Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q4'25 → | C+ | B- |
| Q1'26 → | B+ | B+ |
| Q2'26 → | B+ | B+ |
| Q3'26 → | C+ | B- |
| Q4'26 → | B- | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q4'26 | ✅ | Maintain 50% or greater adjusted EBITDA margins on annual basis Delivered 55% full year margin despite Q4 pressure, maintaining profitability commitment | delivered |
| Q4'26 | ❌ | MFN deals being signed should allow more confident execution of 2026 media plans Market visibility still limited, policy uncertainty remains elevated per management | missed |
| Q4'26 | ❌ | Higher portion of clients' budgets not deployed upfront will likely be available during upsell season Still seeing shorter-term spend commitments as the norm, suggests budget didn't materialize | missed |
| Q4'26 | ✅ | We expect to have a product in market this year for AI commercialization Launched AI Search in late April as promised, though with minimal near-term revenue impact | delivered |
| Q4'26 | ⏳ | We believe we'll end calendar year 2026 with significantly better growth than we started it Q4 guidance of 4% growth at midpoint suggests slow start as predicted | pending |
| Q4'26 | ⏳ | We do anticipate a more notable ramp as we move into our fiscal back half Said this in Q3 about fiscal 2026 back half - that's Q3/Q4 FY26 which just ended with 'minimal' AI revenue | pending |
| Q3'26 | ✅ | We believe margins will look materially similar to where they are today at over 55% Maintained 55%+ adjusted EBITDA margin guidance despite AI investments | delivered |
| Q3'26 | ✅ | Multi-module integrated offerings proven strong fit for upsell season 40% of Q2 bookings were integrated programs, up from 5% year ago | delivered |
| Q3'26 | ⚠️ | We're entering upfront season with strong client engagement and product momentum January bookings were record, but Q4 revenue guidance cut dramatically | mixed |
| Q3'26 | ✅ | We will continue to invest in AI and expect costs to increase in back half of year Gross margins down 180bps from AI infrastructure, as promised | delivered |
| Q3'26 | ⏳ | We believe we can continue to outgrow the market regardless of where budgets end up Market growth estimates lowered, still claiming outgrowth but with less confidence | pending |
| Q3'26 | ❌ | These integrated programs will provide better predictability for our business long-term Q4 guidance shows same lumpiness as before, no smoothing achieved | missed |
| Q2'26 | ✅ | Q1: Stock buybacks as 'valuable use of incremental cash above reinvestment needs' Repurchased $21.9M in Q2, though at higher price ($61.62 vs $53.99 in Q1) | delivered |
| Q2'26 | ✅ | Q1: Expected Pathway to contribute 'no revenue this year' as free offering Confirmed still free, though noted enterprise interest for future monetization | delivered |
| Q2'26 | ✅ | Q1: 'We will continue to take measured approach to revenue we have yet to book' They beat Q2 by 7% but maintained conservative Q3 guide, consistent with measured approach | delivered |
| Q2'26 | ✅ | Q1: Pathway integration 'in record time' and beta testing with physicians Full integration completed in 7 weeks, faster than implied timeline, now live across web and mobile | exceeded |
| Q2'26 | ✅ | Q1: AI scribe integration 'next step is to integrate directly into telehealth tools' Scribe now integrated into Doximity Dialer with 'one click' activation for 300K daily calls | delivered |
| Q2'26 | ✅ | Q1: 'We expect our free cash flow to be positively impacted by new tax law reversing R&D capitalization' FCF grew 37% YoY in Q2, and they cited cash tax rate dropping to 10-15% range | delivered |
| Q1'26 | ✅ | Share repurchases valuable use of incremental cash $122M repurchased in Q1, dilution offset by buybacks | delivered |
| Q1'26 | ✅ | Free cash flow positively impacted by R&D capitalization reversal Cash tax rate dropping to 10-15% as expected | delivered |
| Q1'26 | ✅ | Health system business showing marginal improvement Anna confirmed continued outperformance vs expectations | delivered |
| Q1'26 | ✅ | Client portal rollout going well with majority of pharma clients having access Now 'lion's share' of brands on portal driving SMB growth | exceeded |
| Q1'26 | ✅ | Increase investments in AI this year with modest expense impact Pathway acquisition completed, just $2M+ OpEx impact as guided | delivered |
| Q1'26 | ✅ | Multi-module integrated offerings driving larger deal sizes and January launches Contributed to revenue beat and improved predictability | delivered |
| Q1'26 | ✅ | Expect pharma business to maintain strong competitive position and grow at roughly twice market rate 15% growth vs 5-7% market = 2x+ multiple achieved | delivered |
| Q4'25 | ✅ | Growing at roughly 2x market rate Management said they grew roughly 3x market rate in FY25 | exceeded |
| Q4'25 | ✅ | AI tools continued rapid growth Delivered 5x growth vs previous quarters' 60% sequential growth | exceeded |
| Q4'25 | ✅ | January launches becoming the norm Confirmed majority of programs now launch in January | delivered |
| Q4'25 | ❌ | Integrated programs will improve revenue predictability Visibility actually decreased from 'over 70%' to 'just under 70%' | missed |
| Q4'25 | ⏳ | Point-of-care and formulary to be nine-figure business Not disclosed if achieved, only said 20% of Q4 pharma sales | pending |
| Q4'25 | ✅ | All clients will have portal access by end of fiscal 2025 Achieved majority access with plan to add remaining clients in 2025 | delivered |
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