Doximity Enters $100 Share Price Club

Shares of Doximity Inc. (DOCS) touched an all-time high of $104.98 in intraday trading Friday (Sep.3, 2021) and that reflects a gain of nearly 155% in just 51 trading days.

Doximity is a digital platform for U.S. medical professionals. The company’s cloud-based platform provides its members with tools specifically built for medical professionals, enabling them to collaborate with their colleagues, securely coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers.

The company announced financial results for the fiscal 2022 first quarter ended June 30, 2021, its first quarter as a public company, last month.

On a non GAAP basis, the net income for the fiscal 2022 first quarter was $30.58 million or $0.11 per share on revenue of $72.7 million. This compared with non GAAP net income of $2.50 million and revenue of $36.4 million in the year-ago quarter.

For its fiscal second quarter ending September 30, 2021, the company expects revenue to range between $73.0 million and $74.0 million compared to $45.1 million in the prior year quarter.

Looking ahead to fiscal year ending March 31, 2022, the company has forecast revenue to be in the range of $296.5 million and $299.5 million. The annual revenue for the prior fiscal year was $207 million.

Given the rapid adoption of virtual and online care tools, Doximity, which now serves over 30% of all US physicians with its paid telehealth offering, is well worth watching.

Doximity made its debut on the Big Board on June 24, 2021, at an opening price of $41.17. DOCS has thus far hit a low of $41.17 and a high of $104.98.

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