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Why Doximity Stock Is Skyrocketing Today

Source The Motley Fool

Shares of Doximity (NYSE: DOCS) rocketed 35% higher as of 1:45 p.m. ET Friday, according to data provided by S&P Global Market Intelligence, after the company reported fiscal second-quarter earnings for the period ended Sept. 30.

Home to the leading digital platform for healthcare professionals in the United States, Doximity grew sales and earnings per share by 20% and 47%, respectively, while providing improved guidance for the full year. Following the company's revenue growth decelerating from over 90% in 2021 to just 6% only two quarters ago, the market seems optimistic that Doximity's accelerated growth could be here to stay.

Doximity: Becoming more than the LinkedIn for medical professionals

Used by over 80% of U.S. physicians, 60% of nurse practitioners, and 90% of graduating med students, Doximity's reach in the healthcare community is unmatched.

Doximity offers a personalized news feed for its 2 million members -- which grew by double digits in Q2. The company set a new record for the number of articles read, highlighting its burgeoning engagement. Thanks to this engagement, the company's newsfeed is a precious marketing space for pharmaceutical companies and hospital systems, making it no surprise that Doximity places advertisements from the 20 biggest companies in each vertical.

However, Doximity now provides workflow solutions to 600,000 prescribers, and is quickly becoming much more than LinkedIn for medical professionals. With workflow solutions ranging from telehealth video calls and digital fax capabilities to scheduling and artificial intelligence (AI) assistants, Doximity is laser-focused on making the healthcare industry more efficient.

Doximity handled over 1 million prompts from its Doximity GPT solution -- for example, generating a letter to appeal an insurance denial-- allowing physicians to focus on patients, not paperwork.

With a net profit margin of 33%, Doximity's future looks bright as this ample funding will allow for continued innovations like these.

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Josh Kohn-Lindquist has positions in Doximity. The Motley Fool has positions in and recommends Doximity. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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