Doximity reported Q3 revenue of $___ million, up 10% year-over-year, while net income slipped to $___ million, down from $___ million a year earlier. The slower growth reflects weaker demand in its core SaaS offerings and higher operating expenses.

Management guided Q4 sales growth of just 4%, significantly below the prior quarterly pace of double-digit expansion. The cautious outlook incorporates expected pressure on new customer acquisitions and a more conservative spending environment among healthcare organizations.

Shares plunged following the release, as investors reacted to both the earnings miss and tepid guidance. The muted outlook has prompted analysts to revise downward their full-year revenue forecasts and reassess Doximity’s valuation multiple.