Definitive Healthcare reported its financial results for the first quarter ended March 31, 2025, with total revenue of $59.2 million, a 7% decrease year-over-year from $63.7 million in Q1 2024. Despite the decline, revenue surpassed the high end of the company's guidance, reflecting solid new logo momentum.
Adjusted EBITDA for the quarter was $14.7 million, representing a 25% margin, also exceeding the high end of guidance. However, the company reported a net loss, primarily due to a substantial non-cash goodwill impairment charge of $176.5 million, which significantly increased operating expenses to $228.5 million compared to $66.6 million in Q1 2024.
The total customer count decreased to approximately 2,475 as of March 31, 2025, down from around 2,700 a year prior, with smaller customers disproportionately affected. Despite these challenges, management reaffirmed its full-year financial targets for 2025, indicating confidence in meeting its goals.
For the second quarter of 2025, Definitive Healthcare projects revenue between $58.5 million and $60.0 million, representing a year-over-year decrease of 6% to 8%. Adjusted EBITDA is guided to be between $15.0 million and $16.0 million, with a margin of 25% to 27%.
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