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Doximity Inc. Class A (DOCS-3.77%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $168.6 million from $135.3 million in the same quarter the previous year. This increase was primarily driven by growth in subscription revenue.
Cost of revenue for the quarter was $14.2 million, representing 8% of sales, compared to 9% in the same quarter of the previous year.
The company reported a gross profit of $154.4 million for the quarter, compared to $123.1 million in the previous year.
Research and development expenses increased to $22.4 million from $19.9 million, primarily due to higher stock-based compensation and personnel costs.
Sales and marketing expenses rose to $38.5 million from $35.0 million, with increases attributed to stock-based compensation and sales incentive compensation.
General and administrative expenses increased to $13.6 million from $9.6 million, driven by higher stock-based compensation.
Net income for the quarter was $75.2 million, up from $48.0 million in the previous year.
Cash provided by operating activities was $174.8 million, while cash used in investing and financing activities was $4.8 million and $101.5 million, respectively.
Doximity had cash and cash equivalents of $165.3 million and marketable securities of $679.7 million as of December 31, 2024.
The filing also details various legal proceedings, including securities litigation and shareholder derivative lawsuits filed against the company and certain directors and officers.
Doximity continues to focus on expanding its digital platform for U.S. medical professionals, with a reported net revenue retention rate of 117%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Doximity Inc. Class A quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.