What Definitive Healthcare Corp. told the SEC could break it.

Definitive derives ~96% of revenue from subscriptions to its single healthcare-intelligence platform, with revenue from pre-2025 customers down $33.7M — its success hinges on continued demand for healthcare provider data and analytics.

“For the year ended December 31, 2025, we derived 96% of our revenue from subscription services, and we expect to continue to generate substantially all of our revenue from the sale of subscriptions to our platform.”

Definitive is subject to OFAC sanctions, export controls, anti-corruption/AML laws and the CMS Qualified Entity Certification Program; non-compliance could bring criminal penalties, fines or removal from the QECP.

“We are subject to sanctions, export controls, anti-corruption, anti-bribery, anti-money laundering and similar laws, and non-compliance with such laws can subject us to criminal penalties or significant fines and have a material adverse effect on our business, financial condition and results of operations.”

Definitive depends on third-party cloud infrastructure, a third-party subscription-management platform and third-party payment processors; interruptions at these vendors (or supply-chain cyberattacks) could disrupt its service and billing.

“We rely on a third-party subscription management platform to process the subscription plans and billing frequencies of our customers. In addition, we rely primarily on third parties for payment processing services.”