{"id":305139,"date":"2024-12-11T07:18:07","date_gmt":"2024-12-11T15:18:07","guid":{"rendered":"https:\/\/www.saastr.com\/?p=305139"},"modified":"2024-12-09T11:33:37","modified_gmt":"2024-12-09T19:33:37","slug":"5-interesting-learnings-from-doximity-at-550000000-in-arr","status":"publish","type":"post","link":"https:\/\/www.saastr.com\/5-interesting-learnings-from-doximity-at-550000000-in-arr\/","title":{"rendered":"5 Interesting Learnings from Doximity at $550,000,000 in ARR"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305141 lazyload\" data-src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox.png?resize=980%2C555&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"980\" height=\"555\" data-srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox.png 980w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox-480x272.png 480w\" data-sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 980px, 100vw\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 980px; --smush-placeholder-aspect-ratio: 980\/555;\" \/><noscript><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305141\" src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox.png?resize=980%2C555&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"980\" height=\"555\" srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox.png 980w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox-480x272.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 980px, 100vw\" \/><\/noscript><\/p>\n<p>So one of the quiet SaaS leaders that has just crushed it in 2024 is Doximity:<\/p>\n<ul>\n<li>At $550m in ARR, it&#8217;s worth a cool $10.4 Billion (!) &#8212; or 20x ARR.<\/li>\n<li>And its stock it up a stunning +90% this year.<\/li>\n<\/ul>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-large wp-image-305140 lazyload\" data-src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.18.58-AM.png?resize=1080%2C1051&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"1080\" height=\"1051\" data-srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.18.58-AM-980x954.png 980w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.18.58-AM-480x467.png 480w\" data-sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1080px, 100vw\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1080px; --smush-placeholder-aspect-ratio: 1080\/1051;\" \/><noscript><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-large wp-image-305140\" src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.18.58-AM.png?resize=1080%2C1051&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"1080\" height=\"1051\" srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.18.58-AM-980x954.png 980w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.18.58-AM-480x467.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1080px, 100vw\" \/><\/noscript><\/p>\n<p>What&#8217;s going on?\u00a0 A combination of:<\/p>\n<ul>\n<li><span style=\"text-decoration: underline;\"><strong>Growth re-accelerating<\/strong><\/span>.\u00a0 Doximity is growing 20% now, vs. 18% at $450m ARR.<\/li>\n<li><span style=\"text-decoration: underline;\"><strong>Insane profitability.\u00a0 53% EBITDA.<\/strong><\/span>\u00a0 That&#8217;s crazy.\u00a0 It rains cash at Doximity.<\/li>\n<\/ul>\n<p>To oversimplify&#8217;s Doximity&#8217;s business model, it&#8217;s &#8220;LinkedIn for Doctors&#8221; has almost every U.S. physician on its platform.\u00a0 And in turn, it can charge pharma and other companies $100k+ to reach them.<\/p>\n<h3><strong>5 Interesting Learnings:<\/strong><\/h3>\n<h3><strong>#1.\u00a0 80% of U.S. Physicians on Doximity<\/strong><\/h3>\n<p>In vertical SaaS, don&#8217;t settle for 20% market share.\u00a0 Or even 50%.\u00a0 Go for all of it.\u00a0 Doximity has 80%.<\/p>\n<p><a href=\"https:\/\/s201.q4cdn.com\/617428576\/files\/doc_presentations\/2024\/11\/Doximity-2Q25-Earnings-Call-Investor-Deck.pdf\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305142 lazyload\" data-src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM.png?resize=1000%2C578&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"1000\" height=\"578\" data-srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM.png 1000w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM-980x567.png 980w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM-480x278.png 480w\" data-sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1000px, 100vw\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1000px; --smush-placeholder-aspect-ratio: 1000\/578;\" \/><noscript><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305142\" src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM.png?resize=1000%2C578&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"1000\" height=\"578\" srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM.png 1000w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM-980x567.png 980w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.23.16-AM-480x278.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1000px, 100vw\" \/><\/noscript><\/a><\/p>\n<h3><strong>#2.\u00a0 53% EBIDTA.\u00a0 And Only 830 Employees at $550m ARR.<\/strong><\/h3>\n<p>How is Doximity so profitable?\u00a0 One way is by only needing 830 employees.\u00a0 That&#8217;s a stunning $660,000 in revenue per employee.<\/p>\n<h3><strong>#3.\u00a0 103 $500k+ Customers.\u00a0 Key is Land-and-Expand.<\/strong><\/h3>\n<p>It&#8217;s growing its biggest customer count +12% a year.\u00a0 Combine that with 116% NRR (next point), and you hit +20% growth.\u00a0 That&#8217;s SaaS math.<\/p>\n<p><a href=\"https:\/\/s201.q4cdn.com\/617428576\/files\/doc_presentations\/2024\/11\/Doximity-2Q25-Earnings-Call-Investor-Deck.pdf\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305144 lazyload\" data-src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.27.09-AM.png?resize=888%2C996&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"888\" height=\"996\" data-srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.27.09-AM.png 888w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.27.09-AM-480x538.png 480w\" data-sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 888px, 100vw\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 888px; --smush-placeholder-aspect-ratio: 888\/996;\" \/><noscript><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305144\" src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.27.09-AM.png?resize=888%2C996&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"888\" height=\"996\" srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.27.09-AM.png 888w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.27.09-AM-480x538.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 888px, 100vw\" \/><\/noscript><\/a><\/p>\n<h3><strong>#4.\u00a0 116% NRR Overall, 124% From Top Customers<\/strong><\/h3>\n<p>Doximity can only add so many more physicians to its network, with 80% share.\u00a0 But it can sell more to those that want to reach them.\u00a0 It now sells 3 products, leading to 126% NRR from its top customers.<\/p>\n<p><a href=\"https:\/\/s201.q4cdn.com\/617428576\/files\/doc_presentations\/2024\/11\/Doximity-2Q25-Earnings-Call-Investor-Deck.pdf\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305146 lazyload\" data-src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.29.09-AM.png?resize=852%2C810&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"852\" height=\"810\" data-srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.29.09-AM.png 852w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.29.09-AM-480x456.png 480w\" data-sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 852px, 100vw\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 852px; --smush-placeholder-aspect-ratio: 852\/810;\" \/><noscript><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305146\" src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.29.09-AM.png?resize=852%2C810&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"852\" height=\"810\" srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.29.09-AM.png 852w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.29.09-AM-480x456.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 852px, 100vw\" \/><\/noscript><\/a><\/p>\n<h3><strong>#5.\u00a0 Durable 36% Compounded Growth<\/strong><\/h3>\n<p>In 2019, Doximity was doing $86m ARR.\u00a0 Fast forward to today, it&#8217;s at $550m ARR.\u00a0 Not every year was a total blow-out.\u00a0 But compound that growth over 6+ years, and you have something pretty special.\u00a0 Especially with those profit margins.<\/p>\n<p><a href=\"https:\/\/s201.q4cdn.com\/617428576\/files\/doc_presentations\/2024\/11\/Doximity-2Q25-Earnings-Call-Investor-Deck.pdf\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305147 lazyload\" data-src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.32.20-AM.png?resize=934%2C780&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"934\" height=\"780\" data-srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.32.20-AM.png 934w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.32.20-AM-480x401.png 480w\" data-sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 934px, 100vw\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 934px; --smush-placeholder-aspect-ratio: 934\/780;\" \/><noscript><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter size-full wp-image-305147\" src=\"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.32.20-AM.png?resize=934%2C780&#038;quality=70&#038;ssl=1\" alt=\"\" width=\"934\" height=\"780\" srcset=\"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.32.20-AM.png 934w, https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/Screen-Shot-2024-12-09-at-11.32.20-AM-480x401.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 934px, 100vw\" \/><\/noscript><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>So one of the quiet SaaS leaders that has just crushed it in 2024 is Doximity: At $550m in ARR, it&#8217;s worth a cool $10.4 Billion (!) &#8212; or 20x ARR. And its stock it up a stunning +90% this year. What&#8217;s going on?\u00a0 A combination of: Growth re-accelerating.\u00a0 Doximity is growing 20% now, vs&#8230;. <br \/><a class=\"more-link fade\" href=\"https:\/\/www.saastr.com\/5-interesting-learnings-from-doximity-at-550000000-in-arr\/\">Continue Reading<\/a><\/p>\n","protected":false},"author":19,"featured_media":305141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscp_schedule_draft_date":"","_wpscp_schedule_republish_date":"","_wpscppro_advance_schedule":false,"_wpscppro_advance_schedule_date":"","_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_selected_social_profile":[]},"categories":[23926,31],"tags":[],"class_list":["post-305139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5-interesting-things","category-blog-posts"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox.png?fit=980%2C555&quality=70&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5oib2-1hnB","jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.saastr.com\/wp-content\/uploads\/2024\/12\/dox.png","_links":{"self":[{"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/posts\/305139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/comments?post=305139"}],"version-history":[{"count":3,"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/posts\/305139\/revisions"}],"predecessor-version":[{"id":305145,"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/posts\/305139\/revisions\/305145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/media\/305141"}],"wp:attachment":[{"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/media?parent=305139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/categories?post=305139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saastr.com\/wp-json\/wp\/v2\/tags?post=305139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}