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Health Catalyst, Inc. is a leading provider of data and analytics technology and services tailored to healthcare organizations. The company offers a cloud-based data platform, analytics applications, and professional services to help healthcare providers manage their data, derive analytical insights, and achieve measurable clinical, financial, and operational improvements.
- Technology - Provides a cloud-based data platform, analytics applications, and support services to integrate and analyze healthcare data, enabling actionable insights and measurable improvements.
- Professional Services - Delivers analytics, implementation, strategic advisory, outsourcing, and improvement services to help clients fully utilize and maximize the benefits of Health Catalyst's technology offerings.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel Burton ExecutiveBoard | Chief Executive Officer | CEO of Health Catalyst since October 2012 and member of the board since September 2011; previously served as President from September 2011 to October 2012 and Adviser from January 2011 to September 2011. | View Report → | |
Benjamin Landry Executive | General Counsel and Corporate Secretary | Benjamin Landry has been serving as General Counsel and Corporate Secretary at HCAT since May 1, 2023. He previously served as Assistant General Counsel from July 2019 to April 2023. | ||
Dan LeSueur Executive | Chief Operating Officer | Dan LeSueur is the Chief Operating Officer at Health Catalyst since March 1, 2024. Previously, he served as Senior Vice President and General Manager of the Tech-Enabled Managed Services and Professional Services Business Unit from January 2020 to February 2024. | ||
Jason Alger Executive | Chief Financial Officer (CFO) | Jason Alger is the Chief Financial Officer (CFO) at Health Catalyst, Inc. since March 1, 2024. He previously served as Chief Accounting Officer from January 2021 to February 2024, Senior Vice President of Finance from September 2017 to December 2020, and Controller from April 2013 to September 2017. | ||
Kevin Freeman Executive | Chief Commercial Officer | Kevin Freeman is the Chief Commercial Officer at HCAT since January 2023. He has held significant leadership roles at HCAT including Chief Growth Officer and Chief Revenue Officer, playing a key role in driving the company's growth strategies and revenue performance. | ||
Linda Llewelyn Executive | Chief People Officer | Linda Llewelyn is the Chief People Officer at HCAT since February 2018. She previously served as Vice President - Human Resources from August 2015 to February 2018, along with roles as Human Resources Director and Human Resources Manager. | ||
Dr. Jill Hoggard Green Board | Class III Director on the Health Catalyst Board of Directors and Compensation Committee | Dr. Jill Hoggard Green is a nationally acclaimed healthcare leader with 39 years of experience, previously serving as CEO of The Queen's Health Systems (starting in 2019) and holding leadership roles at Mission Health and Peace Health. She joined HCAT as a Class III Director on the Board and Compensation Committee effective December 1, 2024. | ||
Duncan Gallagher Board | Board Member | President of Donegal Advisory Services, LLC | Duncan Gallagher has served as a board member and the Chair of the Nominating and Corporate Governance Committee at Health Catalyst since May 2017. He also serves as President of Donegal Advisory Services, LLC since March 2017. | |
John A. Kane Board | Chair of the Board of Directors | Board Member of several privately-held companies | John A. Kane has served as Chair of the Board at Health Catalyst since May 2021 and has been a board member since February 2016. He has extensive experience in finance and corporate governance including roles as CFO and audit committee chair at other organizations. | |
Julie Larson-Green Board | Member of the Board of Directors | Chief Technology Officer at Magic Leap, Inc. ; Board Member at View, Inc. | Julie Larson-Green has served as a board member at Health Catalyst since January 2020 and is a seasoned technology leader with extensive experience in product development and user experience design, as evidenced by her roles as CTO at Magic Leap, Inc. and board member at View, Inc. | |
Matthew Kolb Board | Class I Director | Executive Vice President and Chief Operating Officer at Carle Health | Matthew Kolb has served as a Class I Director on the board of Health Catalyst, Inc. since July 1, 2023. He brings extensive healthcare leadership experience from his executive role at Carle Health and previous positions at Allina Health. | |
Mark B. Templeton | Mark B. Templeton served as a board member and Chair of the Transactions Committee at HCAT from June 2020 until his resignation on March 1, 2024, and he has extensive executive experience including serving as CEO of Citrix Systems and DigitalOcean. |
- Given the temporary revenue headwinds from migrating clients to the Ignite platform, how are you ensuring that the migration pace is controlled to minimize impacts on net revenue retention, and what are the contingency plans if the migration extends beyond mid-2026?
- With the transition from an all-you-can-eat DOS model to a modular, consumption-based Ignite pricing model, how do you plan to drive additional app adoption to counteract lower short-term revenue per client?
- In light of your recent M&A activity, particularly the dilutive impact of Upfront Healthcare, how will you measure success on these acquisitions against market expectations, and under what conditions might you revisit acquiring additional companies in 2025?
- Your Q1 EBITDA guidance reflects integration and restructuring costs; how confident are you that subsequent revenue ramps will fully offset these near-term headwinds, and what specific measures are in place to accelerate profitability later in the year?
- Considering the shift to lower annual escalators in Ignite contracts compared to the higher rates previously seen with DOS, how do you expect this will affect long-term revenue predictability and client renewals in a competitive market environment?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This company is categorized as an industry-agnostic analytics provider that helps healthcare organizations develop homegrown solutions. It is noted as a large competitor with greater name recognition, longer operating histories, and significantly greater resources than the company. | |
Databricks | This company is listed as an industry-agnostic analytics provider that supports healthcare organizations in developing homegrown solutions. |
This company is identified as an industry-agnostic analytics provider that aids healthcare organizations in creating homegrown solutions. | |
This company is mentioned as an industry-agnostic analytics provider that assists healthcare organizations in developing homegrown solutions. | |
Tableau CRM | This company is categorized as an industry-agnostic analytics provider that helps healthcare organizations develop homegrown solutions. |
Qlik | This company is listed as an industry-agnostic analytics provider that supports healthcare organizations in creating homegrown solutions. |
Oracle Health | This company is identified as an electronic health record (EHR) provider and a competitor in the healthcare analytics space. |
Epic Systems | This company is mentioned as an electronic health record (EHR) provider and a competitor in the healthcare analytics space. |
Optum Analytics | This company is categorized as a point solution vendor and a large competitor with significant resources and established relationships in the healthcare analytics market. |
Premier | This company is listed as a point solution vendor competing in the healthcare analytics space. |
Arcadia.io | This company is identified as a point solution vendor in the healthcare analytics market. |
Strata Decision Technology | This company is mentioned as a point solution vendor competing in the healthcare analytics space. |
Craneware | This company is categorized as a point solution vendor in the healthcare analytics market. |
Innovaccer | This company is listed as a point solution vendor competing in the healthcare analytics space. |
Intersystems | This company is identified as a point solution vendor in the healthcare analytics market. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Upfront Healthcare Services, Inc. | 2025 | The acquisition was structured with approximately $41.5 million in cash and $32.1 million in stock, plus a potential recurring revenue-based earn-out of up to $33.4 million; strategically, it adds a patient engagement and access platform that enhances Health Catalyst’s clinical improvement and ambulatory operations. |
Carevive Systems, Inc. | 2024 | The deal, valued at $22.1 million (including $18.6 million net cash, $2.6 million in Health Catalyst shares, and a capped contingent earn-out up to $10 million), strengthens Health Catalyst’s oncology capabilities by integrating a platform for treatment care planning, clinical trial screening, and patient monitoring. |
Lumeon Ltd. | 2024 | Completed for a total consideration of $39.8 million (comprising $36.2 million in cash, $2.9 million in shares, and $0.7 million in initial contingent consideration with a cap up to $25 million), the acquisition integrates Lumeon’s Care Orchestration technology—key for optimizing care processes and expanding Health Catalyst’s presence, particularly in the UK—with existing analytics and AI offerings. |
Intraprise Health, LLC | 2024 | With a deal valued at approximately $43 million funded via a combination of cash and stock (including issuance of about 2,200,490 shares valued at $8.18 per share), this planned acquisition enhances cybersecurity capabilities by integrating an end-to-end risk management platform into Health Catalyst’s Ignite ecosystem. |
Electronic Registry Systems, Inc. (ERS) | 2023 | Completed on October 2, 2023, in a deal valued at $13.5 million (comprising approximately $11.5 million cash and 175,901 shares of stock), the acquisition adds advanced oncology registry and data management technology to bolster Health Catalyst’s chart abstraction and managed services offerings. |
KPI Ninja, Inc. | 2022 | Acquired on February 24, 2022 for a total consideration of $21.4 million (including $18.5 million in cash, $2.9 million in shares, plus additional restricted shares), KPI Ninja’s enterprise analytics and interoperability solutions enhance Health Catalyst’s real-time data platform and population health capabilities, with further retention payments agreed for key team members. |
ARMUS Corporation | 2022 | Acquired on April 29, 2022 for $9.4 million (primarily $9.3 million in cash with a minor stock component and additional restricted shares), this acquisition reinforces Health Catalyst's clinical registry and data abstraction services and includes key assets such as developed technologies and customer relationships, alongside $5.0 million in retention payments for ARMUS team members. |
Recent press releases and 8-K filings for HCAT.
- Q1 2025 Performance: Total revenue reached $79.4M with Adjusted EBITDA of $6.3M, outperforming guidance .
- Technology Revenue: Achieved $51.5M in technology revenue, up 10% YoY .
- Client Growth: Added 10 net new Platform Clients (about 2/3 from existing app clients), bolstering confidence to hit a full-year target of 40 new clients .
- Q2 Guidance: Anticipates approximately $80.5M in revenue and $8M in adjusted EBITDA .
- Full-Year Outlook: Targets of $335M in total revenue and $41M in adjusted EBITDA for 2025 .
- Financial Strategy: Completed a $5M share repurchase to support effective cost management .
- Health Catalyst announced a strategic partnership with Microsoft to drive AI adoption and transformation in healthcare using Microsoft Azure and Azure AI Foundry capabilities.
- The collaboration includes launching Healthcare.AI and Health Catalyst Ignite on the Azure Marketplace to enhance operational, clinical, and financial performance for care delivery organizations.
- Health Catalyst Inc. repurchased approximately $5 million in common stock, acquiring about 1.1 million shares between March 3 and March 10, 2025.
- The repurchase is part of an existing program approved on August 2, 2022, which authorizes up to $40 million of buybacks, underscoring the company’s confidence in its future growth and operating leverage.
- Full-year 2024 results: $307 million in revenue and $26 million adjusted EBITDA, with Q4 revenue of $79.6 million [0,1]
- Technology segment: Delivered Q4 revenue of $52 million (10% YoY growth) and full-year revenue of $195 million [0,1]
- Q4 operational highlights: Adjusted net income per share of $0.04 and a balance sheet with $392 million in cash and equivalents, plus defined convertible notes and term loan balances
- 2025 guidance and client growth: Expected Q1 2025 revenue of approximately $79 million and full-year revenue near $335 million, with 6 new platform clients added in Q1 targeting 40 for the year [3,4]
- Strategic initiatives and M&A: Enhanced migration to the modular Ignite platform driving cross-sell opportunities, improved gross margin projections, and integration of recent acquisitions [3,5]
- Board updates: Appointment of Dr. Jill Hoggard Green to the Board and planned departure of Anita Pramoda effective March 1, 2025