rate of our nearest competitor. We win most often on drug-related questions, as ours is the only medical AI with a built-in deterministic drug reference. We also do well with complex cases and niche evidence, as we have a licensing agreement with ASCO that gives our users access to their guidelines. And we're the only medical AI to provide full PDF access to over 2,000 medical journals. We're also doing great with hospitals.

Speaker #3: So in our first full quarter since acquiring Pathway AI in August, we've already become one of the most used AI tools by physicians. We've done so by delivering doctors a faster, higher quality, clinical answer.

Speaker #3: trial of over 1,300 Indeed, in a head-to-head high-prescribing physicians we published today, doctors preferred DoxGPT at over twice the rate of our nearest competitor.

Speaker #3: We win most often on drug-related questions, as ours is the only medical AI with a built-in deterministic drug reference. We also do well with complex cases and niche evidence, as we have a licensing agreement with ASCO that gives our users access to their guidelines.

Speaker #3: And we're the only medical AI to provide full PDF access to over 2,000 medical journals. We're also doing great with hospitals. We're delighted that over 100 of the top health systems in the country have now reviewed, cleared privacy and AI committees, and ultimately bought our AI suite, which includes both our clinical reference DoxGPT and our Doximity Scribe note-taking tool.

Operator: We're delighted that over 100 of the top health systems in the country have now reviewed, cleared privacy in AI committees, and ultimately bought our AI suite, which includes both our clinical reference DocsGPT and our Doximity Scribe note-taking tool. In total, these hospitals have purchased access for over 180,000 prescribers, granting them permission to put patient data into our secure tools. We've won over hospital leaders by being honest and transparent about both AI's strengths and shortcomings. To be clear, no AI has eliminated mistakes or achieved anything near superintelligence. Claims to the contrary are misleading and dangerous. A recent Stanford-Harvard study found that AI can cause clinical harm in up to 22% of real patient cases. With overconfident models, those errors can become harder to spot. We believe physician oversight is essential.

Jeff Tangney: We're delighted that over 100 of the top health systems in the country have now reviewed, cleared privacy in AI committees, and ultimately bought our AI suite, which includes both our clinical reference DocsGPT and our Doximity Scribe note-taking tool. In total, these hospitals have purchased access for over 180,000 prescribers, granting them permission to put patient data into our secure tools. We've won over hospital leaders by being honest and transparent about both AI's strengths and shortcomings. To be clear, no AI has eliminated mistakes or achieved anything near superintelligence. Claims to the contrary are misleading and dangerous. A recent Stanford-Harvard study found that AI can cause clinical harm in up to 22% of real patient cases. With overconfident models, those errors can become harder to spot. We believe physician oversight is essential.

Speaker #3: In total, these hospitals have purchased access for over 180,000 prescribers, granting them permission to put patient data into our secure tools. We've won over hospital leaders by being honest and transparent about both AI's strengths and shortcomings.

Speaker #3: To be clear, no AI has eliminated mistakes or achieved anything near superintelligence. Claims to the contrary, our misleading and dangerous. A recent Stanford-Harvard study found that AI can cause clinical harm in up to 22% of real patient cases.

Speaker #3: And with overconfident models, those errors can become harder to spot. So we believe physician oversight is essential. To that end, we now have over 10,000 U.S.

Operator: To that end, we now have over 10,000 US physician experts who have reviewed our clinical answers, and that number grows every day. Medical publishers call this peer review. AI researchers call it RLHF or reinforcement learning from human feedback. We call it Peer Check. Before a doctor puts their license and their patient's life on the line, they'll want to see a Peer Check answer first. Now, these aren't just any doctors doing our Peer Check, but rather the actual experts and authors cited by the AI for each question. For 15 years now, we've painstakingly mapped each doctor to each paper and trial so we know the right expert right away. Our Peer Check editorial board is co-headed by noted researcher Dr. Eric Topol and former surgeon general Regina Benjamin.

Jeff Tangney: To that end, we now have over 10,000 US physician experts who have reviewed our clinical answers, and that number grows every day. Medical publishers call this peer review. AI researchers call it RLHF or reinforcement learning from human feedback. We call it Peer Check. Before a doctor puts their license and their patient's life on the line, they'll want to see a Peer Check answer first. Now, these aren't just any doctors doing our Peer Check, but rather the actual experts and authors cited by the AI for each question. For 15 years now, we've painstakingly mapped each doctor to each paper and trial so we know the right expert right away. Our Peer Check editorial board is co-headed by noted researcher Dr. Eric Topol and former surgeon general Regina Benjamin.

Speaker #3: physician experts who have reviewed our clinical answers and that number grows every day. Medical publishers call this peer review. AI researchers call it RLHF, or reinforcement learning from human feedback.

Speaker #3: it peer check. Before We call a doctor puts their license and their patient's life on the line, they'll want to see a peer check answer first.

Speaker #3: Now, these aren't just any doctors doing our peer check, but rather the actual experts and authors cited by the AI for each question. For 15 years now, we've painstakingly mapped each doctor to each paper and trial so we know the right expert right away.

Speaker #3: Our peer check editorial board is co-headed by noted researcher Dr. Eric Topol and former surgeon general Regina Benjamin. In their words, "Together, we can build AI systems worthy of our profession and our patients' trust." We're gathering with 150 other physician leaders in San Francisco next month to further build this out.

Operator: In their words, "Together, we can build AI systems worthy of our profession and our patients' trust." We're gathering with 150 other physician leaders in San Francisco next month to further build this out. Our focus today is on building AI tools doctors can trust. Outside of hospitals, we have not yet commercialized our AI tools, so we have not included any revenue upside for AI in our current guidance. At a high level, our strategy is simple. We're strengthening our AI-powered digital platform for doctors the same way we always have, by putting physicians first. Okay. As always, I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to care for those who care for us. And with that, I'll hand it over to our audit committee chair and board member Tim Cabral to discuss our financials and guidance. Tim?

Jeff Tangney: In their words, "Together, we can build AI systems worthy of our profession and our patients' trust." We're gathering with 150 other physician leaders in San Francisco next month to further build this out. Our focus today is on building AI tools doctors can trust. Outside of hospitals, we have not yet commercialized our AI tools, so we have not included any revenue upside for AI in our current guidance. At a high level, our strategy is simple. We're strengthening our AI-powered digital platform for doctors the same way we always have, by putting physicians first. Okay. As always, I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to care for those who care for us. And with that, I'll hand it over to our audit committee chair and board member Tim Cabral to discuss our financials and guidance. Tim?

Speaker #3: Our focus today is on building AI tools doctors can trust. Outside of hospitals, we have not yet commercialized our AI tools, so we have not included any revenue upside for AI in our current guidance.

Speaker #3: At a high level, our strategy is simple. We're strengthening our AI-powered digital platform for doctors the same way we always have. By putting physicians first.

Speaker #3: Okay, as always, I'd like to end by thanking my Doximity teammates, who continue to work incredibly hard to care for those who care for us.

Speaker #3: And with that, I'll hand it over to our audit committee chair and board member, Tim Cabral, to discuss our financials and guidance. Tim?

Tim Cabral: Thanks, Jeff, and thanks to everyone on the call today. Q3 revenue grew to $185.1 million, up 10% year-over-year and exceeding the high end of our guidance range. Similar to prior quarters, our existing customers continue to lead our growth. We finished the quarter with a net revenue retention rate of 112% on a trailing 12-month basis. For our top 20 customers, net revenue retention was higher at 117%, so our biggest, most sophisticated customers once again represented our fastest growing. We ended the quarter with 126 customers contributing at least $500,000 each in subscription-based revenue on a trailing 12-month basis. This is a roughly 10% increase from the 115 customers we had in this cohort a year ago, and these customers accounted for 84% of our total revenue.

Speaker #2: on the call today. Thanks, Jeff. And thanks to everyone Third-quarter revenue grew to $185.1 million, up 10% year over year, an exceedingly high end of our guidance range.

Speaker #2: Similar to prior quarters, our existing customers continue to lead our growth. We finished the quarter with a net revenue retention rate of 112% on a trailing 12-month basis, for our top 20 customers, net revenue retention was higher at 117%.

Speaker #2: So our biggest most sophisticated customers once again represented our fastest growing. We ended the quarter with 126 customers contributing at least $500,000 each in subscription-based revenue on a trailing 12-month basis.

Speaker #2: This is a roughly 10% increase from the 115 customers we had in this cohort a year ago. And these customers accounted for 84% of our total revenue.

Speaker #2: Turning to our profitability, non-GAAP gross margin in the third quarter was 91%, versus 93% in the prior year period, driven by a step up in our AI infrastructure investments from increased usage.

Tim Cabral: Turning to our profitability, non-GAAP gross margin in the third quarter was 91% versus 93% in the prior year period, driven by a step up in our AI infrastructure investments from increased usage. Adjusted EBITDA for the third quarter was $111.4 million, and adjusted EBITDA margin was 60% compared to $102 million and a 61% margin in the prior year period. Now turning to our balance sheet, cash flow, and an update on our share repurchase program. We generated free cash flow in the third quarter of $58.5 million. We ended the quarter with $735 million of cash, cash equivalents, and marketable securities. During the third quarter, we repurchased $196.8 million worth of shares. We believe repurchasing our shares is a valuable use of the incremental cash we generate above what's needed to reinvest in the business.

Speaker #2: Adjusted EBITDA for the third quarter was $111.4 million, and adjusted EBITDA margin was 60%, compared to $102 million and a 61% margin in the prior year period.

Speaker #2: Now turning to our balance sheet, cash flow, and an update on our share repurchase program. We generated free cash flow in the third quarter of $58.5 million.

Speaker #2: We ended the quarter with equivalents, and marketable securities. During the third quarter, we repurchased $196.8 million worth of shares. We believe repurchasing our shares is a valuable use of the incremental cash we generate above what's needed to reinvest in the business.

Speaker #2: As of December 31st, we had $83 million remaining in our existing repurchase program. In addition, our board just approved a new $500 million open-ended repurchase authorization.

Tim Cabral: As of 31 December, we had $83 million remaining in our existing repurchase program. In addition, our board just approved a new $500 million open-ended repurchase authorization. Now moving on to our outlook. For the fourth fiscal quarter of 2026, we expect revenue in the range of $143 to 144 million, representing 4% growth at the midpoint. We expect Adjusted EBITDA in the range of $63.5 to 64.5 million, representing a 45% Adjusted EBITDA margin. For the full fiscal year, we now expect revenue in the range of $642.5 to 643.5 million, representing 13% growth at the midpoint. We now expect Adjusted EBITDA in the range of $355.5 to 356.5 million, representing a 55% Adjusted EBITDA margin. Despite our Q3 outperformance, the midpoint of our annual outlook remains in line with our prior guidance.

Speaker #2: Now moving on to our outlook. For the fourth fiscal quarter of 2026, we expect revenue in the range of $143 to $144 million, representing 4% growth at the midpoint.

Speaker #2: And we expect adjusted EBITDA in the range of $63.5 to $64.5 45% adjusted EBITDA margin. For the full fiscal year, we now expect revenue in the range of $642.5 to $643.5 million, representing 13% growth at the midpoint.

Speaker #2: And we now expect adjusted EBITDA in the range of $355.5 to $356.5 million, representing a 55% adjusted EBITDA margin. Despite our Q3 outperformance, the midpoint of our annual outlook remains in line with our prior guidance.

Speaker #2: This is the result of lower Q4 revenue expectations and higher AI infrastructure investment, driven by a strong increase in usage. During this year's upfront selling season, we saw significant client engagement, strong growth among many top 20 pharma customers, and high double-digit SMB short-term industry-wide policy growth.

Tim Cabral: This is the result of lower Q4 revenue expectations and higher AI infrastructure investment driven by a strong increase in usage. During this year's upfront selling season, we saw significant client engagement, strong growth among many top 20 pharma customers, and high double-digit SMB growth. We also faced short-term industry-wide policy headwinds. As we mentioned on our last call, we had observed client uncertainty over how recent policy changes may influence annual budgets. We saw this uncertainty continue through year-end, with 16 of the top 20 pharma companies signing most-favored nation agreements with the White House, focused on tariffs and pricing between late December and early January. As a result, our annual selling season was impacted in two ways. First, we saw multiple customers deploy a lower percentage of their annual budgets upfront than usual, as 2026 planning wasn't fully complete and some funds remained unreleased.

Speaker #2: We also faced headwinds. As we mentioned on our last call, we had observed client uncertainty over how recent policy changes may influence annual budgets.

Speaker #2: We saw this uncertainty continue through year-end, with 16 of the top 20 pharma companies signing most favored nation agreements with the White House. Focused on tariffs and pricing, between late December and early January.

Speaker #2: As a result, our annual selling season was impacted in two ways. First, we saw multiple customers deploy a lower percentage of their annual budgets upfront than usual, as 2026 planning wasn't fully complete, and some funds remained unreleased.

Tim Cabral: First, we saw multiple customers deploy a lower percentage of their annual budgets upfront than usual, as 2026 planning wasn't fully complete and some funds remained unreleased. Second, this uncertainty resulted in many deals we'd normally have signed by December 31st being delayed and pushed into our fiscal Q4. This is evident in our January pharma bookings growth rate, which is the best we've seen since going public. As a result of these Q3 bookings dynamics, calendar 2026 is off to a slower start than usual, evident in our Q4 revenue-guided growth rate. With that said, we have a few reasons to be optimistic that we'll end our calendar year 2026 with significantly better growth than we started it

Speaker #2: Second, this uncertainty resulted in many deals we'd normally have signed by December 31st being delayed and pushed into our fiscal Q4. This is evident in our January pharma bookings growth rate, which is the best we've seen since going public.

Tim Cabral: Second, this uncertainty resulted in many deals we'd normally have signed by December 31st being delayed and pushed into our fiscal Q4. This is evident in our January pharma bookings growth rate, which is the best we've seen since going public. As a result of these Q3 bookings dynamics, calendar 2026 is off to a slower start than usual, evident in our Q4 revenue-guided growth rate. With that said, we have a few reasons to be optimistic that we'll end our calendar year 2026 with significantly better growth than we started it. First, we believe the higher portion of our clients' budgets that wasn't deployed upfront will likely be available to be invested later this year during the upsell season. Second, with MFN deals now signed for 16 of the top 20 pharma manufacturers, we believe they should be able to more confidently complete and execute their 2026 media plans.

Speaker #2: As a result of these Q3 bookings dynamics, Calendar 2026 is off to a slower start than usual, evident in our Q4 revenue-guided growth rate.

Speaker #2: With that said, we have a few reasons to be optimistic that will end our calendar year 2026 with significantly better growth than we started it.

Tim Cabral: First, we believe the higher portion of our clients' budgets that wasn't deployed upfront will likely be available to be invested later this year during the upsell season. Second, with MFN deals now signed for 16 of the top 20 pharma manufacturers, we believe they should be able to more confidently complete and execute their 2026 media plans. Finally, we see strong inbound demand for our AI member engagement, which we have not yet commercialized but expect to have a product in market this year. We believe this will allow us to meaningfully tap into our clients' 2026 innovation upsell and search budgets. Moving to our operating model, we will continue to invest in our doctor-trusted AI platform, including increases in infrastructure, development, and our Peer Check program.

Speaker #2: First, we believe the higher portion of our clients' budgets that wasn't deployed upfront will likely be available to be invested later this year during the upsell season.

Speaker #2: Second, with MFN deals now signed for 16 of the top 20 pharma manufacturers, we believe they should be able to more confidently complete and execute their 2026 media plans.

Speaker #2: Finally, we see strong inbound demand for our AI member engagement. Which we have not yet commercialized, but expect to have a product in market this year.

Tim Cabral: Finally, we see strong inbound demand for our AI member engagement, which we have not yet commercialized but expect to have a product in market this year. We believe this will allow us to meaningfully tap into our clients' 2026 innovation upsell and search budgets. Moving to our operating model, we will continue to invest in our doctor-trusted AI platform, including increases in infrastructure, development, and our Peer Check program. Even with these investments, we are in a position where we expect to maintain 50% or greater Adjusted EBITDA margins on an annual basis. With that, I will turn it over to the operator for questions.

Speaker #2: We believe this will allow us to meaningfully tap into our clients' 2026 innovation upsell and search budgets. Moving to our operating model, we will continue to invest in our doctor-trusted AI platform, including increases in infrastructure, development, and our peer check program.

Speaker #2: Even with these investments, we are in a position where we expect to maintain 50% or greater adjusted EBITDA margins on an annual basis. With that, I will turn it over to the operator for questions.

Tim Cabral: Even with these investments, we are in a position where we expect to maintain 50% or greater Adjusted EBITDA margins on an annual basis. With that, I will turn it over to the operator for questions.

Speaker #1: Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue.

Operator: Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask a question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. We do request for today's session that you please limit yourself to one question and one follow-up. Your first question comes from the line of Brian Peterson of Raymond James. Your line is open.

Speaker #1: you would like to withdraw your question, simply press star one again. If you are called upon If to ask a question, enter a listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question.

Speaker #1: And we do request for today's session that you please limit yourself to one question and one follow-up. Your first question comes from the line of Brian Peterson of Raymond James.

Speaker #1: Your line is open.

Speaker #2: Thanks for taking the question. And first, thoughts and prayers are with Anna. I hope you can get well soon. So just starting out on the budgets for calendar year '26, I think in prior calls, 5% to 8%.

Brian Peterson: Thanks for taking the question. And first, thoughts and prayers are with Anna. Hope you can get well soon. So just starting out on the budgets for calendar year 2026, I think in prior calls, you referenced a growth rate around 5% to 8%. I know you mentioned a lot of swing factors that may have influenced that, but I'm curious, is that still the case for market growth? And how much was MFN a factor, or was that the largest factor in the calendar year 2026 dynamics? Any color there?

Speaker #2: I know you mentioned a lot of swing factors that may have influenced that, but I'm curious, is that still the case for market growth?

Speaker #2: And how much was MFN a factor, or was that the largest factor in the calendar year '26 dynamics? Any color there?

Speaker #3: Hey, Brian. It's Perry. Thanks for the question. So I'll take that one. So our operating assumption right now is that the market will grow roughly 5% in calendar 2026.

Perry Gold: Hey, Brian. It's Perry. Thanks for the question. So I'll take that one. So our operating assumption right now is that the market will grow roughly 5% in calendar 2026. eMarketer was out a few months ago with a report, and they're looking at about 5% growth for all of healthcare and pharma digital advertising, which is down from last year. So that's kind of the growth assumption for the market. On the second part of the question on MFN, we think it's certainly played a role. So you're coming into the very end of the year when usually we will have signed a large portion of bookings for the next year, and you have many of these top 20 pharma companies that still haven't signed off on these big deals with the White House, these MFN deals, which are pretty broad-based to do with pricing and tariffs.

Speaker #3: eMarketer was out a few months ago, with a report, and they're looking at about 5% growth for all of the healthcare and pharma digital advertising, which is down from last year.

Speaker #3: So that's kind of the growth assumption for the market. On the second part of the question on MFN, we think it's certainly played a role.

Speaker #3: So you're coming into the very end of the year, when usually we will have signed large portions of bookings for the next year, and you have many of these top 20 pharma companies that still haven't signed off on these big deals with the White House, these MFN deals, which are a pretty broad-based to do with pricing and tariffs.

Speaker #3: And so it's a large bogey, a lot of uncertainty at the very end of the year. And so what we found were many of these customers weren't ready to fully sign off on their 2026 plans.

Perry Gold: And so it's a large, I think, bogey or a lot of uncertainty at the very end of the year. And so what we found were many of these customers weren't ready to fully sign off on their 2026 plans. They had some funds that were unreleased from the top down. And so that timing really impacted us. So it was a large part of kind of the impact. And I think it probably manifests in two ways, as Tim called out. So one of them was just certain deals were pushed from usually it'd be signed by 31 December or pushed into next year. And you could see our January bookings growth rate, as we mentioned, was one of the highest we've had since going public. It was the highest. And in addition, from what we heard from multiple customers, they deployed a lower percentage of their budget upfront.

Speaker #3: Had some funds that were unreleased from the top, they down. And so that timing really impacted us. So it was a large part of kind of the impact.

Speaker #3: And I think it probably manifests in two ways, as Tim called out. So one of them was just certain deals were pushed, from usually it'd be a signed by December 31st or pushed into next year.

Speaker #3: And you could see our January bookings growth rate, as we mentioned, was one of the highest we've had since going public. It was the highest.

Speaker #3: And in addition, we from what we heard from multiple customers, they deployed a lower percentage of their budget upfront. And so both of those, we think, were largely impacted by MFN.

Perry Gold: And so both of those, we think, were largely impacted by MFN. So MFN played a big part. There's some other policy things going on in the background. And as you know, this year has been very noisy. But we think MFN happening as late in the year as it did was kind of one of the primary factors in that slow start to the year for us.

Speaker #3: So MFN played a big part. There's some other policy things going on in the background. And as you know, this year has been very noisy, but we think MFN happening as late in the year as it did was kind of one of the primary factors in that slow start to the year for

Speaker #2: Got it. Thanks, Perry. Appreciate that. And

Brian Peterson: Got it. Thanks, Perry. Appreciate that. And Jeff, maybe just a follow-up on AI. Congrats on getting to the 100+ health systems. I'm just curious, as we think about your customer conversations there, does that change the pace of where innovation budgets start? Do you expect that number to ramp up over time? Or I guess I'm just trying to think about the AI-oriented spend for your customers, what that ramp looks like, and maybe your differentiation as you go attack that AI budget. Thanks, guys.

Speaker #2: Jeff, maybe just a follow-up on AI. systems. I'm just curious, as we think about your customer conversations there, does that change the pace of where innovation budgets start?

Speaker #2: Do you expect that number to ramp up over time, or I guess I'm just trying to think about the AI-oriented spend for your customers?

Speaker #2: What that ramp looks like, and maybe your differentiation as you go attack that AI budget? Thanks, guys.

Speaker #4: Yeah, thanks, Brian. I think we really proved this last quarter that we are the trusted digital platform for doctors, right? With over 85% of US doctors that really look to us for the latest technology to help them take better care of their patients.

Jeff Tangney: Yeah. Thanks, Brian. I think we really proved this last quarter that we are the trusted digital platform for doctors, right? With over 85% of US doctors, they really look to us for the latest technology to help them take better care of their patients. We've done this in the past with Identity, News, and Workflow. And AI, I have to say, I'm exceedingly proud that in our first full quarter after the Pathway acquisition, we've grown to over 300,000 quarterly active doctors, which is just a terrific case. I don't think any other company could do that. And then to sign 100 hospitals, those 100 hospitals are major health systems. So those represent 20% of all US doctors. And those rollouts we're just doing now. So we signed those contracts to start at the beginning of this year, January.

Brian Peterson: Yeah. Thanks, Brian. I think we really proved this last quarter that we are the trusted digital platform for doctors, right? With over 85% of US doctors, they really look to us for the latest technology to help them take better care of their patients. We've done this in the past with Identity, News, and Workflow. And AI, I have to say, I'm exceedingly proud that in our first full quarter after the Pathway acquisition, we've grown to over 300,000 quarterly active doctors, which is just a terrific case. I don't think any other company could do that. And then to sign 100 hospitals, those 100 hospitals are major health systems. So those represent 20% of all US doctors. And those rollouts we're just doing now. So we signed those contracts to start at the beginning of this year, January.

Speaker #4: We've done this in the past with identity and news and workflow, and AI, I have to say, I'm exceedingly proud that on our first full quarter after the pathway acquisition, we've grown to over 300,000 quarterly active doctors, which is just a terrific pace.

Speaker #4: I don't think any other company could do that. And then to sign 100 hospitals, those 100 hospitals are major health systems. So those represent 20% of all US doctors.

Speaker #4: And those rollouts we're just doing now. So we sign those contracts to start at the beginning of this year, January, and of course, takes a while to get the training planned and to get the rollouts planned.

Jeff Tangney: And of course, it takes a while to get the training planned and to get the rollouts planned. But that's really important, I think, for our continued AI growth because, of course, what doctors need to do with these systems is to put in protected health information, PHI, patient information to get the right answers out. And if you aren't in a signed agreement with that hospital covered under what they call their BAA, their HIPAA agreement, well, that's not something the IT department's allowed doctors to use just any tool for. So we're proud, again, to be powering 100 health systems, 180,000 clinicians with our AI toolset.

Brian Peterson: And of course, it takes a while to get the training planned and to get the rollouts planned. But that's really important, I think, for our continued AI growth because, of course, what doctors need to do with these systems is to put in protected health information, PHI, patient information to get the right answers out. And if you aren't in a signed agreement with that hospital covered under what they call their BAA, their HIPAA agreement, well, that's not something the IT department's allowed doctors to use just any tool for. So we're proud, again, to be powering 100 health systems, 180,000 clinicians with our AI toolset.

Speaker #4: That's really important, I think, for our continued AI growth because, of course, what doctors need to do with these systems is to put in protected health information, PHI, patient information, to get the right answers out.

Speaker #4: And if you aren't in a signed agreement with that hospital covered under what they call their BAA, their HIPAA agreement, well, that's not something the IT department's allowed doctors to use, just any tool for.

Speaker #4: So we're proud. Again, to be powering 100 health systems, 180,000 clinicians with our AI

Speaker #4: toolset. Your next question comes from a line of

Operator: Your next question comes from the line of Michael Cherney of Leerink Partners. Your line is open.

Speaker #1: Michael Cherney of Lyric Partners. Your line is open.

Speaker #5: Good afternoon. Thanks for taking the question. And yeah, I think we'll probably all say the same thing, but really best wishes to Anna. As she goes through her medical leave, maybe diving back in, I'm just going to ask one question.

Michael Cherny: Good afternoon. Thanks for taking the question. And yeah, I think we'll probably all say the same thing, but really best wishes to Anna as she goes through her medical leave. Maybe diving back in, I'm just going to ask one question. I know, sure, plenty of people are behind me, but diving back in on the demand curve and the booking side, clearly, the narrative on your stock as well as virtually anything else that touches tech and software in the market is on this dynamic of AI disruption, whether that's similar lookalike peers, broader GenAI-oriented players, just the general thought process of a new paradigm going forward.

Speaker #5: I know sure plenty of people are behind me, but diving back in on the demand curve and the booking side, clearly the narrative on your stock, as well as virtually anything else, that touches tech and software in the market is on this dynamic of AI disruption, whether that's similar lookalike peers, broader Gen AI-oriented players, just the general thought process of a new paradigm going forward.

Speaker #5: As you think through the moving pieces tied to your start of your bookings, the January dynamic, how do you think about where the competitive dynamic lies?

Michael Cherny: As you think through the moving pieces tied to your start of year bookings, the January dynamic, how do you think about where the competitive dynamic lies and your ability to continue to capture the same hearts and minds of pharma companies, deliver the same ROI relative to what other peers may be promising them, whether they're hitting them or not?

Speaker #5: And your ability to continue to capture the same hearts and minds of pharma companies to deliver the same ROI, relative to what other peers may be promising them—whether they're hitting them or not?

Speaker #2: Sure. Thanks, Michael. This is Jeff. I'll take that. So yeah, step back, big picture. Our core business, very healthy, right? We had over a million quarterly active users of our newsfeed, record high.

Jeff Tangney: Sure. Thanks, Michael. This is Jeff. I'll take that. So yeah, step back, big picture. Our core business, very healthy, right? We had over 1 million quarterly active users of our newsfeed, record high. We had 720,000 quarterly active users of our workflow tools, which is the biggest sequential step-up we've ever had. Our telehealth product does very well. I will say last week, during the snowstorms, we served more telehealth visits than we really ever have. It was over 700,000, which is a big chunk of all the care that was delivered in the US that day when people were snowed in. So we're really proud to have won that telehealth market back in 2020. And we believe we'll win the AI market here in 2026.

Speaker #2: We had 720,000 quarterly active users of our workflow tools, which is the biggest sequential step-up we've ever had. Our telehealth product does very well.

Speaker #2: I will say last week during the snowstorms, we serve more telehealth visits than we really ever have. It was over 700,000, which is a big chunk of all the care that was delivered in the US that day when people were snowed in.

Speaker #2: So we're really proud to have won that telehealth market back in 2020. And we believe we'll win the AI market here in 2026. And we do that by just having some very large moats around having, again, so many hospitals that have already worked with us and so many doctors.

Jeff Tangney: And we do that by just having some very large moats around having, again, so many hospitals that have already worked with us and so many doctors. So the step that I'm actually most proud of on this whole call is the number of Peer Check experts that we have, these 10,000 cited authors and experts, doctors who wrote the evidence, that made the clinical trials, spent years of their lives studying and building this medical collective wisdom that we have. And I'm proud that at 10,000, we're bigger than the largest players in the industry. The biggest publisher in the space that's the leader and has been there for decades has about 7,000 experts that inform their clinical answers. And again, we're now over 10,000. So I feel really good about the 20% of all US docs that we've gotten to use are DocsGPT, our AI already.

Speaker #2: So the stat that I'm actually most proud of on this whole call is the number of peer check experts that we have, these 10,000 cited authors and experts, doctors who wrote the evidence that made the clinical trials, spent years of their lives studying and building this medical collective wisdom that we have.

Speaker #2: we're bigger than the largest players in the And I'm proud that at 10,000, industry. The biggest publisher in the space that's the leader and has been there for decades has about 7,000 experts that inform their clinical answers.

Speaker #2: over 10,000. So I feel And again, we're now really good about the 20% of all US docs that we've gotten to use our docs GPT, our AI already.

Jeff Tangney: So I feel really good about the 20% of all US docs that we've gotten to use are DocsGPT, our AI already. And again, for the first full quarter after the Pathway acquisition, I don't think there's really any other company that could have grown into this market that fast. To your question about what that means with pharma, today, we do not have a product that pharma can buy in this AI suite. We are just very thoughtful, I think, about how we work with doctors and make sure that things are win-win. We're not just going to slap a full-page banner on top of a product. We know what that does to the experience for the end user.

Speaker #2: And again, for the first full quarter after the Pathway acquisition, I don't think there's really any other company that could have grown into this market that fast.

Jeff Tangney: And again, for the first full quarter after the Pathway acquisition, I don't think there's really any other company that could have grown into this market that fast. To your question about what that means with pharma, today, we do not have a product that pharma can buy in this AI suite. We are just very thoughtful, I think, about how we work with doctors and make sure that things are win-win. We're not just going to slap a full-page banner on top of a product. We know what that does to the experience for the end user. And certainly, we want to be finding ways to have win-wins with industry around this. And we've done a great job of that in the past and will continue to do here moving forward. So we're excited later this year to come to market with some products there.

Speaker #2: To your question about what that means with pharma, today we do not have a product that pharma can buy. In this AI about how we work with doctors and make sure that things are win-win.

Speaker #2: We're not just going to slap a full-page banner on top of a product. We know what that does to the experience for the end user.

Jeff Tangney: And certainly, we want to be finding ways to have win-wins with industry around this. And we've done a great job of that in the past and will continue to do here moving forward. So we're excited later this year to come to market with some products there. But again, we have no revenue in our forecast for our AI products right now.

Speaker #2: And certainly, we want to be finding ways to have win-win with industry around this. And we've done a great job of that in the past.

Speaker #2: And we'll continue to do here moving forward. So we're excited later this year to come to market with some products there. But again, we have no revenue in our forecast for our AI products right

Jeff Tangney: But again, we have no revenue in our forecast for our AI products right now.

Speaker #2: now.

Speaker #1: Your next

Operator: Your next question comes from the line of Allen Lutz of Bank of America. Your line is open.

Speaker #1: question comes from a line of Alan Lutz of Bank of America. Your line is open.

Speaker #6: Good afternoon and thanks for taking the questions. I wanted to ask on the policy uncertainty that pharma has. Can you talk a little bit about your recent conversations with top 20 pharma?

Allen Lutz: Good afternoon, and thanks for taking the questions. I wanted to ask on the policy uncertainty that pharma has. Can you talk a little bit about your recent conversations with top 20 pharma? Obviously, in the beginning of the year, there was the uncertainty around all the things that you mentioned. Can you talk about the recent conversations? And if the expectation is that some of that spend that was supposed to be maybe in the beginning of the year gets pushed out, is there any opportunity for the mid-year upsell season to be a little bit stronger? I'm just curious on your recent conversations and whether or not you think that could come into play. Thanks.

Speaker #6: Obviously, in the beginning of the year, there was the uncertainty around all the things that you mentioned. Can you talk about the recent conversations?

Speaker #6: And if the expectation is that some of that spend that was supposed to be maybe in the beginning of the year gets pushed out, is there any opportunity for the mid-year upsell season to be a little bit stronger?

Speaker #6: I'm just curious how your recent could come into play. Thanks.

Speaker #2: Hey, Alan, it's Perry. I'm happy to take that one. So I think what I want to get across is there were many of our top 20 customers where we actually had really good outcomes.

Perry Gold: Hey, Alan. It's Perry. I'm happy to take that one. So I think what I want to get across is there were many of our top 20 customers where we actually had really good outcomes. So it was not the case that every single one of the top 20 had an issue. But there were a bunch where it was very clear that I think the brand managers wanted to be deploying more funds with us, but they hadn't got that approval of those funds released yet. And I think a lot of that had to do with the uncertainty very late in the year. And so they just didn't have access to kind of that full amount of money to go deploy with us right away.

Speaker #2: So it was not the case of every single one of the top 20 had an issue. But there were a bunch where it was very clear that I think the brand managers wanted to be deploying more funds with us, but they hadn't got that approval of those funds released yet.

Speaker #2: And I think a lot of that had to do with the uncertainty very late in the year. And so, they just didn't have access to kind of that full amount of money to go deploy with us right away.

Speaker #2: We do believe that the intent is there, that when they get those funds released, we will get access to that a little later in the year.

Perry Gold: We do believe that the intent is there that when they get those funds released, we will get access to that a little later in the year. So that's, I think, one of the bigger things we've seen at play. Not really the brand manager not wanting to deploy the funds, but just not having access to them from top down. It wasn't available yet. I think that was kind of the manifestation of it that we saw. But again, there were multiple top 20 customers where we get really good outcomes. And we're very proud of those accounts and kind of what we did there. But it was certainly the case that this unreleased funds issue was kind of more permeated more of the top 20 than we've ever seen anything like this before.

Speaker #2: So that's, I think, one of the bigger things we've seen at play. Not really the brand manager, not wanting to deploy the funds, which is not having access to them from top down.

Speaker #2: It wasn't available yet. I think that was kind of the manifestation of it that we saw. But again, there were multiple top 20 customers who will get really good outcomes, and we're very proud of those accounts.

Speaker #2: And kind of what we did there. But it was certainly the case that this unreleased funds issue was kind of more permeated, more of the top 20 than we've ever seen anything like this

Speaker #2: before. Thank you.

Allen Lutz: Thank you. That's helpful. Then more of a strategy question, not asking for fiscal 2027 guidance here. But as we think about the increasing AI infrastructure or usage cost, I look at the gross margin year-over-year down about 180 basis points. As we think about the way that you're scaling, 300,000 physicians on the platform using AI, really, really strong, impressive growth there. You mentioned the 50% Adjusted EBITDA margin floor. As we think about you scaling AI and having costs there with no associated revenue, how should we think about the intermediate-term strategy there? Is revenue on the table for the next year or two, or should we think about this really trying to build out the user base within fiscal 2027 before turning on or even contemplating turning on that spigot? Thank you.

Speaker #6: That's helpful. And then more of a strategy question. Not asking for fiscal 27 guidance here. But as we think about the increasing AI infrastructure or usage costs, I look at the gross margin year-over-year down about 180 bips.

Speaker #6: As we think about the way that you're scaling 300,000 physicians on the platform using AI, really, really strong and impressive growth there. You mentioned the 50% adjusted EBITDA margin floor.

Speaker #6: As we think about you scaling AI and having costs there with no associated revenue, how should we think about the intermediate-term strategy there? Is revenue on the table for the next year or two, or should we think about this really trying to build out the user base within fiscal 27 before turning on or even contemplating turning on that spigot?

Speaker #6: Thank you.

Speaker #2: Hey, Alan, it's Perry once again. Great question. I think you hit the nail on the head. So the 50% that Tim referenced in the call, think of that as a floor, not a guide.

Perry Gold: Hey, Allen. It's Perry once again. Great question. I think you hit the nail on the head. So the 50% that Tim referenced in the call, think of that as a floor, not a guide. We have an incredible opportunity in front of us with AI. We've already seen in one full quarter how much engagement this can drive. It's something that we want to lean into. We want to invest in. We're in a really fortunate position. We already have best-in-class margins. So we have room to go invest. To your point, I think it's late this year was when we planned to be in market with commercial AI products. We'll eventually start to put some revenue against this. By next year, 2027 will pick up even more, calendar '27. It's probably another few quarters in which there's cost without associated revenue.

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Q3 2026 Doximity Inc Earnings Call

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