By Paul Ziobro
Shares of Doximity soared in late trading on Thursday after the company raised its outlook for the year and said it would buy back shares.
The stock climbed 24% to $25.49, and closed regular market session down 2.7% to $20.50. The shares had been down 15% this year.
San Francisco-based Doximity, which operates a digital platform for doctors and other medical professionals, said it expects revenue of $460 million to $472 million for its current fiscal year, which ends March 31, compared with prior expectations for revenue of $452 million to $468 million.
It expects adjusted earnings before interest, taxes, depreciation and amortization of between $207 million and $219 million this year, compared with prior guidance for $193 million to $209 million.
Doximity’s board also authorized another program to repurchase up to $70 million of the company’s Class A common stock over the next 12 months.
The raised view and share repurchase plans came as Doximity reported second-quarter revenue and adjusted Ebitda that beat the company’s forecast.
Write to Paul Ziobro at [email protected]
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