Doximity
👤 Jeff Tangney (Co-founded Epocrates in 1998, the drug app half of US doctors used - so he owned physician trust and knew pharma pays.)🌐 siteLinkedIn
A verified network of over 80% of US physicians, sold to the pharma brands and hospitals that will pay to reach them.
Will it work? · our read
Wildly profitable. It verified 80% of US doctors, then sold pharma and hospitals subscription access to them. Over 90% gross margin, 39% net. Rebuilding that network is near-impossible.
01How the money moves
Verify US doctors, free forever
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They read, message, use clinical tools daily
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Pharma & hospitals pay to reach them
02The numbers
$570.4MFiledFY2025 revenue, up 20%
2025-03-31
All figures FILED in Doximity's FY2025 SEC results. SEC 10-K
Net income $223.2M, a 39% margin; gross margin over 90%.
🔒
You have the verdict. Members get the work behind it.
- The CENTS scorecard — where it's strong, where it's soft
- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
- The case against our own call
- A 🚀 launchpad prompt — the case, as a plan for your business
We rate our own confidence — and argue against ourselves. Nobody else in this category does.
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See a full teardown, free → ImportYetiSourcesSources last checked 8 October 2026
SEC 8-K, FY2025 results - revenue $570.4M (up 20%), net income $223.2M, 39.1% margin.SEC 10-K, FY ended 3/31/2025 - audited financials; 80%+ of US physicians are members.CNBC (2021) - Tangney's path from Epocrates to Doximity.Doximity, About - founded 2010; the network for US medical professionals.Wikipedia - Doximity - founders Tangney, Gross and Buck; company history.
Revenue, net income and the 80%+ physician figure are FILED - read directly from Doximity's FY2025 10-K (filed 2025-05-20, fiscal year ended 2025-03-31), all USD, no currency conversion. The 10-K states net income margin as 39% (rounded); the more precise 39.1% is STATED in the company's earnings press release (Exhibit 99.1), not the audited filing, so the card uses the FILED 39% figure. Doctors use Doximity free; about 95% of revenue is recurring subscriptions from pharma and health systems (marketing, hiring, telehealth). Doximity raised venture capital before its 2021 IPO, so this is not a bootstrapped story. Rival bar weights are our rough read of reach and mindshare, not revenue. We never score you.