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Shares in Doximity (DOCS) surged Friday after the digital medical networking company announced earnings that beat Wall Street estimates, provided a better-than-expected current-quarter outlook, and unveiled a share buyback program.

For the fiscal fourth quarter ending March 31, the provider of curated medical news and telehealth tools reported adjusted earnings of 25 cents per share, comfortably topping forecasts of 20 cents a share. Revenue in the period of $118.1 million improved 6% from a year earlier and beat analysts’ expectations of $116.4 million. Subscription revenue in the quarter increased to $112.7 million, up 9% from $103.2 million in last year’s corresponding period, helping to boost top-line growth.

Looking ahead, Doximity expects current-quarter net sales to range between $119.5 million and $120.5 million, with the lower end of that range surpassing forecasts of $119.2 million. For the full-year, it projects revenue of $506 million to $518 million, below the $520.8 million Street consensus.

The San Francisco-based company said it had been incorporating artificial intelligence (AI) and automation into its workflow tools as it looks to sign on more healthcare professionals.

“We’re proud to bring AI and automation to clinical workflows, with over 580,000 unique providers using our workflow tools last quarter,” Doximity co-founder and CEO Jeff Tangney said in the company’s earnings statement late Thursday.

Doximity also unveiled a stock buyback program, announcing that it had authorized the purchase of up to $500 million of its Class A common stock. Typically, investors view buybacks favorably as they signal management’s confidence in the company and reduce the number of available shares available for trading.

Since early March, the Doximity share price has traded within a falling wedge, a bullish chart pattern that suggests potential upward price movement. Indeed, the stock looks set to breakout above the wedge’s top trendline this morning following the company’s upbeat quarterly results. 

Investors should eye the $28 level, an area where the stock may find overhead resistance from a horizontal line connecting a series of price action over the past 13 months. A breakout above this technically significant level could see a retest of this year’s high around $31.85.

Doximity shares were up 17.6% at $27.92 at around noon ET Friday.

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The Federal High Court sitting in Lagos State has convicted a medical doctor, Anu Adepoju, over a failed plastic surgery that resulted in the d£ath of one Nneka Onwuzuligbo in 2020.

Anu, who’s the founder of MedContour Services LTD, was convicted on Friday, May 17, on a five-count charge bordering on a refusal to honour an invitation for an investigation into post-body surgery complications and failure to produce investigation documents.

Recall that shortly after the news of Onwuzuligbo demise went viral, Anu was arrested and later charged to court alongside her company by the Federal Competition and Consumers Protection Commission (FCCPC) in 2020.

The prosecuting counsel for the FCCPC, Babatunde Irukera, announced the conviction on X.

Irukere had earlier disclosed that the offence carries either a prison term, a fine, or both.

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