Exhibit 99.1

Doximity Announces Fiscal 2024 First Quarter Financial Results

Total revenues of $108.5 million, up 20% year-over-year

Operating cash flow of $57.2 million, up 28% year-over-year

Free cash flow of $55.6 million, up 31% year-over-year

Fiscal 2024 First Quarter Financial Highlights

Financial Outlook

Workforce Reduction

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 our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 and as may be updated in any subsequent Quarterly Reports on Form 10-Q. 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)

			June 30, 2023						March 31, 2023
Assets
Current assets:
Cash and cash equivalents			$	306,729					$	158,027
Marketable securities			566,444						682,972
Accounts receivable, net			92,922						107,047
Prepaid expenses and other current assets			19,832						22,289
Deferred contract costs, current			3,729						5,118
Total current assets			989,656						975,453
Property and equipment, net			11,639						11,279
Deferred income tax assets			38,895						34,907
Operating lease right-of-use assets			13,282						13,819
Intangible assets, net			30,638						31,836
Goodwill			67,940						67,940
Other assets			1,459						1,654
Total assets			$	1,153,509					$	1,136,888
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	582					$	1,272
Accrued expenses and other current liabilities			31,741						31,245
Deferred revenue, current			98,323						105,238
Operating lease liabilities, current			2,048						1,752
Total current liabilities			132,694						139,507
Deferred revenue, non-current			191						198
Operating lease liabilities, non-current			13,585						13,885
Contingent earn-out consideration liability, non-current			10,454						15,942
Other liabilities, non-current			5,798						1,240
Total liabilities			162,722						170,772
Stockholders' Equity
Preferred stock			—						—
Common stock			195						194
Additional paid-in capital			777,772						762,150
Accumulated other comprehensive loss			(12,336)						(14,083)
Retained earnings			225,156						217,855
Total stockholders' equity			990,787						966,116
Total liabilities and stockholders’ equity			$	1,153,509					$	1,136,888

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 June 30,
															2023						2022
Cash flows from operating activities
Net income															$	28,406					$	22,383
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization															2,604						2,370
Deferred income taxes															—						105
Stock-based compensation, net of amounts capitalized															14,001						9,506
Non-cash lease expense															537						401
Amortization of premium (accretion of discount) on marketable securities, net															(299)						1,455
Loss on sale of marketable securities															273						37
Amortization of deferred contract costs															2,667						2,767
Other															(152)						(30)
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable															14,032						5,533
Prepaid expenses and other assets															2,589						1,246
Deferred contract costs															(1,210)						(866)
Accounts payable, accrued expenses and other liabilities															677						(6,109)
Deferred revenue															(6,922)						6,152
Operating lease liabilities															(3)						(198)
Net cash provided by operating activities															57,200						44,752
Cash flows from investing activities
Cash paid for acquisition															—						(53,500)
Purchases of property and equipment															(70)						(710)
Internal-use software development costs															(1,494)						(1,415)
Purchases of marketable securities															(35,284)						(8,870)
Maturities of marketable securities															116,649						8,271
Sales of marketable securities															37,525						14,724
Net cash provided by (used in) investing activities															117,326						(41,500)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants															3,285						3,014
Taxes paid related to net share settlement of equity awards															(1,964)						(109)
Repurchase of common stock															(21,755)						(8,874)
Payment of contingent consideration related to a business combination															(5,390)						—
Net cash used in financing activities															(25,824)						(5,969)
Net increase (decrease) in cash and cash equivalents															148,702						(2,717)
Cash and cash equivalents, beginning of period															158,027						112,809
Cash and cash equivalents, end of period															$	306,729					$	110,092

Non-GAAP Financial Measures

Key Business Metrics

Reconciliation of GAAP to Non-GAAP Financial Measures