Data analytics company Definitive Healthcare is laying off about 55 employees after hiring aggressively in recent years and expecting continued growth, according to a Jan. 12 securities filing.
The job cuts affect about 6 percent of the company's workforce and are effective Jan. 13.
"Definitive Healthcare has experienced tremendous revenue growth over the past decade — many years in excess of 30 percent annually — and our hiring grew at an even higher rate," CEO Robert Musslewhite wrote in an email to employees. "However, the world around us changed materially throughout 2022, as the economy slowed down and companies became more cautious with their purchasing decisions. While we continue to grow, these changes require us to revisit our cost structure."
He said the company tried to manage budgets by reducing hiring and expenses but that wasn't enough.