Q2 2024 Definitive Healthcare Corp Earnings Call Transcript
Key Points
- Total revenue for Q2 2024 was $63.7 million, up 5% year over year and exceeding guidance.
- Adjusted EBITDA was $20.9 million, up 21% year over year, with a margin of 33%, exceeding guidance.
- Improved renewal rates compared to the prior year.
- Launched new products, including Carevoyance for the medtech industry and a new mobile app for the View platform.
- Selected as the 2024 Databricks Healthcare and Life Sciences Partner of the Year.
- Underperformed on internal logo and upsell expectations due to macro headwinds and sales execution challenges.
- Revised guidance for the remainder of the year, indicating lower expectations.
- Elongated sales cycles and heightened scrutiny on spending, particularly in the life sciences market.
- Total customer count decreased by approximately 200 from Q2 2023 and by 100 from the previous quarter.
- Gross profit margin decreased by approximately 260 basis points year over year due to the impact of the Populi acquisition.
Welcome to Definitive Healthcare's Q2 2024 earnings call. (Operator Instructions)
I would now like to turn the call over to Matt. Please go ahead.
Good afternoon, and thank you for joining us today to review Definitive Healthcare's financial results. Joining me on the call today are Kevin Coop, Chief Executive Officer, and Rick Booth, Chief Financial Officer.
During this call, we will make forward-looking statements, including but not limited to, statements related to our market and future performance and growth opportunities, the benefits of our healthcare commercial intelligence solutions, our competitive position, customer behaviors and use of our solutions, our financial guidance, our planned investments, generating value for our customers and shareholders, and the anticipated impacts of global macroeconomic conditions on our business results and customers and on the healthcare industry generally. Any forward-looking statements are made pursuant to the Safe Harbor provisions
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