Doximity, a health IT and telehealth networking platform often referred to as "LinkedIn for doctors," filed its initial public offering May 28, CNBC reported.
Seven things to know:
1. Doximity included a reserved share program in the offering so that physicians who use its platform can get up to 15 percent of shares in the offering.
2. The reserved share program is similar to Airbnb's; the company went public in December 2020 and set aside 7 percent of shares in its IPO for hosts on the platform, according to the report.
3. Under the IPO, eligible physicians can get stock at the same price as the select group of institutional investors. To qualify for the program, members must meet certain thresholds of activity.
"We aspire to be the world's largest physician-owned technology company, and our IPO reserved share program is intended to both thank our members and kickstart the process," Doximity co-founders Jeff Tangney, Nate Gross and Shari Buck wrote in the founders' letter portion of the IPO, according to CNBC.
4. Founded in 2011, San Francisco-based Doximity has become a default site across the U.S. for physicians to connect with one another and share new research. Medical recruiters also use the site.
5. Doximity is used by 1.8 million medical professionals in all of the top 20 hospitals and health systems, according to the report. The platform has more than 600 subscription customers, including 200 that spent $100,000 in fiscal year 2021.
6. Doximity launched a telehealth platform in 2020 amid the COVID-19 pandemic. The company started charging for telehealth services at the beginning of January and said it has seen rapid adoption of the platform among its health system customers.
7. Doximity reported a 69 percent increase in net income in the latest fiscal year, posting $50.2 million.