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Definitive Healthcare Reports Financial Results for Third Quarter Fiscal Year 2023
Third quarter revenue grew 14% year-over-year to $65.3 million FRAMINGHAM, Mass., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Definitive Healthcare Corp. (“Definitive
About this update from Definitive Healthcare Corp.
[{"type":"text","content":"Third quarter revenue grew 14% year-over-year to $65.3 million\nFRAMINGHAM, Mass., Nov. 02, 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 September 30, 2023. Third Quarter 2023 Financial Highlights: Amounts referencing Q3 2022 and trailing twelve-month periods (excluding revenue) are as restated Revenue was $65.3 million, an increase of 14% from $57.4 million in Q3 2022. Net loss was ($248.7) million, or 381% of revenue, compared to ($6.9) million, or 12% of revenue in Q3 2022. Adjusted Net Income was $14.6 million, compared to $8.8 million in Q3 2022. Adjusted EBITDA was $21.7 million, or 33% of revenue, compared to $16.4 million, or 29% of revenue in Q3 2022. Cash flow from operations was $9.5 million in the quarter or 15% of revenue. For the trailing twelve-month period, cash flow from operations was $32.3 million, or 13% of revenue.Unlevered free cash flow was $17.7 million in the quarter, or 27% of revenue. For the trailing twelve-month period, unlevered free cash flow was $54.1 million, or 22% of revenue. “Revenue and adjusted EBITDA for the quarter were both above the high-end of our guidance ranges for the quarter,” said Robert Musslewhite, CEO of Definitive Healthcare. “We were pleased with our increased adjusted EBITDA profitability in the quarter. We have been focused on becoming more efficient across all parts of the organization and it is nice to see that work yielding some measurable results. As we continue to pursue the large and growing healthcare commercial intelligence market, we’ll continue to take a balanced approach between growth and profitability and invest in strategic areas that should lay the foundation for faster growth when market conditions improve.” Recent Business and Operating Highlights: Customer Wins In the third quarter, Definitive Healthcare grew its enterprise client base by 10% year-over-year, ending the quarter with 555 enterprise customers, defined as those customers with more than one hundred thousand dollars in annual recurring revenue. Significant customer wins included: A win-back at a leading diagnostic genomics vendor offering a full spectrum of clinically relevant genetic testing. This customer ended its pri...