5 important details in Doximity’s IPO filing
Digital health tool operator Doximity has filed additional documents for its initial public offering. The San Francisco-based startup has previously said it plans to raise up to $100 million.
- The company estimates the market value of its telehealth solutions at $4.3 billion, using average contract sizes and annual subscription fees.
- As of March 31, 2021, over 90% of U.S. hospitals have Doximity’s Dialer app at their facility, according to the filings. Doximity provided some services for free during the pandemic and began charging for them in January, 2021.
- The company gave several reasons for future growth, including stating that revenue from their top 20 customers had increased by a median multiple of six times since fiscal 2017.
- Doximity year over year growth of 78% in 2021 when it recorded revenue of $207 million versus the prior year when it reported $116 million.
- CEO and co-founder Jeffrey Tangney, who also co-founded Epocrates, received $21 million in option awards in 2021 with a base salary of $240,000.
Doximity allows physiciansa to communicate in a HIPAA-compliant platform. The network has been previously defined as a “LinkedIn for medical professionals.”