Definitive Healthcare Corp. (DH) Business

Item 1. Business.

Our Mission

Our mission 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 software-as-a-service (“SaaS”) platform creates new paths to commercial success in the healthcare market, so companies can identify where to go next.

Overview

Definitive Healthcare is a leading provider of healthcare data and analytics. We provide accurate, comprehensive information on healthcare providers and their activities, enabling customers to make informed decisions across product development, go-to-market planning, and sales and marketing execution. We also offer claims and consumer analytics built from modeled data on millions of unique consumers to help healthcare organizations target, message, and engage specific healthcare audiences.

Delivered through our SaaS products and solutions, our data is important to the commercial success of our approximately 2,330 customers as of December 31, 2025 and can be applied in ways that ultimately benefit patient access and care. We generally define a customer as a company that maintains one or more active paid subscriptions.

We serve three primary end markets: Life Sciences, Provider, and Diversified. Our Life Sciences customers comprise biopharmaceutical and medical device companies. Providers comprise hospitals, health systems, and other care delivery organizations. Diversified customers include healthcare information technology companies and other organizations operating within the healthcare market, such as staffing firms, commercial real estate firms, financial institutions, and marketing and advertising agencies. Within these organizations, our data serves a broad set of functional groups, including sales, marketing, clinical research, product development, strategy, talent acquisition, and physician network management. Customers access our data products on a subscription basis, and we generate substantially all our revenue from subscription fees.

Definitive Healthcare was founded in 2011 and incorporated as Definitive Healthcare Corp. in May 2021 for the purposes of facilitating an IPO of its Class A common stock, which was completed on September 17, 2021. Our corporate headquarters are located in Framingham, MA. Our primary website address is https://www.definitivehc.com. The information on our website is not incorporated herein or otherwise part of this Annual Report on Form 10-K.

Definitive Healthcare Data Products

Our SaaS-based healthcare data products and solutions are designed to provide comprehensive, accurate information on the U.S. healthcare ecosystem. We aggregate data on healthcare organizations, providers, services, medical and scientific experts, claims, and consumers. Using deep analytics and data science, our data helps customers make insight-driven strategic decisions, such as finding new markets to enter, building comprehensive go-to-market strategies, accessing tactical information to help target the right decision makers, and improving win rates with detailed contextual information. All of this helps our customers succeed in this important but complicated industry.

Our Data Sources and Data Engine

Our comprehensive, high quality healthcare data is made up of thousands of data sources and billions of data points that enrich and power our products. We transform this data into intelligence through AI and machine learning algorithms that ingest, cleanse, link, and analyze the data to create powerful new intelligence and analytics. Each new data source and algorithm created by our data science team makes our products more valuable to our clients. Definitive Healthcare delivers a 360-degree, longitudinal view of the healthcare ecosystem and depicts how the ecosystem connects, creating a true barrier to entry.

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Our Competition and Competitive Strengths

We operate in a highly fragmented market. We have a competitive advantage that is based on our comprehensive dataset built up over 14 years, our application of the data science, which has created proprietary intelligence and linkages that we do not see elsewhere, and a user interface that provides customers access to answers, not data, in an integrated manner. Our competitive strengths include:

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Proprietary Healthcare-specific Commercial Intelligence. We have built proprietary intelligence via first-party research, aggregated, linked, cleansed, and inferred information from thousands of data sources and we have tied billions of data points together into a comprehensive view of the entire U.S. healthcare ecosystem.

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An Integrated Data and Technology Foundation that Creates a Flywheel of Innovation. Our technology platform provides the foundation for rapid product development and innovation by leveraging our existing data assets to produce new modules and features that solve a growing number of business problems.

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Powerful Go-to-Market Engine. We have a highly efficient and effective go-to-market engine that combines effective marketing with an inside sales force comprised of highly trained, vertically focused sales executives.

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Visionary Management Team with a Track Record of Execution. Our management team has a strong track record of exceptional financial performance and of building an award-winning culture to attract and retain highly talented individuals.

While we believe no competitor matches our breadth of data and intelligence solutions or offers as comprehensive and accurate a commercial intelligence platform, we compete either directly or indirectly with:

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Legacy raw claims data providers, such as Clarivate, IQVIA, and Symphony Health;

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Emerging point solution players, such as AcuityMD and MedScout;

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Niche healthcare specialists, such as Komodo Health, H1 Healthcare, Trella Health, and Trilliant Health;

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Ecosystem players that may house or analyze similar intelligence, such as SG2 and Veeva; and

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Horizontal go-to-market intelligence platforms, such as ZoomInfo, LinkedIn, and Dun & Bradstreet.

We believe the principal competitive factors in our markets are:

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Depth, breadth, and accuracy of healthcare-specific commercial intelligence;

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Healthcare subject matter expertise;

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AI and data science capabilities;

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Ease of use and deployment; and

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Data privacy and security.

Our Growth Strategies

We intend to drive growth through the following strategies:

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Acquiring new customers

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Expanding our relationships with existing customers

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Continuing to innovate to strengthen our platform and market leadership position

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Making selective strategic acquisitions and investments

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Our Customers

Our integrated platform is designed to drive commercial success for companies that sell into or compete in the healthcare ecosystem, creating large end-markets for us, including life sciences, healthcare information technology ("HCIT"), healthcare providers and other diversified companies, such as staffing firms, commercial real estate firms, financial institutions and other organizations seeking commercial success in the attractive, but complex, healthcare ecosystem.

Our Go-to-Market Strategy

We believe we have a very efficient go-to-market model, driven by a high-velocity inside sales and marketing team, experienced sales executives (“SEs”) and a well-defined verticalized sales strategy.

Our go-to-market strategy begins with a high-velocity marketing engine that generates more than 10,000 inbound Marketing Qualified Leads (“MQLs”) each year. These inbound leads are quickly converted into demos for our SEs, who are organized into specific verticals. This vertical specialization ensures that each SE understands the specific business problems of their customers and can guide them through an online demo to the exact intelligence that will be most impactful to their business. As our brand presence continues to grow, we have seen a significant increase in the number of inbound MQLs received.

We complement our marketing efforts with a highly targeted outbound effort focused on important prospects across our target universe of over 100,000 companies, with an estimated total addressable market of more than $11 billion that includes a more focused serviceable addressable market of approximately $7 billion. These companies are prioritized and targeted with a measurable outbound effort led by our inside sales representative team.

Once a new company signs up as a subscriber, they are transferred to our Customer Experience managers (“CX”) who assist with onboarding and training, answering questions, and maintaining a “health score,” which is a predictive metric used to determine whether customers are likely to renew their subscription. In addition, an account executive (“AE”) is typically assigned to each customer, with a focus on deepening the relationship and identifying opportunities to expand the relationship to new departments and sell additional intelligence modules and workflow products. The CX and AE teams are also organized by vertical end market to ensure appropriate subject matter expertise.

Human Capital at Definitive Healthcare

Our community has continued to grow rapidly since our founding 14 years ago. While our people are primarily concentrated in the Boston metro area, we have expanded globally and increased our reach with a flourishing remote employee base.

As of December 31, 2025, our workforce included 686 employees — of whom 678 were employed full time. Of the 686 total employees, 487 were based in the U.S., 42 were based in Europe, and another 157 were based in India. Our workforce brings together professionals from a broad range of teams, including commercial, customer success, product and engineering, and more.

People and culture

Our culture is grounded in collaboration, energy, approachability, and a shared drive to deliver for our customers. These attributes have enabled us to build and sustain a customer-focused environment where employees are willing to roll up their sleeves to get the job done. At the same time, we recognize that there is more to life than work, and we strive to foster an environment where employees can have fun together while maintaining a healthy work-life balance.

We are committed to creating an inclusive workplace where employees are encouraged to come as they are. We value the unique perspectives, backgrounds, and voices of our workforce, recognizing that these diverse experiences fuel innovation, strengthen collaboration, and help us build a more connected community. In support of this commitment, our employee-led affinity groups provide opportunities for individuals to connect around shared experiences. Alongside their allies, these groups promote belonging, understanding, and engagement across the organization.

We also seek to put our community first, both within Definitive Healthcare and in the local communities where our employees live and work. As our organization evolves, DefinitiveCares, our employee-led charitable organization, remains central to who we are. In 2026, we will take a more intentional approach to growth and collaboration by redefining our core values and embedding them throughout the organization. As part of this effort, we plan to establish a DefinitiveCares Committee to guide employee-led initiatives and engagement, both internally and in the communities we serve. These efforts reflect our ongoing focus on fostering collaboration, connection, and shared purpose.

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Our workplace culture has continued to receive recognition over the past decade. We were recognized by The Boston Globe as a Top Place to Work for six consecutive years. In 2022 and 2023, we received Stevie Awards for Great Employers, including a Gold Stevie Award and a Silver Stevie Award for Employer of the Year. In 2023 and 2024, we were acknowledged by two independent organizations, being named a Top Workplace USA by Energage and a Great Place to Work in India. Most recently, in 2025, we were named one of Built In’s100 Best Places to Work in Boston.

Health, wellness, and total rewards

Our goal is to offer a best-in-class total rewards package that supports employees and their families, attracts top talent, and ensures pay equity. We provide competitive pay and benefits to attract and retain high quality talent. As part of our total rewards package, U.S. employees are eligible for variable compensation and we pay for employees’ individual full medical coverage, in addition to providing generous healthcare, investment, retirement, educational assistance and reimbursement, and paid time off.

Promoting a culture that supports health and well-being continues to be a priority for the organization. We have implemented a hybrid work environment, enabling all employees to work between our offices and remotely, which we believe enables greater flexibility for a successful work-life balance. Since 2022, we have offered unlimited paid time off and expanded parental leave for U.S.-based employees.

We reward high performance and effort, regardless of experience or title. We recognize employees who do exceptional work four times a year through our Trailblazer awards, which are granted to those who embody our guiding principles in extraordinary ways, and recipients are determined by employee nominations.

Employee Development and Advancement

Our people are our greatest asset. Enabling their career growth and upward mobility is critical to retaining and engaging our talent. We provide employees with tools, learning, and internal opportunities to find their path and build the skills and abilities to take on new roles. As part of our offerings, we provide a comprehensive learning management system, with a mix of professional, technical, managerial, and leadership development programs across a number of learning pathways.

Each year, we conduct a robust talent review process that includes performance assessments and goal setting to enable growth and employee advancement while creating alignment with both company goals and values. This process ties into our compensation strategy to ensure that we reward, incentivize and retain our highest performers.

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Intellectual Property

Our data driven platform and our approach to keeping it current is our defensive moat and protecting our intellectual property is a crucial aspect of our business. While, as of December 31, 2025, we have not pursued any patents, we secure and protect our intellectual property rights in material unregistered intellectual property by entering into invention assignment contracts with all of our employees and confidentiality agreements with our employees, vendors, customers, and other parties with whom we conduct business and share confidential information to control access to our proprietary information, technology and processes. We consider our trademark and related names, marks, and logos to be of material importance to our business, and we have registered or applied for registration for certain of these trademarks, including Definitive Healthcare.

We continually assess our strategy with respect to the protection of new intellectual property and intend to pursue additional avenues to intellectual property protection to the extent we believe it would be cost-effective and beneficial to our business.

Data Privacy and Security

The information we collect, use, disclose, and/or otherwise process about individuals from healthcare organizations, and healthcare professionals in the ordinary course of our business is integral to providing a comprehensive healthcare commercial intelligence platform and our other products to our customers. As a result, numerous state, federal, and foreign laws, including consumer protection laws, regulations, industry standards, and other obligations govern our collection, use, disclosure, and/or processing of personal data, including health-related information. For example, in the United States, numerous federal and state laws and regulations, including data breach notification laws, health information privacy and security laws, including Health Insurance Portability and Accountability Act, as amended by the Health Information Technology for Economic and Clinical Health Act, and their implementing regulations (collectively, “HIPAA”), federal and state consumer protection laws and regulations (e.g., Section 5 of the Federal Trade Commission Act), and other similar laws (e.g., wiretapping) govern the collection, use, disclosure, protection, and/or processing of health-related and other personal data and apply, or could apply, to our operations or the operations of our partners or customers.

In addition, certain individual U.S. state laws, such as the California Consumer Privacy Act (“CCPA”), the Colorado Privacy Act, the Connecticut Personal Data Privacy and Online Monitoring Act, the Virginia Consumer Data Protection Act, the Oregon Consumer Data Privacy Act, the Texas Data Privacy and Security Act, and other global privacy laws, such as the European Union’s (“EU”) General Data Protection Regulation (“GDPR”), govern the privacy and security of personal data, including health-related information in certain circumstances, some of which, in certain aspects, are equally stringent as HIPAA and many of which differ from each other in terms of the obligations they impose, thus complicating our compliance efforts. Any actual or perceived failure to comply with these laws, where applicable, can result in the imposition of significant administrative (e.g., regulatory fines and sanctions), civil and/or criminal penalties, and private litigation. Data privacy and security laws, regulations, industry standards, and other obligations are constantly evolving, may conflict with each other, and failure to comply can result in investigations, proceedings, or actions that lead to significant penalties and restrictions on data processing.

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Other Available Information

We make our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to these filings, available free of charge as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC on our website at https://ir.definitivehc.com/financial-information/sec-filings or by contacting our Investor Relations department at our office address listed above. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. The contents of these websites are not incorporated into this filing. Further, the references to the URLs for these websites are intended to be inactive textual references only.