Doximity drops 5% on disappointing outlook

Doximity (DOCS.US), company operating a networking platform for medical professionals, reported earnings for fiscal-Q4 2023 yesterday after session close (calendar Q1 2023). Company reported results that were slightly better-than-expected with sales and earnings topping analysts' forecasts.

However, this has failed to spur a buying spree on a company stock as beats were small and outlook for the coming periods disappointed. Company expects revenue in fiscal-Q1 2024 (calendar Q2 2023) to reach $106.5-107.5 million and adjusted EBITDA to reach $39-40 million. Both of these forecasts came in below market expectations, especially the EBITDA forecast. Company explained that disappointing forecasts are because of delayed product launches. Forecasts for full fiscal-2024 were mostly in-line with forecasts.

Quarterly and annual forecasts from the company suggest that business performance will improve significantly in the second half of fiscal year. This raised concerns among analysts as it could be challenging to achieve in a deteriorating macroeconomic environment.

Fiscal-Q4 2023 results (calendar Q1 2023)

Revenue: $111.0 million vs $110 million expected (+18% YoY)
Adjusted EPS: $0.20 vs $0.17 expected ($0.21 in year ago quarter)
Adjusted EBITDA: $48.9 million vs $45.7 million expected

Fiscal-Q1 2024 forecast (calendar Q2 2023)

Revenue: $106.5-107.5 million (exp. $111.8 million)
Adjusted EBITDA: $39-40 million (exp. $45 million)

Full fiscal-2024 forecast (calendar Q2 2023 - Q1 2024)

Revenue: $500-506 million, changed from a previous forecast of 'above $500 million'
Adjusted EBITDA: $216-222 million (exp. $216 million)

Taking a look at the Doximity chart (DOCS.US) at H4 interval, we can see that the stock launched today's trading with a big bearish price gap. Share price continued to drop until bulls managed to halt sell-off at $30.40 support zone. A strong recovery move was launched later on and stock recoup about half of the earlier drops. Stock climbed above the $32.00 swing area and is testing the local low from the end of a previous week.

Source: xStation5

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Doximity drops 5% on disappointing outlook

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