Health Catalyst (HCAT) Company Report

Health Catalyst, Inc. announced the appointment of Matt Arens, CEO and Founder of First Light Asset Management, LLC, to its Board of Directors, effective December 1, 2025.
First Light Asset Management is the Company's largest shareholder, owning over 13 million shares, and collectively with Mr. Arens, they own approximately 19% of Health Catalyst's outstanding common stock.
Mr. Arens' appointment initially expands the Board from eight to nine directors; however, the Board will reduce its size back to eight directors prior to the 2026 annual meeting as current director Matthew Kolb will not stand for re-election.
In connection with his appointment, First Light and Mr. Arens entered into a letter agreement with the Company, agreeing to certain voting and confidentiality commitments.

6 days ago

8-K

Health Catalyst Reports Q3 2025 Results and Updates 2025-2026 Outlook

HCAT

Earnings

Guidance Update

Demand Weakening

Health Catalyst (HCAT) reported Q3 2025 total revenue of $76.3 million and adjusted EBITDA of $12 million, exceeding its guidance for both metrics.
The company reaffirmed its full-year 2025 guidance for total revenue of $310 million and adjusted EBITDA of $41 million.
For Q4 2025, Health Catalyst expects total revenue of approximately $73.5 million and adjusted EBITDA of approximately $13.4 million.
Health Catalyst anticipates 2026 revenue performance to be a few points lower than 2025, driven by factors such as dollar-based retention in the low 90%, lower net new client count, and Ignite migration headwinds, but expects improvement in adjusted EBITDA.
The company paid off $230 million in convertible notes in full at maturity on April 14, 2025, using cash from its balance sheet.

Nov 10, 2025, 10:00 PM

Transcript

Health Catalyst Reports Q3 2025 Results, Reaffirms Full-Year Guidance, and Provides 2026 Outlook

HCAT

Earnings

Guidance Update

Management Change

Health Catalyst (HCAT) reported Q3 2025 total revenue of $76.3 million and adjusted EBITDA of $12 million, surpassing its guidance for both metrics.
The company reaffirmed its full-year 2025 guidance, expecting total revenue of $310 million and adjusted EBITDA of $41 million.
For 2026, Health Catalyst anticipates revenue performance to be a few points lower than 2025 due to factors like dollar-based retention in the low 90% and Ignite migration headwinds, but expects improved adjusted EBITDA.
Strategic updates include adjusting the Ignite migration approach for greater client flexibility, focusing on cost management and ambulatory performance solutions for growth, and not pursuing additional acquisitions in the near to medium term.
Ben Albert was appointed President and COO earlier this year, with other key leadership appointments also made to strengthen the team.

Nov 10, 2025, 10:00 PM

Transcript

Health Catalyst Reports Q3 2025 Results and Updates 2025/2026 Outlook

HCAT

Earnings

Guidance Update

Management Change

Health Catalyst (HCAT) reported Q3 2025 total revenue of $76.3 million and adjusted EBITDA of $12 million, exceeding its guidance for both metrics.
The company reaffirmed its full-year 2025 guidance for total revenue of approximately $310 million (representing 1% year-over-year growth) and adjusted EBITDA of approximately $41 million (representing 57% year-over-year growth).
For Q4 2025, HCAT projects total revenue of approximately $73.5 million and adjusted EBITDA of approximately $13.4 million.
HCAT anticipates 2026 revenue performance to be a few points lower than 2025, driven by factors such as dollar-based retention in the low 90%, a lower net new client count, and Ignite migration headwinds. However, adjusted EBITDA is expected to improve in 2026 due to ongoing cost management and strategic focus.
The company has adopted a more client-centric approach to Ignite migrations, offering flexibility for clients to remain on DOS, which is expected to improve client experience and dollar-based retention, despite contributing to near-term revenue pressure.

Nov 10, 2025, 10:00 PM

Transcript

Health Catalyst Reports Q3 2025 Results and Provides Q4 & FY 2025 Guidance

HCAT

Earnings

Guidance Update

Demand Weakening

**Health Catalyst reported Q3 2025 total revenue of $76.3 million and Adjusted EBITDA of $12.0 million, both exceeding the company's quarterly guidance. **
**The net loss for Q3 2025 was $22.2 million, which included $6.9 million of lease-related impairment charges and $4.8 million of restructuring costs. **
**The company reiterated its full-year 2025 guidance, projecting total revenue of approximately $310 million and Adjusted EBITDA of approximately $41 million. **
**For Q4 2025, Health Catalyst anticipates total revenue of approximately $73.5 million and Adjusted EBITDA of approximately $13.4 million. **
**Revenue for 2026 is expected to be a few points lower than 2025, attributed to factors such as a lower Dollar-Based Retention rate and a lower net new Platform Client count. **

Nov 10, 2025, 9:17 PM

8-K

Health Catalyst Q1 2025 Results & Forward Guidance

HCAT

Earnings

Guidance Update

Revenue Acceleration/Inflection

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 .

May 7, 2025, 9:01 PM

Transcript 8-K

Health Catalyst Partners with Microsoft for AI Healthcare Innovation

HCAT

New Projects/Investments

Product Launch

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.

Apr 29, 2025, 12:30 PM

Press Release

Health Catalyst Announces $5 Million Stock Repurchase

HCAT

Share Buyback

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.

Mar 11, 2025, 12:30 PM

Press Release

Health Catalyst Reports Q4 2024 Results, 2024 Full-Year Performance & 2025 Guidance

HCAT

Earnings

Board Change

Guidance Update

M&A

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