Why Doximity Stock is Up More Than 70% in After-Hours Trading Thursday

Digital health care company Doximity Inc (NYSE: DOCS ) reported first-quarter financial results Thursday after market close.

Here are the key highlights and why the stock is soaring after hours.

Doximity Q1 Earnings Doximity reported first-quarter revenue of $156.6 million, up 7% year-over-year.

The revenue total beat the Street consensus estimate of $151.7 million according to data Pro.

The company reported earnings of 29 cents per share, narrowly missing a Street estimate of 30 cents per share.

Adjusted EBITDA was $74.8 million in the quarter, with a margin of 48%. "We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement," Doximity CEO Jeff Tangney said.

The CEO said the company had workflow active prescriber growth of more than 30% year-over-year and AI search query growth of more than 25% quarter-over-quarter.

What’s Next for Doximity The company is guiding for second-quarter revenue to be in a range of $170 million to $171 million.

The Street estimate is $171.95 million according to Pro.

For the full fiscal year, the company raised its revenue guidance to a range of $671 million to $681 million.

The previous range was $664 million to $676 million.

The Street estimate for full-year revenue is currently $670.29 million.

The company expects full-year adjusted EBITDA in a range of $309 million to $329 million.

After a mixed quarter with strong revenue growth and a narrow earnings per share miss, investors are sending shares higher on raised guidance for the full year, which is above analyst estimates.

Doximity Stock Price Action Doximity stock is up 72% to $35.55 in after-hours trading Thursday versus a 52-week trading range of $17.15 to $76.51.

Read Also: Analyst Ratings and Price Targets For Doximity Stock Photo: Shutterstock