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Definitive Healthcare Reports Financial Results for First Quarter Fiscal Year 2023
First quarter revenue grew 18% year-over-year to $59.2 million FRAMINGHAM, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- Definitive Healthcare Corp. (“Definitive
About this update from Definitive Healthcare Corp.
[{"type":"text","content":"First quarter revenue grew 18% year-over-year to $59.2 million \nFRAMINGHAM, Mass., May 04, 2023 (GLOBE NEWSWIRE) -- Definitive Healthcare Corp. (“Definitive Healthcare” or the “Company”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced financial results for the quarter ended March 31, 2023. First Quarter 2023 Financial Highlights: Revenue was $59.2 million, an increase of 18% from $50.1 million in Q1 2022. Net loss was ($15.6) million, or 26% of revenue, compared to ($13.1) million, or 26% of revenue in Q1 2022.Adjusted Net Income was $9.2 million, compared to $7.7 million in Q1 2022.Adjusted EBITDA was $15.7 million, or 26% of revenue, compared to $14.0 million, or 28% of revenue in Q1 2022.Cash flow from operations was $15.0 million in the quarter or 25% of revenue. For the trailing twelve-month period, cash flow from operations was $36.9 million, or 16% of revenue.Unlevered free cash flow was $20.4 million in the quarter, or 34% of revenue. For the trailing twelve-month period, unlevered free cash flow was $50.7 million, or 22% of revenue. “In the first quarter of 2023, we got off to a solid start to the year, especially given the context of the ongoing macroeconomic challenges,” said Robert Musslewhite, CEO of Definitive Healthcare. “We continue to have strong demand generation and customer interest in our commercial intelligence platform. Our customers recognize that the Definitive Healthcare platform plays a strategic role in their go-to-market and product development efforts and that our solutions will be critical in accelerating their business performance as market conditions improve.” Recent Business and Operating Highlights: Customer Wins In the first quarter, Definitive Healthcare continued to grow its enterprise client base, ending the quarter with 529 enterprise customers, defined as those customers with more than one hundred thousand dollars in annual recurring revenue. Significant customer wins included: The world’s leading mRNA therapeutic company expanded its relationship with Definitive Healthcare by signing an enterprise contract for Monocl ExpertInsight to help them better identify clinical experts around the globe who could accelerate their research and development efforts.A multinational pharmaceutical and biotechnology company expanded its relationship with Definitiv...