Doximity

Doximity is the largest digital platform for US physicians, providing clinical communication tools, telehealth, and a professional network used by over 80% of doctors. NYSE: DOCS. Over 2M members, 80%+ of US physicians. Revenue ~$550M. Acquired Pathway Medical in 2025 for clinical AI/evidence-based reference tools. High margin, profitable.

Doximity's physician graph and workflow integration give it a distribution advantage no other health tech platform can replicate; it is the de facto digital front door for reaching US clinicians.

doximity.com Clinical Workflow Platforms

United Statespublic · DOCS

At a glance

Total raised

$576.1M

last round ipo

Headcount

501-1k

approximate · public range

Headquarters

San Francisco

United States

Founded

2010

16 years active

Status

Public

Ticker · DOCS

Latest valuation

$4.6B

IPO · 2021

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Funding history

Total raised

$576.1M

Rounds tracked

Latest stage

IPO

Latest valuation

$4.6B

Date	Stage	Amount	Valuation	Lead investors
Jun 24, 2021	IPO	$494.3M	$4.6B	—
Apr 29, 2014	Series C	$54M	—	DFJ (Draper Fisher Jurvetson), T. Rowe Price
Sep 5, 2012	Series B	$17M	—	Morgenthaler Ventures
Mar 16, 2011	Series A	$10.8M	—	Emergence Capital Partners, InterWest Partners

Stock performance

$19.940000534057617

2026-05-22 · DOCS

Latest earnings

FY2026Filed May 13, 2026

Revenue$644.9M

YoY+13%

GAAP EPS$0.98

Doximity reported fiscal 2026 revenue of $644.9 million, up 13% year-over-year, with operating cash flow of $326.5 million and free cash flow of $317.5 million, both up 19% YoY. Fourth-quarter revenue reached $145.4 million (up 5% YoY). GAAP diluted EPS for the full year was $0.98, down from $1.11 in FY2025; Q4 diluted EPS fell to $0.10 from $0.31. Net income declined to $196.1 million from $223.2 million YoY, though adjusted EBITDA rose 14% to $357.8 million. The company reached 800,000+ active prescribers using workflow tools in Q4, with nearly half adopting clinical AI. New partnerships with Aledade and Photon were announced. For fiscal 2027, guidance calls for revenue of $664–676 million and adjusted EBITDA of $323–335 million. For Q1 2027, revenue guidance is $151–152 million and adjusted EBITDA is $68.5–69.5 million.

Guidance

FY2027 revenue $664–676M; adjusted EBITDA $323–335M

Read the 8-K

Founder backgrounds

Jeff Tangney

Chief Executive Officer & Co-Founder

Tangney previously co-founded Epocrates in 1998, a mobile medical reference app for physicians that went public in 2011 and was later acquired by Athenahealth for $293 million. He holds a B.S. in mathematics from the University of Wisconsin–Madison and an MBA from Stanford Graduate School of Business. That first company gave him direct insight into the communication and workflow gaps facing US physicians — gaps Doximity was built to solve. Tangney is not a doctor himself, a fact he has framed as an advantage in building a product disciplined by what physicians actually need rather than what a clinician-founder might assume.

Nate Gross

Co-Founder & Chief Strategy Officer

Earned an M.D. from Emory University School of Medicine and an M.B.A. from Harvard Business School. While at HBS in 2009, Gross—then a medical student on leave—met Jeff Tangney and together they co-founded Doximity with Shari Buck, building a platform now used by over 80% of U.S. physicians. Prior to Doximity, Gross co-founded Rock Health, a prominent health-tech venture fund and incubator, and later served as affiliated faculty for Stanford's Clinical Informatics fellowship. His dual identity as a practicing physician and HBS-trained strategist has informed Doximity's "physicians first" product ethos. In 2025, Gross moved to an advisory role at Doximity and joined OpenAI as VP of Health to lead its healthcare strategy.

Shari Buck

Co-Founder & Senior Vice President, People & Ops

A graduate of Princeton University (BA, political economy), Shari Buck started her career in marketing and advertising before moving into product management and operations at Bluefish Wireless, a mobility management provider. She then worked at Epocrates — the pioneering mobile drug-reference app for clinicians — alongside Jeff Tangney, who would later co-found Doximity with her. That direct experience building a digital tool for physicians informed Doximity's founding vision. As one of three co-founders, she now leads the company's people and operational strategy as SVP of People & Ops.

AI bull / bear

Bull case

Doximity sits on a network effect that is nearly impossible to replicate: over 80% of US physicians are on the platform, creating a physician graph that functions as the operating system for clinical communication. Every new user makes the network stickier for every existing user, and the cold-start problem for would-be competitors is brutal — Roon's launch may generate buzz, but building a clinician base that rivals 2 million verified members takes years, not months. The 2025 acquisition of Pathway Medical integrates clinical AI and evidence-based reference tools directly into workflows physicians already use daily. This isn't a bolt-on; it makes Doximity the place doctors go to answer clinical questions, not just message colleagues. Pharma companies, health systems, and recruiters will pay a premium for access to that level of attention, and at ~$550 million in revenue with high margins and profitability, Doximity has the balance sheet to acquire or out-invest any niche challenger before it reaches critical mass. The platform is the de facto digital front door to American medicine. That position compounds.

Bear case

Doximity's claim of 80% physician penetration conceals a vulnerability: registered users are not the same as engaged users. If the network is a digital Rolodex that doctors check sporadically rather than a daily workflow tool, stickiness is overstated and competing platforms can peel off high-value specialty segments. Roon's launch signals exactly this — clinicians are willing to try alternatives, and a purpose-built community with better UX could drain Doximity's relevance one cohort at a time. Revenue concentration in pharma marketing and recruitment creates regulatory exposure. Any tightening of Sunshine Act rules or restrictions on industry-physician digital engagement would hit Doximity's core monetization engine directly. The Pathway Medical acquisition, while strategically sensible, carries integration risk — folding AI-powered clinical reference into a communication platform is not trivial, and if physicians reject the expanded scope as cluttered or intrusive, engagement could decline. At public-market scale, ~$550 million in revenue demands growth to justify valuation. If the physician base is already near saturation, incremental revenue must come from deeper monetization of the same users — a ceiling that arrives faster than the bull case assumes.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

MedCity News5/1/2026
Move Over Doximity — There’s a New Social Network for Doctors
New physician-only social network Roon launches, positioning itself as a challenger to Doximity's doctor community.

Watch

Leadership

Jeff Tangney

Chief Executive Officer & Co-Founder

Nate Gross

Co-Founder & Chief Strategy Officer

—

Shari Buck

Co-Founder & Senior Vice President, People & Ops

—

Anna Bryson

Chief Financial Officer

—

Jey Balachandran

Chief Technology Officer

—

Products

Doximity Dialer
Doximity Dialer is a telehealth platform built specifically for physicians that enables HIPAA-compliant video visits and phone calls with patients. It integrates directly with the Doximity network, allowing doctors to connect with patients using their preferred phone number while keeping their personal number private. Used by over 100,000 physicians across the US, it streamlines virtual care without requiring patients to download a separate app.
Doximity Fax
Doximity Fax is a digital fax service designed to replace traditional fax machines in healthcare settings. It allows physicians to send, receive, and sign documents securely from their smartphone, tablet, or computer. Integrated with the Doximity network, it eliminates the need for physical fax hardware and paper, speeding up clinical workflows and referrals while maintaining HIPAA compliance.
Doximity Professional Network
Doximity's core professional networking platform connects over 80% of US physicians and 65% of nurse practitioners and physician assistants. It provides curated medical news, peer collaboration tools, secure messaging, and a digital directory of healthcare professionals. The platform also includes career management features such as job listings, salary benchmarking, and continuing medical education resources, serving as the digital backbone for the medical community.
Doximity AI Scribe (DoxGPT)
Doximity AI Scribe, powered by DoxGPT, is an ambient AI documentation tool that automatically generates clinical notes from patient visits. It listens to physician-patient conversations in real time and produces structured medical documentation directly within the EHR workflow. Designed to reduce physician burnout by eliminating manual charting, it allows doctors to focus on patient care rather than administrative data entry.

Most recent patents

Doximity, Inc.·2026-03-03
Method Of Adding Language Interpreter Device To Video Call
US12568132
Abstract
Method Of Adding Language Interpreter Device To Video Call
US12568132
Abstract A method and system for adding a language interpreter to a video call between a healthcare provider and a patient is provided. The method includes initiating the video call between a healthcare provider device and a patient device. Communication information of a language interpreter device can be received and used to call the language interpreter device. The language interpreter device may be added to the video call to allow the language interpreter to facilitate communication between the healthcare provider and the patient. Other embodiments are described and claimed.
View on Google Patents
Doximity, Inc.·2026-02-17
Method And System For Surfacing Incoming Call Display Data
US12556632
Abstract
Method And System For Surfacing Incoming Call Display Data
US12556632
Abstract A system and method to surface incoming call display data. The system includes a memory storing call source data of a call source and one or more processing devices. The one or more processing devices are to initiate a call using the call source data to a call destination. The one or more processing devices are further to receive incoming call display data determined in response to receiving the call. The incoming call display data includes data displayed by a user interface associated with the call destination in response to receiving the call. The one or more processing devices are further to transmit incoming call display image data based on the incoming call display data to a computing device to display a representation of the data displayed by the user interface associated with the call destination.
View on Google Patents
Doximity, Inc.·2024-10-08
Method Of Pre-Verifying Phone Numbers For Call Attestation
US12113931
Abstract
Method Of Pre-Verifying Phone Numbers For Call Attestation
US12113931
Abstract A system and method of determining pre-verification information for use by a certification authority to verify and attest phone numbers associated with healthcare facilities is provided. The method includes receiving an unverified phone number and determining, using one or more matching operations, whether the unverified phone number is associated with a healthcare facility. In response to such determination, the unverified phone number and a facility name associated with the healthcare facility is sent to a certification authority server to be used to verify the unverified phone number. Other embodiments are described and claimed.
View on Google Patents
Doximity, Inc.·2024-08-27
System And Method Of Enabling Audio Conferencing In Lieu Of Videoconferencing
US12074923
Abstract
System And Method Of Enabling Audio Conferencing In Lieu Of Videoconferencing
US12074923
Abstract An apparatus or method implemented in a computer system. In one embodiment the method includes receiving, from a device, a request to join a video call, and determining, in response to receiving the request, whether the device meets predetermined requirements to join the video call via videoconferencing. The method further includes sending, in response to determining the device does not meet the predetermined requirements to join the video call via videoconferencing, a message to the device, wherein the message comprises a link to join the call via audio conferencing.
View on Google Patents
Doximity, Inc.·2024-07-02
Method Of Adding Language Interpreter Device To Video Call
US12028387
Abstract
Method Of Adding Language Interpreter Device To Video Call
US12028387
Abstract A method and system for adding a language interpreter to a video call between a healthcare provider and a patient is provided. The method includes initiating the video call between a healthcare provider device and a patient device. Communication information of a language interpreter device can be received and used to call the language interpreter device. The language interpreter device may be added to the video call to allow the language interpreter to facilitate communication between the healthcare provider and the patient. Other embodiments are described and claimed.
View on Google Patents

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