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Definitive Healthcare Reports Financial Results for First Quarter Fiscal Year 2024
First quarter revenue grew 7% year-over-year to $63.5 million FRAMINGHAM, Mass., May 07, 2024 (GLOBE NEWSWIRE) -- Definitive Healthcare Corp. (“Definitive
About this update from Definitive Healthcare Corp.
[{"type":"text","content":"First quarter revenue grew 7% year-over-year to $63.5 million\nFRAMINGHAM, Mass., May 07, 2024 (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, 2024. First Quarter 2024 Financial Highlights: Revenue was $63.5 million, an increase of 7% from $59.2 million in Q1 2023. Net Loss was $(12.7) million, or (20%) of revenue, compared to $(16.0) million, or (27%) of revenue in Q1 2023. Adjusted Net Income was $13.0 million, compared to $9.1 million in Q1 2023. Adjusted EBITDA was $20.0 million, or 32% of revenue, compared to $15.7 million, or 26% of revenue in Q1 2023. Cash Flow from Operations was $16.6 million in the quarter.Unlevered Free Cash Flow was $28.3 million in the quarter. “While our first quarter performance was mixed, our adjusted EBITDA margin was strong as we continued to focus on the operational efficiencies,” said Jason Krantz, Founder, Executive Chairman, and Interim CEO of Definitive Healthcare. “At the same time, we continued to make investments in innovative products that will help us drive long term growth and profitability for our shareholders.” Recent Business and Operating Highlights: Customer Wins In the first quarter, Definitive Healthcare grew its enterprise customer base by 30, or 6% year-over-year, ending the quarter with 559 enterprise customers, defined as those customers with more than $100,000 in annual recurring revenue. Customer wins included: A provider of chronic care management products and services selected Definitive Healthcare as the central source of truth for all healthcare provider data for their marketing and sales teams. They’re integrating our affiliation hierarchies into their CRM system to gain a clearer understanding of their total addressable market, and plan to leverage our custom reports to create prospect target “heat maps” for their sales teams.A leading manufacturer of advanced heart pump technology—a client of both our View and Carevoyance platforms—recently expanded its use of Carevoyance. They use Carevoyance for their therapeutic awareness and physician programs. One of the largest health systems in the Southeast US recently expanded its relationship with us to include our Populi Network and Market In...