Exhibit 99.1

Doximity Announces Fiscal 2024 Third Quarter Financial Results

Total revenues of $135.3 million, up 17% year-over-year

Net income margin of 35% and adjusted EBITDA margin of 54%

Net income growth of 43% and adjusted EBITDA growth of 32% year-over-year

Fiscal 2024 Third Quarter 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; (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)

			December 31, 2023						March 31, 2023
Assets
Current assets:
Cash and cash equivalents			$	123,089					$	158,027
Marketable securities			587,149						682,972
Accounts receivable, net			97,584						107,047
Prepaid expenses and other current assets			27,191						22,289
Deferred contract costs, current			5,886						5,118
Total current assets			840,899						975,453
Property and equipment, net			11,839						11,279
Deferred income tax assets			37,204						34,907
Operating lease right-of-use assets			12,808						13,819
Intangible assets, net			28,379						31,836
Goodwill			67,940						67,940
Other assets			1,580						1,654
Total assets			$	1,000,649					$	1,136,888
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	1,880					$	1,272
Accrued expenses and other current liabilities			34,079						31,245
Deferred revenue, current			66,694						105,238
Operating lease liabilities, current			2,109						1,752
Total current liabilities			104,762						139,507
Deferred revenue, non-current			166						198
Operating lease liabilities, non-current			12,947						13,885
Contingent earn-out consideration liability, non-current			10,787						15,942
Income taxes payable, non-current			6,532						99
Other liabilities, non-current			841						1,141
Total liabilities			136,035						170,772
Stockholders' Equity
Preferred stock			—						—
Common stock			186						194
Additional paid-in capital			808,078						762,150
Accumulated other comprehensive loss			(4,653)						(14,083)
Retained earnings			61,003						217,855
Total stockholders' equity			864,614						966,116
Total liabilities and stockholders’ equity			$	1,000,649					$	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 December 31,												Nine Months Ended December 31,
			2023						2022						2023						2022
Cash flows from operating activities
Net income			$	47,956					$	33,468					$	106,964					$	82,150
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			2,509						2,616						7,717						7,575
Deferred income taxes			—						9,287						—						9,392
Stock-based compensation, net of amounts capitalized			11,771						13,984						39,219						34,843
Non-cash lease expense			522						538						1,599						1,490
Amortization of premium (accretion of discount) on marketable securities, net			(1,683)						471						(3,477)						3,144
Loss on sale of marketable securities			260						593						402						1,093
Amortization of deferred contract costs			1,548						1,518						6,278						6,357
Change in fair value of contingent earn-out consideration liability			452						417						768						323
Other			788						373						457						474
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable			(1,135)						3,997						8,509						6,191
Prepaid expenses and other assets			6,523						(1,727)						(3,981)						1,924
Deferred contract costs			(4,477)						(4,067)						(6,925)						(6,409)
Accounts payable, accrued expenses and other liabilities			10,429						7,197						2,366						2,723
Deferred revenue			(24,823)						(19,970)						(38,576)						(18,098)
Operating lease liabilities			(586)						2						(1,168)						(209)
Net cash provided by operating activities			50,054						48,697						120,152						132,963
Cash flows from investing activities
Cash paid for acquisition			—						—						—						(53,500)
Purchases of property and equipment			(36)						(204)						(147)						(1,680)
Internal-use software development costs			(1,288)						(1,012)						(4,020)						(3,478)
Purchases of marketable securities			(101,112)						(39,080)						(281,338)						(130,257)
Maturities of marketable securities			105,418						10,576						318,186						35,014
Sales of marketable securities			37,150						43,024						74,675						107,182
Net cash provided by (used in) investing activities			40,132						13,304						107,356						(46,719)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants			2,540						1,871						9,758						7,455
Proceeds from issuance of common stock in connection with the employee stock purchase plan			—						—						1,494						2,341
Taxes paid related to net share settlement of equity awards			(1,248)						(1,092)						(5,332)						(2,353)
Repurchase of common stock			(76,792)						—						(262,976)						(70,042)
Payment of contingent consideration related to a business combination			—						—						(5,390)						—
Net cash provided by (used in) financing activities			(75,500)						779						(262,446)						(62,599)
Net increase (decrease) in cash and cash equivalents			14,686						62,780						(34,938)						23,645
Cash and cash equivalents, beginning of period			108,403						73,674						158,027						112,809
Cash and cash equivalents, end of period			$	123,089					$	136,454					$	123,089					$	136,454
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds			$	8,925					$	2,381					$	38,363					$	2,504

Non-GAAP Financial Measures

Key Business Metrics

Reconciliation of GAAP to Non-GAAP Financial Measures