Doximity, Inc.

standing by my name is Aaron and I'll be your conference operator for today at this time I would like to welcome everyone to the Doximity fiscal third quarter 2024 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 and if you would like to ask a question during this time simply press star followed by the number one on your telephone keypad if you would like to withdraw your question please press star one again. Thank you. I would now like to turn the call over to Perry Gold, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Hello and welcome to Doximity's fiscal 2024 third quarter earnings call. With me on the call today are Jeff Tangney, co-founder and CEO of Doximity, Dr. Nate Gross, co-founder and CSO, and Anna Bryson, CFO. A complete disclosure of our results can be found in our press release issued earlier today, as well as in our related form 8K, all of which are available on our website at investors.doximity.com. Starting this quarter, we've published our prepared remarks in conjunction with the press release, and you can find them on the IR website. 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. 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, February 8, 2024. 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. 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 CEO and co-founder, Jeff Taney. Jeff?

Thanks, Barry, and thank you, everyone, for joining our third quarter earnings call. We have three updates today, our financials, product highlights, and a new leadership hire. First, our top lines. I'm pleased to report that we delivered $135 million in revenue for the third quarter of our fiscal 2024, a 6% beat versus the high end of our guidance and 17% growth year on year. Our bottom line was also strong in Q3 with an adjusted EBITDA margin of 54% or $73 million, which was 18% above the high end of our guidance. Looking ahead, we're raising our fiscal 2024 annual revenue guidance midpoint by $8 million or 2%. We're also raising our EBITDA guidance midpoint by 6% to $225 million, or a 47% margin. So that's our Q3 financial highlights. A 6% beat, a 2% raise, and a 54% EBITDA margin. Okay, turning now to our physician network. Our Q3 engagement reached a new high watermark. our unique active users on a quarterly, monthly, weekly, and daily basis were all up double-digit percentages year on year. As with last quarter, our daily users grew the most, underscoring how much our EHR integrated workflow tools continue to gain share and daily use among doctors. On that front, we're thrilled to announce that for the third year in a row, Doximity has been ranked the number one best-in-class telehealth video platform by health system CIOs and their staff, beating out Microsoft Teams, Zoom, and many others. This positive word of mouth allowed us to add several major new hospital clients in Q3. GoLives at these hospital systems contributed to a record 560,000 unique prescribers using our workflow software in Q3. We now count 17 of the top 22 US hospitals as enterprise software clients, and all of them as marketing clients. Alongside our workflow products, our personalized physician newsfeed also hit new highs in Q3, with both record reach and usage. We're proud to be the newsfeed of medicine, the place where doctors go when they have a few minutes to check in on the latest news in their field. Our next phase of growth, we believe, will be AI-fueled. Our HIPAA-compliant GPT product has organically grown to thousands of uses each day, and we love all the ways it's already helping doctors cut the scut and reduce their administrative load. To that end, we're excited to convene our 12th annual DocsTech Summit in San Francisco next month. It'll be 150 of our nation's top digital doctors rolling up their sleeves alongside our engineers, designing software to save time and improve patient care. We also can't wait for our pharmaceutical client summit in early May to unveil our new client portal. We've opened up the portal now to about 10% of our brand partners, and the early reviews have been great. Our portal's AI brainstorm bot is a hit, but it's our real-time engagement reports and seamless prescription sales data that keeps them coming back. As one pharma brand manager put it, This is great. I can tweak it, run it, tweak it again until we get the right content to the right doctors. The portal's transparency and ease of use also gets high marks. Another top client told us, I love that I can see my results anytime, anywhere, without someone else touching it first. To be clear, we don't yet allow clients to actually purchase on the portal. But when we do, we think it could unlock the longer tail of small and mid-sized clients that we're not able to reach today. It'll also make it easier for us to launch new modules that leverage our workflow engagement. As our CFO Anna will share in a moment, our new point of care and other modules grew over 100% year on year last quarter. So we believe we're still in the early innings of monetizing our workflow platform. On that note, I'm pleased to announce the addition of Lisa Greenbaum as our new Chief Commercial Officer. Lisa joins us from Google, where she was Verily's chief commercial officer. Prior to that, she spent 15 years scaling and leading Medscapes go to market as their senior vice president and general manager. Lisa's husband is a pediatrician and longtime Doximity user. So while she's only been here a month, it feels like she's known us for years. The team and I are excited to have her on board. We know our clients will appreciate Lisa's deep relationships and unique insights from being both a successful tech and healthcare executive at market-leading firms. Okay, I'd like to end by thanking my Doximity teammates who continue to work incredibly hard to realize our mission. I personally have never been more excited or more proud about what we're building together. And with that, I'll hand it over to our CFO, Anna Bryson, to discuss our financials and guidance. Anna?