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We are the leading digital platform for U.S. medical professionals, with over two million registered members as of March 31, 2025. Our members include more than 80% of U.S. physicians, spanning all 50 states and every medical specialty, along with over 60% of U.S. nurse practitioners and physician assistants, and over 90% of graduating U.S. medical students.
Margins and capital returns are both well above average: 33.33% operating margin, ROIC at 15.66%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 13.1%, still solid. Margins contracted 6.6pp, which offsets some of the top-line progress.
ROIC dropped from 18.64% to 15.66%, capital efficiency is deteriorating. Operating margin contracted 6.6pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$645M
▲ +13.1% YoY
Net Income (TTM)
$196M
▼ -12.2% YoY
Op. Margin
33.33%
▼ -6.6pp YoY
ROIC
15.66%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$326M
▲ +19.5% YoY
Op. Cash Flow (TTM)
$326M
▲ +19.5% YoY
Net Debt
-$738M
Net Cash Position
Cash & Equiv.
$749M
5Y CAGR: +25.5%
5Y CAGR: +31.6%
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