#1doximity INVESTOR PRESENTATION Summer/Fall 2024 9:41 medRxiv Apr 7 A Novel Variant of Interest of SARS-CoV-2 with Multiple Spike Mutations Is Identified from Travel Surveillance in Africa 7min read At the end of 2020, the Network for Genomic Surveillance in South Africa (NGS-SA) detected a SARS-CoV-2 v...more 32 Comments Elizabeth Hernandez, MD Internal Medicine Key points:Preprint paper highlighting a SARS- CoV-2 variant detected in 3 passengers ...more 027 Reply Add a comment Your colleague was published John Lee, MD Apr 28 -Atrial Fibrillation and Outcom n Home Search Dialer Fax/Msg#2LEGAL DISCLAIMER This presentation and associated commentary may contain forward-looking statements, including statements regarding expectations of future results of operations or financial performance of Doximity, market size and growth opportunities, the calculation of certain of our key financial and operating metrics, capital expenditures, plans for future operations, competitive position, technological capabilities, and strategic relationships, general business conditions and the assumptions underlying those statements. Any forward-looking statements contained in this presentation and associated commentary are based upon Doximity's historical performance and its plans, estimates and expectations as of the dates noted in this presentation, and are not a representation that such plans, estimates, or expectations have been or will be achieved. These forward-looking statements represent Doximity's expectations as of the dates noted in this presentation. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Subsequent events may cause these expectations to change, and Doximity disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including, but not limited to, those related to our business and financial performance, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, our ability to respond rapidly to emerging technology trends, our ability to execute on our business strategy, our ability to compete effectively and our ability to manage growth. Additional risks and uncertainties that could affect Doximity's financial results are included under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's filings with the Securities and Exchange Commission on Form 10-K and subsequent Form 10-Qs. These materials are available on our investor relations website at investors.doximity.com under the Financials section and on the SEC's website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Doximity makes with the SEC from time to time. In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation and associated commentary may include certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted EBITDA and Free Cash Flow. Definitions and reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are available in our most recent Form 10-K or 10-Q on the company's investor relations website at investors.doximity.com. doximity Proprietary 2#3THE DIGITAL PLATFORM FOR DOCTORS Leading Network Blue Chip Clients Growth and Profit 5:47 The Lancet Respiratory Medicine 80%+ 20/20 22% of all U.S. Physicians¹ Top Hospitals and Health Systems Top Pharmaceutical Manufacturers³ Subscription Revenue Growth5 A Atypical Presentation of COVID-19 in a 34 Year- Old Man 22min read CME The pandemic of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) challenges >525K 118% 45% Workflow Unique Active Providers² Net Revenue Retention Rate4 Adj. EBITDA Margin doximity 1. As of 6/30/23. 2. For fiscal quarter ending 6/30/23. 3. Top 20 Pharmaceutical Manufacturers based on data from Evaluate, Top 20 hospitals based on U.S. News & World Report's Best Hospitals U.S. News Best Hospitals 2023-2024 Honor Roll. 4. For the trailing twelve month (TTM) period ending 6/30/23. Refer to appendix for the definition of Net Revenue Retention. 5. For the trailing twelve month (TTM) period ending 6/30/23. 6. For the trailing twelve month (TTM) period ending 6/30/23. Refer to appendix for the definition and non-GAAP reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin. 61 15 Comments more 迪 Natalia Birgisson, MD Resident Physician I was struck by the multiple possible etiologies explaining his course, and what a reminder more 34-Reply Add a comment Anupam Jena, MD your colleague was published 1d Incremental Health Care Burden of Treatment-Resistant Depression Among Commercial, Medicaid, and Medicare... Psychiatric services (Washington, DC.) Home Search Dialer fa Residency Proprietary 3#4GLARING DAY-TO-DAY INEFFICIENCIES 80% of US HC documents sent via snail mail and fax¹ 78% of physicians report burnout, with health IT as one of least satisfying factors² PORS 问问问 $ 1. Keeping it Together Issue Brief on Exchanging Medical Documentation CAQH Nov 2020. Does not include email. doximity 2. 2018 Survey of America's Physicians Practice Patterns and Perspectives, The Physicians Foundation by Merritt Hawkins, September 2018. 11 DDDD O נ נ נ כי STOP START Proprietary#5BRINGING TECH TO MEDICINE Inspired by enterprise tech Networking Linked in Purpose-built for healthcare Professional Network Professional Profiles, Search, Colleague Connectivity, Career Management News & Scheduling Google eSignatures DocuSign Collaboration *slack d Newsfeed Medical Articles & News, Peer Updates, Clinical Discussions, CME Credit, Sponsored Content Communication zoom Note: These are not customers or partners, these are illustrative examples of premier enterprise tech solutions in their respective markets. 4.8 out of 5, 150K+ Ratings & Reviews¹ Productivity Telehealth (Dialer Voice & Dialer Video), Digital Fax, Digital eSignature, Secure Messaging, On-Call Scheduling, Al Driven Clinical Correspondence doximity 1. As of March 31, 2023. "This app has changed my professional life." Proprietary 5#6PURPOSE BUILT FOR HEALTHCARE Professional Network Newsfeed 9:41 doximity.com Fatima Cody Stanford, MD MPH, MPA, FAAP, FACP, FAHA, FTOS Medicine/Pediatrics - Boston, MA Obesity Medicine & Nutrition Physician- Massachusetts General Hospital; Instructor of Medicine and Pediatrics- Harvard Medical School. Add Colleague 150+ Colleagues Send Message View All 8060958613 Contact Info MGH Weight Center 50 Staniford St, 4th Floor Boston, MA 02114 PHONE (588) 764-0021 FAX (558) 246-9753 Clinical Expertise Health promotion, Health status disparities, Obesity and related disorders, Weight loss doximity 9:41 Your classmate Paul Smith commented medit MedRxiv Apr 7 ฟร 9:41 A Novel Variant of Interest of SARS-CoV-2 with Multiple Spike Mutations is Identified from Travel Surveillance in Africa 7min read At the end of 2020, the Network for Genomic Surveillance in South Africa (NGS-SA) detec ...more 17 33 Comments Paul Smith, MD Internal Medicine Key Points: This variant of interest (VOI) has 31 amino acid substitutions an...more 13 Reply Add a comment Home Search Dialer Fax/Msg Careers Watch Product Demo 500 Main Street, San Francisco, CA doximity Anita Patel, MD Productivity P: 415-555-2750 F: 650-555-9341 To: Amy Landers Fax: 415-555-0304 Subject: Patient Records Request Date: 2/10/2021 Pages: 3 Dr. Landers, attached is Mr. Donahue's signed records request. He contact you for follow-up after his consultation today. Ommy P ΑΙ 1/3 9:41 (312) 555-4567 + add people 1:10 mute stop end 0 [[]]]] 3 Reply Forward flip Edit interpreter charts backdrop Proprietary 6#7OUR COMMERCIAL SOLUTIONS Marketing 9:41 ll d n CH Children's Hospital of Sponsored Philadelphia suggested Pediatric Immunotherapy: What's Next for CAR-T Therapy Children's Hospital of Philadelp...) Like Comment Share Presources Hiring Home Co CME Careers Jobs Salary Map Preferences CABEER NAVIGATOR Physicians Compensation and Housing Costs by County & Specialty Companie Internal Medicine in New York County, NY $207,219 st $848,700 12.9 000 Workflow (312) 555-4567 1:10 1004 add people mute stop end 0 A flip charts interpreter backdrop Educate on Latest News & Treatments Relevance and personalization drive Rx's & Referrals Uncover Passive Candidates Find specialized talent Reduce No-Shows & Leakage #1 "Best in KLAS" Telehealth Video Conferencing Hundreds of thousands of on-call schedules doximity 1. Based on "Best in KLAS" Telehealth Video Conferencing Platform 2023 Proprietary 7#8MARKETING SOLUTIONS Largest Revenue Driver: Marketing Solutions Leading Network >73% of healthcare spend is decided by Doctors¹ 9:41 川 CH Children's Hospital of Philadelphia Sponsored suggested Pediatric Immunotherapy: What's Next for CAR-T Therapy Children's Hospital of Philadelp... Like Comment Share Health Systems 17:1 ROI2 LexisNexis Subscription Pricing Model 1. Audience (e.g. specialty) 2. Number of audience members 3. Type and number of modules Pharma 3 11:1 ROI³ IQVIA doximity 1. Center for Medicare & Medicaid Services, including categories of hospital care, physician & clinical services, retail prescription drugs, nursing care facilities & continuing care retirement communities, home health care, & durable medical equipment. 2. Our ROI studies are conducted using data from third party provider LexisNexis Risk Solutions for our health system customers. Median ROI as measured by third party claims data analysis of shared patient lift from new referring providers. As of September 2022. 3. Actual results vary based on therapy area, product price, product maturity, and the number of months over which the ROI was measured. As of September 2022. Proprietary 8#9LAND AND EXPAND SALES MOTION Land Initial Brands or Service Lines 2 Expand to Add'l Brands or Service Lines Brand 01 Pharmaceutical Manufacturer Service Line 01 3 Expand Number & Type of Modules Utilized doximity Health System Brand 07 Service Service Line Line 07 08 Service Brand 04 Brand 05 Brand 06 Line 04 Service Line 05 Service Line 06 Brand 01 Brand Brand 02 03 Service Line 01 Service Service Line Line 02 03 Pharmaceutical Manufacturer Interactivity Awareness Peer Awareness Peer Health System Awareness Peer Interactivity Awareness Awareness Pharmaceutical Manufacturer Interactivity Awareness Health System Interactivity Interactivity Awareness Interactivity Interactivity Awareness Proprietary 9#10CATEGORIES OF MODULES 9:41 8:387 < Sponsored Doxiera all Pl ....? 9:41 AM 100% Hello from Marsha Lawrence, MD Lawrence Miller, MD To: me Inboxx 2/24/17, 11:02 AM DAGAV Massachusetts General Hospital suggested Sponsored New ALS Center Aims to Change the Field Mass General is spearheading a revolutionary new approach to amyotrophic lateral sclerosis (ALS) 25 32 Comments 市 Add a comment Op-Med This is important safety info with a link Sponsored by PharmaCo View head-to-head trial data for Doxlera® (doxilimumab) In a 52-week study of patients with chronic obstructive pulmonary disease (COPD), once daily Doxlera® (doxilimumab) inhalation mist significantly reduced the rate of moderate-to- severe COPD exacerbations (flare-ups) and delayed time to first exacerbation vs nosazone." Significant Reduction in Rate of COPD Exacerbations With Doxlera® Annual Rate of COPD Exacerbations 1.26 35% Reduction 0.82 Contact your local rep for more info: A Daniel Jacobson Houston, TX a Home Search Dialer Fax/Msg Careers Home Search Dialer Fax/Msg Dear Dr. Miller, I would like to introduce myself as a cerebrovascular neurosurgeon here at University Medical Center. If our team can help one of your patients, please let me know. I specialize in the surgical treatment of cerebral aneurysms, carotid artery stenosis, intracerebral hemorr- hage, arteriovenous malformations and dural arteriovenous fistulas. We're offering a new surgical approach to correct visible defects in the skull after prior injury or previous craniotomy with minimized risk to the patient. The new technique, called pericranial-onlay cranioplasty, addresses most complex challenges in cranial res- toration by navigating the structures of the skin, subcutaneous layers, skull and dura to restore any calvarial bone by attaching either the original piece of the skull or a custom-contoured implant. I would love to connect on Doximity. If you're interested in learning more about this new cranioplasty technique or if you would like to discuss a patient, please don't hesitate to call me on my mobile at (346) 245-3945. Sincerely, Marsha Lawrence, MD Chair, Neurosurgery Medical Director, Neurosciences Institute at University Medical Center Accept Invitation doximity Awareness Build brand equity and communicate key messages Interactivity Replace face-to-face interactions with digital alternatives Peer Connect and build professional relationships Proprietary 10 10#11LARGE & GROWING TOTAL ADDRESSABLE MARKET $7.3B $6.9B + $4.3B + Pharmaceutical Marketing (1) Health System Marketing and Staffing (2) (3) Telehealth $18.5B 1. Pharmaceutical Marketing TAM represents total annual marketing spend by Pharmaceutical Manufacturers to Doctors. Source: IQVIA 2019 US ChannelDynamics and Kantar Media Intelligence, US Healthcare Ad Spend 2. Health System Marketing and Staffing TAM represents Hospital Marketing Spend, Revenue Opportunity from Locum Tenens solutions and Permanent Staffing solutions. Source: BIA Advisory Services, GVR, Kaiser Family Foundation and the AAPPR In-House Physician and Provider Recruitment benchmarking 3. Telehealth TAM represents revenue opportunity from Telehealth sales to care locations and individuals. Source: IBISWorld doximity Total Proprietary & Confidential 11#12~430 RX BRANDS WITH $100M+ IN U.S. SALES Estimated Doximity Share of HCP Marketing Budgets at Customers¹ Note: Each box represents one brand with $100M+ in U.S. sales >50% 20-50% 5-20% <5% No Revenue In Trailing 12 Months doximity 1. As of March 31, 2023 Est. Share of Total HCP Marketing Budgets¹ <5% Current Potential Penetration Expansion Proprietary 12#13Q1 KEY METRICS doximity LAND Number of Customers w/ $100k+ of Revenue¹ 18% CAGR 264 212 Q1'22 Q1'23 296 Q1'24 1. Refer to appendix for the definition of customers with trailing 12-month subscription revenue greater than $100,000. 2. Refer to appendix for the definition of Net Revenue Retention. 3. Subscription based trailing-twelve month revenue growth rate. & 79% EXPAND Net Revenue Retention² 167% 47% Subscription-Based 22% 3 TTM Rev Growth 139% 118% Q1'22 Q1'23 Q1'24 13#14HIGH GROWTH REVENUE & ATTRACTIVE MARGIN PROFILE Revenue¹ Adj. EBITDA & Margin 1,2 $460M $419M 40% CAGR $344M $86M $116M $207M $184M $201M 44% 82% 44% CAGR $150M $27M 44% all $65M 31% FY2023 FY2024F3 $10M 23% 11% 3 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024F FY2019 FY2020 FY2021 FY2022 1. Fiscal Year ended March 31. 2. Refer to appendix for the definition and non-GAAP reconciliation of Adjusted EBITDA and Adjusted EBITDA margin. doximity 3 FY2024 forecasts are based on the midpoint of our FY2024 guidance. Proprietary 14#15FOUNDER-LED, MISSION DRIVEN Jeff Tangney CEO & Co-Founder Shari Buck Co-Founder Dr. Nate Gross CSO & Co-Founder Anna Bryson CFO Jey Balachandran CTO Paul Jorgensen CRO Craig Overpeck SVP Commercial Operations Ben Greenberg SVP Commercial Products Joel Davis Jennifer Chaloemtiarana SVP Product General Counsel doximity WA 976 EMPLOYEES 1/3+ IN R&D As of June 30, 2023. Proprietary 15#16COMPANY HIGHLIGHTS 1 Leading digital platform for doctors 2 Powerful network effects 3 Sustainable high-growth revenue & profitability Veteran vertical team 5 Massive near-term market opportunity fueled by shift to digital doximity Proprietary 16#17APPENDIX: NON-GAAP FINANCIAL MEASURES To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, change in fair value of contingent earn-out consideration liability, expenses associated with acquisitions, and restructuring charges from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue. Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, change in fair value of contingent earn-out consideration liability, restructuring charges, and other income, net. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue. Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment and internal-use software development costs. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results. Key Business Metrics Net revenue retention rate: Net revenue retention rate is calculated by taking the trailing 12-month ("TTM") subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates. Customers with trailing 12-month subscription revenue greater than $100,000: The number of customers with TTM subscription revenue greater than $100,000 is a key indicator of the scale of our business, and is calculated by counting the number of customers that contributed more than $100,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments. doximity Proprietary 17#18APPENDIX: ADJUSTED EBITDA & MARGIN NON-GAAP RECONCILIATION Year Ended March 31, TTM 2019 2020 2021 2022 2023 Q1 FY24 (in thousands) (in thousands) $7,833 $29,737 $50,210 $154,783 $112,818 $118,841 Net Income Adjustments: Acquisition and other related expenses 1,158 496 254 30 Stock-based compensation 2,343 2,353 7,252 31,442 47,834 52,329 Depreciation and amortization 551 900 3,702 5,040 10,283 10,517 Change in fair value of contingent earn-out 728 1,051 consideration liability Income tax expense (benefit) 98 (6,223) 7,559 (40,778) 20,338 26,351 Other income, net (1,010) (1,351) (4,466) (469) (8,048) (12,083) Adjusted EBITDA Revenue Adjusted EBITDA Margin $9,815 $26,574 $64,753 $150,272 $183,983 $197,006 $85,695 $116,388 $206,897 $343,548 $419,052 $436,882 11% 23% 31% 44% 44% 45% doximity 18