Doximity sees artificial intelligence as a major tailwind for the company just six months after acquiring Pathway Medical to bolster its AI tools for doctors.
"I think the opportunity in front of us to change healthcare, wow, it's never been better," Doximity co-founder and CEO Jeff Tangney told investors and analysts during the company's third-quarter earnings call Feb. 5.
More than 300,000 unique clinicians used Doximity's AI tools in the third quarter, from October to December, following on the heels of its acquisition of clinical AI company Pathway in August, Tangney said during the call. The company integrated Pathway's datasets and its AI into the company's free Doximity GPT product to offer DoxGPT, an AI tool that can tackle administrative tasks like drafting prior authorization letters, creating patient education materials and also answering clinical questions with referenced, evidence-based responses.
More than 100 health systems now have enterprise access to Doximity's AI offerings, which includes DoxGPT and its scribe product, and those contracts will expand access to approximately 180,000 clinicians. The company has inked enterprise contracts with Scripps, UCHealth (Colorado), UC San Diego, University of Rochester Medical Center, University of Arkansas and Prisma Health, among others, executives said.
In January, DoxGPT active prescribers queried the tool on average four times a week. "In our first full quarter since acquiring PathwayAI in August, we've already become one of the most used AI tools by physicians," Tangney told investors.
Doximity is a digital platform for U.S. medical professionals that offers workflow tools such as a telehealth solution, a clinician to patient dialer tool and digital faxing capabilities. Its paying customers include pharmaceutical manufacturers, health systems and medical recruiting firms that use its platform to market their products and services.
Doximity has a sizable reach into the medical community with a network that includes more than 85% of U.S. physicians, and that could give it a distinct advantage as it builds out AI-based physician workflow tools.
As Tangney noted, medical AI is a "noisy, crowded and rapidly expanding market." Doximity, which has been in the health tech market for 15 years, sees an opportunity to differentiate its offerings by addressing trust and safety concerns about AI-driven clinical decision support.
The company developed PeerCheck to bring physician verification and peer review to AI-generated answers. PeerCheck taps medical research authors and domain experts to review clinical answers generated by DoxGPT. Eric Topol, M.D., founder and director of the Scripps Research Translational Institute, and former U.S. Surgeon General Regina Benjamin, M.D., serve as co-editors-in-chief of PeerCheck.
More than 10,000 physicians have participated in the PeerCheck process, completing tens of thousands of reviews, Tangney told investors Thursday.
PeerCheck responses are now available in DoxGPT, and the clinical answers include PeerCheck certification and a link to the reviewers' Doximity profiles.
"We believe we'll win the AI market here in 2026," Tangney told investors. "We do that by just having some very large moats around having so many hospitals that have already worked with us and so many doctors."
He also cited the 10,000 physician experts participating in the PeerCheck program who "wrote the evidence that made the clinical trials, spent years of their lives studying and building this medical collective wisdom that we have."
"I'm proud that at 10,000, we're bigger than the largest players in the industry," he asserted.
The aim with PeerCheck is to bring more trust and transparency to AI outputs by allowing physicians to evaluate and improve AI-generated answers for accuracy, evidence strength and potential bias, according to executives.
"The truth is [doctors] are putting their license on the line with every patient. These are life or death decisions that are very important," Tangney said on the Thursday earnings call. "There's still this need to go check different sources or to go back to the textbooks, which are trusted. So AI is fast, but they want textbook-trusted and AI fast. That's where I think PeerCheck is just an incredible opportunity for us because these 10,000 noted authors, they're putting their name at the top of that, and that name up there, that's trust."
The company recently published an analysis based on more than 1,300 physicians doing side-by-side evaluations of DoxGPT as compared to other clinical AI tools, including OpenEvidence, UpToDate and ChatGPT. When a preference was expressed, DoxGPT was selected as the best clinical answer at more than twice the rate of the nearest competitor, which was OpenEvidence (61% vs. 26%), according to that analysis.
Doximity is going head-to-head with OpenEvidence in the AI-driven clinical reference space, and the two companies also are engaged in dueling federal lawsuits, as Business Insider reported. OpenEvidence sued Doximity in June 2025, alleging reverse engineering of its proprietary AI technology. Doximity countersued in September 2025, accusing OpenEvidence of spreading false information to harm its reputation.
In reference to Doximity's 100 enterprise health system customers, Tangney said the company "won over" hospital leaders "by being honest and transparent about both AI's strengths and shortcomings."
The company's investment in PeerCheck gives it a key differentiator in the market.
"To be clear, no AI has eliminated mistakes or achieved anything near superintelligence," Tangney told investors Thursday, an apparent dig at rival OpenEvidence, referencing comments by co-founder Daniel Nadler at the J.P. Morgan Healthcare Conference in January. "Claims to the contrary are misleading and dangerous. A recent Stanford Harvard study found that AI can cause clinical harm in up to 22% of real patient cases," he said during the earnings call.
Doximity has now surpassed 3 million registered members on its platform, accounting for 85% of U.S. physicians, and two-thirds of nurse practitioners and physician assistants, according to the company.
More than 720,000 unique clinicians used Doximity's clinical workflow tools last quarter, up from 650,000 clinicians in the prior quarter, marking the largest quarter-over-quarter gain in the company's history. And, more than 1 million unique clinicians used Doximity's news feed last quarter.
"Our unique active users on a quarterly, monthly, weekly, and daily basis all hit fresh highs," Tangney said.
In the third quarter, Doximity brought in $185 million in revenue, up 10% year on year and beating Wall Street analyst estimates.
The company brought in a profit of $61.6 million, versus $75.2 million a year ago. Non-GAAP net income came to $91.1 million, versus $91.4 million in the same quarter a year ago.
The company reported adjusted EBITDA of $111.4 million, up 9% from $102 million the same period a year ago. In the third quarter, 126 customers contributed at least $500,000 in subscription revenue over the past 12 months, up about 10% from a year ago; these clients represented 84% of total revenue, the company reported.
There is no revenue in Doximity's forecast for its AI products right now as the company plans to launch commercial AI products later this year, executives said.
The company delivered adjusted earnings per share of 46 cents in the third quarter, which surpassed the Zacks Consensus Estimate by 4.5%.
Despite an earnings beat, shares of this company were down nearly 40% in after-hours trading Thursday as the company provided soft fourth-quarter 2026 growth guidance.
Doximity said it experienced modest delays in pharma marketing budget decisions with certain large pharma manufacturers, particularly given the timing of most-favored-nation pricing announcements around year-end.
The company also is facing questions about the impact of AI disruption on its business, many analysts noted.
"While it is clearly difficult to call when sentiment may shift, presenting further near-term risk to shares, we remain optimistic about Doximity's growth outlook and expect shares to inflect over the course of 2026 as growth accelerates back toward a double-digit level," William Blair analyst Ryan Daniels wrote in an analyst note.
Doximity expects fourth-quarter revenue between $143 million and $144 million and adjusted EBITDA guided at $63.5 million to $64.5 million. For the full year, the company projects revenue between $642.5 million and $643.5 million and adjusted EBITDA between $355.5 million and $356.5 million.