5 important details in Doximity’s IPO presentation

Digital health tools operator Doximity has submitted additional documents for its initial public offering. The San Francisco-based startup has already said it plans to raise up to $100 million.

  1. The company estimates the market value of its telehealth solutions at $ 4.3 billion, using the average contract size and annual subscription fees.
  2. As of March 31, 2021, more than 90% of U.S. hospitals have the Doximity Dialer application in their facilities, according to presentations. Doximity provided some services free of charge during the pandemic and began paying for them in January, 2021.
  3. The company gave several reasons for future growth, including stating that the revenues of its top 20 customers had increased by a median multiple of six times since fiscal 2017.
  4. Annual growth over the year was 78% in 2021 when it recorded revenues of $ 207 million compared to the previous year when it reported $ 116 million.
  5. CEO and co-founder Jeffrey Tangney, who also co-founded Epocrates, will receive $ 21 million in option awards in 2021 with a base salary of $ 240,000.

Proximity allows physicians to communicate on a HIPAA-compliant platform. The network was previously defined as “LinkedIn for medical professionals”.

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