Healthcare · Profile from Healthcare Research Companion
Doximity, Inc.
The professional network that most US physicians actually use. Free to clinicians, it makes its money by selling pharmaceutical companies and hospitals access to those clinicians, for brand marketing and for recruiting. It became one of the most profitable companies in digital health by giving doctors free tools (fax, a calling app, video visits, scheduling and, since 2023, generative AI) that keep them logging in, then charging the buyers who want their attention.
At a glance
- Founded
- 2010, San Francisco Bay Area (incorporated April 2010 as 3MD Communications, renamed Doximity in June 2010; public launch March 2011, reported)
- Founders
- Jeff Tangney (CEO; earlier co-founder of Epocrates), Nate Gross (physician; co-founder of the Rock Health incubator) and Shari Buck (an Epocrates colleague of Tangney's)
- Headquarters
- San Francisco, California
- Ownership / structure
- Public company, NYSE: DOCS (IPO June 2021); dual-class shares concentrate voting control with executives, directors and affiliates (company 10-K)
- Leadership (2026)
- Jeff Tangney, co-founder and CEO; Jey Balachandran, CTO; Siddharth Sitaram, interim CFO from April 2026 after CFO Anna Bryson resigned (8-K, April 2026; a permanent CFO appointment was reported for May 2026, verify); Nate Gross's current title is unclear (company page lists Chief Strategy Officer, verify)
- Segment and buyer
- Health IT / digital health, clinician side. Users are physicians, nurse practitioners, physician assistants, pharmacists and students (free). Buyers are pharmaceutical manufacturers (marketing), hospitals and health systems (marketing, recruiting and enterprise workflow tools)
- Scale
- Over 2 million registered members (March 2025); more than 85% of US physicians, over 60% of NPs and PAs and over 90% of graduating US medical students (company filings, 2025–26); over 800,000 active prescribers on workflow tools in the quarter to March 2026 (company); ~830 full-time employees (March 2025)
- Revenue
- FY2026 (year to 31 March 2026) $644.9m (+13%); adjusted EBITDA $357.8m (55.5% margin); net income $196.1m; free cash flow $317.5m (company results, May 2026)
- Capital raised / market cap
- ~$81m of venture capital, the last round in April 2014 (reported); IPO June 2021 at $26 per share (above a $20–23 range), ~$494m–$606m gross proceeds depending on the over-allotment (reported); first-day close ~$53.89 and a market cap near $10bn in the first week; later swings from above ~$100 (2021) to the mid-$20s (2022–23 and again March 2026) (reported, verify)
- Signature moves (incl. failures)
- Founding as a free, verified physician network paid for by pharma (2010); a final venture round and capital discipline (2014); free Dialer calling tool (2016); Dialer Video and the telehealth surge (2020); NYSE IPO (2021); Amion scheduling acquisition (2022); DocsGPT and generative AI (2023); Pathway acquisition, the free AI scribe and the OpenEvidence legal war (2025); pharma-budget guidance shocks and share collapse (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2010
Founding Free Physician Network
Founding / business model
2014
Last Venture Round and Capital Discipline
Funding round / capital strategy
2016
Dialer Free Workflow Tools
Launch
2020
Dialer Video Telehealth Surge
Launch / pandemic response
2021
NYSE IPO
IPO
2022
Amion Acquisition
Acquisition
2023
DocsGPT Generative AI
AI launch
2025
Pathway Scribe and OpenEvidence Fight
Acquisition / AI launch / litigation
2026
Pharma Budget Guidance Shocks
Guidance reset / failure (market repricing)