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HCAT

Health Catalyst, Inc.

HCAT

Health Catalyst, Inc. • NASDAQ
$2.99 ▲ 2.40% (+0.07)
Market Cap $211.49 M
52w High $9.24
52w Low $2.02
Dividend Yield 0%
P/E -1.89
Volume 240.63K
Outstanding Shares 70.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $76.323M ▼ $55.325M ▼ $-22.229M ▲ -29.125% ▲ $-0.32 ▲ $-3.939M ▲
Q2-2025 $80.721M ▲ $75.335M ▲ $-40.978M ▼ -50.765% ▼ $-0.59 ▼ $-22.426M ▼
Q1-2025 $79.413M ▼ $56.406M ▲ $-23.742M ▼ -29.897% ▼ $-0.35 ▼ $-3.891M ▼
Q4-2024 $79.606M ▲ $52.191M ▲ $-20.673M ▼ -25.969% ▼ $-0.33 ▼ $-2.485M ▲
Q3-2024 $76.353M $47.727M $-14.726M -19.287% $-0.24 $-6.732M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $91.54M ▼ $587.128M ▼ $255.205M ▼ $331.923M ▼
Q2-2025 $97.338M ▼ $616.18M ▼ $268.633M ▼ $347.547M ▼
Q1-2025 $341.968M ▼ $891.542M ▲ $514.731M ▲ $376.811M ▲
Q4-2024 $392M ▲ $858.929M ▲ $493.722M ▲ $365.207M ▲
Q3-2024 $387.256M $813.05M $458.013M $355.037M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-22.229M ▲ $-464K ▲ $-9.353M ▲ $-537K ▲ $-10.407M ▲ $-5.271M ▲
Q2-2025 $-40.978M ▼ $-8.997M ▼ $-52.225M ▼ $-230.099M ▼ $-291.256M ▼ $-8.767M ▼
Q1-2025 $-23.742M ▼ $280K ▲ $96.762M ▲ $-4.712M ▼ $92.323M ▲ $-390K ▲
Q4-2024 $-20.673M ▼ $-3.527M ▼ $-112.749M ▼ $37.69M ▼ $-78.682M ▼ $-8.36M ▼
Q3-2024 $-14.726M $6.208M $7.646M $112.495M $126.432M $1.793M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Recurring Technology
Recurring Technology
 $100.00M ▲$50.00M ▼$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for Health Catalyst’s solutions is real and building. Gross profit has improved as well, suggesting the core business is becoming more efficient. However, the company is still losing money at the operating and net income levels. The encouraging sign is that these losses have been narrowing over time, and profitability metrics are clearly moving in the right direction. Overall, it looks like a business that has passed the pure “early-stage burn” phase but still needs more scale and discipline before it can generate consistent profits.

Balance Sheet

Balance Sheet The balance sheet shows a solid set of resources supporting the business. Total assets and cash have both increased in the most recent year, giving the company more flexibility and resilience. Debt has risen but remains balanced against the asset base and equity, so leverage does not appear extreme. Shareholders’ equity is steady, which indicates that the company has absorbed years of losses without eroding its capital base too severely. The picture is of a company that has invested heavily but still maintains a fairly healthy financial foundation, as long as it continues improving its economics.

Cash Flow

Cash Flow Cash flow has improved meaningfully. Operating cash flow was negative for several years but recently turned slightly positive, a key milestone that signals the underlying business is becoming more self-sustaining. Free cash flow is now close to break-even, helped by relatively modest capital spending requirements. This trend reduces dependence on external funding, but the margin of safety is still thin. Continued progress in converting revenue growth into stable positive cash flow will be critical to strengthening the company’s financial profile.

Competitive Edge

Competitive Edge Health Catalyst occupies a focused niche in healthcare data and analytics, with a platform designed to integrate fragmented medical, financial, and operational data across systems. Its tools are deeply embedded in client workflows, creating high switching costs and making relationships “sticky.” The firm differentiates itself by being technology-agnostic, working across different electronic health records and other software rather than being tied to a single ecosystem. Its long list of documented client outcomes and a very large pool of patient data strengthen its credibility and improve its models over time. The main competitive risks come from large EHR vendors and other analytics players that have broad resources and existing hospital relationships, as well as slow, complex healthcare sales cycles.

Innovation and R&D

Innovation and R&D Innovation is a central part of Health Catalyst’s strategy. Its Ignite platform uses a modern data architecture, healthcare-specific data models, and embedded AI and machine learning to deliver predictive and actionable insights. The company invests in making analytics widely usable across clinical, financial, and operational roles, not just for data specialists. Partnerships, such as with Databricks, extend its AI capabilities and ecosystem reach. Looking ahead, it is targeting growth areas like ambulatory care analytics and value-based care tools that include risk modeling and decision support. This ongoing R&D focus strengthens the product but also keeps spending high, so the challenge is balancing innovation with the need to further improve profitability.

Summary

Health Catalyst is a growing healthcare analytics company that has been steadily increasing revenue and improving margins, but it remains unprofitable overall. Its financial trajectory shows clear progress: better gross economics, shrinking losses, and cash flow that is close to self-sustaining. The balance sheet is reasonably sound, with rising cash and manageable debt, giving it room to keep executing its strategy. Competitively, it benefits from deep data integration, healthcare-specific expertise, and a strong track record of measurable client results, though it operates in a market with powerful, well-funded rivals and long sales cycles. The company’s future will hinge on its ability to turn its strong innovation pipeline—especially in AI, ambulatory care, and value-based care—into durable, profitable growth while maintaining financial discipline and continuing to strengthen cash generation.

NEWS

November 14, 2025 · 4:14 PM UTC

Health Catalyst to Participate in Upcoming Investor Conferences

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November 10, 2025 · 4:03 PM UTC

Health Catalyst Achieves HITRUST r2 Certification, Demonstrating the Highest Level of Information Protection Assurance

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November 10, 2025 · 4:03 PM UTC

Health Catalyst Reports Third Quarter 2025 Results

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October 20, 2025 · 4:18 PM UTC

Health Catalyst to Announce Third Quarter 2025 Operating Results and Host Conference Call on Monday, November 10, 2025

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September 10, 2025 · 4:03 PM UTC

Health Catalyst Appoints Ben Albert to the Role of President and COO

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