Docebo at Canaccord Genuity conference: enterprise push gains pace

On Tuesday, 11 August 2026, Docebo (DCBO) showcased its enterprise-focused growth at Canaccord Genuity's 46th Annual Growth Conference. Management highlighted faster underlying growth, larger deals, and new AI products, while acknowledging lingering churn from older contracts and a competitive market. CEO Alessio Artuffo and CFO Brandon Farber emphasized that the second quarter demonstrated a clear improvement in the company's growth trend.

Farber noted that the company expects reported and core ARR growth to align more closely over the next two quarters as previous churn events diminish in comparison. Revenue growth of 12% over the past year supports management's optimistic outlook, with the stock trading at an undervalued level according to InvestingPro analysis.

The PEG ratio of 0.23 suggests the stock is trading at a low multiple relative to its near-term earnings growth potential.

Docebo's Q2 focused on product delivery, particularly in artificial intelligence. Artuffo explained that the company is moving away from a simple "AI versus non-AI" product distinction and is now embedding generative AI across its platform. The company's proprietary data position, as a system of record for learning activity, is becoming increasingly valuable, especially in regulated industries like healthcare.

Two acquisitions completed in 2024 are now impacting the business, with 365Talents having an average contract value similar to the core learning management business, providing a large cross-sell opportunity. Docebo is expanding its reach in markets such as healthcare, mirroring its previous success in the government vertical.

Management highlighted Q2 as the company's strongest quarter to date in the SLED market, with FedRAMP credibility playing a crucial role in expanding the business. The company remains financially flexible and generates strong cash flow, with share repurchases and M&A not being a major focus over the next 12 months as it digests recent acquisitions.

CEO Artuffo reiterated the company's goal of becoming a strategic enterprise-focused platform, recognizing the potential for strong performance in the healthcare market due to its regulated, fragmented, and under-served nature.