DOCS vs. IRTC: Who Will Win High-Stakes AI Showdown in Digital Health?
As digital health continues to evolve rapidly, Doximity DOCS and iRhythm Technologies IRTC stand out as two of the most intriguing players in AI-powered healthcare. Doximity has carved out a niche by building a robust, clinician-centered platform that combines telehealth, workflow tools and a medical social network. The company recently reported fiscal 2025 revenues of $570.4 million, up 20% year over year, with a 48% jump in operating cash flow.
On the other hand, iRhythm Technologies is leading innovation in AI-driven cardiac monitoring. Its full-year 2024 revenues climbed to $591.8 million, representing a 20.1% year-over-year increase. The company continues to scale its Zio cardiac platform while steadily improving margins.
Both companies offer compelling growth narratives within distinct corners of the digital health landscape — Doximity in provider engagement and workflow, and iRhythm in precision diagnostics. This article explores how they compare as investment opportunities at present.
DOCS vs IRTC: Price Performance
Doximity is a leading digital platform for U.S. medical professionals. It offers telehealth, workflow tools, and AI-powered documentation, serving over 80% of physicians. iRhythm Technologies is a digital health company specializing in AI-driven cardiac monitoring. Its Zio platform delivers clinically validated diagnostics for arrhythmias and heart health management.
The year-to-date price performance of Doximity remains unimpressive compared to iRhythm Technologies. DOCS' share price is weighed down by risks tied to drug-pricing reforms and shifting pharma ad budgets. The IRTC share price performance reflects strong growth potential on prospective new product rollout and geographical expansion. Shares of DOCS have gained 6.9% year to date, while those of IRTC have surged 61.4%.
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Financial Health Comparison
From a financial perspective, Doximity appears to be the more mature player. In the fourth quarter of fiscal 2025, it reported $138.3 million in revenues and $62.5 million in net income, alongside a 56% increase in free cash flow. The company has robust profitability and generates consistent margins. However, its stock recently dipped due to conservative fiscal 2026 guidance, which came in slightly below analyst expectations.
iRhythm Technologies' first-quarter 2025 revenues climbed to $158.7 million, representing a 20.3% year-over-year increase. IRTC, while not yet profitable, is showing encouraging signs of financial improvement. Its first-quarter 2025 report showed a 68.8% improvement in gross margins, and the company now holds $520.6 million in cash. Though iRhythm Technologies posted a net loss of $30.7 million for the quarter, the figure is improving.
AI Applications of ODCS & IRTC
In terms of innovation, both companies are embracing AI but in very different ways. Doximity has integrated AI deeply into daily clinical workflows, most notably with Doximity GPT, a generative AI tool that helps physicians automate documentation and paperwork. Its Dialer feature allows for secure and compliant telehealth interactions.
DOCS reported that AI tool adoption among its users grew fivefold in fiscal 2025. Its platform reaches over 80% of U.S. physicians, and more than 620,000 clinicians actively use its services. It has been ranked the top telehealth video platform by KLAS for four consecutive years, a testament to its clinical relevance and user satisfaction.
iRhythm Technologies, on the other hand, applies AI to the diagnostics side of healthcare. Its Zio platform, which includes a 14-day wearable ECG patch, is supported by ZEUS, an AI system designed to interpret cardiac data at cardiologist-level accuracy. The recent AVALON study published in April 2025, involving over 400,000 patients, confirmed that Zio not only improves diagnostic yield but also reduces the need for repeat testing. This gives iRhythm a powerful value proposition in the cardiac space, particularly as the company expands into sleep apnea and population health monitoring.
Robust Growth Outlook for Both Companies
Looking forward, Doximity expects fiscal 2026 revenues to be between $619 million and $631 million, with adjusted EBITDA in the band of $333-$345 million. Key risks include potential shifts in pharmaceutical advertising and broader macroeconomic headwinds. iRhythm's path is more growth-oriented, driven by continued adoption of its platform, further clinical validation and potential scale efficiencies. While it's not yet profitable, its trajectory suggests a narrowing gap as it leverages data from real-world studies to strengthen its market position. IRTC has raised its projection for full-year revenues to the range of $690-$700 million, with EBITDA margins of 7.5-8.5%.
DOCS Estimates
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IRTC Estimates
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DOCS vs IRTC: Who's the Winner?
Both Doximity and iRhythm represent strong AI healthcare plays, but their appeal depends on investor priorities. Doximity offers stability, profitability, and a wide user base, making it a solid choice for risk-averse investors looking for sustainable cash flow. iRhythm, meanwhile, offers a higher-risk, higher-reward profile, fueled by breakthrough diagnostic innovation and expanding clinical utility. For those betting on the next frontier of AI in healthcare, iRhythm may hold more upside potential, while Doximity stands out for its reliability and breadth.
Currently, both DOCS and IRTC carry a Zacks Rank #3 (Hold). However, the Zacks Style Score of DOCS is better than that of IRTC, reflecting higher upside potential for Doximity. DOCS has a Zacks Style Score of 'D', reflecting better growth prospects compared to IRTC's score of 'F'.
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