Shares of healthcare-focused digital platform Doximity (NYSE:DOCS) are in focus today after the company provided major business updates at its inaugural investor day.
Since its IPO two years ago, Doximity has increased its paid enterprise subscriptions to more than 40% of all physicians in the U.S. while also doubling its topline. The company now aims to cross $1 billion in revenue in fiscal 2028 and notch long-term adjusted EBITDA margins of over 45%.
Further, Doximity is also working on new AI and productivity tools including Hospital Directories, Hold for Me (a new hold assistant for doctors), and BestDoc.ai – a GPT-powered chatbot to help users identify the right medical experts in their local area.
Additionally, Doximity has reported over 500,000 quarterly active workflow providers during the quarter ended March 31, 2023, and instituted a share buyback program worth $200 million. The stock repurchase program is expected to be executed over the next two years.
Overall, the Street has a $36.33 consensus price target on DOCS alongside a Hold consensus rating. Shares of the company have already surged nearly 11.2% over the past five sessions.
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