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5 important details in Doximity’s IPO filing

Digital health tool operator Doximity has filed additional documents for its initial public offering. The San Francisco-based startup has previously said it plans to raise up to $100 million.

  1. The company estimates the market value of its telehealth solutions at $4.3 billion, using average contract sizes and annual subscription fees.
  2. As of March 31, 2021, over 90{f771d91d784324d4be731abc64bffe0d1fd8f26504ceb311bcfd8e5b001778f4} of U.S. hospitals have Doximity’s Dialer app at their facility, according to the filings. Doximity provided some services for free during the pandemic and began charging for them in January, 2021.
  3. The company gave several reasons for future growth, including stating that revenue from their top 20 customers had increased by a median multiple of six times since fiscal 2017.
  4. Doximity year over year growth of 78{f771d91d784324d4be731abc64bffe0d1fd8f26504ceb311bcfd8e5b001778f4} in 2021 when it recorded revenue of $207 million versus the prior year when it reported $116 million.
  5. CEO and co-founder Jeffrey Tangney, who also co-founded Epocrates, received $21 million in option awards in 2021 with a base salary of $240,000.

Doximity allows physiciansa to communicate in a HIPAA-compliant platform. The network has been previously defined as a “LinkedIn for medical professionals.”


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