Definitive Healthcare reported its financial results for the third quarter ended September 30, 2024, with total revenue reaching $62.7 million, a 4.0% decrease year-over-year from $65.3 million in Q3 2023. Despite the decline, revenue exceeded the high end of the company's guidance, and adjusted EBITDA was $19.7 million, representing a 31% margin, also surpassing guidance.
The company recorded a net loss of $(187.8) million for the quarter, primarily due to a substantial non-cash goodwill impairment charge of $228.153 million. Definitive Healthcare's enterprise customer base grew by one year-over-year, reaching 530 customers, defined as those with over $100,000 in annual recurring revenue.
In a strategic move, the Board of Directors authorized a new stock repurchase program of up to $100.0 million of its Class A Common Stock, effective upon the completion of the existing $20.0 million program and expiring on December 31, 2025. Additionally, the company announced that Chief Financial Officer Richard Booth will be leaving effective June 1, 2025, with a search for his successor underway.
For the fourth quarter of 2024, Definitive Healthcare provided guidance anticipating revenue between $59.5 million and $61.0 million, and adjusted EBITDA between $17.0 million and $18.5 million. The full year 2024 guidance projects revenue between $249.5 million and $251.0 million, with adjusted EBITDA expected to be between $76.0 million and $77.5 million.
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