Jenny Cao

Jenny Cao asked about the evolving competitive landscape in HCP engagement, noting more players entering the space and intensifying competition for physician mind share, and how Doximity views this.

Answer

CFO Anna Bryson pointed to Doximity's results, showing continued market share gains and growing at about two times the digital HCP market growth rate. She emphasized Doximity's unique suite of native solutions delivering industry-leading ROI, noting clients consistently lean into ROI despite experimenting with alternatives like programmatic or display media. She believes Doximity's large feature platform, record engagement, and AI advancements position it well to continue delivering best-in-class ROI and outgrow the market.

Jenny, on for Jalindra Singh at Truist Securities, asked about spending differences among pharma clients, the impact of upcoming LOEs, and if stable spending from mid-sized companies was driving SMB momentum.

Answer

CFO Anna Bryson noted broad-based strength across all pharma segments. She identified new drugs launching with a 'digital-first' strategy as a more significant tailwind than LOE-related spending. She confirmed that mid-tier and SMB clients have 'come roaring back' in the last 6-9 months. VP of IR Perry Gold added that SMBs are increasingly aware of digital's critical role in commercialization.

Jenny Cao, on for Jailendra Singh, asked about the drivers behind the implied deceleration in subscription revenue growth in the fiscal '26 guidance.

Answer

CFO Brian Van Wagener clarified that after normalizing for a prior year termination fee, the subscription growth was 15% in FY'25. The FY'26 guidance implies 14% growth ex-FX. He attributed the minor deceleration primarily to a difficult year-over-year comparison for the Crossix business following its very strong outperformance last year.

Jenny Cao of Truist Securities, on for Jailendra Singh, asked for details on GoodRx's capital allocation priorities, marketing strategy, and approach to customer acquisition.

Answer

CFO Chris McGinnis outlined the company's capital allocation priorities, emphasizing its substantial free cash flow generation. The primary uses of cash will be reinvesting in the business to support key strategic initiatives and, absent strategic M&A, returning excess cash to shareholders through the company's authorized share repurchase program.