Definitive Healthcare (Nasdaq: DH) (the “Company”), an
industry leader in healthcare commercial intelligence, today
announced that Robert Musslewhite has stepped down as Chief
Executive Officer and as a member of the Board of Directors to
transition to a new phase of leadership for the Company. Jason
Krantz, Founder and Executive Chairman of Definitive Healthcare,
has been appointed interim Chief Executive Officer. The Board has
engaged a leading global executive search firm to commence a
process to identify a permanent CEO.
"Over the last several months, Definitive
Healthcare has taken decisive, strategic steps designed to better
position our organization to capture opportunities, deliver
world-class products to our customers and create value for our
shareholders over the long term,” said Mr. Krantz. “We believe
these changes – combined with our proprietary data, powerful tools
and deep subject matter expertise – provide us with a solid
foundation to drive further growth. While we look for the next
leader to propel Definitive Healthcare’s next chapter, I am excited
to work even more closely with our talented team to ensure we
continue to drive excellence and performance in this transitional
period.”
Mr. Krantz founded Definitive Healthcare in
2011. He served as CEO of the Company for more than a decade,
scaling the business into a leading data-as-a-service provider to
the U.S. healthcare industry. Under his leadership, Definitive
Healthcare expanded to over 2,500 customers, reached over $200
million in annual revenue and executed an IPO in September 2021. In
August 2022, Mr. Krantz transitioned to the role of Executive
Chairman and since then has continued to play an active role in the
Company.
Mr. Krantz continued, "We sincerely thank Robert
for his contributions to Definitive Healthcare and for laying the
foundation for the next phase of growth for the business. The Board
remains focused on Definitive Healthcare reaching its full
potential and will work to ensure this transition is smooth while
we undertake the search process.”
Mr. Musslewhite commented, “It has been a been a
privilege to lead a company as exceptional as Definitive
Healthcare. I look forward to closely following the future success
of Definitive Healthcare and wish Jason, the Board and the entire
team all the best.”
Prior to founding Definitive Healthcare, Mr.
Krantz founded and served as CEO of Infinata, a SaaS based provider
of intelligence to the pharmaceutical industry under the brand
BioPharm Insight. In addition, he has co-founded and helped build
several intelligence and analytics companies, including Energy
Acuity, a privately held provider of intelligence on the
alternative energy market, and Xtelligent Media, a privately held
integrated marketing company focused on the healthcare industry.
Mr. Krantz holds a B.S. in Finance and Computer Science from Boston
College and an M.B.A. from Harvard Business School.
Financial UpdateIn addition to
announcing the leadership transition, the Company is reaffirming
its financial guidance for Q4 2023, as provided on November 3,
2023, and is issuing preliminary guidance for 2024:
- Full year 2024 Revenue is expected
to grow 5-7% compared to full year 2023 guidance; and
- Full year 2024 Adjusted EBITDA
margin is expected to increase approximately 200 basis points
compared to full year 2023 guidance.
The Company will release its fourth quarter and
full year 2023 financial results on Wednesday, February 28, 2024
after market close.
A reconciliation Adjusted EBITDA to net loss is
not available on a forward-looking basis without unreasonable
effort due to the uncertainty regarding, and the potential
variability of, expenses that may be incurred in the future. For
example, stock-based compensation expense-related charges are
impacted by the timing of employee stock transactions, the future
fair market value of our common stock, and our future hiring and
retention needs, all of which are difficult to predict and subject
to constant change. Accordingly, a reconciliation is not available
without unreasonable effort and the Company is unable to assess the
probable significance of the unavailable information, although it
is important to note that these factors could be material to its
results computed in accordance with GAAP.
About Definitive HealthcareAt
Definitive Healthcare, our passion is to transform data, analytics,
and expertise into healthcare commercial intelligence. We help
clients uncover the right markets, opportunities, and people, so
they can shape tomorrow’s healthcare industry. Our SaaS platform
creates new paths to commercial success in the healthcare market,
so companies can identify where to go next. Learn more at
definitivehc.com.
Forward-Looking Statements
This press release includes forward-looking
statements that reflect our current views with respect to future
events and financial performance. Such statements are provided
under the “safe harbor” protection of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
all statements that do not relate solely to historical or current
facts, and can generally be identified by words or phrases written
in the future tense and/or preceded by words such as “likely,”
“will,” “should,” “may,” “anticipates,” “intends,” “plans,”
“seeks,” “believes,” “estimates,” “expects” or similar words or
variations thereof, or the negative thereof, references to future
periods, or by the inclusion of forecasts or projections, but these
terms are not the exclusive means of identifying such statements.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding our outlook, financial guidance,
the executive transition, our business, growth strategies, and
statements reflecting our expectations about our ability to execute
on our strategic plans, achieve future growth and achieve our
financial goals.
Forward-looking statements in this press release
are based on our current expectations and assumptions regarding our
business, the economy and other future conditions. Because
forward-looking statements relate to the future, by their nature,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. As a result, our
actual results may differ materially from those contemplated by the
forward-looking statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include the following: our inability to
realize expected business or financial benefits from acquisitions
and the risk that our acquisitions or investments could prove
difficult to integrate, disrupt our business, dilute stockholder
value and adversely affect our business, financial condition and
results of operations; our inability to achieve the anticipated
cost savings, operating efficiencies or other benefits of our
internal restructuring activities; the war between Russia and
Ukraine, the evolving conflict in Israel and surrounding areas,
global geopolitical tension and worsening macroeconomic conditions;
actual or potential changes in international, national, regional
and local economic, business and financial conditions, including
recessions, inflation, rising interest rates, volatility in the
capital markets and related market uncertainty; the impact of
worsening macroeconomic conditions on our new and existing
customers; our inability to acquire new customers and generate
additional revenue from existing customers; our inability to
generate sales of subscriptions to our platform or any decline in
demand for our platform and the data we offer; the competitiveness
of the market in which we operate and our ability to compete
effectively; the failure to maintain and improve our platform, or
develop new modules or insights for healthcare commercial
intelligence; the inability to obtain and maintain accurate,
comprehensive or reliable data, which could result in reduced
demand for our platform; the risk that our recent growth rates may
not be indicative of our future growth; the inability to achieve or
sustain GAAP or non-GAAP profitability in the future compared to
historical levels as we increase investments in our business; the
loss of our access to our data providers; the failure to respond to
advances in healthcare commercial intelligence; an inability to
attract new customers and expand subscriptions of current
customers; the risk of cyber-attacks and security vulnerabilities;
litigation, investigations or other legal, governmental or
regulatory actions; the possibility that our security measures are
breached or unauthorized access to data is otherwise obtained; the
risk that additional material weaknesses or significant
deficiencies that will occur in the future; and the risks of being
required to collecting sales or other related taxes for
subscriptions to our platform in jurisdictions where we have not
historically done so.
Additional factors or events that could cause
our actual performance to differ from these forward-looking
statements may emerge from time to time, and it is not possible for
us to predict all of them. Should one or more of these risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, our actual financial condition, results of operations,
future performance and business may vary in material respects from
the performance projected in these forward-looking
statements.
For additional discussion of factors that could
impact our operational and financial results, refer to our
Quarterly Report on Form 10-Q for the three months ended September
30, 2023, as well as our Current Reports on Form 8-K and other
subsequent SEC filings, which are or will be available on the
Investor Relations page of our website at ir.definitivehc.com and
on the SEC website at www.sec.gov.
All information in this press release speaks
only as of the date on which it is made. We undertake no obligation
to publicly update this information, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
ContactsInvestors:Brian DenyeauICR for
Definitive Healthcarebrian.denyeau@icrinc.com(646) 277-1251
Media:Justin Steinmanjsteinman@definitivehc.com
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