This Doctor App Got Sent To The Emergency Room, But The Business Still Has A Pulse

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What Just Happened

Doximity (NYSE: DOCS) has been getting treated like a patient in triage. The stock hit a new 52-week low around $23.53 in late March, down roughly 69% from its 52-week high. At the same time, several analysts have argued the selloff may be overdone. Freedom Capital started coverage with a Buy and a $31 target, Piper kept an Overweight and moved its target to $42, while Canaccord upgraded the stock to Buy even as it cut its target to $34.

The immediate reason sentiment cracked was the company’s fiscal Q4 FY2026 guidance. Doximity guided revenue to $143 million to $144 million, which implied just 4% growth and came in below what Wall Street wanted. Management tied that weakness to delayed pharma budget commitments after late-December policy uncertainty around MFN agreements. That soft guide helped trigger the stock’s ugly reset.

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The Unsexy Product That Makes The Story Better

The lazy description is that this is LinkedIn for doctors. The better description is that it is a digital workflow and marketing platform sitting in the middle of physician communication, telehealth, recruiting, and pharma outreach.

That matters because the value here is not just “doctors hang out on the app.” It is that a very large share of U.S. physicians use the platform, which gives the company a hard-to-replicate audience for recruiting, telehealth tools, and pharma marketing. The more the platform becomes part of everyday physician workflow, the less it looks like a novelty and the more it looks like infrastructure.

The AI layer is what makes the story newly interesting. The company’s DocsGPT rollout crossed 300,000 unique prescriber users in its first full quarter after the Pathway acquisition, and more than 100 health systems covering 180,000 clinicians had cleared internal committees and bought the full AI suite. That gives Doximity a shot at opening new budgets rather than just defending the old ad business.

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Why The Market Cares Again

First, the business is still growing. In fiscal Q3 2026, revenue rose to $185.1 million, up 10% year over year, and beat the high end of guidance. That is not rocket-ship growth, but it is a lot better than the stock action suggests. Adjusted EBITDA margin was 60% in the quarter, which is the kind of number most software names would happily frame and hang on the wall.

Second, the company is still a cash machine. It generated $216.9 million in operating cash flow in the first nine months of fiscal 2026 and ended the period with $64.8 million in cash plus $670.3 million in marketable securities. It also spent $342.9 million on share repurchases in those first nine months. This is not a balance-sheet stress story.

Third, buybacks are suddenly a major part of the pitch. On February 5, the board authorized a new $500 million repurchase program with no expiration date. At today’s stock price, that is not cosmetic. It is real support.

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What The Financials Are Signaling

The most important signal is that the core model still has very strong economics. Full-year FY2026 guidance sits at $642.5 million to $643.5 million in revenue, with $355.5 million to $356.5 million in adjusted EBITDA. Gross margins remain above 90%, and trailing net revenue retention was 112% across its 126 largest customers.

That is the heart of the bull case. This company is not cheap because it is broken. It is cheap because the market hates the near-term pharma budget wobble and does not want to give full credit yet to AI products that are getting used but not really monetized inside guidance.