Doximity Inc (NYSE:DOCS) stock fell 12.40% (As on May 18, 11:37:06 AM UTC-4, Source: Google Finance) though the company posted better than expected results for the fourth quarter of FY 22. The company reported Non-GAAP net income of $44.9 million, versus $24.0 million, representing a 48% margin. Adjusted EBITDA of $39.4 million, versus $26.7 million, an increase of 47% year-over-year, representing adjusted EBITDA margins of 42%, versus 40%.

DOCS in the fourth quarter of FY 22 has reported the adjusted earnings per share of 21 cents, beating the analysts’ estimates for the adjusted earnings per share of 15 cents. The company had reported the adjusted revenue growth of 40 percent to $93.7 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $90.11 million.

Additionally, the Board has authorized a $70 million one-year share repurchase program. This will offset dilution from employee share since IPO plus expected dilution for the next year or so.

Meanwhile, adding to the workflow suite, the company had successfully closed the acquisition of Amion.com, which powers 200,000 U.S. physician schedules. When combined with the telehealth tools, which were used by over 350,000 unique physicians, NPs, and PAs last quarter, the company believes that it will become the physician cloud in the United States, a sort of Bloomberg for doctors. Alongside the EHR partners, the company plans to continue digitizing the many paper-based and legacy workflows that physicians face today. As a product-led software company, the company will continue to invest and grow our business while always keeping physicians first. The company needs only to look to China and their current lack of an mRNA vaccine to appreciate the innovation and competitiveness of the U.S. pharmaceutical industry. This innovation extended well beyond COVID this past year, with more than 70 novel active substances launched in 2021, up 50% from the prior five-year average. And the pipeline for new drugs is equally promising, with more than 250 in the FDA queue. The company is looking to partner with these newly launched drugs each year, plus what we call the mega brands, those that sell over $100 million per year in the U.S. The number of such mega brands grew from roughly 350 to 415 last year, so up 18% or 65 new mega brands

Doximity, Inc. expects Q1 2023 revenue to be in the range of $88.6-89.6 million, versus the consensus of $96.8 million. Doximity, Inc. expects FY2023 revenue to be in the range of $454-458 million, versus the consensus of $452.12 million.