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DH

Definitive Healthcare Corp.

DH

Definitive Healthcare Corp. • NASDAQ
$2.84 ▲ 1.07% (+0.03)
Market Cap $293.38 M
52w High $5.68
52w Low $2.15
Dividend Yield 0%
P/E -1.65
Volume 188.10K
Outstanding Shares 103.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $60.046M ▼ $59.665M ▲ $-14.838M ▼ -24.711% ▼ $-0.14 ▼ $-209K ▼
Q2-2025 $60.75M ▲ $50.783M ▼ $-7.551M ▲ -12.43% ▲ $-0.071 ▲ $8.519M ▲
Q1-2025 $59.191M ▼ $228.546M ▲ $-107.228M ▼ -181.156% ▼ $-0.95 ▼ $-149.729M ▼
Q4-2024 $62.288M ▼ $147.165M ▼ $-59.075M ▲ -94.842% ▲ $-0.51 ▲ $-73.971M ▲
Q3-2024 $62.697M $274.398M $-130.896M -208.776% $-1.12 $-184.736M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $185.924M ▲ $755.527M ▼ $365.857M ▲ $284.85M ▼
Q2-2025 $184.201M ▼ $770.145M ▼ $358.912M ▼ $303.615M ▼
Q1-2025 $200.673M ▼ $808.657M ▼ $372.752M ▼ $322.776M ▼
Q4-2024 $290.164M ▼ $1.089B ▼ $482.195M ▼ $444.375M ▼
Q3-2024 $305.388M $1.182B $486.093M $506.515M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-17.792M ▼ $15.687M ▲ $24.141M ▲ $-12.471M ▲ $27.333M ▲ $13.406M ▼
Q2-2025 $-9.265M ▲ $9.304M ▼ $-10.162M ▼ $-24.7M ▲ $-25.115M ▼ $17.01M ▼
Q1-2025 $-155.093M ▼ $26.066M ▲ $83.545M ▲ $-109.706M ▼ $721K ▲ $18.36M ▲
Q4-2024 $-84.717M ▲ $8.135M ▼ $-26.27M ▼ $-13.368M ▼ $-32.231M ▼ $-2.766M ▼
Q3-2024 $-187.824M $19.432M $8.961M $-12.065M $16.708M $18.665M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Professional Services
Professional Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription Services
Subscription Services
 $120.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, and gross profitability looks strong for a data‑driven software business. The concern is that operating profit and net income have swung sharply into loss territory in the most recent years, after hovering near breakeven earlier. This suggests heavier spending, possible one‑time charges, or a cost base that has grown faster than revenue. The key question going forward is whether management can rein in costs or grow into them so that the business model’s attractive margins show up again in reported earnings.

Balance Sheet

Balance Sheet The balance sheet shows a business that is not overly burdened by debt, but whose financial cushion is thinner than it was right after going public. Cash is well below prior peak levels, and total assets and shareholder equity have come down, which likely reflects write‑downs and the accumulated impact of losses. Debt remains moderate relative to the size of the company, which helps from a risk perspective, but the reduced equity base and smaller cash buffer mean less room for prolonged weak profitability without making adjustments. Overall, the balance sheet is still functional, but there is less margin for error than a few years ago.

Cash Flow

Cash Flow Despite the accounting losses, the company continues to generate positive operating cash flow and free cash flow, and those cash flows have generally inched upward over time. Capital spending needs are modest, which fits an asset‑light, software‑and‑data model and helps free cash flow stay positive. The big gap between negative earnings and positive cash flow implies significant non‑cash charges and working capital movements that soften the economic impact of reported losses. Cash generation is therefore a relative strength, but it needs to be sustained if the company is to comfortably fund its strategy and absorb any bumps in the market.

Competitive Edge

Competitive Edge Definitive Healthcare sits in a focused, valuable niche: commercial intelligence for the healthcare industry built on a large, curated dataset. Its Atlas Dataset, proprietary identifiers, and deep integration into customer workflows create meaningful switching costs and help explain strong retention and a roster that includes many top biopharma firms. The more clients use the platform, the more feedback and data improve it, adding a network‑effect element to the moat. However, it competes with well‑resourced players in healthcare data and analytics, so maintaining differentiation in data quality, usability, and domain expertise is essential to preserve pricing power and growth.

Innovation and R&D

Innovation and R&D The company is leaning heavily into innovation, especially around AI and predictive analytics layered on top of its Atlas Dataset. Tools like Market Forecast and Passport Analytics move the offering from static data toward forward‑looking, decision‑support products, which can deepen customer dependence on the platform. Its modern data infrastructure and continued development of specialized modules (for hospitals, physicians, and experts) suggest a clear push to stay at the leading edge of healthcare commercial intelligence. The opportunity is to turn this innovation into higher‑value, more embedded use cases, while the risk is that competitors are pursuing similar AI‑driven strategies and the innovation race will be ongoing and costly.

Summary

Definitive Healthcare combines solid revenue growth, high inherent margins, and a sticky, data‑rich product with a worrying recent trend of sizeable reported losses and a slimmer balance‑sheet cushion than in the past. The business model itself appears attractive: recurring revenue, strong retention, and meaningful switching costs supported by a differentiated data asset. At the same time, the step‑up in losses and the decline in equity highlight execution and cost‑discipline risks that need to be managed. The company’s future will likely hinge on its ability to keep monetizing its data and AI capabilities, deepen its role in customer workflows, and gradually translate those strengths into more stable and visible profitability, all while navigating intense competition and the evolving healthcare and data‑privacy landscape.

NEWS

November 6, 2025 · 4:05 PM UTC

Definitive Healthcare Reports Financial Results for Third Quarter Fiscal Year 2025

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October 23, 2025 · 4:05 PM UTC

Definitive Healthcare Announces Timing of Its Third Quarter 2025 Financial Results Conference Call and Webcast

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October 17, 2025 · 7:00 PM UTC

Forum Ventures Bets Big on Category-Defining Vertical AI Solution for Healthcare Growth, Salubrum

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September 2, 2025 · 4:05 PM UTC

Definitive Healthcare to Present at the Morgan Stanley 23rd Annual Global Healthcare Conference

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