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Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services. It offers ignite data and analytics platform that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems; and applications, a software analytics applications build for ignite platform to analyze clients face across clinical improvement, revenue and cost improvement, ambulatory operations, measures and registries, and data and analytics. The company also provides expertise solutions comprising data and analytics, domain expertise and education, tech-enabled managed, and implementation services; and opportunity analysis and prioritization, data governance, data modeling and analysis, quality and process improvement strategy, cost accounting, data abstraction, and population health strategies. It serves academic medical centers, integrated delivery networks, community hospitals, large physician practices, accountable care organizations, health information exchanges, health insurers, life science organizations, healthcare technology vendors, and other risk-bearing entities. The company was formerly known as HQC Holdings, Inc. and changed its name to Health Catalyst, Inc. in March 2017. Health Catalyst, Inc. was founded in 2008 and is headquartered in South Jordan, Utah.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $311M | $-103M | $-178M | $-21M | -72.4% | 1.5% | - |
| 2024 | $307M | $-11M | $-70M | $-2M | -19.0% | 3.6% | - |
| 2023 | $296M | $-58M | $-118M | $-47M | -32.2% | 7.1% | - |
| 2022 | $276M | $-92M | $-137M | $-53M | -32.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 276.24 | 295.94 | 306.58 | 311.14 |
| Cost Of Revenue | 143.05 | 164.10 | 165.81 | 159.46 |
| Gross Profit | 133.19 | 131.83 | 140.78 | 151.68 |
| Operating Expense | 273.19 | 231.83 | 198.39 | 194.42 |
| Operating Income | -140 | -100 | -57.61 | -42.74 |
| EBITDA | -91.71 | -57.78 | -10.65 | -102.50 |
| EBIT | -140 | -100 | -52.08 | -153 |
| Pretax Income | -141.68 | -117.79 | -69.17 | -177.26 |
| Tax Provision | -4.28 | 0.36 | 0.33 | 0.72 |
| Net Income | -137.40 | -118.15 | -69.50 | -177.97 |
| Net Income Common Stockholders | -137.40 | -118.15 | -69.50 | -177.97 |
| Total Expenses | 416.24 | 395.94 | 364.20 | 353.88 |
| Interest Expense | 7.24 | 7.29 | 17.09 | 24.25 |
| Interest Income | 5.69 | 16.39 | 17.98 | 7.54 |
| Research And Development | 75.68 | 72.63 | 57.95 | 49.77 |
| Selling General And Administration | 149.22 | 116.98 | 99.01 | 94.15 |
| Normalized EBITDA | -91.71 | -30.88 | 1.54 | 15.61 |
| Normalized Income | -137.40 | -96.90 | -59.87 | -84.67 |
| Basic EPS | -2.56 | -2.09 | -1.15 | -2.55 |
| Diluted EPS | -2.63 | -2.09 | -1.15 | -2.55 |
| Tax Effect Of Unusual Items | 0 | -5.65 | -2.56 | -24.80 |
| Tax Rate For Calcs | 0.03 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0 | -26.90 | -12.19 | -118.11 |
| Total Unusual Items Excluding Goodwill | 0 | -26.90 | -12.19 | -118.11 |
| Net Income From Continuing Operation Net Minority Interest | -137.40 | -118.15 | -69.50 | -177.97 |
| Reconciled Depreciation | 48.30 | 42.22 | 41.43 | 50.50 |
| Reconciled Cost Of Revenue | 143.05 | 164.10 | 165.81 | 159.46 |
| Net Interest Income | -1.68 | 9.11 | 0.90 | -16.72 |
| Net Income From Continuing And Discontinued Operation | -137.40 | -118.15 | -69.50 | -177.97 |
| Total Operating Income As Reported | -140 | -126.90 | -69.81 | -160.85 |
| Diluted Average Shares | 54.08 | 56.42 | 60.19 | 69.90 |
| Basic Average Shares | 53.72 | 56.42 | 60.19 | 69.90 |
| Diluted NI Availto Com Stockholders | -137.40 | -118.15 | -69.50 | -177.97 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -137.40 | -118.15 | -69.50 | -177.97 |
| Net Income Continuous Operations | -137.40 | -118.15 | -69.50 | -177.97 |
| Other Income Expense | -0.13 | -26.90 | -12.45 | -117.80 |
| Other Non Operating Income Expenses | -0.13 | 0 | -0.26 | 0.32 |
| Special Income Charges | 0 | -26.90 | -12.19 | -118.11 |
| Other Special Charges | 0 | 25.36 | 2.20 | 6.90 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 110.22 |
| Restructuring And Mergern Acquisition | 0 | 1.54 | 9.99 | 0.99 |
| Net Non Operating Interest Income Expense | -1.68 | 9.11 | 0.90 | -16.72 |
| Total Other Finance Cost | 1.68 | -9.11 | 0 | 0 |
| Interest Expense Non Operating | 7.24 | 7.29 | 17.09 | 24.25 |
| Interest Income Non Operating | 5.69 | 16.39 | 17.98 | 7.54 |
| Depreciation Amortization Depletion Income Statement | 48.30 | 42.22 | 41.43 | 50.50 |
| Depreciation And Amortization In Income Statement | 48.30 | 42.22 | 41.43 | 50.50 |
| Selling And Marketing Expense | 87.51 | 64.21 | 53.15 | 49.55 |
| General And Administrative Expense | 61.70 | 52.77 | 45.86 | 44.60 |
| Other Gand A | 61.70 | 52.77 | 45.86 | 44.60 |
| Operating Revenue | 276.24 | 295.94 | 306.58 | 311.14 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Health Catalyst, Inc.this co. | HCAT | $93M | - | 0.37 | -72.4% | -32.70 |
| Cardiff Oncology, Inc. | CRDF | $111M | - | 2.44 | -101.0% | -1.10 |
| Definitive Healthcare Corp. | DH | $99M | - | 0.35 | -36.7% | 5.27 |
| Aldeyra Therapeutics, Inc. | ALDX | $90M | - | 2.04 | -76.5% | -1.02 |
| MaxCyte, Inc. | MXCT | $87M | - |
| 0.51 |
| -26.0% |
| -0.06 |
| biote Corp. | BTMD | $83M | 3.00 | -1.16 | -53.7% | 4.32 |
| Gossamer Bio, Inc. | GOSS | $82M | - | -0.67 | 138.8% | -0.91 |
| Outset Medical, Inc. | OM | $77M | - | 0.60 | -64.3% | -0.14 |
| aTyr Pharma, Inc. | ATYR | $75M | - | 1.11 | -110.2% | -0.11 |
| Peer Median | - | 3.00 | 0.55 | -59.0% | -0.12 | |