At our monthly all-hands meeting this morning, we announced a tender offer that is intended to give many Zocdoc’rs their first meaningful opportunity for liquidity. Eighteen years into this journey, we are still in our early innings. But this milestone officially marks the end of one chapter for Zocdoc and the start of the next. 

Most importantly, this is a moment to recognize the people who rebuilt this company. When people meet Zocdoc’rs, they are struck by their long tenures. We regularly celebrate 5, 10, even 15-year plus anniversaries. But that is not what’s extraordinary. 

What’s extraordinary is the difficult road they have traveled. This is a moment to say thank you:

To the ones who believed there was a better future.

To the ones who kept building with grit.

To the ones who left…and came back.

To the ones who are still eager to tackle the challenges ahead. 

And to the ones who didn’t give up on this wonderful place, its mission, and its winding path.

Because of this team, Zocdoc is a stronger company than ever before.

In 2015—while Zocdoc had recently been anointed a “unicorn”—the business was struggling and in need of a turnaround. Our pricing model was broken. Growth-at-all-costs spending was unsustainable. The fundamentals needed to be rebuilt from the ground up. Our focus was singular: rebuilding Zocdoc to secure its future.

What followed was a reset that took the better part of a decade. 

We rebuilt the company piece by piece: our business model, regulatory approach, product, and more. We made tradeoffs that were painful in the short term but critical to Zocdoc’s survival. In healthcare, there are no shortcuts. You either build something durable or you cease to exist. 

Just as we began to make progress on our business model transformation, a once-in-a-generation pandemic hit. Bookings, and thus our revenue, took a nosedive. The business was under pressure again, but we had learned to face existential challenges together, head on. The team adapted with grit and speed, supported patients and providers, and stabilized the business. On the other side of COVID, our journey that began years before paid off. 

Zocdoc is now profitable, cash flow positive, with accelerating growth as we enter our next chapter.

We measure financial success the way any durable business should, on two core dimensions: growth and profitability. Zocdoc reached annual profitability for the first time in 2023 and has sustained it since. Over the past three years, our revenue has grown at a 30% compound annual growth rate (CAGR), and continues to accelerate. We’ve also expanded our network at a 50% CAGR to more than 200,000 providers. 

Our 2025 financial plan was designed to meet or beat Rule of 40. This widely used benchmark combines growth and profitability into a single metric. It indicates that a company has strong fundamentals and efficient growth if the sum of its year-over-year revenue growth rate and its profit margin equals or exceeds 40%. 

In 2025, Zocdoc exceeded Rule of 40, reaching 51%. This financial performance, and longevity, is rare in health tech. 

But behind these metrics is our mission. To date, Zocdoc has helped more than 20 million people access the care they need, when they need it. We’ve helped them stay in-network. We’ve helped them get a visit in hours or days, not months or weeks. We’ve helped them find doctors they love, and get the care they deserve.

Khosla Ventures, one of our earliest investors, has seen our non-linear arc and are leaning in to increase their stake as we enter our next chapter. They are offering to buy a portion of vested Zocdoc stock from eligible participants at $21 per share, implying a $2.3B valuation. 

Zocdoc now enters its next phase: expanding beyond our marketplace into healthcare access infrastructure. 

Too often, access breaks at the first step. In travel, you book. In retail, you buy. In healthcare, you’re blocked. That is the failure point we are fixing. Despite everyone’s quest to “own the front door,” healthcare does not have one; it has many. Our goal is to make sure all of those doors actually open whenever and wherever patients are knocking.

We enter this infrastructure phase with a team proven under pressure, with the determination and resilience needed to tackle the challenges that may lay ahead. 

The team earned Zocdoc the right to begin this next chapter.

This team showed up through uncertainty and setbacks, and did the hard, unglamorous work to rebuild Zocdoc in the right way. When I ask people why they persisted despite the odds, their answers are simple: “The team,” and “Because Zocdoc needs to exist.” This tender offer is for our team. They deserve to share in the growing value they created.

Zocdoc’s story is one of doing the hard, necessary things for the long run. We didn’t take the easy path, but it is the one that got us to this moment. Now we get to decide where it leads next.

Thank you to the ones who kept traveling down our winding path and for everything we will continue to build together from here. 

 

Additional Information Regarding the Tender Offer

This communication is for informational purposes only, is not a recommendation to buy or sell Zocdoc’s common stock, and does not constitute an offer to buy or the solicitation of an offer to sell Zocdoc’s common stock.The tender offer will be made only pursuant to an offer to purchase, letter of transmittal and related materials that the Company expects to distribute to eligible participants upon commencement of the tender offer. ELIGIBLE PARTICIPANTS SHOULD READ CAREFULLY THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE TENDER OFFER.