Doximity Inc (NYSE: DOCS) is a digital health company that operates a verified professional network for U.S. medical professionals. Revenue comes from selling subscription-based marketing, hiring, and workflow solutions to pharmaceutical manufacturers, health systems, and medical recruiting firms. As of March 31, 2026, the platform had over 3 million registered members, representing more than 85% of U.S. physicians across all 50 states and every medical specialty, two-thirds of U.S. nurse practitioners and physician assistants, and approximately 90% of graduating U.S. medical students. Customers pay on a predominantly subscription basis to reach this audience with sponsored content, targeted outreach, and recruiting tools. The network's scale creates strong supply-side density: pharmaceutical companies and health systems treat Doximity as a primary channel for reaching specialized clinicians who are otherwise difficult to reach through other media. Revenue was $644.9 million in FY2026 (fiscal year ended March 31, 2026), with adjusted EBITDA of $357.8 million, a 55% margin. CEO Jeffrey Tangney signed the FY2026 10-K filed May 19, 2026.

Revenue model

Predominantly subscription revenue from pharmaceutical manufacturers, health systems, and medical recruiting firms purchasing marketing, hiring, and workflow solutions. The key customer metric tracked is the number of customers with trailing 12-month subscription revenue greater than $500,000. Members (medical professionals) use the platform for free.

Products and services

Marketing Solutions: subscription-based digital marketing platform delivering targeted sponsored content to verified medical professionals, with AI-driven personalization based on diagnosis data and clinical interests. Hiring Solutions: recruiting tools sold to health systems, medical recruiting firms, and other organizations. Workflow Solutions (member-facing, free): HIPAA-compliant communications including telehealth video visits, fax and eSignature with AI document querying, and a prescribing tool that allows clinicians to send prescriptions directly to patients. Member identity and credential verification is integrated with third-party databases.

Customers and end markets

Two distinct user groups: (1) Medical professionals (members), including U.S. physicians, nurse practitioners, physician assistants, and medical students, who use the platform at no charge. Over 3 million registered members as of March 31, 2026. (2) Paying customers: pharmaceutical manufacturers, health systems, medical recruiting firms, and other healthcare companies that buy marketing, hiring, and workflow solutions on subscription. Key demand driver for paying customers is access to a verified, credentialed, and otherwise difficult-to-reach clinician audience.

Value-chain role

Doximity sits between pharmaceutical manufacturers and health systems (demand side) and practicing medical professionals (supply side), operating as a professional network and digital marketing channel. It verifies clinician credentials, hosts HIPAA-compliant communications, and delivers targeted content and recruiting capabilities. It does not manufacture drugs, deliver clinical care, or operate as a health insurer.

Geographic exposure

United States only, based on filing disclosures. Members span all 50 states as of March 31, 2026.

Source: SEC 10-K, filed 2026-05-19

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