Doximity, Inc.

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Doximity first quarter 2027 earnings conference 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 that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. Thank you. and I would now like to turn the conference over to Perry Gold, Senior Vice President, Investor Relations. You may begin.

Thank you, operator. Hello and welcome to Doximity's fiscal 2027 first quarter earnings call. With me on the call today are Jeff Tangney, co-founder and CEO of Doximity, and Matt Sonfeld, 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, 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 and any subsequent Form 10-Qs and other reports and filings of 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, August 6th, 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 8K. 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 CEO and co-founder, Jeff Tangney.

Jeff? Thanks, Perry, and thanks, everyone, for joining our first quarter earnings call. Today, I'll cover four things, our financials, AI study results, usage growth, and commercial AI progress. First, our financials. Revenue growth re-accelerated to $157 million in Q1, up 7% year on year. adjusted EBITDA was $75 million or a margin of 48%. Respectively, these were both beats of 3% and 8% versus the high end of our guidance. As you'll hear again shortly from our CFO, Matt, this is our AI investment year. We're proving you can still post best in class software margins while investing heavily in clinical AI. We're leaning in. as we see a once-in-a-generation opportunity to build the new AI age of medicine. To that end, I'm proud to report that we're seeing record AI usage while topping the first large-scale independent head-to-head trial of clinical AI vendors. A few weeks ago, a team of 57 researchers led by 29 physicians from Stanford and Harvard published No Harm, The first ever independent study of 24 clinical AI models and how they perform in 1,100 real-world patient cases. It's the kind of rigorous, independent, physician-led research that we need more of. Our Doximity Ask product led among U.S. models with the lowest clinical error rates and the highest safety ratings. Or as Fortune magazine put it, quote, Doximity Ask came out on top, end quote. Clinical AI is rapidly improving. Our winning model demonstrated a 4.8% error rate, while others, like Anthropic's best model, Fable 5, finished with a 13.6% error rate. We believe our outperformance is due mainly to two things. One, our unique built-in drug reference, a model within the model, which is 100% expert verified to ensure accurate drug doses and Interactions, and two, our over 12,000 physician peer check editors who are continuously reviewing and refining our AI outputs. These safeguards and quality checks are critical for hospital AI steering committees who can be held liable for their outputs and therefore care deeply about their accuracy. We continue to lead the way in the enterprise now with 165 signed health system AI clients including eight of the nation's top honor roll hospitals. Our recent wins include Northwestern, Penn Medicine, and the University of Michigan. As this market migrates from AI Wild West to privacy and risk management, we're well positioned to win as we did in telehealth. Okay, now to our usage growth. Quarterly active workflow prescribers grew more than 30% year-on-year to record highs, with nearly half using our AI tools in Q1. AI prompt volume was up more than 25% quarter-on-quarter, while our AI scribe note-taking users grew a whopping 10x this July over prior. With these gains, we believe we're now the only clinical AI company who is top three in both the AI search and scribe markets. Finally, our commercial AI products. Our AI search monetization is off to a strong start, and the higher level conversations it's generating with clients are fueling new business across our broader pharma portfolio. New search contracts are driving our revenue raise for the year, and we're just getting started. 15 years ago, we carved out a niche as the leading online resume book We've grown a lot since then by keeping clinicians first and adapting the latest tech to their needs. Today, we believe we're the number one most used clinical service in at least five categories. Networking, news, scheduling, fax, and telehealth. We're the doctor's digital platforms. and AI is just the next chapter in our growth. 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. With that, I'll hand it over to our CFO, Matt Sonnenfeld, to walk through our financials and guidance. Matt?