Business
Definitive Healthcare Reports Financial Results for Fourth Quarter and Full Fiscal Year 2022
Fourth quarter revenue grew 31% year-over-year to $60.6 million Full year 2022 revenue grew 34% to $222.7 million FRAMINGHAM, Mass., Feb. 23, 2023 (GLOBE
About this update from Definitive Healthcare Corp.
[{"type":"text","content":"Fourth quarter revenue grew 31% year-over-year to $60.6 million Full year 2022 revenue grew 34% to $222.7 million FRAMINGHAM, Mass., Feb. 23, 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 and full year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights: Revenue was $60.6 million, an increase of 31% from $46.3 million in Q4 2021. GAAP Net Income (loss) was $6.7 million, or 11% of revenue, compared to $(14.8) million, or 32% of revenue in Q4 2021.Adjusted Net Income was $10.5 million, compared to $6.6 million in Q4 2021.Adjusted EBITDA was $17.0 million, or 28% of revenue, compared to $13.1 million, or 28% of revenue in Q4 2021.Cash flow from operations was $(4.2) million in the quarter or (7)% of revenue. Full Year 2022 Financial Highlights: Revenue was $222.7 million for the year, an increase of 34% from $166.2 million for the full year 2021.GAAP Net loss was $(22.3) million, or 10% of revenue, compared to $(61.3) million, or 37% of revenue for the full year 2021.Adjusted Net Income was $35.9 million, compared to $13.4 million for the full year 2021.Adjusted EBITDA was $63.7 million, or 29% of revenue, compared to $56 million, or 34% of revenue for the full year 2021.Cash flow from operations was $35.6 million for the full year 2022, or 16% of revenue.Unlevered free cash flow was $54.2 million for the full year 2022, or 24% of revenue. “Definitive Healthcare once again delivered in 2022 with a 34% year-over-year revenue growth rate and a 29% adjusted EBITDA margin – representing a Rule of 63 Performance.” said Robert Musslewhite, CEO of Definitive Healthcare. “This unique combination of high growth and profitability allows us to continue to effectively grow and scale the business, while maintaining a clear focus on maximizing our long-term success and value creation for customers and shareholders.” Recent Business and Operating Highlights: Customer Wins In the fourth quarter, Definitive Healthcare had multiple key customer wins, including: One of the world’s largest and most renowned cancer treatment and research institutions purchased a multi-year enterprise subscription to HospitalView and Atlas All-Payor Claims to inform their strategy for pa...