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Here are 1-2 brief analogies for Definitive Healthcare (DH):

• Bloomberg for healthcare data
• ZoomInfo for the healthcare industry

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• Definitive Healthcare Platform: A software-as-a-service (SaaS) platform that offers comprehensive data, intelligence, and analytics on the healthcare industry for market analysis, sales, and strategic planning.
• Monarch Data Science Platform: An advanced platform designed for deeper data integration, custom analytics, and predictive modeling by combining Definitive Healthcare’s proprietary data with client-specific information.
• Healthcare Provider Data & Intelligence: Provides detailed profiles, contact information, and affiliations for healthcare organizations (such as hospitals, IDNs, and physician groups) and individual healthcare professionals.
• Claims Data & Analytics: Offers de-identified medical and pharmaceutical claims data to analyze patient journeys, referral patterns, market share, and treatment trends.
• Product & Procedure Market Intelligence: Delivers insights into the adoption, utilization, and market dynamics of medical devices, pharmaceuticals, and surgical procedures performed across the healthcare ecosystem.

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Definitive Healthcare (DH) sells primarily to other companies (B2B).

Due to the nature of its business as a provider of healthcare commercial intelligence, Definitive Healthcare serves a broad and diverse range of clients across the healthcare ecosystem. While the company does not typically publicly disclose the names of its individual "major customers," its customer base primarily consists of organizations within the following categories:

• Life Sciences Companies: This category includes pharmaceutical, biotechnology, and medical device companies that utilize Definitive Healthcare's data for market intelligence, sales targeting, and competitive analysis.
• Healthcare Providers: Hospitals, health systems, physician groups, and other care delivery organizations use the platform for competitive insights, recruitment, and strategic planning.
• Healthcare Information Technology (IT) Companies: Vendors of healthcare software and technology solutions leverage Definitive Healthcare's data to identify potential clients, understand market trends, and refine their sales strategies.
• Staffing and Recruiting Firms: Companies specializing in healthcare talent acquisition use the platform to identify potential candidates and understand the organizational structures of healthcare providers.
• Consulting and Financial Firms: Professional services firms advising clients in the healthcare sector, as well well as investment firms, use the data for market research, due diligence, and strategic guidance.

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Kevin Coop, Chief Executive Officer

As CEO, Kevin Coop leads Definitive Healthcare's client-centric business strategy, vision, and culture toward innovation and operational excellence. Over a career spanning more than 30 years, Kevin has demonstrated his passion for driving growth, efficiency, and profitability at data-focused businesses. Prior to joining Definitive Healthcare in June 2024, he served as CEO and board member at DailyPay, Inc., a financial services work technology company. He was also President of all North American products and business lines at Dun & Bradstreet, and held executive leadership roles as group executive and president of Black Knight and group president of Verisk Analytics' financial services division.

Casey Heller, Chief Financial Officer

Casey Heller is the Chief Financial Officer at Definitive Healthcare, a position she assumed effective June 2, 2025. In this role, she leads the company's financial strategy and operations, overseeing commercial and operational finance, financial planning and analysis (FP&A), and investor relations. Prior to her CFO appointment, she held the roles of Senior Vice President of Finance at Definitive Healthcare since January 2024 (and previously SVP of Finance from October 2024 and VP of FP&A from January 2024 to October 2024). Before joining Definitive Healthcare, Casey spent nearly 15 years at IBM in various leadership positions, including investor relations, leading treasury strategy, serving as Chief of Staff to the CFO, and overseeing FP&A for the software business. She also played a key role in strategic transactions like the spin-off of IBM's managed infrastructure services and debt reduction efforts after the Red Hat acquisition.

Jason Krantz, Executive Chairman, Founder

Jason Krantz is the founder of Definitive Healthcare, established in 2011, and currently serves as Executive Chairman. He drives a client-centric approach to business strategy and oversees the organization's vision. Prior to founding Definitive Healthcare, he founded and served as CEO of Infinata from 1999 to 2007, a SaaS-based provider of intelligence to the pharmaceutical industry under the brand BioPharm Insight, which was sold to Pearson Media Group in 2007. He has also co-founded and helped build other intelligence and analytics companies, including Energy Acuity and Xtelligent Media. Jason is an owner and board member of several data and media businesses in the healthcare sector and a former McKinsey & Company consultant.

Ben Graboske, EVP Technology & Engineering, Chief Data Officer

Ben Graboske leads Definitive Healthcare's data strategy, product innovation, and engineering initiatives globally. Before joining Definitive Healthcare, he was President of Mortgage Data & Analytics at ICE, a global financial services company, where he led multiple business units. He also served as President of Data & Analytics at Black Knight, Inc., overseeing products and services for real estate, mortgage, capital markets, and government clients.

Jonathan Paris, Chief Legal Officer and Secretary

Jonathan Paris leads Definitive Healthcare's legal department, providing risk-adjusted, practical guidance across the business. He oversees commercial contracts, privacy, and corporate governance teams, and provides legal support for M&A, capital markets transactions, marketing, and go-to-market initiatives. Before joining Definitive Healthcare, Jonathan was General Counsel & Head of Corporate Strategy at FluidForm Bio. He also served as Senior Vice President, Secretary, and General Counsel of Rapid Micro Biosystems, a life sciences technology company, and held numerous leadership positions at Insulet Corporation, Medtronic, and Covidien.

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The key risks to Definitive Healthcare (DH) are primarily centered around its declining revenue, intense competition, and the inherent data privacy and security concerns within the healthcare intelligence sector.

1. Structural Revenue Decline and Intense Competitive Pressures: Definitive Healthcare is experiencing a structural decline in revenue and weak client retention, with a reported 7% year-over-year revenue decrease in Q1 2025 and projections of a 5-7% contraction for the full year 2025. This is exacerbated by strong competition from rivals such as Waystar, IQVIA, Clarify Health, and Innovaccer, who are actively gaining market share. Analysts express concern over the company's renewal rates remaining below target, indicating customer dissatisfaction and challenges in retaining clients.
2. Profitability Challenges and Margin Erosion: The company has consistently reported quarterly losses, with a net loss of $(17.8) million in Q3 2025. Its adjusted EBITDA margin significantly dropped to 25% in Q1 2025 from 31.7% in 2024, reflecting margin compression due to rising expenses, particularly in sales and marketing, which are not yielding expected revenue growth. Negative earnings per share (EPS) and a concerning return on equity (ROE) further underscore the significant financial and profitability challenges faced by Definitive Healthcare.
3. Data Privacy and Security Risks: As a healthcare commercial intelligence platform, Definitive Healthcare handles sensitive data, making it inherently vulnerable to data privacy and security breaches. The healthcare industry is a prime target for cyberattacks, data breaches, and regulatory non-compliance. While Definitive Healthcare outlines an information security program based on NIST guidelines and SOC2, the possibility of security breaches or unauthorized data access remains a significant risk that could materially impact its operational and financial results.

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Definitive Healthcare (DH) estimates its total addressable market (TAM) to be over $10 billion (U.S.D.).

This market size represents the revenue opportunity available for their healthcare commercial intelligence platform, which is a subset of the global healthcare analytics market.

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Definitive Healthcare (DH) is focusing on several key drivers to fuel its future revenue growth over the next 2-3 years, despite anticipating some top-line pressure in 2026. These drivers are rooted in the company's strategic pillars and recent operational advancements:

1. Improved Customer Retention and New Customer Acquisition: Definitive Healthcare is prioritizing improving its customer retention rates and has seen encouraging progress in attracting new clients. This focus is demonstrated by an increase in enterprise customers, reaching the highest level since Q3 of the previous year.

2. Expansion and Differentiation of Data Sets: The company plans to deepen and expand its data offerings, notably by adding new claims data sources. This initiative aims to surpass historical data levels, which is expected to strengthen its competitive position and create opportunities for upsells and cross-sells within its existing customer base. This aligns with its strategic pillar of data differentiation.

3. Enhanced Data Integration Capabilities: Definitive Healthcare is emphasizing the integration capabilities of its platform, recognizing it as a crucial factor for attracting new clients and enabling existing customers to more easily leverage data for insights. This focus on seamless integration is a core strategic pillar for the company.

4. Strategic Partnerships and Digital Engagement: The company is pursuing strategic partnerships, such as a "syndicated always-on go-to-market partnership with LiveRamp" and signing new agencies. These collaborations are intended to expand its market reach and improve customer acquisition through digital channels, contributing to innovation through digital engagement.

5. Growth within Enterprise Accounts: Definitive Healthcare is focused on expanding its relationships with higher-value enterprise customers. Recent successes include securing new contracts with large organizations, like a multinational biopharma and a medical device company, and expanding commitments with existing clients, such as a major teaching hospital. This indicates a strategy to drive revenue growth by increasing the value derived from its most significant customer relationships.

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Share Repurchases

• Definitive Healthcare's Board of Directors authorized a stock repurchase program of up to $20 million of its Class A common stock, announced on May 1, 2024, set to continue through the end of 2024.
• A new stock repurchase program of up to $100 million of Class A common stock was authorized on November 1, 2024, to become effective upon the expiration or completion of the prior $20 million program and will expire on December 31, 2025.
• As part of a follow-on offering in November 2021, the company repurchased 2,233,238 shares of Class A common stock.

Share Issuance

• Definitive Healthcare completed its Initial Public Offering (IPO) on September 15, 2021, offering 15.6 million shares at $27.00 per share, raising $420 million.
• On November 22, 2021, the company closed a follow-on public offering of 11,000,000 shares of its Class A common stock at a price of $36.00 per share.
• The number of shares outstanding was 142.48 million as of November 6, 2025, reflecting a decrease of 6.36% year-over-year.

Inbound Investments

• Definitive Healthcare has raised a total of $4.31 million in funding over three rounds, with its largest funding round being a Series A for $4.31 million in April 2021.
• Spectrum Equity became the company's first institutional investor in 2015.
• In October 2019, 22C Capital made an investment in Definitive Healthcare, joining existing investors Advent International and Spectrum Equity in a recapitalization.

Outbound Investments

• Definitive Healthcare has completed 7 acquisitions.
• On July 21, 2023, Definitive Healthcare acquired Populi, Inc. for $54.1 million, which included $46.446 million paid in cash at closing and up to $7.8 million in contingent consideration.
• In February 2022, Definitive Healthcare acquired Analytical Wizards, and in November 2020, it acquired Monocl.

Capital Expenditures

• Capital expenditures for the last 12 months (prior to November 6, 2025) were reported at $23.18 million.
• The company's Q3 2025 earnings call highlighted its "low CapEx requirements" due to its high-margin model and upfront billing.
• Forecasted capital expenditures are $11.77 million for 2025 and $3.2 million for 2026.