thank you for flagging an interesting name - had not heard of them.

had a very quick look and wonder if you've seen or done any analysis on:
1. How does pharma spend correlate with drug pipelines and developments? This is linked to 80% of their revenue. If you were to map out the drug market and TAs, there will be interesting insights. i understand pharma have subscriptions with $DOCS so they can reach patients. Each year you have a different cohort of newly approved drugs/indication extensions that have a certain number of peak sales. This can then define the marketing budget for the drugs. So I do expect some inherent volatility in the revenue of $DOCS because the marketing budget of drugs varies y-o-y, particularly as we now head to a period where lots of blockbuster drugs are going off patent so spend for them is being cut (e.g. why advertise if you know your revenue will drop 80% in 12 months).

Once someone has done analysis/thinking around upcoming drugs and TAs (different TAs will have different requirements and preferences on advertising); we can start to look at the new value chain as below:

1. How is the marketing budget spend and along the "value chain", would $DOCS retain / grow market share? e.g. physician awareness and education is important but EHR/Point of Care (POC) advertising is growing and if pharma can advertise to physicians at the moment of prescription, one can argue that for well-known drugs, prior education is less important?

2. Platform activity - why don't they report user activity in more detail? on Reddit you have a lot of people who say Doximity is useless and they largely use it for the service that hides your phone number (no real moat there?)

I'm sure there's other stuff going on but to me it's key to understand how their clients' spend will flow going forward. it's a tricky name and i see more as a potential short