By Christiana Sciaudone
Investing.com -- Medical social networking site Doximity Inc (NYSE:DOCS) is down 7% after going public on Thursday.
Shares more than doubled in its debut after raising about $500 million. The company has 1.8 million medical professionals in the U.S., including more than 80% of physicians. It allows pharmaceutical companies to promote drugs and treatment on the site, as well as permitting medical recruiters to find recruits, CNBC reported.
Sales rose 78% to $206.9 million for the year through March from the previous period, Doximity said in its prospectus. The already profitable company reported net income of $50 million for the 2021 fiscal year.
Doximity enabled video almost a year ago, after the pandemic hit. Doximity has signed subscription agreements with more than 150 health systems as of the end of March.
“Telehealth is 2% of rev today, and it’s such a green field,” Chief Executive Officer Jeff Tangney told CNBC. “We haven’t been aggressive on pricing yet.”