Health Catalyst Inc
NASDAQ:HCAT

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Health Catalyst Inc
NASDAQ:HCAT
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Price: 0.9963 USD -1.36% Market Closed
Market Cap: $73.3m

Health Catalyst Inc
Investor Relations

Health Catalyst, Inc. engages in the provision of data and analytics technology and services to healthcare organizations. The company is headquartered in South Jordan, Utah. The company went IPO on 2019-07-25. The firm operates in two segments: technology and professional services. The technology segment includes its data platform, analytics applications and support services. Its solution consists of a cloud-based data platform, analytics software and professional services expertise. Its cloud-based data operating system (DOS) is a healthcare-specific, open, flexible, and scalable data platform that provides customers with a single comprehensive environment to integrate and organize data from its software systems, which enables a range of analytics. Its software analytics application is built on top of its data platform to provide foundational or domain-specific insights that improve customers clinical, financial and operational performance. Its support services consist of both analytics experts and domain experts.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 12, 2026
AI Summary
Q4 2025

Leadership: New CEO Ben Albert (formerly President & COO) is running a broad strategic and operational review, tightening leadership, hiring a CMO and COO, and said management is "turning over every rock" to maximize shareholder value.

Revenue: Full-year 2025 revenue was $311.1 million (up 1% YoY); Q4 2025 revenue was $74.7 million, down from $79.6 million in Q4 2024.

Profitability: Adjusted EBITDA was $41.4 million for the full year (up 59% YoY) and $13.8 million in Q4; GAAP results include $110.2 million of goodwill/intangible impairment, driving GAAP net loss to $178 million for 2025.

Migrations & ARR risk: Management highlighted DOS-to-Ignite migrations as a near-term headwind: $12.5 million of DOS-related ARR has been notified as downsell/churn (75% of that expected to hit in 2026), and ~$52 million of DOS-related ARR is subject to negotiation (including $35 million of data platform infrastructure ARR).

Margins & cost actions: Adjusted gross margin expanded to 51.1% for FY25 (Q4 adjusted gross margin 53.5%); company executed restructuring and workforce optimization to reduce adjusted operating expenses and improve margins.

Guidance limited: Management is only providing Q1 2026 guidance: revenue $68 million–$70 million and adjusted EBITDA $7 million–$8 million; full-year 2026 guidance will be provided by the Q1 call in May.

Key Financials
Revenue
$311.1 million (full year 2025); $74.7 million (Q4 2025)
Technology revenue
$208.3 million (full year 2025); $51.9 million (Q4 2025)
Professional services revenue
$22.8 million (Q4 2025)
Adjusted gross margin
53.5% (Q4 2025); 51.1% (full year 2025)
Technology gross margin
67.4% (full year 2025)
Professional services gross margin
18.3% (full year 2025)
Adjusted operating expenses
$26.2 million (Q4 2025); $117.7 million (full year 2025)
Adjusted EBITDA
$13.8 million (Q4 2025); $41.4 million (full year 2025)
Net loss (GAAP)
$178 million (full year 2025)
Impairment charges
$110.2 million (2025)
Adjusted net income per share
$0.08 (Q4 2025); $0.19 (full year 2025)
Weighted average shares
~71 million (Q4 2025); 69.9 million (full year 2025)
Cash, cash equivalents and short-term investments
approximately $96 million (year-end 2025)
Term loan debt outstanding
$161 million (year-end 2025)
Net new logos
32 net new logos in 2025
Tech + TAMs dollar-based retention
93% (year-end 2025)
Q1 2026 revenue guidance
$68 million to $70 million
DOS-related ARR notified churn
$12.5 million (notified for 2026–2027)
DOS-related ARR subject to negotiation
$52 million (estimate; includes $35 million data platform infrastructure ARR)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Daniel D. Burton
CEO & Director
No Bio Available
Mr. Jason Alger
Chief Financial Officer
No Bio Available
Mr. Benjamin Landry
General Counsel & Secretary of the Board
No Bio Available
Ms. Linda Llewelyn
Chief People Officer
No Bio Available
Mr. Daniel LeSueur
Chief Operating Officer
No Bio Available
Mr. Dave Ross
Chief Technology Officer
No Bio Available
Mr. Adam Brown
Senior Vice President of Investor Relations and Financial Planning & Analysis
No Bio Available
Ms. Amanda Flanders
Senior Vice President of Marketing & Communications
No Bio Available
Mr. Kyle J. Salyers
Chief Strategy Officer & Senior VP of Corporate Development
No Bio Available
Mr. Jeffrey P. Selander
Senior Vice President of International
No Bio Available

Contacts

Address
UTAH
South Jordan
10897 South River Front Parkway, #300
Contacts
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