Exhibit 99.1

Doximity Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Fiscal year 2024 total revenues of $475.4 million, up 13% year-over-year

Fiscal year 2024 net income growth of 31% and adjusted EBITDA growth of 25% year-over-year

Q4 total revenues of $118.1 million, up 6% year-over-year

Q4 net income growth of 32% and adjusted EBITDA growth of 15% year-over-year

Fiscal 2024 Fourth Quarter Financial Highlights

Fiscal Year 2024 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 the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2023. Additional information will be provided in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. 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, 2024						March 31, 2023
Assets
Current assets:
Cash and cash equivalents			$	96,785					$	158,027
Marketable securities			666,115						682,972
Accounts receivable, net			101,332						107,047
Prepaid expenses and other current assets			48,709						27,407
Total current assets			912,941						975,453
Property and equipment, net			12,318						11,279
Deferred income tax assets			45,068						34,907
Operating lease right-of-use assets			12,332						13,819
Intangible assets, net			27,317						31,836
Goodwill			67,940						67,940
Other assets			1,458						1,654
Total assets			$	1,079,374					$	1,136,888
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			$	2,253					$	1,272
Accrued expenses and other current liabilities			43,703						31,245
Deferred revenue, current			99,145						105,238
Operating lease liabilities, current			2,149						1,752
Total current liabilities			147,250						139,507
Deferred revenue, non-current			211						198
Operating lease liabilities, non-current			12,397						13,885
Contingent earn-out consideration liability, non-current			10,895						15,942
Other liabilities, non-current			7,224						1,240
Total liabilities			177,977						170,772
Stockholders' Equity
Preferred stock			—						—
Common stock			187						194
Additional paid-in capital			823,885						762,150
Accumulated other comprehensive loss			(2,664)						(14,083)
Retained earnings			79,989						217,855
Total stockholders' equity			901,397						966,116
Total liabilities and stockholders’ equity			$	1,079,374					$	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 March 31,												Fiscal Year Ended March 31,
			2024						2023						2024						2023
Cash flows from operating activities
Net income			$	40,618					$	30,668					$	147,582					$	112,818
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			2,548						2,708						10,265						10,283
Deferred income taxes			(8,593)						3,834						(8,593)						13,226
Stock-based compensation, net of amounts capitalized			11,857						12,991						51,076						47,834
Non-cash lease expense			475						537						2,074						2,027
Amortization of premium (accretion of discount) on marketable securities, net			(1,761)						(29)						(5,238)						3,115
Net loss on sale of marketable securities			—						—						402						1,093
Amortization of deferred contract costs			2,593						2,428						8,871						8,785
Change in fair value of contingent earn-out consideration liability			183						405						951						728
Other			773						252						1,230						726
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable			(4,516)						(32,433)						3,993						(26,242)
Prepaid expenses and other assets			(16,502)						(5,372)						(20,483)						(3,448)
Deferred contract costs			(1,683)						(2,053)						(8,608)						(8,462)
Accounts payable, accrued expenses and other liabilities			5,966						(2,918)						8,332						(195)
Deferred revenue			32,496						35,625						(6,080)						17,527
Operating lease liabilities			(510)						(4)						(1,678)						(213)
Net cash provided by operating activities			63,944						46,639						184,096						179,602
Cash flows from investing activities
Cash paid for acquisition			—						—						—						(53,500)
Purchases of property and equipment			—						(21)						(147)						(1,701)
Internal-use software development costs			(1,634)						(1,005)						(5,654)						(4,483)
Purchases of marketable securities			(191,529)						(60,303)						(472,867)						(190,560)
Maturities of marketable securities			116,993						48,125						435,179						83,139
Sales of marketable securities			—						—						74,675						107,182
Net cash provided by (used in) investing activities			(76,170)						(13,204)						31,186						(59,923)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants			3,134						2,471						12,892						9,926
Proceeds from issuance of common stock in connection with the employee stock purchase plan			1,952						2,418						3,446						4,759
Taxes paid related to net share settlement of equity awards			(1,424)						(1,469)						(6,756)						(3,822)
Repurchase of common stock			(17,740)						(15,282)						(280,716)						(85,324)
Payment of contingent consideration related to a business combination			—						—						(5,390)						—
Net cash used in financing activities			(14,078)						(11,862)						(276,524)						(74,461)
Net increase (decrease) in cash and cash equivalents			(26,304)						21,573						(61,242)						45,218
Cash and cash equivalents, beginning of period			123,089						136,454						158,027						112,809
Cash and cash equivalents, end of period			$	96,785					$	158,027					$	96,785					$	158,027
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds			$	12,911					$	2,727					$	51,274					$	5,231

Non-GAAP Financial Measures

Key Business Metrics

Reconciliation of GAAP to Non-GAAP Financial Measures