Exhibit 99.1

Doximity Announces Fourth Quarter and Fiscal Year 2023 Financial Results and New Senior Leadership Hires

Q4 total revenues of $111.0 million, up 18% year-over-year

Q4 net income margin of 28% and adjusted EBITDA margin of 44%

Fiscal year 2023 total revenues of $419.1 million, up 22% year-over-year

Fiscal year 2023 net income margin of 27% and adjusted EBITDA margin of 44%

Fiscal 2023 Fourth Quarter Financial Highlights

Fiscal Year 2023 Financial Highlights

Financial Outlook

Conference Call Information

About Doximity

Forward-Looking Statements

Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty, including the resurgence or resolution of the COVID-19 pandemic or other pandemics, epidemics or infectious diseases; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors” in the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022. Additional information will be provided in our Annual Report on Form 10-K for the annual period ended March 31, 2023. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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DOXIMITY, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

			March 31, 2023						March 31, 2022
Assets
Current assets:
Cash and cash equivalents			$	158,027					$	112,809
Marketable securities			682,972						685,304
Accounts receivable, net			107,047						81,073
Prepaid expenses and other current assets			22,289						19,439
Deferred contract costs, current			5,118						5,512
Total current assets			975,453						904,137
Property and equipment, net			11,279						8,488
Deferred income tax assets			34,907						48,558
Operating lease right-of-use assets			13,819						1,087
Intangible assets, net			31,836						7,909
Goodwill			67,940						18,915
Other assets			1,654						2,263
Total assets			$	1,136,888					$	991,357
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	1,272					$	463
Accrued expenses and other current liabilities			31,245						25,270
Deferred revenue, current			105,238						84,907
Operating lease liabilities, current			1,752						642
Total current liabilities			139,507						111,282
Deferred revenue, non-current			198						78
Operating lease liabilities, non-current			13,885						447
Contingent earn-out consideration liability, non-current			15,942						—
Other liabilities, non-current			1,240						956
Total liabilities			170,772						112,763
Stockholders' Equity
Preferred stock			—						—
Common stock			194						192
Additional paid-in capital			762,150						702,589
Accumulated other comprehensive loss			(14,083)						(15,294)
Retained earnings			217,855						191,107
Total stockholders' equity			966,116						878,594
Total liabilities and stockholders’ equity			$	1,136,888					$	991,357

DOXIMITY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

DOXIMITY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

			Three Months Ended March 31,												Fiscal Year Ended March 31,
			2023						2022						2023						2022
Cash flows from operating activities
Net income			$	30,668					$	36,726					$	112,818					$	154,783
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			2,708						1,368						10,283						5,040
Deferred income taxes			3,834						(9,275)						13,226						(41,247)
Stock-based compensation, net of amounts capitalized			12,991						9,809						47,834						31,442
Non-cash lease expense			537						302						2,027						1,159
Amortization (accretion) of premium (discount) on marketable securities, net			(29)						1,469						3,115						4,332
Loss on sale of marketable securities			—						708						1,093						1,231
Amortization of deferred contract costs			2,428						2,389						8,785						9,755
Other			657						288						1,454						410
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable			(32,433)						(11,439)						(26,242)						(31,017)
Prepaid expenses and other assets			(5,372)						(2,086)						(3,448)						(9,089)
Deferred contract costs			(2,053)						(2,937)						(8,462)						(9,609)
Accounts payable, accrued expenses and other liabilities			(2,918)						571						(195)						8,664
Deferred revenue			35,625						19,367						17,527						1,828
Operating lease liabilities			(4)						(296)						(213)						(1,107)
Net cash provided by operating activities			46,639						46,964						179,602						126,575
Cash flows from investing activities
Cash paid for acquisition			—						—						(53,500)						—
Purchases of property and equipment			(21)						(1,060)						(1,701)						(1,912)
Internal-use software development costs			(1,005)						(1,049)						(4,483)						(3,785)
Purchases of marketable securities			(60,303)						(45,278)						(190,560)						(1,317,193)
Maturities of marketable securities			48,125						6,302						83,139						47,919
Sales of marketable securities			—						16,864						107,182						633,802
Other			—						595						—						595
Net cash used in investing activities			(13,204)						(23,626)						(59,923)						(640,574)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions			—						—						—						553,905
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants			2,471						3,378						9,926						12,612
Proceeds from issuance of common stock in connection with the employee stock purchase plan			2,418						1,395						4,759						1,395
Taxes paid related to net share settlement of equity awards			(1,469)						(381)						(3,822)						(817)
Repurchase of common stock			(15,282)						—						(85,324)						(2,698)
Payments of deferred offering costs			—						—						—						(3,982)
Net cash provided by (used in) financing activities			(11,862)						4,392						(74,461)						560,415
Net increase in cash and cash equivalents			21,573						27,730						45,218						46,416
Cash and cash equivalents, beginning of period			136,454						85,079						112,809						66,393
Cash and cash equivalents, end of period			$	158,027					$	112,809					$	158,027					$	112,809

Non-GAAP Financial Measures

Reconciliation of GAAP to Non-GAAP Financial Measures