Doximity, Inc.

Thank you for standing by. My name is JL and I'll be your conference operator today. At this time, I would like to welcome everyone to the Doximity third quarter 2026 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. 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, simply press star one again. I would now like to turn the conference over to Perry Gold, VP of Investor Relations. Go ahead.

Thank you, operator. Hello and welcome to Doximity's fiscal 2026 third quarter earnings call. With me on the call today are Jeff Tangney, co-founder and CEO of Doximity, and audit committee chair and board member Tim Cabral, who is stepping in to help out with our CFO, Anna Bryson, currently on medical leave. A complete disclosure of our results can be found in our press release issued earlier today, as well as in our related form 8K, along with a copy of our prepared remarks all available on our website at investors.doximity.com. 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 5th, 2026. 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 . 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. Finally, 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 co-founder and CEO, Jeff Tangney. Jeff?

Thanks, Barry, and thank you, everyone, for joining our third quarter earnings call. We have four updates today. Our CFO, financials, network stats, and AI results. First, some unfortunate news. Our CFO, Anna Bryson, is out sick on medical leave. We miss her here at the office and wish her the best. I know she wishes she could be here, too. We've been fortunate to have Tim Cabral, the former 10-year veteran CFO from Viva Systems, as our audit committee chair the past five years. Tim has graciously agreed to speak to our financials on this call and help guide our finance team. Okay. In happier news, our Q3 financials were solid. We delivered $185 million in revenue, which was 10% year-on-year growth and a 2% beat from the high end of our guidance. Meanwhile, our Q3 adjusted EBITDA margin was 60% or $111 million, which was 7% above the high end of our guidance. All in, we had a better than expected third quarter and another record upfront annual buying season. Okay. Time now for our network stats. We're excited to announce that we just surpassed 3 million registered members and now have more than 85% of all U.S. physicians and two-thirds of all NPs and PAs on our platform. Engagement in Q3 was strong. Our unique active users on a quarterly, monthly, weekly, and daily basis all hit fresh highs with record usage of our newsfeed, workflow, and AI products. Our workflow users saw the largest sequential gain we've ever had, with a record 720,000 unique active prescribers in Q3. As a reminder, workflow includes our telehealth, scheduling, digital facts, and AI tools. And for the fifth year in a row, Doximity Dialer was ranked the number one best-in-class telehealth platform by health system CIOs and their teams, outperforming Microsoft Teams, Zoom, and many others. With an AI glow up, our fax service also hit new highs. Doctors can now query or summarize long faxes as part of our AI platform. You'd be surprised how long patient record transfer faxes can be. We had one last month that was 2,600 pages. So with our AI summary and query tool, we're proud to help doctors save both time and toner. Okay, on that note, I'd like to share our results so far in entering the noisy, crowded, and rapidly expanding market for medical AI. First, we're proud to announce that over 300,000 unique prescribers used our AI products in Q3, and they're using us a lot. In January, DocsGPT active prescribers queried us on average four times a week. So in our first full quarter since acquiring Pathway AI in August, we've already become one of the most used AI tools by physicians. We've done so by delivering doctors a faster, higher-quality clinical answer. Indeed, in a head-to-head trial of over 1,300 high-prescribing physicians we published today, doctors preferred DocsGPT at over twice the rate of our nearest competitor. We win most often on drug-related questions, as ours is the only medical AI with a built-in terministic drug reference. We also do well with complex cases and niche evidence as we have a licensing agreement with ASCO that gives our users access to their guidelines. And we're the only medical AI to provide full PDF access to over 2,000 medical journals. We're also doing great with hospitals. We're delighted that over 100 of the top health systems in the country have now reviewed, cleared privacy and AI committees, and ultimately bought our AI suite, which includes both our clinical reference DocsGPT and our Doximity Scribe note-taking tool. In total, these hospitals have purchased access for over 180,000 prescribers, granting them permission to put patient data into our secure tools. We've won over hospital leaders by being honest and transparent about both AI's strengths and shortcomings. To be clear, no AI has eliminated mistakes or achieved anything near superintelligence. Claims to the contrary are misleading and dangerous. A recent Stanford Harvard study found that AI can cause clinical harm in up to 22% of real patient cases. And with overconfident models, those errors can become harder to spot. So we believe physician oversight is essential. To that end, we now have over 10,000 US physician experts who have reviewed our clinical answers, and that number grows every day. Medical publishers call this peer review. AI researchers call it RLHF, or reinforcement learning from human feedback. We call it peer check. Before a doctor puts their license and their patient's life on the line, they'll want to see a peer check answer first. Now, these aren't just any doctors doing our peer check, but rather the actual experts and authors cited by the AI for each question. For 15 years now, we've painstakingly mapped each doctor to each paper and trial so we know the right expert right away. Our peer check editorial boards is co-headed by noted researcher Dr. Eric Topol and former Surgeon General Regina Benjamin. In their words, quote, together we can build AI systems worthy of our profession and our patients' trust, end quote. We're gathering with 150 other physician leaders in San Francisco next month to further build this out. Our focus today is on building AI tools doctors can trust. Outside of hospitals, we have not yet commercialized our AI tools, so we have not included any revenue upside for AI in our current guidance. At a high level, our strategy is simple. We're strengthening our AI-powered digital platform for doctors the same way we always have, by putting physicians first. Okay. As always, I'd like to end by thanking my Doximity teammates, who continue to work incredibly hard to care for those who care for us. And with that, I'll hand it over to our audit committee chair and board member, Tim Cabral, to discuss our financials and guidance. Tim?