Doximity Raises FY27 Outlook on AI Search Momentum, RBC Says

MT Newswires Live08-08

Doximity (DOCS) posted a strong fiscal Q1, with revenue growth reaccelerating on AI-driven client engagement in its legacy business and a guidance raise that indicates early commercial traction from AI search for fiscal 2027, RBC Capital Markets said Thursday in a report.

While net revenue retention trends and margin investment warrant monitoring, RBC said record user engagement, a strengthening competitive position and a growing AI revenue pipeline support its view of a fiscal 2028 reacceleration.

The company attributed Q1 revenue outperformance to two pharma-specific drivers, including AI search lifting client engagement across the portfolio and a meaningful rebound from a top-20 customer that had previously pulled back, RBC said.

New search contracts are supporting the increase in fiscal 2027 revenue guidance, with most of the contracted AI revenue expected in fiscal Q3 as the focus shifts to larger, longer-duration deals during the upfront sales cycle, the report said.

RBC maintained its outperform rating on Doximity stock and its $28 price target.

Doximity surged 36% in Friday trading. CEO Jeffrey Tangney said revenue from the company's new AI search tool is running at 10 times its operating cost.

Price: 28.05, Change: +7.39, Percent Change: +35.77

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