Definitive Healthcare Corp

ir.definitivehc.com

What Do They Do?

Sells healthcare data and analytics products to life sciences companies, healthcare providers, and other organizations operating in healthcare.

How Do They Make Money?

Customers pay subscription fees for hosted platform access under contracts typically lasting one to three years; invoiced amounts are typically due in 30 days. Separately sold data is delivered by record, and professional services are provided as performed.

revenue

Segment	Share	Revenue	How money arrives
Subscription Services Recurring	96% FY2022: 97%		Recurring
Professional Services Sold outright	3.9% FY2022: 2.5%		Sold outright

Who Are Their Customers?

Life sciences companies, healthcare providers, and diversified healthcare organizations are its customers. An inside sales team markets to prospects, then account executives and customer-experience staff onboard and support subscribers.

Do Revenues Turn Into Profits?

Not on paper. It lost $138.9M in FY2025, but brought in more cash than it spent: $37.1M of free cash flow.

Operating income, FY2025

−93% of revenue

▼ −68% (Loss) vs FY2024 (−$710.8M, −282%)

Net income, FY2025

−58% of revenue

▼ −66% (Loss) vs FY2024 (−$413.1M, −164%)

Free cash flow, FY2025

15% of revenue

▼ −19% vs FY2024 ($45.9M, 18%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −9%; vs $60.8M in Q2 FY2025
Net income: ▼ −28% (Loss); vs −$7.6M in Q2 FY2025

Subscription Services share of revenue vs 95.8% in Q2 FY2025

Sep 2, 2026 Clay Ritchey appointed CEO after Kevin Coop stepped down Ritchey's appointment takes effect September 8, 2026.
Sep 2, 2026 Advent proposes to acquire the remaining shares and units for cash The special committee will review the non-binding proposal; no decision has been made.
Aug 10, 2026 Company issues third-quarter revenue guidance Revenue guidance is $54.0 – $55.0 million.
Jun 24, 2026 Nasdaq says the company no longer meets its minimum bid-price rule The company has until December 15, 2026, to regain compliance.

Growing. Revenue grew 45% in 4 years, from $166.2M in FY2021 to $241.5M in FY2025, about 10% a year.

Revenue over time

Subscription Services Professional Services

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Clarivate, IQVIA, Symphony Health, AcuityMD, MedScout, Komodo Health, H1 Healthcare, Trella Health, Trilliant Health, SG2, Veeva, ZoomInfo, LinkedIn, and Dun & Bradstreet

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