Doximity (DOCS), which ranks fifth on the IBD 50, crushed Wall Street's December-quarter expectations late Thursday and raised its outlook for the year.
↑ X NOW PLAYING How To Buy Stocks: Bases And Buy PointsIn response, Doximity stock skyrocketed 23.4% to 71.90. If the move holds, shares will break out of a consolidation, topping a buy point at 71.75, according to MarketSurge.
The company, which makes software for medical professionals, wrapped its fiscal third quarter with adjusted earnings of 45 cents per share and $168.6 million in sales. Earnings surged more than 55% and easily beat expectations for 34 cents. Sales jumped 25%. Doximity beat analysts' call for $152.8 million and its own guidance for $152 million to $153 million in sales.
"We're proud to deliver another quarter of record engagement in Q3, with over 610,000 unique providers using our clinical workflow tools," Doximity Chief Executive Jeff Tangney said in a written statement. "Our AI tools grew the fastest last quarter, up 60% over the prior quarter, while our newsfeed surpassed more than one million unique providers."
Doximity also hiked its guidance for the year and now expects adjusted earnings before interest, taxes, depreciation and amortization of $306.6 million to $307.6 million, vs. analysts' call for $279.6 million. The company now expects $564.6 million to $565.6 million in sales, well ahead of forecasts for $540 million, according to FactSet.
In addition to ranking on the IBD 50 list of elite growth stocks, Doximity shares also hold perfect IBD Digital Composite and EPS ratings of 99. This means shares rank in the top 1% of all stocks when it comes to fundamental and technical measures, and profitability.
Doximity stock has a strong Relative Strength Rating of 97, a reflection of its 12-month performance on a 1-99 scale.
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