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Doximity (DOCS) Reports Earnings Tomorrow. What To Expect

StockStory - Wed Feb 7, 1:02AM CST

DOCS Cover Image

Healthcare professional network Doximity (NYSE:DOCS) will be announcing earnings results tomorrow afternoon. Here's what investors should know.

Last quarter Doximity reported revenues of $113.6 million, up 11.2% year on year, beating analyst revenue expectations by 4.1%. It was a very strong quarter for the company, with optimistic revenue guidance for the next quarter and a decent beat of analysts' revenue estimates.

Is Doximity buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Doximity's revenue to grow 10.6% year on year to $127.5 million, slowing down from the 17.8% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.24 per share.

Doximity Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 3.7%.

Looking at Doximity's peers in the vertical software segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. Agilysys delivered top-line growth of 21.3% year on year, beating analyst estimates by 0.8% and PTC reported revenues up 18.1% year on year, exceeding estimates by 2.3%. Both stocks (Agilysys and PTC) traded flat on the results.

Read our full analysis of Agilysys's results here and PTC's results here.

There has been positive sentiment among investors in the vertical software segment, with the stocks up on average 4.1% over the last month. Doximity is down 4% during the same time, and is heading into the earnings with analyst price target of $28.2, compared to share price of $27.4.

One way to find opportunities in the market is to watch for generational shifts in the economy. Almost every company is slowly finding itself becoming a technology company and facing cybersecurity risks and as a result, the demand for cloud-native cybersecurity is skyrocketing. This company is leading a massive technological shift in the industry and with revenue growth of 70% year on year and best-in-class SaaS metrics it should definitely be on your radar.

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The author has no position in any of the stocks mentioned.

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