Definitive Healthcare Corp.

Next, we'll hear from Jeff Guerra of Stevens Inc.

Yeah, good afternoon. Thanks for taking the question. I want to go further on the life science and market. The two highlighted wins in the release are both life science or biopharma related. And you also gave several more examples on the call. So I think clearly you have some proof points of value with those kind of large and sophisticated customers. And it all kind of contrasts with the broader decline you've described for that segment. So I was hoping you could elaborate on the life science segment, the kind of overall demand environment, the recent win rate that DFIN has had within that segment. And lastly, just when the claims disruption will stop being a factor for that segment. Thanks.

Perfect. So I will start with the last first, which if you think about the likely cohort cycle that we'll be in. So, having returned to historical levels of claims data, and in fact, now in the first quarter, we're now above historical levels, and often those customers were buying data based on records and size of data payload, So when you have potentially, let's say, a 30% decline in records, that was what was the factor pushing on our downsell pressure, which we've largely worked through. Now that we've returned to those historical levels, we expect that the customers that we are now entitling today will actually not experience the same level of down pressure when they come up for their renewals. We started to see that shift as we were repairing the claims data set later last year. But, you know, unfortunately, a lot of buying decisions are made earlier than we were able to get that in market. And so, we think we're seeing the tail of it now, right? It's not a perfect science, but we believe that we've sort of experienced the worst of it. We're out of it. We've repaired the data supply chain, and that that should, going forward, should be significantly improved. In addition to that, The core question about the commercialization, you've got to work your way through the R&D stage one cycle to get to stage two. And we don't really control that. So that's the one thing that's outside of our control. But what we can do is we can make sure that those customers that are still actively in the business of working with our data today to commercialize current products and market, including through our digital activation and ad tech assistance, that we're maximizing the relationships to the best that we can in the short term while we wait for that to return.