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Definitive Healthcare Reports Financial Results for Second Quarter Fiscal Year 2024
Second quarter revenue grew 5% year-over-year to $63.7 million FRAMINGHAM, Mass., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Definitive Healthcare Corp. (“Definitive
About this update from Definitive Healthcare Corp.
[{"type":"text","content":"Second quarter revenue grew 5% year-over-year to $63.7 million\nFRAMINGHAM, Mass., Aug. 05, 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 June 30, 2024. Second Quarter 2024 Financial Highlights: Revenue was $63.7 million, an increase of 5% from $61.0 million in Q2 2023. Net Loss, inclusive of goodwill impairment charges of $363.6 million, was $(306.2) million, or (480%) of revenue, up 2,538% compared to $(11.6) million, or (19%) of revenue in Q2 2023. Adjusted Net Income was $14.2 million, compared to $12.4 million in Q2 2023. Adjusted EBITDA was $20.9 million, up 21% from Q2 2023, and 33% of revenue, compared to $17.2 million, or 28% of revenue in Q2 2023. Cash Flow from Operations was $14.0 million in the quarter.Unlevered Free Cash Flow was $21.5 million in the quarter. “Financial performance in the quarter underscored our commitment to operational efficiency and profitability,” said Kevin Coop, CEO of Definitive Healthcare. “In my first month as CEO, I’m even more confident that this is a business with strong fundamentals. We have a great team with deep domain expertise and a differentiated set of data and technology assets that deliver great value to our customers.” Recent Business and Operating Highlights: Customer Wins In the second quarter, Definitive Healthcare grew its enterprise customer base by 32, or 6% year-over-year, ending the quarter with 537 enterprise customers, defined as those customers with more than $100,000 in annual recurring revenue. Customer wins included: An AI-software provider of personalized screening and early detection of breast cancer needed to understand complex network relationships, clinical volume by provider and place of service, and executive contact hierarchies. Through integration of our claims data, and proprietary reference and affiliation data, Definitive Healthcare will serve as the foundation for their market intelligence and commercial strategy planning functions.One of the largest U.S. providers of electronic medical records systems recently expanded their relationship with Definitive Healthcare. Since 2017, their sales organization has relied on Definitive Healthcare’s View Suite of products for competiti...