#1doximity INVESTOR PRESENTATION Winter/Spring 2024#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 Investor Presentation - February, 2024#3THE DIGITAL PLATFORM FOR DOCTORS Leading Network Blue Chip Clients Growth and Profit 80%+ 20/20 of all U.S. Physicians¹ Top Hospitals and Health Systems Top Pharmaceutical Manufacturers³ 18% Subscription Revenue Growth4 >560K 115% 48% Workflow Unique Active Providers² Net Revenue Retention Rate4 Adj. EBITDA Margin 1. As of 12/31/23. 2. For fiscal quarter ending 12/31/23. 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 12/31/23. Refer to appendix for definitions and non-GAAP reconciliations. doximity A STAT 9:47 d The Now England Journal of Medicine The Interview Trial: Bias Has a Now Face read As a tense plicant, interviewing for residency training has provided a personal baromete ning Investor Presentation - February, 2024#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 1. Keeping it Together Issue Brief on Exchanging Medical Documentation CAQH Nov 2020. Does not include email. 2. 2018 Survey of America's Physicians Practice Patterns and Perspectives, The Physicians Foundation by Merritt Hawkins, September 2018. doximity PORS TUM 11 问问问 $ DDDD O נ נ נ כי STOP COPY START Investor Presentation February, 2024#5BRINGING TECH TO MEDICINE Inspired by enterprise tech Networking News & Scheduling Linked in Google DocuSign d *slack zoom Purpose-built for healthcare Professional Network Professional Profiles, Search, Colleague Connectivity, Career Management eSignatures Collaboration Communication 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, 160K+ Ratings & Reviews1 Newsfeed Medical Articles & News, Peer Updates, Clinical Discussions, CME Credit, Sponsored Content Productivity Telehealth (Dialer Voice & Dialer Video), Digital Fax, Digital eSignature, Secure Messaging, On-Call Scheduling, Al Driven Clinical Correspondence doximity "This app has changed my professional life.” 1. As of December 31, 2023. Investor Presentation - February, 2024#6PURPOSE BUILT FOR HEALTHCARE doximity Professional Network < 9:41 ฟร Alexander Blau, MD Emergency Medicine New York, NY Medical Director, Doximity Send Message Add Colleague Profile 150 Colleagues Office Information Office 305 Broadway, Ste 400. New York, NY Phone (212) 555-6400 Dox Fax (800) 555-3322 Clinical Expertise . Health policy • Mobile health Healthcare Communications and Social Media Experience & Affiliations Hofstra Northwell School of Medicine 9:41 Newsfeed Paul Smith, MD 1d 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 Add a comment Your classmate published Helen Newsom, MD 1d FDA Approves First Peanut Allora Drus for Children Clinical Workflow Suite < 9:41 ill 500 Main Street, San Francisco, CA To: Amy Landers 315-555-0304 Fax: 415- doximity Anita Patel, MD Subject: Patient Records Request P: 415-555-2750 F: 650-555-9341 Date: 2/10/2021 Pages: 3 Dr. Landers, attached is Mr. Donahue's signed records request. Hi contact you for follow-up after his consultation today. 1/3 a Reply Forward Edit News Search Dialer Fax/Msg Careers ΤΙ Investor Presentation - February, 2024#7ENTERPRISE CLINICAL WORKFLOW SUITE doximity (415) 555-0144 + add people mute stop end 2 9:41 9:41 February 同 M W TF 5 6 7 8 TUESDAY MAR 4 2023 Mercy Hospital Internal Medicine Lu, Cathy 5p-7a Day Attending Assunção, Hugo 6p-6a Swing Admission Bailey, Anna Ends 7a MCW Call Senior UCSF Family Medicine Jacquard, Apollo Attending Ends 7a THURSDAY MAR 6 2023 Mercy Hospital Internal Medicine GPT I'm a HIPAA-compliant Al assistant. Ask me anything... Бр-73 Write a prior auth What's the DDx for letter for a CGM dev.... sudden dyspnea? Lu, Cathy Day Attending Assunção, Hugo 6p-6a Swing Admission Bailey, Anna 0 MCW Call Saninr AA = audio interpreter backdrop whers On My schedule Ends 7a LE How can I help you? 8 E E D Sorbe Date Fand GPT DIALER One-click voice and video calls AMION On-call scheduling and messaging GPT Al-powered medical writing assistant BEST IN KLAS® VIDEO CONFERENC PLATFORMS 2022 BEST IN KLASⓇ VIDEO CONFERENC PLATFORMS 2023 BEST IN KLAS® VIDEO CONFERENCING PLATFORMS 2024 'Best in KLAS' 3 YEARS IN A ROW Investor Presentation - February, 2024#8OUR 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 Jobs Salary Map CME Careers CABEER NAVIGATOR Physicians Compensation and Housing Costs by County & Specialty Internal Medicine in New York County, NY $207,219 st $848,700 12.9 ©00 BEST IN KLAS VIDEO CONFERENCING PLATFORMS 2023 Enterprise Workflow (312) 555-4567 1:10 1004 add people mute stop end 0 flip interpreter charts 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 Al driven clinical correspondence 1. Based on "Best in KLAS" Telehealth Video Conferencing Platform 2023 doximity Investor Presentation - February, 2024#9MARKETING SOLUTIONS Largest Revenue Driver: Marketing Solutions Leading Network >73% of healthcare spend is decided by Doctors1 9:41 川兮 d $$ 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 Subscription Pricing Model 1. Audience (e.g. specialty) 2. Number of audience members 3. Type and number of modules Health Systems 17:1 ROI LexisNexis 2 Pharma 3 11:1 ROI³ IQVIA 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. doximity Investor Presentation - February, 2024#102 Expand to Add'l Brands or Service Lines LAND & EXPAND SALES MOTION 1 Land Initial Brands or Service Lines Brand 01 Pharmaceutical Manufacturer 3 Service Line 01 Expand Number & Type of Modules Utilized doximity Health System Brand 07 Service Line Service Line 07 08 Service Service Service Brand 04 Brand Brand Line Line Line 05 06 04 05 06 Service Brand Brand Brand Line Service Line Service Line 01 02 03 01 02 03 Awareness Peer Peer Awareness Peer Interactivity Awareness Awareness Pharmaceutical Manufacturer Interactivity Pharmaceutical Manufacturer Awareness Health System Interactivity Interactivity Awareness Awareness Interactivity Interactivity Interactivity Awareness Health System Investor Presentation - February, 2024#11CATEGORIES OF MODULES 9:41 9:41 9:41 AM Hello from Marsha Lawrence, MD Lawrence Miller, MD To: me 2/24/17, 11:02 AM AGAV P Good Afternoon, Dr. Schwarzbaum Your colleague Jonathon Cohen, MD liked Doximity Hospital d 4 colleagues read. 1d Can Artificial Intelligence Improve Orthopedic Surgery? Doximity Hospital 12 STAT 1d 12 Comments Add a comment Sponsored d Doxlera® (doxilimubably) 1d Sponsored Doxlera® (doxilimubably): Now Preferred on ABC Prescription Drug List As of July 1, 2017, Doxlera® (doxilimubbably) is available to commerially insured patients the ...more Important Safety Information Doxlera® (doxilimubbably) injection is indicated as an adjunct to standard treatment of cardiovascular (CV) risk factors and reduce the risk of major adverse CV events. Doxlera is contraindicated in patients with a known hypersensitivity to apremilast or to any of the excipients in the formulation [see Adverse Reactions (6.1)]. The recommended initial dosage titration of Doxlera® 1 The Atlantic 1d Med Link Prescribing Info 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 Q 6 na News Search Dialer Fax Careers Search Dialer Fax Careers Accept Invitation Awareness Build brand equity and communicate key messages doximity Interactivity Replace face-to-face interactions with digital alternatives Peer Connect and build professional relationships Investor Presentation — February, 2024#12LARGE & GROWING TOTAL ADDRESSABLE MARKET $18.5B $7.3B + $6.9B + $4.3B Pharmaceutical Marketing Health System Marketing and Staffing (1) (2) Telehealth (3) Total Investor Presentation - February, 2024 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#13~430 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 doximity 1. As of March 31, 2023 >50% 20-50% 5-20% <5% No Revenue In Trailing 12 Months Est. Share of Total HCP Marketing Budgets¹ <5% Current Penetration Potential Expansion Investor Presentation - February, 2024#1403 KEY METRICS LAND Number of Customers w/ $100K+ of Revenue¹ 289 $100K+ +2% y/y 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. doximity & EXPAND Net Revenue Retention² 115% Total Company Top 20 Customers 122% Investor Presentation - February, 2024#15HIGH GROWTH REVENUE & ATTRACTIVE MARGIN PROFILE Revenue¹ Adj. EBITDA & Margin 1.2 $86M $116M 41% CAGR $344M $207M $474M $419M 86% CAGR $27M $65M 31% $225M 47% $184M 44% $150M 44% $10M 23% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024F3 11% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024F3 doximity 1. Fiscal Year ended March 31. 2. Refer to appendix for the definition and non-GAAP reconciliation of Adjusted EBITDA and Adjusted EBITDA margin. 3. FY2024 forecasts are based on the midpoint of our FY2024 guidance. Investor Presentation - February, 2024#16FOUNDER-LED, MISSION DRIVEN Jeff Tangney CEO & Co-Founder Dr. Nate Gross CSO & Co-Founder Anna Bryson CFO 863 EMPLOYEES ACCO Lisa Greenbaum CCO Jey Balachandran CTO Ben Greenberg SVP Commercial Products doximity Joel Davis SVP Product Craig Overpeck SVP Commercial Operations Jennifer Chaloemtiarana General Counsel WA 1/3+ IN R&D 具 As of December 31, 2023.#17COMPANY HIGHLIGHTS 1 Leading digital platform for doctors 2 Powerful network effects 3 Sustainable high-growth revenue & profitability 4 Veteran vertical team 5 Massive near-term market opportunity fueled by shift to digital doximity Investor Presentation - February, 2024#18APPENDIX: 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, restructuring expense, change in fair value of contingent earn-out consideration liability, and acquisition and other related expenses 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, restructuring expense, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and 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 condensed 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 and $1 million: The number of customers with TTM subscription revenue greater than $100,000 and $1 million 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 and $1 million 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 Investor Presentation - February, 2024#19APPENDIX: ADJUSTED EBITDA & MARGIN NON-GAAP RECONCILIATION Year Ended March 31, TTM 2019 2020 2021 2022 2023 Q3 FY24 (in thousands) (in thousands) $7,833 $29,737 $50,210 $154,783 $112,818 $137,632 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 48,564 Depreciation and amortization 551 900 3,702 5,040 10,283 10,425 Provision for (benefit from) income taxes 98 (6,223) 7,559 (40,778) 20,338 36,333 Restructuring expense 7,936 Change in fair value of contingent 728 1,173 earn-out consideration liability Other income, net (1,010) (1,351) (4,466) (469) (8,048) (19,098) Adjusted EBITDA $9,815 $26,574 $64,753 $150,272 $183,983 $222,965 Revenue Adjusted EBITDA Margin doximity $85,695 $116,388 $206,897 $343,548 $419,052 $468,331 11% 23% 31% 44% 44% 48% Investor Presentation - February, 2024