Doximity
Doximity runs the verified network and workflow tools most US doctors use daily.
On the record
Checkpoint: Q1 FY2027 earnings test whether AI tools convert to revenue without margin damage
The call
Doximity still owns the doctor network, but slowing growth and a well funded AI rival in OpenEvidence make the next few quarters the real test.
Doximity runs a social network and messaging platform for US doctors and sells advertising to pharmaceutical companies. It was hard to replace because it reached most American doctors, but a newer competitor called OpenEvidence is shipping AI tools that help doctors make treatment decisions, has more money, and is getting built directly into hospital computer systems where doctors already work. The key question is whether Doximity can turn its AI products into real money without spending so much on computing power that profits disappear.
Why
01
AI pressure: OpenEvidence. OpenEvidence has 860K+ clinicians and exclusive journal deals, pulling physician attention and pharma budgets toward its AI answer engine. Could AI do the core job? Only partly.
02
Bigger players: None apparent. No large tech or EHR giant has launched a competing physician network at this scale yet. Could a giant copy it? No, they are blocked.
03
What protects it. Verified logins for 85%+ of US doctors and deep pharma ad relationships are hard for a newer AI tool to replicate fast.
What would change this call
Doximity's Q1/Q2 FY2027 revenue growth vs. 8% reacceleration threshold. Shows whether AI engagement is converting to revenue or growth keeps decelerating.
Any pharma-marketing deal signed directly between OpenEvidence and a drugmaker. Would show OpenEvidence encroaching on Doximity's core ad-revenue moat.
Depth/scale of Doximity's Aledade or Epic integration announcements over next 12 months. Tests whether Doximity secures EHR-embedded distribution before OpenEvidence does.
Any pharma-marketing deal signed directly between OpenEvidence and a drugmaker. Would show OpenEvidence encroaching on Doximity's core ad-revenue moat.
Depth/scale of Doximity's Aledade or Epic integration announcements over next 12 months. Tests whether Doximity secures EHR-embedded distribution before OpenEvidence does.
Key numbers
- FY2026 revenue $644.9M, growth slowed to 13%
- FY2027 guidance implies only ~4% growth
- Stock fell 23% in a day on guidance miss
Named risks
- Active securities investigations (Schall, Pomerantz) over May 2026 guidance miss could escalate to class action.
- Revenue growth decelerated from 20% to 13% YoY, with FY2027 guidance implying only ~4% growth, below consensus.
- AI compute investment compressing near-term margins, flagged by management as driver of stock drop.
- OpenEvidence's exclusive JAMA/NEJM licensing and Epic embedding could siphon physician AI-tool mindshare.
- Reputational overhang from former CRO's insider trading sentencing, though legally concluded.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| OpenEvidence | losing to | OpenEvidence hit $12B valuation with 860K+ clinicians and JAMA/NEJM exclusive deals by Jan 2026, per vendor-reported figures |
| OpenEvidence | losing to | OpenEvidence embedded in Epic at Sutter Health, Mount Sinai, Cedars-Sinai as of July 2026, ahead of Doximity's Aledade deal |
| Medscape | contesting | Free ad-supported clinical reference platform competing for physician attention (vendor-estimated revenue, 2022 figure) |
| UpToDate (Wolters Kluwer) | contesting | Established clinical-reference incumbent adding AI navigation per 2026 comparative coverage |
| Epic and Oracle Health | gaining on | Major EHR vendors moving into healthcare-AI adjacent to Doximity's workflow space as of Jan 2026 |
Questions people ask
- Is Doximity profitable in 2026?
- Yes. Doximity generated $317.5M in free cash flow for fiscal 2026 (ended March 31, 2026), up 19% year over year, per its May 13, 2026 earnings release, even as revenue growth slowed to 13% and guidance implies only ~4% growth for fiscal 2027.
- Could AI replace Doximity?
- Not the core network, but the AI-tools layer is contested. Doximity's verified 85%+ physician network is hard to replicate, but rival OpenEvidence hit a $12B valuation in January 2026 with 860K+ clinicians and exclusive JAMA/NEJM content deals Doximity lacks.
- Who is Doximity's biggest competitor?
- OpenEvidence, an AI-first medical answer engine that reached a $12B valuation in January 2026 (reportedly weighing a $200M round at $20B by July 2026), with 860K+ licensed clinicians and Epic-embedded deployments at Sutter Health, Mount Sinai, and Cedars-Sinai.
- Did Doximity have a stock drop in 2026?
- Yes. Doximity shares fell 23% in a single day on May 14, 2026 after fiscal 2027 guidance of $664-676M revenue (about 4% growth) came in below Wall Street's roughly $687M consensus, triggering law firm investigations.
- Who owns Doximity?
- Doximity is a public company (NYSE: DOCS) since its June 2021 IPO; institutional investors hold roughly 87% and insiders roughly 31-32%, per an investor-tracking site cited in a July 2026 brief. No single parent company controls it.
- What percentage of US doctors use Doximity?
- More than 85% of US physicians are verified members of Doximity's network, with over 3 million registered members and roughly 720,000 active prescribers on its workflow tools as of Q3 fiscal 2026, per company-reported figures.
Timeline
- 2026-07-20OpenEvidence reportedly weighing $200M round at $20B valuation
- 2026-06-25Pomerantz Law Firm announces investor investigation into Doximity
- 2026-06-11Prior 2021-2023 securities class action against Doximity settled; Schall Law investigation opens
- 2026-05-27FBI announces sentencing of former CRO Paul Jorgensen for insider trading
- 2026-05-21Former CRO Paul Jorgensen sentenced to 26 months for insider trading
- 2026-05-1910-K filed detailing 140+ health system Clinical AI Suite adoption and risk factors
- 2026-05-14Doximity stock drops 23% in one day after guidance miss
- 2026-05-13Doximity reports FY2026 revenue of $644.9M and FY2027 guidance of $664-676M
- 2026-05-13Doximity announces Aledade partnership embedding Scribe and Ask into Aledade Assist
- 2026-01-21OpenEvidence reaches $12B valuation with 860K+ licensed clinicians
Head to head
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Doximity Announces Fourth Quarter and Fiscal Year 2026 Financial Results (2026-05-13)
- Doximity details AI platform, network and key risks (2026-05-19)
- INVESTOR ALERT: Pomerantz Law Firm (2026-06-25)
- Doximity (DOCS) Q4 2026 Earnings Transcript (2026-05-13)
- Which Medical Info Systems Stock Is the Better Pick Now? (2026-03-31)
- Doximity (DOCS) Number of Employees (2026-06-22)
- gurufocus.com (2026-07-22)
- Doximity director Kira Scherer Wampler sells $234,540 of Class A stock (2026-05-08)
- OpenEvidence hits $12B valuation as AI step-ups pull ahead (2026-01-21)
- OpenEvidence revenue, valuation & funding (2026-03-09)
- OpenEvidence weighs $200M funding round at $20B valuation (2026-07-20)
- Faster and Peer Reviewed