Health Catalyst, Inc.
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Range $1.75 – $3
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About the company
Health Catalyst, Inc. equips healthcare providers with crucial data and analytical technologies, alongside specialized services. Their extensive product line features a robust, enterprise-level data and analytics platform designed specifically for the healthcare sector.
- CEO
- Benjamin Albert
- IPO
- 2019
- Employees
- 1,200
- HQ
- South Jordan, UT, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $120.45M
- P/E
- -0.44
- Fwd P/E
- 901.05
- PEG
- 0.01
- P/S
- 0.41
- P/B
- 1.20
- EV/EBITDA
- -1.23
- Div Yield
- 0.00%
- Gross Margin
- 46.44%
- Op Margin
- -19.67%
- Net Margin
- -90.61%
- ROE
- -129.70%
- ROIC
- -21.13%
Latest fiscal year · YoY change
- Revenue
- $311.14M+1.5%
- Gross Profit
- $104.13M-26.0%
- Op Income
- $-36,104,000
- Net Income
- $-177,974,000-156.1%
- EPS
- $-2.55-121.7%
- OCF Growth
- -95.0%
- FCF Growth
- +87.1%
- 52W High
- $3.80
- 52W Low
- $0.95
- 50D MA
- $1.99
- 200D MA
- $1.92
- Beta
- 1.56
- RSI (14)
- 36
- Avg Volume
- 1.65M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Health Catalyst beat second-quarter revenue and EBITDA guidance, then used Vitalware divestiture proceeds to fully repay debt and reset 2026 outlook lower after removing that business and continuing migration-related headwinds.· August 6, 2026
- Q2 revenue was $70.5 million, above guidance, and adjusted EBITDA was $9.9 million, at the high end of guidance.
- Adjusted gross margin was 51% versus 50% a year ago; technology margin was 63% versus 66% and professional services margin was 22% versus 18%.
- The company sold Vitalware for $147 million in cash consideration and used proceeds plus cash on hand to retire about $160 million of debt.
- Full-year 2026 guidance was cut to $246 million-$249 million of revenue and $18 million-$18.5 million of adjusted EBITDA, mainly due to removing Vitalware.
- Management said Project Nexus is tracking to plan, but migration churn, lower-margin services work and temporary cost pressure remain near-term issues.
Second-quarter 2026 total revenue was $70.5 million, above the guided range of $68 million to $70 million. Technology revenue was $48.8 million and professional services revenue was $21.7 million. Adjusted gross margin was 51% versus 50% in the prior-year period; adjusted technology gross margin was 63% versus 66%, and adjusted professional services gross margin was 22% versus 18%. Adjusted operating expenses were $25.9 million, or 37% of revenue, versus $30.6 million, or 38% of revenue, in the prior-year period. Adjusted EBITDA was $9.9 million, at the high end of guidance, and adjusted net income per share was $0.04. The company ended Q2 with approximately $103.4 million of cash, cash equivalents and short-term investments. Vitalware was sold for $147 million in total cash consideration, with net proceeds of $145.5 million after transaction costs, and the company fully retired approximately $160 million of credit facility debt plus accrued interest and prepayment premium. Management said this removes about $19 million of annual GAAP interest expense and about $16.5 million of annual cash interest payments. For full-year 2026, the company now expects revenue of $246 million to $249 million and adjusted EBITDA of $18 million to $18.5 million. For Q3, it expects revenue of $55 million to $56 million and adjusted EBITDA of breakeven to $500,000. It also expects full-year adjusted gross margin below 50%, adjusted technology gross margin in the low 60s, and adjusted professional services gross margin in the low to mid-teens.
Ben Albert framed the quarter as a step in a broader transformation, emphasizing simplification, balance-sheet repair and focus on the company’s core technology opportunities. He said the Vitalware divestiture, debt repayment and Project Nexus restructuring are intended to create a stronger foundation and give the company time to validate its highest-conviction bets. His tone was constructive but candid about the fact that Health Catalyst is still early in a multiyear transition and working through revenue headwinds from platform migrations and lower-margin services.
Jason Alger said Q2 results were at or above expectations, with $70.5 million of revenue and $9.9 million of adjusted EBITDA, and noted that Project Nexus is starting to take hold with partial savings reflected in the quarter. He highlighted the balance-sheet impact of the Vitalware sale: $147 million of cash consideration, $145.5 million of net proceeds, repayment of about $160 million of debt, and removal of about $19 million of annual GAAP interest expense. He also said the company ended the quarter with approximately $103.4 million of cash and, pro forma for the transaction, would have had about $82 million of cash and no debt. On margins and costs, he pointed to migration-related pressure, duplicate hosting, data-loading costs, deliberate investment in products and retention, and said adjusted gross margin should be below 50% for 2026.
The main analyst question was whether guidance would have been reiterated absent the Vitalware divestiture; management said the revenue and EBITDA changes were primarily driven by removing Vitalware, while also reflecting deliberate investments in team members and core products. A second question asked whether the company is reviewing the portfolio for additional divestitures; management said the current focus is on fundamentals, validating the best opportunities in market, and executing the transformation rather than actively discussing more divestitures. No new outlook details were added beyond those comments.
The bull case from this call is that Health Catalyst has strengthened its balance sheet, becoming debt-free after using Vitalware proceeds to repay about $160 million of debt. Management also said Project Nexus is on track, bookings are tracking as expected, and the company is investing in products it believes have the highest conviction, which could support a more focused longer-term strategy.
The bear case is that guidance came down materially after removing Vitalware, and management is still seeing significant pressure from DOS-to-Ignite migrations and some services churn. Gross margins are under near-term pressure from migration costs, duplicate hosting and data loading, and management expects overall adjusted gross margin to stay below 50% for the year. The company also said it is only early in a multiyear transformation and still working through revenue headwinds into 2027.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 82.8%
- Shares Outstanding
- 73.89M
- Float Shares
- 61.22M
of shares held by institutions
137 13F filers
Buy/sell ratio 1.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 4.43M | ▲ 138.70K |
| Amh Equity Ltd | 660.00K | ▲ 232.85K |
| Two Sigma Advisers, LP | 31.10K | ▼ 103.10K |
| Nebula Research & Development LLC | 25.30K | ▼ 19.41K |
| Wolverine Trading, LLC | 12.65K | ▲ 12.65K |
| Cwm, LLC | 12.38K | ▲ 11.21K |
| Quest Partners LLC | 12.28K | 0 |
| Dgs Capital Management, LLC | 11.01K | ▲ 11.01K |
| Divergent Planning, LLC | 11.00K | 0 |
| California State Teachers Retirement System | 3.66K | ▼ 500 |
| First Horizon Advisors, Inc. | 1.50K | 0 |
| Comerica Bank | 180 | ▲ 180 |
Held by 45 ETFs
Biggest fund positions in HCAT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 16, 26 | Hoggard Green Jill | other | 80,691 |
| Jul 16, 26 | Larson-Green Julie | other | 80,691 |
| Jul 16, 26 | Nelson Steven H | other | 80,691 |
| Jul 16, 26 | Spencer Justin | other | 80,691 |
| Jun 10, 26 | Albert Benjamin | other | 34,485 |
| Jun 1, 26 | Albert Benjamin | other | 336 |
| Jun 1, 26 | Llewelyn Linda | other | 8,519 |
| Jun 1, 26 | Alger Jason | other | 18,804 |
| Jun 1, 26 | Landry Benjamin | other | 13,779 |
| Jun 1, 26 | Larson-Green Julie | other | 12,710 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our HCAT coverage
Recent articles, reports, and earnings notes.
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Generate HCAT report →Health Catalyst, Inc. (NASDAQ:HCAT) Receives Consensus Rating of “Hold” from Analysts
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Health Catalyst Q2 Earnings Call Highlights
marketbeat.com · Aug 6
Health Catalyst, Inc. (HCAT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 6
Compared to Estimates, Health Catalyst (HCAT) Q2 Earnings: A Look at Key Metrics
zacks.com · Aug 6
Health Catalyst (HCAT) Beats Q2 Earnings and Revenue Estimates
zacks.com · Aug 6
Health Catalyst Completes Sale of Vitalware, Sharpening Its Focus as a Healthcare Intelligence Company
prnewswire.com · Aug 6
Health Catalyst Reports Second Quarter 2026 Results
globenewswire.com · Aug 6
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