Doximity, Inc. (DOCS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de salud digital en rápido evolución, Doximity se ha convertido en una plataforma de redes profesional innovadora, revolucionando cómo los profesionales médicos se conectan, colaboran y avanzan sus carreras. Al integrar a la perfección la tecnología de vanguardia con las necesidades matizadas de los profesionales de la salud, Doximity ofrece un ecosistema integral que va más allá de las redes tradicionales, proporcionando una comunicación segura, oportunidades de trabajo, recursos de educación continua e interacciones profesionales verificadas. Este modelo de negocio innovador ha posicionado la doximidad como una infraestructura digital crítica para Over 1.9 millones Los profesionales médicos verificados, transformando la forma en que el talento de la salud descubre oportunidades y comparte ideas críticas en un mundo cada vez más digital.

Doximity, Inc. (DOCS) - Modelo de negocio: asociaciones clave

Proveedores de sistemas de registro de salud electrónica (EHR)

Doximity colabora con los principales proveedores de sistemas EHR para mejorar las redes profesionales e integración de datos.

Socio de EHR	Detalles de integración	Año de asociación
Sistemas épicos	Profesional profile sincronización	2019
Corporación Cerner	Verificación de credenciales	2020
Allscripts	Conectividad de red	2018

Asociaciones médicas profesionales

Asociaciones estratégicas con organizaciones médicas profesionales.

• Asociación Médica Americana (AMA)
• Colegio Americano de Médicos
• Academia Americana de Médicos de Familia

Plataformas de reclutamiento de atención médica

Relaciones colaborativas con redes de reclutamiento.

Plataforma de reclutamiento	Alcance de la asociación	Referencias anuales
Carreras de Doximity	Matriota de trabajo directo	75,000+
Locumtenens.com	Colocación temporal	12,500

Compañías farmacéuticas

Asociaciones estratégicas de marketing y comunicación.

• Pfizer Inc.
• Moderna
• Johnson & Johnson

Tecnología médica y compañías de salud digital

Colaboración tecnológica e integración de plataforma.

Socio tecnológico	Tipo de colaboración	Año de implementación
Salud de teladoc	Integración de telesalud	2021
RO	Plataforma de salud digital	2022
Salud del carbono	Coordinación de la atención digital	2020

Doximity, Inc. (DOCS) - Modelo de negocio: actividades clave

Desarrollo de la plataforma de redes profesionales

A partir del cuarto trimestre de 2023, Doximity mantiene una red profesional del 80% de los médicos estadounidenses, que representa aproximadamente 1.8 millones de profesionales médicos verificados.

Métricas de plataforma	2023 datos
Usuarios verificados totales	1,800,000
Crecimiento de plataforma anual	12.3%
Tasa de verificación de usuario	99.7%

Información médica y mantenimiento del mercado laboral

El mercado laboral de Doximity procesó 225,000 listados de empleos médicos en 2023, con un promedio de 18,750 ofertas mensuales de trabajo.

• Especialidades médicas cubiertas: más de 30 categorías distintas
• Tasa de éxito de la colocación del trabajo: 43%
• Duración promedio de la lista de trabajos: 45 días

Creación de herramientas de comunicación digital

En 2023, la plataforma de mensajería segura de Doximity facilitó 12,4 millones de comunicaciones profesionales entre profesionales de la salud.

Métricas de comunicación	2023 datos
Mensajes totales enviados	12,400,000
Mensajes diarios promedio	33,972
Interacciones compatibles con HIPAA	100%

Análisis de datos e Insights Generation

La plataforma de análisis de datos de Doximity procesó 3.2 petabytes de datos profesionales médicos en 2023.

• Fuentes de datos: 1,800,000 profesionales verificados
• Seguimiento de análisis: 47 métricas de rendimiento profesional
• Insights Frecuencia de generación: actualizaciones en tiempo real

Mejora de la plataforma continua y actualizaciones de características

En 2023, Doximity invirtió $ 42.6 millones en investigación y desarrollo, lo que representa el 26.3% de los ingresos totales.

Inversión de I + D	2023 datos
Gasto total de I + D	$42,600,000
Porcentaje de ingresos	26.3%
Nuevas características lanzadas	17

Doximity, Inc. (DOCS) - Modelo de negocio: recursos clave

Tecnología avanzada de redes digitales

A partir del cuarto trimestre de 2023, la plataforma de redes digitales de Doximity admite 1,9 millones de profesionales médicos verificados. La infraestructura de tecnología de la plataforma incluye:

• Arquitectura de redes basada en la nube
• Sistemas de comunicación compatibles con HIPAA
• Herramientas de colaboración profesional en tiempo real

Métrica de tecnología	Valor cuantitativo
Usuarios de la plataforma	1,900,000 profesionales médicos
Interacciones de plataforma anual	Más de 3.2 millones de conexiones profesionales
Descargas de aplicaciones móviles	Aproximadamente el 80% de la base de usuarios

Base de datos de profesionales médicos verificados

Composición de la base de datos:

• El 90% de los médicos estadounidenses y los proveedores de práctica avanzada
• Más de 1.5 millones de perfiles profesionales verificados
• Proceso de verificación en tiempo real continuo

Talento de ingeniería y desarrollo de software

Fuerza laboral de ingeniería	Detalles
Personal de ingeniería total	Aproximadamente 180 profesionales
Experiencia promedio	8.5 años en tecnología de atención médica
Inversión anual de I + D	$ 42.3 millones

Algoritmos propietarios para la coincidencia profesional

Capacidades de algoritmo coincidente:

• Motor de recomendación profesional impulsado por IA
• Precisión de aprendizaje automático: 87% de precisión de relevancia
• Oportunidad profesional en tiempo real coincidencia

Infraestructura de ciberseguridad fuerte

Métrica de seguridad	Medida cuantitativa
Inversión de seguridad anual	$ 12.7 millones
Calificación de cumplimiento de HIPAA	99.8% de adherencia
Capas de protección de datos	Protocolos de cifrado de múltiples niveles

Doximity, Inc. (DOCS) - Modelo de negocio: propuestas de valor

Redes profesionales seguras gratuitas para profesionales de la salud

A partir del cuarto trimestre de 2023, Doximity reportó 2,208,000 miembros de profesionales médicos verificados en su red.

Tipo de miembro	Número de miembros
Médicos	1,820,000
Enfermería	228,000
Proveedores de práctica avanzada	160,000

Plataforma de búsqueda y reclutamiento de empleo optimizada

En 2023, Doximity facilitó 381,000 oportunidades de trabajo en especialidades médicas.

• Salario promedio de publicaciones de trabajo médico: $ 313,000
• Publicaciones de trabajo por especialidad: 42 DISTRIBLINAS MÉDICAS DIFERENTES
• Ingresos del mercado de reclutamiento: $ 107.3 millones en el año fiscal 2023

Recursos de educación médica continua

Doximity ofrece 4.200 módulos de aprendizaje digital acreditados por CME.

Categoría CME	Número de módulos
Cursos en línea	2,600
Seminarios web	1,100
Módulos interactivos	500

Herramientas de comunicación compatibles con HIPAA

La plataforma de mensajería segura de Doximity procesó 68.4 millones de comunicaciones profesionales en 2023.

• Mensajes seguros diarios promedio: 187,000
• Tasa de cumplimiento: 99.8%
• Estándar de cifrado: AES de 256 bits

Servicios de acreditación y verificación profesional

Doximity proporciona servicios de verificación para 1.2 millones de profesionales de la salud.

Servicio de verificación	Cobertura
Licencia médica	50 estados
Certificación de la junta	24 tableros de especialidad médica
Antecedentes profesionales	Cobertura nacional

Doximity, Inc. (DOCS) - Modelo de negocio: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Doximity sirve al 80% de los médicos estadounidenses, con 1.8 millones de profesionales médicos verificados como usuarios registrados a partir de 2023. La plataforma permite el acceso de autoservicio a redes profesionales, oportunidades de trabajo y recursos médicos.

Métrica de plataforma	Valor
Total de usuarios registrados	1.8 millones de médicos
Tasa de verificación de usuario	Verificación 100% profesional
Compromiso de plataforma anual	70% de usuarios mensuales activos

Incorporación de usuario automatizado

Doximity emplea un proceso de verificación digital optimizado Para nuevos profesionales médicos, con un tiempo de incorporación promedio de 12 minutos.

• Verificación de la licencia médica dentro de las 24 horas
• Cheque de credenciales profesionales automatizadas
• Instante profile creación

Compromiso profesional impulsado por la comunidad

La plataforma genera 4.5 millones de interacciones profesionales mensualmente, incluidos el intercambio de investigaciones, las publicaciones de trabajo y las comunicaciones por pares.

Métrico de compromiso	Volumen mensual
Interacciones profesionales	4.5 millones
Investigación de acciones	1.2 millones
Publicaciones de trabajo vistas	750,000

Algoritmos de recomendación personalizados

El sistema de recomendación impulsado por la IA de Doximity procesa 2.3 millones de perfiles profesionales únicos para generar sugerencias personalizadas de trabajo, investigación y redes.

Atención al cliente a través de canales digitales

Los canales de soporte digital incluyen correo electrónico, mensajería en plataforma, con un Tasa de resolución de primera respuesta del 92%. El tiempo de respuesta promedio es de 4.2 horas durante los días hábiles.

• Soporte por correo electrónico
• Mensajería en la plataforma
• Centro de ayuda profesional
• Acceso de soporte digital 24/7

Doximity, Inc. (DOCS) - Modelo de negocio: canales

Plataforma basada en la web

A partir del cuarto trimestre de 2023, la plataforma web de Doximity reportó el 80% de sus 2 millones de usuarios de profesionales médicos verificados que acceden mensualmente a la plataforma.

Métrica de plataforma	Valor
Usuarios activos mensuales	1.6 millones
Total de usuarios registrados	2 millones
Tasa de participación de la plataforma	80%

Aplicación móvil

Las descargas de aplicaciones móviles llegaron a 1.2 millones a diciembre de 2023.

• Calificación de iOS App Store: 4.7/5
• Android Google Play Rating: 4.6/5
• Usuarios promedio de aplicaciones móviles mensuales: 900,000

Marketing por correo electrónico

Las campañas de correo electrónico en 2023 generaron $ 18.5 millones en ingresos directos.

Métrica de la campaña de correo electrónico	Valor
Ingresos anuales de marketing por correo electrónico	$ 18.5 millones
Tarifa de apertura	42%
Tasa de clics	12.3%

Patrocinios de conferencia profesional

Patrocinó 37 conferencias médicas en 2023, llegando a aproximadamente 45,000 profesionales de la salud.

• Presupuesto total de patrocinio de la conferencia: $ 2.3 millones
• Asistentes promedio por conferencia: 1.216
• Conferencias cubiertas: dominios médicos, quirúrgicos y especializados

Ventas directas a instituciones médicas

Las ventas directas a las instituciones médicas generaron $ 62.4 millones en 2023.

Métrica de ventas institucionales	Valor
Ingresos anuales de ventas directas	$ 62.4 millones
Número de clientes institucionales	1,850
Valor de contrato promedio	$33,700

Doximity, Inc. (DOCS) - Modelo de negocio: segmentos de clientes

Médicos en varias especialidades

A partir del cuarto trimestre de 2023, Doximity reportó 1,980,000 profesionales médicos verificados en su plataforma. Los médicos representan el segmento central de clientes con una penetración de la plataforma del 70%.

Categoría de especialidad	Número de médicos registrados	Porcentaje de la base total de usuarios
Atención primaria	412,000	21%
Especialidades quirúrgicas	336,000	17%
Medicina interna	288,000	14.5%
Pediatría	224,000	11.3%

Residentes médicos y compañeros

Doximity captura a aproximadamente 180,000 residentes y compañeros médicos, lo que representa el 9% de su base de usuarios totales.

• Rango de edad promedio: 26-35 años
• Especialización en capacitación: 62% en especialidades clínicas
• Tasa de participación de la plataforma: 68% de usuarios activos mensuales

Enfermeras practicantes

Doximity tiene 142,000 practicantes de enfermería registradas, que constituyen el 7.2% de su red profesional.

Practicar la configuración	Número de NPS	Porcentaje
Atención primaria	62,480	44%
Clínicas especializadas	45,440	32%
Hospitales	34,080	24%

Asistentes médicos

La plataforma incluye 98,000 asistentes médicos, que representan el 5% de su base de usuarios totales.

• Experiencia laboral mediana: 8 años
• Áreas de práctica primaria: cirugía (38%), medicina de emergencia (22%), atención primaria (18%)

Administradores de atención médica

Doximity alberga 72,000 administradores de atención médica, representando el 3.6% de su red profesional.

Nivel de administración	Número de administradores	Porcentaje
Ejecutivo de hospital	21,600	30%
Gerente de departamento	28,800	40%
Administrador de práctica	21,600	30%

Doximity, Inc. (DOCS) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos de infraestructura tecnológica anual para la década de d. 2023: $ 12.4 millones

Componente de infraestructura	Costo anual
Servicios de alojamiento en la nube	$ 5.6 millones
Infraestructura de red	$ 3.2 millones
Mantenimiento del centro de datos	$ 3.6 millones

Desarrollo e ingeniería de software

Gastos totales de desarrollo de software en 2023: $ 24.7 millones

• Fuerza laboral de ingeniería: 127 empleados a tiempo completo
• Salario promedio de ingeniería: $ 185,000 por año
• Herramientas y licencias de desarrollo de software: $ 2.3 millones

Marketing y adquisición de usuarios

Gastos de marketing para 2023: $ 18.6 millones

Canal de marketing	Asignación
Publicidad digital	$ 8.9 millones
Patrocinios de conferencia profesional	$ 4.2 millones
Marketing de contenidos	$ 5.5 millones

Seguridad y cumplimiento de datos

Gastos totales de seguridad de datos en 2023: $ 7.3 millones

• Infraestructura de ciberseguridad: $ 3.6 millones
• Gestión de cumplimiento: $ 2.1 millones
• Auditorías de seguridad externa: $ 1.6 millones

Operaciones de atención al cliente

Costos totales de atención al cliente para 2023: $ 6.5 millones

Componente de soporte	Costo anual
Salarios de apoyo al personal	$ 4.8 millones
Plataforma de tecnología de soporte	$ 1.2 millones
Capacitación y desarrollo	$500,000

Doximity, Inc. (DOCS) - Modelo de negocios: flujos de ingresos

Publicidad digital

En el tercer trimestre de 2023, Doximity informó ingresos por publicidad digital de $ 30.1 millones, lo que representa un aumento del 7% año tras año.

Tarifas de reclutamiento y colocación de empleo

Los ingresos de reclutamiento para 2023 totalizaron $ 96.2 millones, con un crecimiento del 12% del año anterior.

Fuente de ingresos	Cantidad de 2023	Crecimiento año tras año
Tarifas de reclutamiento	$ 96.2 millones	12%
Servicios de colocación de empleo	$ 42.7 millones	8.5%

Servicios de suscripción premium

Los ingresos por suscripción premium alcanzaron $ 24.5 millones en 2023, con Más de 80,000 suscriptores pagados.

• Tasa de suscripción mensual: $ 39.99
• Tasa de suscripción anual: $ 379.99
• Opciones de suscripción empresariales disponibles

Licencias de datos a organizaciones de atención médica

Los ingresos por licencias de datos para 2023 fueron de $ 18.3 millones, lo que representa un aumento del 15% de 2022.

Categoría de licencias	2023 ingresos	Clientes atendidos
Licencias de investigación en salud	$ 12.6 millones	87 organizaciones
Insights de datos clínicos	$ 5.7 millones	45 sistemas de atención médica

Soluciones de software empresarial

Los ingresos de software empresarial totalizaron $ 52.4 millones en 2023, con una tasa de crecimiento del 20%.

• Base de clientes empresariales: 426 organizaciones de atención médica
• Valor promedio de contrato empresarial: $ 127,000
• Tasa de renovación del contrato: 92%

Doximity, Inc. (DOCS) - Canvas Business Model: Value Propositions

For Clients: Measurable ROI on marketing spend to physicians

Doximity, Inc. delivers quantifiable returns for its advertising clients, primarily pharmaceutical companies and health systems. The company reports that the number of ROI studies shared with clients is up over 10 times what it was before the Client Portal's full rollout, giving clients immediate, transparent data. This transparency is key, as clients are moving toward AI-optimized, continuous budget commitments rather than large, annual lump sums. The top 20 customers, who measure their effectiveness best, saw their subscription revenue grow by 23% in fiscal year 2025. Furthermore, the Net Revenue Retention rate for these top 20 customers was 123% on a trailing twelve-month basis as of the fourth quarter of fiscal 2025. This strong retention is supported by the fact that 116 customers contributed at least $500,000 each in subscription-based revenue on a trailing twelve-month basis in Q4 FY2025, accounting for 84% of total revenue. Small-to-medium business bookings also saw roughly 100% year-over-year growth, driven by agency partners. The platform's growth rate is about two times the overall digital HCP (healthcare professional) market rate, which is estimated to be in the 5-7% range. The total revenue for fiscal year 2025 reached $570.4 million, up 20% year-over-year. The subscription revenue portion was $543.8 million for the same period.

For Clients: Access to a unique, highly-engaged professional audience

The value proposition rests on access to a highly concentrated and active medical audience. In the third quarter of fiscal 2025, more than 1 million unique active prescribers scrolled the Newsfeed to stay current on the latest news in their fields. The platform's clinical workflow tools also hit new highs in that same quarter, with over 610,000 unique active prescribers using them. This engagement underpins the platform's ability to deliver targeted marketing impressions. The platform's total revenue for the twelve months ending September 30, 2025, was $621.33 million, showing continued momentum post-fiscal year end.

Metric	Value/Rate	Reporting Period/Date
Total Revenue (FY 2025)	$570.4 million	Fiscal Year Ended March 31, 2025
Subscription Revenue (FY 2025)	$543.8 million	Fiscal Year Ended March 31, 2025
Revenue (Q3 FY 2025)	$169 million	Quarter Ended December 31, 2024 (Approx.)
Net Revenue Retention (Top 20 Clients)	123%	Trailing Twelve Months (Q4 FY 2025)
Unique Active Prescribers on Newsfeed	Over 1 million	Q3 FY 2025
Unique Active Prescribers on Workflow Tools	Over 610,000	Q3 FY 2025

For Members: AI tools to summarize complex patient documents

The platform offers AI tools designed to combat physician burnout and information overload, which 75% of surveyed physicians cited as a major issue. Doximity GPT, the generative AI tool, is HIPAA-compliant and integrated into the workflow. In the third quarter of fiscal 2025, AI tools saw the fastest growth, processing over 1.8 million prompts, which was up 60% over the prior quarter. Clinicians have completed over 1.5 million letter tasks using Doximity GPT, with one physician reporting the tool halved the time spent on prior authorization letters. The CEO noted that management is increasing investments in AI to build better member tools. These AI tools help chart lab values over time and summarize complex clinical findings from lengthy patient records.

For Members: Secure, HIPAA-compliant communication (Dialer, Fax)

Members use a suite of productivity tools within a single, easy-to-use app and website, all operating in a HIPAA-compliant environment. These critical productivity tools include voice and video dialer, secure messaging, and digital faxing. The platform allows members to send and receive HIPAA-compliant faxes, enabling them to electronically create, sign, edit, and customize documents without needing to print or re-scan. Over 610,000 unique active prescribers used the workflow tools, which encompass telehealth, fax, scheduling, and AI, in Q3 FY2025.

For Members: Career management and medical news aggregation

The Newsfeed serves as the primary mechanism for members to stay current on the latest medical news in their specialty. As noted, usage of this feed is high, with more than 1 million unique active prescribers scrolling it in Q3 FY2025. The platform's core mission is to help every physician be more productive and provide better care, which is supported by these aggregation and communication services. The company's GAAP net profit margin for fiscal year 2025 was a powerful 39.1% on total revenue of $570.4 million, reflecting the structural efficiency that supports continued investment in these member-facing features.

Doximity, Inc. (DOCS) - Canvas Business Model: Customer Relationships

You're looking at how Doximity, Inc. keeps its enterprise clients spending more each year, which is the engine behind their financial performance. The relationship strategy centers on deep integration, measurable results, and moving clients to stickier, bundled product suites.

The company deploys dedicated direct sales and customer success teams specifically for enterprise clients, focusing on those who need to measure their return on investment (ROI) most closely. This high-touch approach supports the shift toward multi-module, integrated subscription offerings, which are designed to be less transactional and more essential to the client's workflow.

The success of this strategy is clearly visible in the retention numbers. The trailing twelve-month net revenue retention rate for Fiscal Year 2025 was a strong 119%. For the most sophisticated customers, the top 20 clients, this metric was even higher at 123% for the same period. These top 20 clients were the fastest growing segment, increasing their spend by 23% in fiscal 2025.

The Client Portal is a key tool for maintaining this high retention, giving pharmaceutical clients real-time transparency into program effectiveness and ROI, which helps justify upsells. This transparency fuels greater interest in Doximity, Inc.'s AI-powered automation of marketing programs. For example, one reported ROI for Main Line Health was 57:1.

The move to integrated subscriptions is driving larger deal sizes and platform stickiness. New commercial products like Point-of-Care and Formulary saw sales growth of over 100% year-over-year in Q3 FY2025. Furthermore, the adoption of new AI tools is explosive, with quarterly active prescribers using them jumping over 50% quarter-over-quarter.

Here's a look at the cohort of high-value customers driving this recurring revenue:

Metric	Value (End of FY2025)	Comparison Point
Net Revenue Retention (TTM)	119%	N/A
Net Revenue Retention (Top 20 Clients TTM)	123%	Up from 119% in Q2 FY2025 TTM
Customers with $\ge$ $500,000$ TTM Subscription Revenue	116	Up from 99 one year prior
Revenue from $\ge$ $500,000$ Customers	84%	Of total revenue
Top 20 Client Growth Rate (FY2025)	23%	FY2025 growth

The platform's utility as an essential workflow tool also deepens the relationship, moving beyond just marketing. Over 620,000 unique active prescribers used workflow tools, including telehealth and AI features, in Q4 of fiscal 2025.

You can see the tangible results of this relationship strategy in the growth of the high-value customer base:

• Client Portal adoption is expanding to the majority of Pharma brand clients.
• The company signed 10 agencies as Client Portal Partners last quarter.
• The focus is on bundling Marketing, Hiring, and Workflow Solutions.
• AI tools like Doximity GPT integrate with existing HIPAA-compliant texting and fax services.
• Over 150 U.S. health systems deployed Doximity Dialer Enterprise as a solution.

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Channels

The channels Doximity, Inc. uses to reach and deliver value to its customers-primarily pharmaceutical companies, health systems, and medical recruiting firms-are heavily weighted toward its proprietary digital ecosystem.

The direct digital platform, accessible via web and mobile app, is the core channel. This platform is the largest social network for U.S. medical professionals. For the fiscal year ended March 31, 2025, the company reported total revenue of $570.4 million, with subscription revenue making up 95.3% of that total at $543.8 million. The stickiness of this channel is evidenced by the Net Revenue Retention rate of 118% for the 12 months ending March 31, 2025.

The direct sales organization targets enterprise accounts, driving adoption of multi-module, integrated offerings. This strategy is proving highly effective with the largest clients; the top 20 clients grew revenue by 23% in fiscal 2025. The company ended the fourth quarter of fiscal 2025 with 116 customers contributing at least $500,000 each in trailing twelve-month subscription revenue, an increase of 17% year-over-year, and these large accounts represented 84% of total revenue.

The Client Portal serves as a critical channel for delivering customer-facing data and analytics, which reinforces the value proposition. Customers viewing this transparent ROI data have greater conviction, leading to earlier budget commitments and upsells throughout the year. This data-driven feedback loop supports the sales channel by demonstrating measurable return on investment.

Engagement through email and in-app notifications is integral to maintaining the platform's utility, which in turn drives the high retention rates seen in the subscription revenue. The success of the integrated programs, which bundle services like the newsfeed and workflow tools, shows strong overall channel adoption. For instance, integrated program adoption reached over 40% of bookings in Q2 of fiscal 2026, up from less than 5% a year prior.

Here's a quick look at the key customer metrics that flow through these channels:

Metric	Value (as of FY2025 End or Latest Report)	Context
FY2025 Total Revenue	$570.4 million	Year-over-year growth of 20%.
FY2025 Subscription Revenue	$543.8 million	Grew at 21% year-over-year.
Overall Net Revenue Retention (NRR)	118%	For the 12 months ending March 31, 2025.
Top 20 Client NRR	123%	For the 12 months ending March 31, 2025.
Customers > $500K Annual Revenue	116	Up 17% year-over-year.
Integrated Program Bookings Share (Q2 FY2026)	40%	Up from less than 5% a year ago.

The platform's direct digital delivery enables several core features that are critical to the value proposition:

• The Doximity Scribe, integrated into Dialer, is on the verge of handling over 300,000 calls a day.
• The platform provides access to content from internal and third-party sources, selected by algorithms and clinical editors based on member profile.
• Most medical professionals receive a pre-populated Doximity professional profile based on publicly available data.
• Workflow tools include Dialer for voice and video telehealth.

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Customer Segments

You're mapping out Doximity, Inc. (DOCS) customer base as of late 2025. The platform's value is built on connecting a massive, verified network of U.S. medical professionals with paying clients seeking engagement, recruitment, or marketing reach.

The core of the Doximity, Inc. (DOCS) value proposition is its sheer scale within the U.S. medical community. They serve over 2 million U.S. medical professionals who use the platform for collaboration, career management, and workflow tools like Doximity GPT. This large, engaged user base is what makes the paying segments so valuable.

The paying customers fall into distinct groups, primarily focused on marketing, recruitment, and workflow solutions:

• Enterprise Clients: Pharmaceutical manufacturers and health systems use the platform for targeted marketing and engagement with verified clinicians.
• Recruitment Clients: Medical recruiting firms and health systems utilize the tools to find and hire clinicians.
• Key Clients: The highest-spending customers drive a significant portion of the subscription revenue.

The concentration of revenue among the largest clients is a key financial characteristic of this segment structure. For the fiscal year ended March 31, 2025, the top 20 customers grew net revenue retention at 123%.

Here is a breakdown of the key customer segment metrics as of late 2025, using the most recent available data points:

Customer Segment Metric	Data Point	Context/Date
Core Users (Total Network Size)	Over 2 million	U.S. medical professionals
Key Clients (>$500k Annual Spend)	121 customers	As of the second quarter of fiscal year 2026 (ended September 30, 2025)
Revenue Contribution from Key Clients	84% of total revenue	For fiscal year 2025
Net Revenue Retention (Top 20 Customers)	123%	Fiscal year 2025

The platform's revenue is heavily subscription-based, with subscription revenue making up about 95.3% of the total revenue for fiscal year 2025. This predictability is a direct result of the sticky nature of the relationships with these defined customer segments.

Doximity, Inc. (DOCS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Doximity, Inc. (DOCS) as of late 2025, and the numbers show a business built for high-margin software-like scaling. The cost structure is dominated by a few key areas that reflect its platform-centric, specialized approach.

High-leverage, low COGS due to 92% Non-GAAP Gross Margin

The cost of sales (COGS) is structurally low, which is the engine behind the high gross margin. For the full fiscal year ending March 31, 2025, Doximity, Inc. reported a 92% Non-GAAP Gross Margin. This high margin means that for every dollar of revenue, only about 8 cents goes to the direct costs of delivering the service, like hosting and third-party software costs. This efficiency is a hallmark of a highly scalable digital platform.

The key cost components that drive the operating expenses, rather than COGS, are where the company directs its capital for growth and maintenance. Here's a look at the major expense categories for the fiscal year ended March 31, 2025:

Expense Category (GAAP)	Amount (FY2025)	Context/Notes
Total Revenue	$570.4 million	Total top-line for the fiscal year
Sales and Marketing Expense	$145,713 thousand	Primarily personnel and client acquisition costs
Research and Development Expense	$0.104B	Twelve months ending September 30, 2025
General and Administrative Expense (Q2 FY2025)	$10.1 million	Driven by higher legal expenses in the quarter

Significant investment in Research and Development (AI/product)

You see the commitment to future value in the R&D line. For the twelve months ending September 30, 2025, Research and Development expenses totaled $0.104B. This spending is focused on embedding AI and workflow tools directly into the daily routines of medical professionals. This investment is about making the platform indispensable, which in turn drives customer spending higher, as evidenced by the trailing 12-month net revenue retention rate of 118%.

• R&D expenses for the twelve months ending September 30, 2025: $104 million.
• R&D expenses for Q2 FY2025 increased 16% year-over-year.
• Focus areas include Doximity AI Scribe and DoxGPT clinical reference tools.

Sales and marketing expenses for enterprise client acquisition

Sales and Marketing (S&M) is the second largest operating expense, reflecting the need to acquire and expand relationships with pharmaceutical companies and health systems. For the full fiscal year 2025, GAAP Sales and Marketing expense was $145,713 thousand. This spend includes personnel-related costs and sales incentive compensation tied to bookings.

Personnel costs for a small, high-output team (approx. 830 employees)

The company maintains a relatively lean headcount, which, combined with high margins, results in strong per-employee economics. As of March 31, 2025, Doximity, Inc. had 830 total employees. That small team supports a platform with over two million registered members, including more than 80% of U.S. physicians as of March 31, 2025.

Here are the employee-related metrics for that team size:

• Total Employees as of March 31, 2025: 830.
• Revenue per Employee (FY2025 estimate): $748,589.
• Profits per Employee (FY2025 estimate): $304,859.

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Revenue Streams

You're looking at Doximity, Inc. (DOCS) and trying to map out exactly where the money is coming from as of late 2025. Honestly, the structure is heavily weighted toward recurring, high-margin subscriptions. For the fiscal year 2025, which ended March 31, 2025, Doximity, Inc. reported a total annual revenue of $570.4 million, which was a solid 20% increase year-over-year. That kind of growth in a tight market shows the platform is defintely sticky for its clients.

The vast majority of that top line comes from subscription-based services sold to pharmaceutical companies, health systems, and medical recruiting firms. To be fair, the company is running a very efficient operation; the non-GAAP gross margin for FY2025 was a staggering 92%. Here's a quick look at the primary financial components for the fiscal year ended March 31, 2025:

Revenue Component	Amount (FY2025)	Year-over-Year Growth (FY2025)
Total Annual Revenue	$570.4 million	20%
Subscription Revenue from Marketing Solutions	$543.8 million	21%
Approximate Subscription Revenue Share	95.3%	N/A

The shift in strategy toward more complex offerings is clearly paying off. Management noted that the fiscal 2025 results benefited from a strategic move to more integrated, multi-module AI-optimized programs. This change helped drive larger deal sizes and a greater share of annual programs launching earlier in the year, which contributed to revenue upside. Also, the hiring side of the business, powered by Doximity Talent Finder, is a key part of the Talent Solutions suite, which includes self-service recruiting tools and concierge solutions for permanent and locum tenens hires.

The subscription revenue stream is multifaceted, focusing on keeping pharmaceutical and health system clients engaged through several high-value channels. You should monitor the adoption rates of the newer, AI-driven offerings as they represent the future growth vector within this core revenue block. The key revenue streams underpinning the subscription model include:

• Subscription revenue from marketing solutions, totaling $543.8 million in FY2025.
• Revenue from hiring solutions via Talent Finder and full-service recruitment.
• Revenue derived from integrated, multi-module AI-optimized programs.
• Targeted digital advertising across the Doximity platform.

Finance: draft 13-week cash view by Friday.