Doximity Inc (DOCS)

History and Background

Doximity, Inc. was founded in 2010 and launched in 2011. It provides a social networking service and telehealth platform for medical professionals in the United States. It has grown to become the leading professional network for physicians.

Core Business Areas

• Marketing Solutions: Provides marketing and engagement solutions to pharmaceutical manufacturers, hospitals, and healthcare systems. These solutions allow healthcare companies to reach and engage with physicians through Doximity's platform.
• Recruiting Solutions: Helps hospitals, clinics, and other healthcare organizations to find and recruit qualified physicians. These solutions include job postings, candidate search, and recruitment branding.
• Telehealth Solutions: Offers a telehealth platform that allows physicians to conduct virtual patient visits.

Leadership and Structure

The CEO is Jeff Tangney. The organizational structure includes departments such as engineering, product, sales, marketing, and operations.

Key Offerings

• Doximity Network: A professional medical network used by a large percentage of US physicians. It enables communication, collaboration, and information sharing. Doximity claims to have over 80% of US physicians as members. Competitors include Sermo and QuantiaMD (now part of Phreesia).
• Doximity Dialer: A telehealth tool that allows physicians to call patients from their personal devices while displaying their office number. There are some competitors for this product, such as Teladoc Health (TDOC) and Amwell (AMWL). Revenue numbers are hard to extract specifically for each product.
• Doximity Residency Navigator: A tool to help medical students research residency programs. Revenue from this specific product isn't disclosed.

Industry Overview

The healthcare technology industry is experiencing significant growth due to increased adoption of telehealth, electronic health records, and other digital health solutions. There is increased importance of digital engagement with physicians to ensure marketing and adoption of new medicines and medical devices.

Positioning

Doximity is positioned as the leading professional medical network for physicians. Its large user base and suite of tools provide a competitive advantage. They have created a hub for marketing to physicians that makes them a 'must have' platform for healthcare companies.

Total Addressable Market (TAM)

The market for healthcare marketing and physician recruiting is estimated to be in the billions of dollars. Doximity is well-positioned to capture a significant portion of this TAM. TAM estimates range from $18.5B to higher with assumptions on future growth.

Key Competitors

• TDOC
• AMWL
• MMS

Competitive Landscape

Doximity has a strong advantage in physician network size. Teladoc and Amwell have broader telehealth offerings, while Veeva Systems is a strong competitor for certain marketing segments. MMS is a medical communication company.

Curative

• Year: 2020
• Acquisition Price (USD millions): 20
• Strategic Rationale: Acquired Curative to bolster its telehealth capabilities and offer a more comprehensive virtual care solution for physicians and patients.

Historical Growth: Doximity has experienced strong growth since its founding, driven by increased adoption of its platform and services.

Future Projections: Analyst estimates project continued revenue growth in the coming years. However, the rate may be slower as the company scales.

Recent Initiatives: Recent initiatives include expanding its telehealth capabilities and developing new marketing solutions.

Doximity is the leading professional network for physicians, with strong revenue growth and profit margins. Its large physician base is a significant advantage, creating a strong barrier to entry. However, they need to remain innovative and expand beyond its core advertising business. Key areas to watch include competition in telehealth and saturation in the US market. Overall Doximity is a solid player in the digital health space.

Data Sources:

• SEC Filings
• Company Investor Relations
• Industry Reports
• Analyst Reports

Disclaimers:

This analysis is for informational purposes only and should not be considered investment advice. Market share data are estimates and may vary. Financial data are subject to change.