Exhibit 99.1

Doximity Announces Fiscal 2024 Second Quarter Financial Results

Total revenues of $113.6 million, up 11% year-over-year

Net income margin of 27% and adjusted EBITDA margin of 48%

Net income growth of 16% and adjusted EBITDA growth of 18% year-over-year

Fiscal 2024 Second Quarter Financial Highlights

Financial Outlook

Stock Repurchase Program

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; (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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

			September 30, 2023						March 31, 2023
Assets
Current assets:
Cash and cash equivalents			$	108,403					$	158,027
Marketable securities			621,451						682,972
Accounts receivable, net			97,217						107,047
Prepaid expenses and other current assets			32,789						22,289
Deferred contract costs, current			2,960						5,118
Total current assets			862,820						975,453
Property and equipment, net			11,780						11,279
Deferred income tax assets			39,289						34,907
Operating lease right-of-use assets			12,743						13,819
Intangible assets, net			29,440						31,836
Goodwill			67,940						67,940
Other assets			1,559						1,654
Total assets			$	1,025,571					$	1,136,888
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	714					$	1,272
Accrued expenses and other current liabilities			29,086						31,245
Deferred revenue, current			91,446						105,238
Operating lease liabilities, current			1,935						1,752
Total current liabilities			123,181						139,507
Deferred revenue, non-current			237						198
Operating lease liabilities, non-current			13,119						13,885
Contingent earn-out consideration liability, non-current			10,448						15,942
Other liabilities, non-current			7,119						1,240
Total liabilities			154,104						170,772
Stockholders' Equity
Preferred stock			—						—
Common stock			188						194
Additional paid-in capital			794,804						762,150
Accumulated other comprehensive loss			(8,928)						(14,083)
Retained earnings			85,403						217,855
Total stockholders' equity			871,467						966,116
Total liabilities and stockholders’ equity			$	1,025,571					$	1,136,888

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

			Three Months Ended September 30,												Six Months Ended September 30,
			2023						2022						2023						2022
Cash flows from operating activities
Net income			$	30,602					$	26,299					$	59,008					$	48,682
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			2,604						2,589						5,208						4,959
Deferred income taxes			—						—						—						105
Stock-based compensation, net of amounts capitalized			13,447						11,353						27,448						20,859
Non-cash lease expense			540						551						1,077						952
Amortization of premium (accretion of discount) on marketable securities, net			(1,495)						1,218						(1,794)						2,673
Loss (gain) on sale of marketable securities			(131)						463						142						500
Amortization of deferred contract costs			2,063						2,072						4,730						4,839
Other			137						37						(15)						7
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable			(4,388)						(3,339)						9,644						2,194
Prepaid expenses and other assets			(13,093)						2,405						(10,504)						3,651
Deferred contract costs			(1,238)						(1,476)						(2,448)						(2,342)
Accounts payable, accrued expenses and other liabilities			(8,740)						1,635						(8,063)						(4,474)
Deferred revenue			(6,831)						(4,280)						(13,753)						1,872
Operating lease liabilities			(579)						(13)						(582)						(211)
Net cash provided by operating activities			12,898						39,514						70,098						84,266
Cash flows from investing activities
Cash paid for acquisition			—						—						—						(53,500)
Purchases of property and equipment			(41)						(766)						(111)						(1,476)
Internal-use software development costs			(1,238)						(1,051)						(2,732)						(2,466)
Purchases of marketable securities			(144,942)						(82,307)						(180,226)						(91,177)
Maturities of marketable securities			96,119						16,167						212,768						24,438
Sales of marketable securities			—						49,434						37,525						64,158
Net cash provided by (used in) investing activities			(50,102)						(18,523)						67,224						(60,023)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants			3,933						2,570						7,218						5,584
Proceeds from issuance of common stock in connection with the employee stock purchase plan			1,494						2,341						1,494						2,341
Taxes paid related to net share settlement of equity awards			(2,120)						(1,152)						(4,084)						(1,261)
Repurchase of common stock			(164,429)						(61,168)						(186,184)						(70,042)
Payment of contingent consideration related to a business combination			—						—						(5,390)						—
Net cash used in financing activities			(161,122)						(57,409)						(186,946)						(63,378)
Net decrease in cash and cash equivalents			(198,326)						(36,418)						(49,624)						(39,135)
Cash and cash equivalents, beginning of period			306,729						110,092						158,027						112,809
Cash and cash equivalents, end of period			$	108,403					$	73,674					$	108,403					$	73,674
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds			$	29,438					$	123					$	29,438					$	123

Non-GAAP Financial Measures

Key Business Metrics

Reconciliation of GAAP to Non-GAAP Financial Measures