Doximity, Inc. (Docs): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário de saúde digital em rápida evolução, a Doximity emergiu como uma plataforma de rede profissional inovadora, revolucionando como os profissionais médicos se conectam, colaboram e avançam em suas carreiras. Ao integrar perfeitamente a tecnologia de ponta com as necessidades diferenciadas dos profissionais de saúde, a Doximity oferece um ecossistema abrangente que vai além das redes tradicionais-fornecendo comunicação segura, oportunidades de emprego, recursos de educação continuada e interações profissionais verificadas. Este modelo de negócios inovador posicionou a doximidade como uma infraestrutura digital crítica para over 1,9 milhão Profissionais médicos verificados, transformando como o talento da saúde descobre oportunidades e compartilha informações críticas em um mundo cada vez mais digital.

Doximity, Inc. (Docs) - Modelo de Negócios: Principais Parcerias

Provedores de sistemas de registro eletrônico de saúde (EHR)

O Doximity colabora com os principais provedores de sistemas de EHR para aprimorar as redes profissionais e a integração de dados.

EHR Parceiro	Detalhes da integração	Ano de parceria
Sistemas épicos	Profissional profile sincronização	2019
Cerner Corporation	Verificação de credenciais	2020
Allscripts	Conectividade de rede	2018

Associações profissionais médicos

Parcerias estratégicas com organizações médicas profissionais.

• Associação Médica Americana (AMA)
• American College of Physicians
• Academia Americana de Médicos de Família

Plataformas de recrutamento de assistência médica

Relações colaborativas com redes de recrutamento.

Plataforma de recrutamento	Escopo da parceria	Referências anuais
Carreiras de Doximity	Combinação direta de empregos	75,000+
Locumtenens.com	Colocação temporária	12,500

Empresas farmacêuticas

Parcerias estratégicas de marketing e comunicação.

• Pfizer Inc.
• Moderna
• Johnson & Johnson

Empresas de tecnologia médica e saúde digital

Colaboração tecnológica e integração da plataforma.

Parceiro de tecnologia	Tipo de colaboração	Ano de implementação
Teladoc Health	Integração de telessaúde	2021
Ro	Plataforma de saúde digital	2022
Saúde de Carbono	Coordenação de atendimento digital	2020

Doximity, Inc. (Docs) - Modelo de Negócios: Atividades -chave

Desenvolvimento de plataforma de rede profissional

A partir do quarto trimestre de 2023, a Doximity mantém uma rede profissional de 80% dos médicos dos EUA, representando aproximadamente 1,8 milhão de profissionais médicos verificados.

Métricas de plataforma	2023 dados
Total de usuários verificados	1,800,000
Crescimento anual da plataforma	12.3%
Taxa de verificação do usuário	99.7%

Informações médicas e manutenção do mercado de trabalho

O mercado de trabalho da Doximity processou 225.000 listagens de empregos médicos em 2023, com uma média de 18.750 publicações mensais de emprego.

• Especialidades médicas cobertas: mais de 30 categorias distintas
• Taxa de sucesso da colocação de empregos: 43%
• Duração média da listagem de empregos: 45 dias

Criação de ferramentas de comunicação digital

Em 2023, a plataforma de mensagens seguras da Doximity facilitou 12,4 milhões de comunicações profissionais entre profissionais de saúde.

Métricas de comunicação	2023 dados
Total de mensagens enviadas	12,400,000
Mensagens diárias médias	33,972
Interações compatíveis com HIPAA	100%

Análise de dados e geração de insights

A plataforma de análise de dados da Doximity processou 3.2 petabytes de dados profissionais médicos em 2023.

• Fontes de dados: 1.800.000 profissionais verificados
• Rastreamento de análise: 47 métricas de desempenho profissional
• Frequência de geração de insights: atualizações em tempo real

Aprimoramento contínuo da plataforma e atualizações de recursos

Em 2023, a Doximity investiu US $ 42,6 milhões em pesquisa e desenvolvimento, representando 26,3% da receita total.

Investimento em P&D	2023 dados
Gastos totais de P&D	$42,600,000
Porcentagem de receita	26.3%
Novos recursos lançados	17

Doximity, Inc. (Docs) - Modelo de negócios: Recursos -chave

Tecnologia avançada de rede digital

A partir do quarto trimestre 2023, a plataforma de rede digital da Doximity suporta 1,9 milhão de profissionais médicos verificados. A infraestrutura de tecnologia da plataforma inclui:

• Arquitetura de rede baseada em nuvem
• Sistemas de comunicação compatíveis com HIPAA
• Ferramentas de colaboração profissional em tempo real

Métrica de tecnologia	Valor quantitativo
Usuários da plataforma	1.900.000 profissionais médicos
Interações anuais da plataforma	Mais de 3,2 milhões de conexões profissionais
Downloads de aplicativos móveis	Aproximadamente 80% da base de usuários

Banco de dados profissional médico verificado

Composição do banco de dados:

• 90% dos médicos dos EUA e fornecedores de prática avançada
• Mais de 1,5 milhão de perfis profissionais verificados
• Processo de verificação em tempo real contínuo

Talento de engenharia e desenvolvimento de software

Força de trabalho de engenharia	Detalhes
Equipe total de engenharia	Aproximadamente 180 profissionais
Experiência média	8,5 anos em tecnologia de saúde
Investimento anual de P&D	US $ 42,3 milhões

Algoritmos proprietários para correspondência profissional

Recursos de algoritmo correspondentes:

• Engine de recomendação profissional orientado pela IA
• Aprendizado de máquina Precisão: 87% de precisão de relevância
• Oportunidade profissional em tempo real correspondente

Forte infraestrutura de segurança cibernética

Métrica de segurança	Medida quantitativa
Investimento de segurança anual	US $ 12,7 milhões
Classificação de conformidade HIPAA	99,8% de adesão
Camadas de proteção de dados	Protocolos de criptografia de várias camadas

Doximity, Inc. (Docs) - Modelo de Negócios: Proposições de Valor

Networking profissional seguro para profissionais de saúde

A partir do quarto trimestre de 2023, a DoxiMity relatou 2.208.000 membros profissionais médicos verificados em sua rede.

Tipo de membro	Número de membros
Médicos	1,820,000
Enfermeiras	228,000
Fornecedores de prática avançada	160,000

Plataforma de busca e recrutamento simplificada

Em 2023, a Doximity facilitou 381.000 oportunidades de emprego em especialidades médicas.

• Salário médio de emprego para médicos: US $ 313.000
• Publicações de emprego por especialidade: 42 diferentes disciplinas médicas
• Receita do mercado de recrutamento: US $ 107,3 ​​milhões no ano fiscal de 2023

Recursos de educação médica contínua

A Doximity oferece 4.200 módulos de aprendizado digital credenciado por CME.

Categoria CME	Número de módulos
Cursos online	2,600
Webinars	1,100
Módulos interativos	500

Ferramentas de comunicação compatíveis com HIPAA

A plataforma segura de mensagens seguras da Doximity processou 68,4 milhões de comunicações profissionais em 2023.

• Mensagens seguras diárias médias: 187.000
• Taxa de conformidade: 99,8%
• Padrão de criptografia: AES de 256 bits

Serviços profissionais de credenciamento e verificação

O Doximity fornece serviços de verificação para 1,2 milhão de profissionais de saúde.

Serviço de verificação	Cobertura
Licença médica	50 estados
Certificação do conselho	24 quadros especializados médicos
Antecedentes profissionais	Cobertura nacional

Doximity, Inc. (Docs) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A plataforma digital da Doximity atende 80% dos médicos dos EUA, com 1,8 milhão de profissionais médicos verificados como usuários registrados a partir de 2023. A plataforma permite o acesso de autoatendimento a redes profissionais, oportunidades de emprego e recursos médicos.

Métrica da plataforma	Valor
Total de usuários registrados	1,8 milhão de médicos
Taxa de verificação do usuário	100% de verificação profissional
Engajamento anual da plataforma	70% de usuários mensais ativos

Usuário automatizado integração

A doximidade emprega a Processo de verificação digital simplificada Para novos profissionais médicos, com um tempo médio de integração de 12 minutos.

• Verificação de licença médica dentro de 24 horas
• Verificação de credenciais profissionais automatizadas
• Instantâneo profile criação

Engajamento profissional orientado à comunidade

A plataforma gera 4,5 milhões de interações profissionais mensalmente, incluindo compartilhamento de pesquisas, publicações de emprego e comunicações de pares.

Métrica de engajamento	Volume mensal
Interações profissionais	4,5 milhões
Ações de pesquisa	1,2 milhão
Publicações de emprego visualizadas	750,000

Algoritmos de recomendação personalizados

O sistema de recomendação orientado pela OI Processos de 2,3 milhões de perfis profissionais exclusivos para gerar sugestões personalizadas de trabalho, pesquisa e networking.

Suporte ao cliente através de canais digitais

Os canais de suporte digital incluem email, mensagens na plataforma, com um 92% taxa de resolução de primeira resposta. O tempo médio de resposta é de 4,2 horas durante os dias úteis.

• Suporte por e -mail
• Mensagens na plataforma
• Centro de Ajuda Profissional
• Acesso ao Suporte Digital 24/7

Doximity, Inc. (Docs) - Modelo de Negócios: Canais

Plataforma baseada na Web

No quarto trimestre 2023, a plataforma da Web da Doximity registrou 80% de seus 2 milhões de usuários profissionais médicos verificados acessando a plataforma mensalmente.

Métrica da plataforma	Valor
Usuários ativos mensais	1,6 milhão
Total de usuários registrados	2 milhões
Taxa de engajamento da plataforma	80%

Aplicativo móvel

Os downloads de aplicativos móveis atingiram 1,2 milhão em dezembro de 2023.

• App Store da iOS Classificação: 4.7/5
• Android Google Play Classificação: 4.6/5
• Usuários médios de aplicativos móveis mensais: 900.000

Marketing por e -mail

As campanhas por email em 2023 geraram US $ 18,5 milhões em receita direta.

Métrica de campanha por e -mail	Valor
Receita anual de marketing por e -mail	US $ 18,5 milhões
Taxa aberta	42%
Taxa de cliques	12.3%

Patrocínios profissionais da conferência

Patrocinado 37 conferências médicas em 2023, atingindo aproximadamente 45.000 profissionais de saúde.

• Orçamento total de patrocínio da conferência: US $ 2,3 milhões
• Atendidos médios por conferência: 1.216
• Conferências cobertas: domínios médicos, cirúrgicos e especializados

Vendas diretas para instituições médicas

As vendas diretas para instituições médicas geraram US $ 62,4 milhões em 2023.

Métrica de vendas institucionais	Valor
Receita anual de vendas direta	US $ 62,4 milhões
Número de clientes institucionais	1,850
Valor médio do contrato	$33,700

Doximity, Inc. (Docs) - Modelo de negócios: segmentos de clientes

Médicos em várias especialidades

A partir do quarto trimestre de 2023, a Doximity relatou 1.980.000 profissionais médicos verificados em sua plataforma. Os médicos representam o segmento principal do cliente com 70% de penetração da plataforma.

Categoria especializada	Número de médicos registrados	Porcentagem da base total de usuários
Cuidados primários	412,000	21%
Especialidades cirúrgicas	336,000	17%
Medicina interna	288,000	14.5%
Pediatria	224,000	11.3%

Residentes médicos e bolsistas

A Doximity captura aproximadamente 180.000 residentes e bolsistas médicos, representando 9% de sua base total de usuários.

• Faixa etária média: 26-35 anos
• Especialização em treinamento: 62% em especialidades clínicas
• Taxa de engajamento da plataforma: 68% de usuários ativos mensais

Enfermeiros

A Doximity possui 142.000 profissionais de enfermagem registrados, constituindo 7,2% de sua rede profissional.

Configuração prática	Número de NPs	Percentagem
Cuidados primários	62,480	44%
Clínicas Especiais	45,440	32%
Hospitais	34,080	24%

Assistentes médicos

A plataforma inclui 98.000 assistentes médicos, representando 5% de sua base total de usuários.

• Experiência de trabalho mediana: 8 anos
• Áreas de prática primária: cirurgia (38%), medicina de emergência (22%), atenção primária (18%)

Administradores de saúde

O Doximity hospeda 72.000 administradores de saúde, representando 3,6% de sua rede profissional.

Nível de administração	Número de administradores	Percentagem
Executivo do hospital	21,600	30%
Gerente de departamento	28,800	40%
Administrador de prática	21,600	30%

Doximity, Inc. (Docs) - Modelo de Negócios: Estrutura de Custo

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura tecnológica para a doximidade em 2023: US $ 12,4 milhões

Componente de infraestrutura	Custo anual
Serviços de hospedagem em nuvem	US $ 5,6 milhões
Infraestrutura de rede	US $ 3,2 milhões
Manutenção do data center	US $ 3,6 milhões

Desenvolvimento de software e engenharia

Despesas totais de desenvolvimento de software em 2023: US $ 24,7 milhões

• Força de trabalho de engenharia: 127 funcionários em tempo integral
• Salário médio de engenharia: US $ 185.000 por ano
• Ferramentas e licenças de desenvolvimento de software: US $ 2,3 milhões

Marketing e aquisição de usuários

Despesas de marketing para 2023: US $ 18,6 milhões

Canal de marketing	Alocação
Publicidade digital	US $ 8,9 milhões
Patrocínios profissionais da conferência	US $ 4,2 milhões
Marketing de conteúdo	US $ 5,5 milhões

Segurança de dados e conformidade

Total de despesas de segurança de dados em 2023: US $ 7,3 milhões

• Infraestrutura de segurança cibernética: US $ 3,6 milhões
• Gerenciamento de conformidade: US $ 2,1 milhões
• Auditorias de segurança externa: US $ 1,6 milhão

Operações de suporte ao cliente

Suporte ao cliente Custos totais para 2023: US $ 6,5 milhões

Componente de suporte	Custo anual
Salários da equipe de apoio	US $ 4,8 milhões
Plataforma de tecnologia de suporte	US $ 1,2 milhão
Treinamento e desenvolvimento	$500,000

Doximity, Inc. (Docs) - Modelo de negócios: fluxos de receita

Publicidade digital

No terceiro trimestre de 2023, a Doximity relatou receita de publicidade digital de US $ 30,1 milhões, representando um aumento de 7% ano a ano.

Taxas de recrutamento e colocação de empregos

A receita de recrutamento para 2023 totalizou US $ 96,2 milhões, com um crescimento de 12% em relação ao ano anterior.

Fonte de receita	2023 quantidade	Crescimento ano a ano
Taxas de recrutamento	US $ 96,2 milhões	12%
Serviços de colocação de empregos	US $ 42,7 milhões	8.5%

Serviços de assinatura premium

A receita de assinatura premium atingiu US $ 24,5 milhões em 2023, com Mais de 80.000 assinantes pagos.

• Taxa mensal de assinatura: US $ 39,99
• Taxa anual de assinatura: US $ 379,99
• Opções de assinatura corporativa disponíveis

Licenciamento de dados para organizações de saúde

A receita de licenciamento de dados para 2023 foi de US $ 18,3 milhões, representando um aumento de 15% em relação a 2022.

Categoria de licenciamento	2023 Receita	Clientes atendidos
Licenciamento de pesquisa em saúde	US $ 12,6 milhões	87 organizações
Insights de dados clínicos	US $ 5,7 milhões	45 sistemas de saúde

Enterprise Software Solutions

A receita do software corporativa totalizou US $ 52,4 milhões em 2023, com uma taxa de crescimento de 20%.

• Base de clientes corporativos: 426 organizações de saúde
• Valor médio do contrato corporativo: $ 127.000
• Taxa de renovação do 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.