Doximity (DOCS) FY2024 results: revenue $475 million, up 13.5% on the year

Doximity, Inc. (DOCS) reported revenue of $475 million for fiscal 2024, the year ended 31 March 2024, up 13.5% on the year before. Net income was $148 million, up 30.8%, and diluted earnings per share $0.72. The figures are the company's own, from the 10-K it filed with the SEC on 23 May 2024.

Revenue

$475 million

+13.5% on the year

FY2020FY2024

Operating margin

34.5%

29.9% a year earlier

FY2020FY2024

Net income

$148 million

+30.8% on the year

FY2020FY2024

Diluted EPS

$0.72

+35.8% on the year

FY2020FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	475	419	344	+13.5%
Cost of revenue	50.7	53.5	39.8	-5.3%
Gross profit	425	366	304	+16.2%
Gross margin	89.3%	87.2%	88.4%
Research and development	82.0	80.2	62.4	+2.2%
Operating income	164	125	114	+31.0%
Operating margin	34.5%	29.9%	33.0%
Pre-tax income	185	133	114	+39.1%
Income tax	37.6	20.3	-40.8	+85.0%
Effective tax rate	20.3%	15.3%	-35.8%
Net income	148	113	155	+30.8%
Net margin	31.0%	26.9%	45.1%
Diluted EPS	$0.72	$0.53	$0.70	+35.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	184	180	127	+2.5%
Capital expenditure	0.1	1.7	1.9	-91.4%
Free cash flow	184	178	125	+3.4%
Free cash flow margin	38.7%	42.5%	36.3%
Cash from investing	31.2	-59.9	-641
Cash from financing	-277	-74.5	560
Depreciation and amortisation	10.3	10.3	5.0	-0.2%
Share-based compensation	51.1	47.8	31.4	+6.8%
Buybacks	281	85.3	2.7	+229.0%
Diluted shares, weighted	206m	213m	191m	-3.6%
Shares outstanding at period end	187m	194m	192m	-3.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	901	966	879	-6.7%
Redeemable equity	0.0	0.0	0.0
Debt	0.0	0.0	0.0
Operating lease liabilities	12.4	13.9	0.4	-10.7%
Other liabilities	166	157	112	+5.5%
Total liabilities and equity	1,079	1,137	991	-5.1%
Fixed assets	12.3	11.3	8.5	+9.2%
Goodwill	67.9	67.9	18.9	0.0%
Intangible assets	27.3	31.8	7.9	-14.2%
Securities held for sale or to maturity	666	809	708	-17.7%
Cash and equivalents	96.8	158	113	-38.8%
Receivables	101	107	81.1	-5.3%
Other assets	108	n/a	54.1
Total assets	1,079	1,137	991	-5.1%

10-K for the year ended 31 March 2024, filed 23 May 2024: the filing.