Doximity reports November 5: growth slowed from 23.2% to 7.3% while a securities suit names its CEO
Doximity reports fiscal Q2 on November 5 while a securities class action over its Newsfeed claims heads toward a November 16 deadline, and its newest product, the AI safety layer DoseCheck, shipped free three days before the print with no published price.
Vincent Jiang · 3 min read
The suit that reached the chief executive's desk
Doximity+2.54% — Doximity, up 2.54 percent today reports fiscal second-quarter results after the close on Thursday, November 5 3. In the background sits a securities class action that names CEO Jeffrey Tangney, former CFO Anna Bryson, Chief Strategy Officer Nate Gross and investor-relations chief Perry Gold as defendants alongside the company itself 1.
The suit alleges Doximity oversold its Newsfeed as the "biggest revenue driver" while relying on banner ads and email newsletters it publicly claimed it did not use, and while losing share to cheaper rivals 15. Holders who bought between August 8, 2024, and May 13, 2026, have until November 16 to seek the lead-plaintiff role 5.
$19.26 a share, gone in three sessions
The complaint's receipts are the stock itself. Doximity fell 13% on November 6, 2025, after warning on ad spending, 17% on February 5, 2026, after cutting fiscal 2026 revenue guidance, and 23% on May 13, 2026, after missing the already-reduced guide, a combined $19.26 per share ending at an all-time closing low of $18.01 1.
Three one-day declines stripped $19.26 a share from Doximity
Data
| Value | |
|---|---|
| Nov 6, 2025 | $8.29/share |
| Feb 5, 2026 | $5.59/share |
| May 13, 2026 | $5.38/share |
The stock has since roughly doubled, trading near $32.76 on November 2 8. That rally is what Thursday's print has to defend.
The complication: engagement again, monetization never
On October 29, three days before earnings, Doximity launched DoseCheck, a free AI dosing-safety layer for its Ask tool, with no published price 2. Its own benchmark is the strongest sales document and the sharpest confession in the record: across nine widely used AI models and more than 8,000 real physician questions, at least 2.3% of dosing claims were wrong, and 43.8% of the errors were serious or potentially lethal 27.
The pattern should feel familiar. DoseCheck deepens engagement the same usage-first way the suit says the Newsfeed did, on a cost-per-target subscription model whose monetization the plaintiffs claim quietly decelerated 1.
From 23.2% growth to 7.3% in four quarters
Doximity's SEC filings carry the deceleration the suit alleges. Year-over-year revenue growth ran 23.2% in the quarter ended September 2025, then 9.8%, then 5.1%, then 7.3% in the quarter ended June 2026; net income fell 54% year over year in that last reported quarter 6.
Doximity's revenue growth ran at 23% a year ago and 7% last quarter
Data
| Revenue growth, YoY | |
|---|---|
| Q1 '24 | 6.4% |
| Q2 '24 | 16.8% |
| Q3 '24 | 20.4% |
| Q4 '24 | 24.6% |
| Q1 '25 | 17.1% |
| Q2 '25 | 15.2% |
| Q3 '25 | 23.2% |
| Q4 '25 | 9.8% |
| Q1 '26 | 5.1% |
| Q2 '26 | 7.3% |
Net income has fallen from a $75M peak to $24M last quarter
Data
| Net income | |
|---|---|
| Q3 '23 | $30.6M |
| Q4 '23 | $47.96M |
| Q1 '24 | $40.62M |
| Q2 '24 | $41.38M |
| Q3 '24 | $44.15M |
| Q4 '24 | $75.2M |
| Q1 '25 | $62.46M |
| Q2 '25 | $53.32M |
| Q3 '25 | $62.06M |
| Q4 '25 | $61.56M |
| Q1 '26 | $19.11M |
| Q2 '26 | $24.32M |
Thursday's quarter ended September 30, 2026, against a year-ago quarter that grew 23.2% 4. Anything near June's 7.3% is a third straight disappointment, and analyst models assume only 6.6% yearly revenue growth to 2029 4.
The bull case has receipts too
The company side is not a shrug. Doximity reaches more than 85% of US doctors, its Clinical AI Suite runs in over 165 health systems including 10 of the top 20 hospitals 2, and it ranked top among US clinical AI models in the Stanford and Harvard NOHARM study 2.
Trailing free cash flow runs about $298 million, and Simply Wall St's fair-value model puts the stock roughly in line with cash flows, about 6% downside from $32.76 84. Even the bear camp's own summary names the risk precisely: "the thesis that new AI products can be given away initially and monetized later is still unproven" 8.
Three dates decide it
November 5 answers whether engagement converts to pharma subscription revenue at anywhere near last year's pace 5. November 16 closes the lead-plaintiff window 5. And the UpToDate integration, which likewise shipped with no price in October (/article/doximity-put-wolters-kluwer-s-uptodate-inside-its-ask-tool-for-health-systems-and-named-no-price), now needs a number. Free tools built the complaint's case; free tools are the company's counterattack; only Thursday's revenue line can tell them apart.
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