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Definitive Healthcare Reports Financial Results for Second Quarter Fiscal Year 2023
Second quarter revenue grew 12% year-over-year to $61.0 million FRAMINGHAM, Mass., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Definitive Healthcare Corp. (“Definitive
About this update from Definitive Healthcare Corp.
[{"type":"text","content":"Second quarter revenue grew 12% year-over-year to $61.0 million\nFRAMINGHAM, Mass., Aug. 14, 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 June 30, 2023. Second Quarter 2023 Financial Highlights: Amounts referencing Q2 2022 and trailing twelve-month periods (excluding revenue) are as restated Revenue was $61.0 million, an increase of 12% from $54.5 million in Q2 2022. Net loss was ($11.6) million, or 19% of revenue, compared to ($10.1) million, or 19% of revenue in Q2 2022. Adjusted Net Income was $12.4 million, compared to $8.8 million in Q2 2022. Adjusted EBITDA was $17.2 million, or 28% of revenue, compared to $16.3 million, or 30% of revenue in Q2 2022. Cash flow from operations was $12.0 million in the quarter or 20% of revenue. For the trailing twelve-month period, cash flow from operations was $33.5 million, or 14% of revenue.Unlevered free cash flow was $18.9 million in the quarter, or 31% of revenue. For the trailing twelve-month period, unlevered free cash flow was $52.5 million, or 22% of revenue. “Our second quarter revenue and adjusted EBITDA were in-line with our expectations. Our ability to continue delivering on our goal of balanced growth and profitability in a difficult economy is a reminder of the inherent value of our commercial intelligence platform and the efficiency of our business model,” said Robert Musslewhite, CEO of Definitive Healthcare. “Our performance in the quarter was driven by new and existing customer wins in each of our target markets. We continue to see solid demand generation and are having an increasing number of strategic conversations with customers about their long-term investment priorities.” Restatement of Previously Issued Financial Statements On August 1, 2023, the Company filed an 8-K with the Securities and Exchange Commission (“SEC”) announcing that previously issued audited consolidated financial statements as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”), and the Company’s unaudited condensed consolidated financial statements included in the Quart...