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<p>Doximity（纽约证券交易所代码：DOCS）的股价在周四暴跌，此前该远程医疗平台报告的季度利润低于预期，并发布的 2027 财年收入指引大幅低于华尔街预期。</p>
<p>这些数据加剧了投资者对增长放缓和与人工智能相关支出上升的担忧。</p>
<p>该股在盘前交易中下跌了 24%，而在周三的常规交易中已经下跌了 12%，收于 23.39 美元。</p>
<p>该公司的股价今年迄今已下跌超过 45%，投资者重新评估 Doximity 将其人工智能投资转化为有意义的收入增长的速度。</p>
<p>该公司报告的调整后每股收益为 26 美分，低于分析师预期的 28 美分，且较去年同期的 36 美分有所下降。</p>
<p>根据 FactSet 的数据，收入同比增长 5%，达到 1.454 亿美元，略微超过市场共识预期的 1.44 亿美元。</p>
<p>然而，投资者关注的是较弱的前瞻指引以及在财报发布后分析师的降级和目标价下调潮。</p>
<h2>指引令投资者失望</h2>
<p>Doximity 预测第一季度收入将在 1.51 亿至 1.52 亿美元之间，低于华尔街预期的 1.538 亿美元。</p>
<p>该公司还预计截至 6 月 30 日的季度调整后 EBITDA 将在 6850 万美元至 6950 万美元之间。</p>
<p>对于 2027 财年（截至 3 月 31 日），该公司预测收入将在 6.64 亿至 6.76 亿美元之间，调整后 EBITDA 将在 3.23 亿至 3.35 亿美元之间。</p>
<p>这一指引远低于分析师对 2027 财年收入 6.974 亿美元的预期，引发了对 Doximity 核心业务增长速度放缓的担忧。</p>
<p>该公司运营一个数字平台，供医疗专业人士获取医学新闻、进行远程医疗咨询、进行安全消息传递和处方管理。</p>
<p>近年来，它还扩展到了基于人工智能的临床工作流程工具。</p>
<p>尽管财务表现令人失望，但高管们在准备的发言中主要关注用户参与度和人工智能采用趋势。</p>
<p>“我们很高兴地宣布，在第四季度，我们的工作流程工具的活跃处方者达到了超过 80 万的新的参与记录，” 首席执行官 Jeff Tangney 在财报发布中表示。</p>
<p>“上个季度，近一半的提供者使用了我们的临床人工智能，而我们的每用户提示数量在 1 月至 4 月之间几乎翻了一番，” Tangney 补充道。</p>
<h2>分析师下调目标</h2>
<p>几家券商在财报发布后下调了目标价，尽管大多数对该股维持中性或积极评级。</p>
<p>Needham &amp; Company 将 Doximity 的目标价从 55 美元下调至 27 美元，同时维持买入评级。</p>
<p>该公司表示，Doximity 的增长率越来越与更广泛的医疗技术市场增长相一致，而不是显著超越它。</p>
<p>Needham 还表示，管理层的 2027 财年指引低于预期，部分原因是人工智能和产品开发支出增加。</p>
<p>该券商表示，如果公司希望最终再次加速增长，短期内的利润压力似乎是必要的。</p>
<p>根据 Needham 的说法，与人工智能相关的投资可能成为 Doximity 在长期内从现有客户中产生额外支出的最大机会。</p>
<p>Evercore ISI 也将其目标价从 25 美元下调至 19 美元，同时维持与市场持平的评级。</p>
<p>该研究公司将 Doximity 描述为处于 “过渡模式”，正在向人工智能生产力和基于搜索的收入流转型。</p>
<p>Evercore ISI 表示，该公司正在增加对研发、销售和人工智能基础设施的支出，以期望未来收入加速。</p>
<p>该券商还警告称，Doximity 现在面临更具竞争力的环境，这将要求管理层具备更大的灵活性。</p>
<p>“需求环境的变化和竞争加剧预计将加速市场创新周期，” Evercore ISI 表示。</p>
<p>尽管如此，该公司仍然保持强劲的资产负债表和相较于许多医疗技术同行的显著盈利优势。</p>
<p>该公司的毛利率仍接近 90%，并且持有的现金超过债务。</p>
<p>Evercore ISI 表示，将密切关注 Doximity 是否能够在 2027 财年第三季度开始实现其新人工智能产品的货币化。</p>
<h2>竞争担忧加剧</h2>
<p>Robert W. Baird &amp; Co.采取了更为谨慎的立场，将该股评级下调至中性，并将目标价从 40 美元下调至 18 美元。</p>
<p>Baird 表示，投资者可能会对该公司的战略保持怀疑，因为货币化与人工智能相关的医疗工具往往比预期需要更长时间。</p>
<p>该公司还指出，竞争加剧、宏观经济不确定性加大以及对数字健康行业的监管压力。</p>
<p>根据 Baird 的说法，近期需求趋势的疲软可能反映了 Doximity 和更广泛的远程医疗行业面临的更深层次的结构性挑战。</p>
<p>该券商补充说，仅仅健康的参与指标可能不足以抵消对客户支出增长放缓和执行风险上升的担忧。</p>
<p>领导层变动和对 Doximity 长期增长算法的高度审查也影响了投资者信心。</p>
<p>即使在剧烈抛售之后，Baird 表示估值风险仍然存在，因为目前仅约 65% 的公司 2027 财年指引范围已被预订。</p>
<h2>华尔街看法分歧</h2>
<p>尽管股价大幅下跌，华尔街对 Doximity 的长期前景仍然存在分歧。</p>
<p>根据 22 家公司的分析师估计，该股的平均目标价已从 36.74 美元降至 31.11 美元，预测范围在 17 美元至 55 美元之间。</p>
<p>基于该股 5 月 13 日的收盘价，修订后的共识目标仍暗示约 33% 的上涨潜力。</p>
<p>在覆盖该股票的 25 位分析师中，13 位维持买入评级，12 位建议持有。目前没有分析师将该股票评级为卖出。</p>
<p>对于投资者而言，核心问题仍然是 Doximity 不断扩展的人工智能能力是否能够最终重新点燃增长，以足够强劲的速度来证明公司不断上升的投资成本，并恢复对其长期商业模式的信心。</p>
<p>Doximity 因疲软的指引暴跌 24%，分析师因增加人工智能支出下调目标价的文章首次出现在 Invezz 上。</p>

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<p>Doximity 的股价在公司报告季度利润低于预期并发布令人失望的 2027 财年收入指引后下跌了 24%，引发了对增长放缓和 AI 支出增加的担忧。今年该股已下跌超过 45%，分析师纷纷下调目标价，Needham 将其目标价下调至 27 美元，Evercore ISI 则下调至 19 美元。Doximity 的调整后每股收益为 26 美分，低于预期，而收入增长 5%，达到 1.454 亿美元。该公司预测第一季度收入低于华尔街预期，表明在竞争加剧的情况下，变现 AI 投资可能面临挑战</p>

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<p>Shares of Doximity (NYSE: DOCS) plunged on Thursday after the telehealth platform reported weaker-than-expected quarterly profit and issued fiscal 2027 revenue guidance that fell significantly short of Wall Street estimates.</p>
<div class="lb-trans"><p>Doximity（纽约证券交易所代码：DOCS）的股价在周四暴跌，此前该远程医疗平台报告的季度利润低于预期，并发布的 2027 财年收入指引大幅低于华尔街预期。</p>
</div><p>The figures intensified investor concerns about slowing growth and rising spending tied to artificial intelligence initiatives.</p>
<div class="lb-trans"><p>这些数据加剧了投资者对增长放缓和与人工智能相关支出上升的担忧。</p>
</div><p>The stock fell 24% in premarket trading after already dropping 12% in Wednesday’s regular session to close at $23.39.</p>
<div class="lb-trans"><p>该股在盘前交易中下跌了 24%，而在周三的常规交易中已经下跌了 12%，收于 23.39 美元。</p>
</div><p>Shares of the company are now down more than 45% this year as investors reassess the pace at which Doximity can convert its AI investments into meaningful revenue growth.</p>
<div class="lb-trans"><p>该公司的股价今年迄今已下跌超过 45%，投资者重新评估 Doximity 将其人工智能投资转化为有意义的收入增长的速度。</p>
</div><p>The company reported adjusted earnings of 26 cents per share for its fiscal fourth quarter, below analyst expectations of 28 cents and down from 36 cents a year earlier.</p>
<div class="lb-trans"><p>该公司报告的调整后每股收益为 26 美分，低于分析师预期的 28 美分，且较去年同期的 36 美分有所下降。</p>
</div><p>Revenue rose 5% year over year to $145.4 million, narrowly topping consensus estimates of $144 million, according to FactSet.</p>
<div class="lb-trans"><p>根据 FactSet 的数据，收入同比增长 5%，达到 1.454 亿美元，略微超过市场共识预期的 1.44 亿美元。</p>
</div><p>However, investors focused on weaker forward guidance and a wave of analyst downgrades and price-target cuts following the earnings release.</p>
<div class="lb-trans"><p>然而，投资者关注的是较弱的前瞻指引以及在财报发布后分析师的降级和目标价下调潮。</p>
</div><h2>Guidance disappoints investors</h2>
<div class="lb-trans"><h2>指引令投资者失望</h2>
</div><p>Doximity forecast first-quarter revenue between $151 million and $152 million, below Wall Street expectations of $153.8 million.</p>
<div class="lb-trans"><p>Doximity 预测第一季度收入将在 1.51 亿至 1.52 亿美元之间，低于华尔街预期的 1.538 亿美元。</p>
</div><p>The company also projected adjusted EBITDA of $68.5 million to $69.5 million for the quarter ending June 30.</p>
<div class="lb-trans"><p>该公司还预计截至 6 月 30 日的季度调整后 EBITDA 将在 6850 万美元至 6950 万美元之间。</p>
</div><p>For fiscal 2027, which ends March 31, the company forecast revenue of $664 million to $676 million and adjusted EBITDA between $323 million and $335 million.</p>
<div class="lb-trans"><p>对于 2027 财年（截至 3 月 31 日），该公司预测收入将在 6.64 亿至 6.76 亿美元之间，调整后 EBITDA 将在 3.23 亿至 3.35 亿美元之间。</p>
</div><p>That guidance came in well below analysts’ expectations for fiscal 2027 revenue of $697.4 million, raising concerns that growth in Doximity’s core business is slowing more rapidly than expected.</p>
<div class="lb-trans"><p>这一指引远低于分析师对 2027 财年收入 6.974 亿美元的预期，引发了对 Doximity 核心业务增长速度放缓的担忧。</p>
</div><p>The company operates a digital platform used by healthcare professionals for medical news, telehealth consultations, secure messaging and prescription management.</p>
<div class="lb-trans"><p>该公司运营一个数字平台，供医疗专业人士获取医学新闻、进行远程医疗咨询、进行安全消息传递和处方管理。</p>
</div><p>It has also expanded into AI-powered clinical workflow tools in recent years.</p>
<div class="lb-trans"><p>近年来，它还扩展到了基于人工智能的临床工作流程工具。</p>
</div><p>Despite the financial disappointment, executives largely focused their prepared remarks on user engagement and AI adoption trends.</p>
<div class="lb-trans"><p>尽管财务表现令人失望，但高管们在准备的发言中主要关注用户参与度和人工智能采用趋势。</p>
</div><p>&#34;We're thrilled to announce that we reached a new engagement record of over 800,000 active prescribers using our workflow tools in Q4,&#34; Chief Executive Officer Jeff Tangney said in the earnings release.</p>
<div class="lb-trans"><p>“我们很高兴地宣布，在第四季度，我们的工作流程工具的活跃处方者达到了超过 80 万的新的参与记录，” 首席执行官 Jeff Tangney 在财报发布中表示。</p>
</div><p>&#34;Nearly half of those providers used our clinical AI last quarter, while our prompts per user nearly doubled from January to April alone,&#34; Tangney added.</p>
<div class="lb-trans"><p>“上个季度，近一半的提供者使用了我们的临床人工智能，而我们的每用户提示数量在 1 月至 4 月之间几乎翻了一番，” Tangney 补充道。</p>
</div><h2>Analysts slash targets</h2>
<div class="lb-trans"><h2>分析师下调目标</h2>
</div><p>Several brokerages cut their price targets following the earnings report, though most maintained neutral or positive ratings on the stock.</p>
<div class="lb-trans"><p>几家券商在财报发布后下调了目标价，尽管大多数对该股维持中性或积极评级。</p>
</div><p>Needham &amp; Company lowered its price target on Doximity to $27 from $55 while maintaining a Buy rating.</p>
<div class="lb-trans"><p>Needham &amp; Company 将 Doximity 的目标价从 55 美元下调至 27 美元，同时维持买入评级。</p>
</div><p>The firm said Doximity’s growth rate is increasingly aligning with broader healthcare technology market growth rather than materially outperforming it.</p>
<div class="lb-trans"><p>该公司表示，Doximity 的增长率越来越与更广泛的医疗技术市场增长相一致，而不是显著超越它。</p>
</div><p>Needham added that management’s fiscal 2027 guidance fell below expectations partly because of increased spending on AI and product development.</p>
<div class="lb-trans"><p>Needham 还表示，管理层的 2027 财年指引低于预期，部分原因是人工智能和产品开发支出增加。</p>
</div><p>The brokerage said the near-term margin pressure appears necessary if the company hopes to eventually accelerate growth again.</p>
<div class="lb-trans"><p>该券商表示，如果公司希望最终再次加速增长，短期内的利润压力似乎是必要的。</p>
</div><p>According to Needham, AI-related investments could become Doximity’s largest opportunity to generate additional spending from existing customers over the longer term.</p>
<div class="lb-trans"><p>根据 Needham 的说法，与人工智能相关的投资可能成为 Doximity 在长期内从现有客户中产生额外支出的最大机会。</p>
</div><p>Evercore ISI also reduced its price target to $19 from $25 while maintaining an In Line rating.</p>
<div class="lb-trans"><p>Evercore ISI 也将其目标价从 25 美元下调至 19 美元，同时维持与市场持平的评级。</p>
</div><p>The research firm described Doximity as being in “transition mode” as it pivots toward AI-productivity and search-based revenue streams.</p>
<div class="lb-trans"><p>该研究公司将 Doximity 描述为处于 “过渡模式”，正在向人工智能生产力和基于搜索的收入流转型。</p>
</div><p>Evercore ISI said the company is increasing spending on research and development, sales, and AI infrastructure ahead of a hoped-for future revenue acceleration.</p>
<div class="lb-trans"><p>Evercore ISI 表示，该公司正在增加对研发、销售和人工智能基础设施的支出，以期望未来收入加速。</p>
</div><p>The brokerage also warned that Doximity now faces a more competitive environment that will require greater agility from management.</p>
<div class="lb-trans"><p>该券商还警告称，Doximity 现在面临更具竞争力的环境，这将要求管理层具备更大的灵活性。</p>
</div><p>“The changing demand environment and increased competition are expected to accelerate the market innovation cycle,” Evercore ISI said.</p>
<div class="lb-trans"><p>“需求环境的变化和竞争加剧预计将加速市场创新周期，” Evercore ISI 表示。</p>
</div><p>Still, the firm noted that Doximity maintains a strong balance sheet and substantial profitability advantages compared with many healthcare technology peers.</p>
<div class="lb-trans"><p>尽管如此，该公司仍然保持强劲的资产负债表和相较于许多医疗技术同行的显著盈利优势。</p>
</div><p>The company’s gross profit margin remains close to 90%, and it continues to hold more cash than debt.</p>
<div class="lb-trans"><p>该公司的毛利率仍接近 90%，并且持有的现金超过债务。</p>
</div><p>Evercore ISI said it would closely monitor whether Doximity can begin monetizing its newer AI products beginning in the fiscal third quarter.</p>
<div class="lb-trans"><p>Evercore ISI 表示，将密切关注 Doximity 是否能够在 2027 财年第三季度开始实现其新人工智能产品的货币化。</p>
</div><h2>Competitive concerns intensify</h2>
<div class="lb-trans"><h2>竞争担忧加剧</h2>
</div><p>Robert W. Baird &amp; Co. took a more cautious stance, downgrading the stock to Neutral from Outperform and slashing its price target to $18 from $40.</p>
<div class="lb-trans"><p>Robert W. Baird &amp; Co.采取了更为谨慎的立场，将该股评级下调至中性，并将目标价从 40 美元下调至 18 美元。</p>
</div><p>Baird said investors may remain skeptical about the company’s strategy for some time because monetizing AI-related healthcare tools often takes longer than expected.</p>
<div class="lb-trans"><p>Baird 表示，投资者可能会对该公司的战略保持怀疑，因为货币化与人工智能相关的医疗工具往往比预期需要更长时间。</p>
</div><p>The firm also pointed to increasing competition, broader macroeconomic uncertainty and regulatory pressures affecting the digital health sector.</p>
<div class="lb-trans"><p>该公司还指出，竞争加剧、宏观经济不确定性加大以及对数字健康行业的监管压力。</p>
</div><p>According to Baird, recent softness in demand trends may reflect deeper structural challenges facing both Doximity and the broader telehealth industry.</p>
<div class="lb-trans"><p>根据 Baird 的说法，近期需求趋势的疲软可能反映了 Doximity 和更广泛的远程医疗行业面临的更深层次的结构性挑战。</p>
</div><p>The brokerage added that healthy engagement metrics alone may not be enough to offset concerns about slowing customer spending growth and rising execution risks.</p>
<div class="lb-trans"><p>该券商补充说，仅仅健康的参与指标可能不足以抵消对客户支出增长放缓和执行风险上升的担忧。</p>
</div><p>Investor confidence has also been affected by leadership changes and heightened scrutiny surrounding Doximity’s long-term growth algorithm.</p>
<div class="lb-trans"><p>领导层变动和对 Doximity 长期增长算法的高度审查也影响了投资者信心。</p>
</div><p>Even after the sharp selloff, Baird said valuation risks remain because only about 65% of the company’s fiscal 2027 guidance range is currently booked.</p>
<div class="lb-trans"><p>即使在剧烈抛售之后，Baird 表示估值风险仍然存在，因为目前仅约 65% 的公司 2027 财年指引范围已被预订。</p>
</div><h2>Wall Street remains divided</h2>
<div class="lb-trans"><h2>华尔街看法分歧</h2>
</div><p>Despite the sharp decline in the stock, Wall Street remains split on Doximity’s longer-term outlook.</p>
<div class="lb-trans"><p>尽管股价大幅下跌，华尔街对 Doximity 的长期前景仍然存在分歧。</p>
</div><p>According to analyst estimates compiled from 22 firms, the average price target on the stock has fallen from $36.74 to $31.11, with forecasts ranging between $17 and $55 per share.</p>
<div class="lb-trans"><p>根据 22 家公司的分析师估计，该股的平均目标价已从 36.74 美元降至 31.11 美元，预测范围在 17 美元至 55 美元之间。</p>
</div><p>Based on the stock’s May 13 closing price, the revised consensus target still implies roughly 33% upside potential.</p>
<div class="lb-trans"><p>基于该股 5 月 13 日的收盘价，修订后的共识目标仍暗示约 33% 的上涨潜力。</p>
</div><p>Among 25 analysts covering the stock, 13 maintain Buy ratings while 12 recommend Hold. No analysts currently rate the shares as Sell.</p>
<div class="lb-trans"><p>在覆盖该股票的 25 位分析师中，13 位维持买入评级，12 位建议持有。目前没有分析师将该股票评级为卖出。</p>
</div><p>For investors, the central question remains whether Doximity’s expanding AI capabilities can eventually reignite growth strongly enough to justify the company’s rising investment costs and restore confidence in its longer-term business model.</p>
<div class="lb-trans"><p>对于投资者而言，核心问题仍然是 Doximity 不断扩展的人工智能能力是否能够最终重新点燃增长，以足够强劲的速度来证明公司不断上升的投资成本，并恢复对其长期商业模式的信心。</p>
</div><p>The post Doximity plunges 24% on weak guidance, analysts slash PTs on increased AI spending appeared first on Invezz</p>
<div class="lb-trans"><p>Doximity 因疲软的指引暴跌 24%，分析师因增加人工智能支出下调目标价的文章首次出现在 Invezz 上。</p>
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Doximity plunges 24% on weak guidance, analysts slash PTs on increased AI spending

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由于指引疲弱，Doximity 股价暴跌 24%，分析师因 AI 支出增加而下调目标价格