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Mar 31, 2024
Definitive Healthcare Q1 2024 Earnings Report
Definitive Healthcare's first quarter revenue increased, but the company experienced a net loss, though adjusted EBITDA margin was strong due to focus on operational efficiencies.
Key Takeaways
Definitive Healthcare reported a 7% year-over-year increase in revenue to $63.5 million for Q1 2024. The company's net loss was $(12.7) million, but adjusted EBITDA was $20.0 million, representing 32% of revenue. The company grew its enterprise customer base by 6% year-over-year, ending the quarter with 559 enterprise customers.
Revenue was $63.5 million, a 7% increase from $59.2 million in Q1 2023.
Net Loss was $(12.7) million, or (20%) of revenue, compared to $(16.0) million, or (27%) of revenue in Q1 2023.
Adjusted Net Income was $13.0 million, compared to $9.1 million in Q1 2023.
Adjusted EBITDA was $20.0 million, or 32% of revenue, compared to $15.7 million, or 26% of revenue in Q1 2023.
Forward Guidance
Definitive Healthcare provided financial guidance for Q2 2024 and full year 2024.
Positive Outlook
- Revenue is expected to be in the range of $62.0 – $63.5 million for Q2 2024, a 2-4% increase year over year.
- Adjusted Operating Income is expected to be in the range of $17.0 – $18.5 million for Q2 2024.
- Adjusted EBITDA is expected to be in the range of $18.5 – $20.0 million for Q2 2024, with a 30-32% adjusted EBITDA margin.
- Adjusted Net Income is expected to be $13.5 – $14.5 million for Q2 2024.
- Revenue is expected to be in the range of $255 – $261 million for full year 2024, a 1-4% increase from the prior year.
Challenges Ahead
- Adjusted Net Income Per Diluted Share is expected to be $0.08 – $0.09 per share on approximately 157.2 million weighted-average shares outstanding for Q2 2024.
- Adjusted Operating Income is expected to be in the range of $75.0 – $78.0 million for full year 2024.
- Adjusted EBITDA is expected to be in the range of $81.5 – $84.5 million for full year 2024, for a full-year adjusted EBITDA margin of 32-33%.
Historical Earnings Impact
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