Financial Position - As of December 31, 2025, the company had cash, cash equivalents, and short-term investments of $95.7 million, down from $392.0 million in 2024[467]. - A total of $37.7 million of the delayed draw term loan was drawn upon as of December 31, 2025, with the remaining undrawn amount available for future use[470]. - As of December 31, 2025, total future operating lease payment obligations amounted to $21.0 million, with $3.8 million payable within the next 12 months[481]. - Remaining non-cancelable contractual commitments related to third-party cloud infrastructure agreements totaled $91.4 million, with an aggregate commitment of at least $129.0 million expected to be spent between February 2023 and January 2030[482]. - Restructuring liabilities as of December 31, 2025, were $0.7 million, with the amount payable within the next 12 months[483]. - The company did not have any relationships with unconsolidated organizations or financial partnerships for off-balance sheet arrangements as of December 31, 2025[485]. Debt and Financing - The company entered into a credit agreement on July 16, 2024, providing a five-year term loan facility of up to $225 million, including a $125 million initial term loan fully funded at closing[477]. - The company is required to make quarterly principal payments of 0.25% of the original principal amount starting from the quarter ending December 31, 2024, with a final maturity date of July 16, 2029[479]. Market and Operational Risks - The company faces significant inflationary pressures, particularly in labor and supply costs, which have impacted margins in the health system end market[475]. - The company’s reliance on third-party providers for technology-related services poses risks that could adversely affect its operations[19]. - The company’s ability to attract and retain highly-qualified employees is critical for supporting continued growth in a competitive labor market[17]. - The company’s results of operations have fluctuated significantly in the past, and failure to meet analyst expectations could lead to a substantial decline in stock price[17]. Currency and Interest Rate Risks - The company has not instituted a hedging program for foreign currency exchange risk, but is considering it as international operations expand[472]. - A hypothetical 100 basis point change in interest rates would not have had a material impact on the value of the company's cash equivalents or investment portfolio as of December 31, 2025[469].

Core Insights - Health Catalyst, Inc. reported total revenue of $311.1 million for the year ended December 31, 2025, reflecting a 1% increase from $306.6 million in 2024, while the quarterly revenue for Q4 2025 was $74.7 million, down 6% from $79.6 million in Q4 2024 [2][3][22] - The company experienced a significant net loss of $178 million for the full year 2025, compared to a net loss of $69.5 million in 2024, marking a 156% increase in losses [3][22] - Adjusted EBITDA for the year was $41.4 million, a 59% increase from $26.1 million in 2024, with Q4 2025 showing a 74% increase to $13.8 million from $7.9 million in Q4 2024 [3][22][40] Financial Performance - Total revenue for Q4 2025 was $74.7 million, down from $79.6 million in Q4 2024, while total revenue for the full year was $311.1 million, slightly up from $306.6 million in 2024 [3][22] - Gross profit for Q4 2025 was $31.4 million, a 10% increase from $28.6 million in Q4 2024, and for the full year, gross profit was $120.4 million, up 5% from $114.5 million in 2024 [3][22] - The gross margin improved to 42.0% in Q4 2025 from 35.9% in Q4 2024, and for the full year, it was 38.7%, up from 37.3% in 2024 [3][22] Client Metrics - The number of platform clients increased to 162 as of December 31, 2025, compared to 130 in 2024 [5] - The dollar-based retention rate for technology and Tech-Enabled Managed Services (TEMS) was 93% for 2025, down from 102% in 2024 [5][7] Cash Flow and Balance Sheet - Cash and cash equivalents decreased to $50.8 million as of December 31, 2025, from $249.6 million in 2024 [19][26] - The company reported a net cash provided by operating activities of $731,000 for the year, a significant decrease from $14.6 million in 2024 [26] Strategic Outlook - The company is focused on long-term success and aims to address challenges while leveraging its strengths in data and analytics technology for healthcare organizations [2][12] - Health Catalyst has not provided full-year guidance for 2026 due to an ongoing internal strategic and operational review [9][10]

Core Viewpoint - Health Catalyst (HCAT) has experienced a bearish trend recently, losing 6.5% over the past four weeks, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2] Technical Analysis - The hammer chart pattern indicates a potential bottom in the stock price, suggesting that selling pressure may be exhausting and that bulls could be gaining control [2][5] - A hammer pattern forms when there is a small candle body with a long lower wick, typically occurring during a downtrend, signaling a possible reversal if it appears at the bottom of the trend [4][5] Fundamental Analysis - There has been a positive trend in earnings estimate revisions for HCAT, which is a bullish indicator and suggests potential price appreciation in the near term [7] - Over the last 30 days, the consensus EPS estimate for HCAT has increased by 100%, indicating that analysts expect better earnings than previously predicted [8] - HCAT currently holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10]

Core Insights - Health Catalyst (HCAT) is expected to report quarterly earnings of $0.10 per share, marking a 150% increase year-over-year, while revenues are forecasted at $73.61 million, reflecting a 7.5% decrease compared to the previous year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, indicating analysts' reassessment of their projections [1] Revenue Estimates - The consensus estimate for 'Revenue- Professional services' is $22.88 million, indicating an 18.3% decline from the same quarter last year [4] - Analysts project 'Revenue- Technology' to be $50.74 million, suggesting a year-over-year decrease of 1.7% [4] Profit Estimates - The estimated 'Adjusted Gross Profit- Professional Services' is projected to reach $4.22 million, an increase from $3.78 million in the same quarter last year [4] - For 'Adjusted Gross Profit- Technology', the estimate stands at $34.30 million, compared to $33.35 million reported in the same quarter last year [5] Stock Performance - Over the past month, shares of Health Catalyst have declined by 9.3%, while the Zacks S&P 500 composite has decreased by 2.7% [5] - Health Catalyst currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near future [5]

Core Insights - Health Catalyst, Inc. will release its fourth quarter and year-end 2025 operating results on March 12, 2026, after market close [1] - A conference call will be held at 5:00 pm ET on the same day to review the results [1] Conference Call Details - The conference call can be accessed by dialing 800-343-5172 for U.S. participants or 203-518-9856 for international participants, using conference ID "HCATQ425" [2] - A live audio webcast will be available online, with a replay accessible for approximately 90 days after the call [2] Company Overview - Health Catalyst is a leading provider of data and analytics technology and services aimed at improving healthcare outcomes [3] - The company serves over 1,100 organizations globally, utilizing its cloud-based technology ecosystem, Health Catalyst Ignite™, and AI-enabled solutions [3] - Health Catalyst has a proven track record of delivering billions of dollars in measurable results, focusing on transforming complex healthcare data into actionable insights [3]

Core Viewpoint - Health Catalyst has appointed Ben Albert as the new CEO, effective February 12, 2026, to enhance operational efficiency, clinical quality, and consumer experience in healthcare [1] Leadership Changes - Ben Albert, previously President and COO, has taken over from Dan Burton, who will remain with the company as a strategic advisor [1] - The Board of Directors will be reduced to five members by the 2026 Annual Meeting, with several directors stepping down [1] Strategic Focus - Albert aims to streamline operations and align resources with high-return priorities to improve financial performance [1] - The company plans to leverage its technology and expertise to help clients manage costs and improve clinical quality [1] Board Composition - Dawn Smith and Duncan Gallagher have stepped down from the Board, with John Kane set to leave on April 1, 2026 [1] - Matt Arens has been named Chair of the Nominating and Corporate Governance Committee, while Julie Larson-Green continues as Chair of the Compensation Committee [1] Company Background - Health Catalyst is a leading provider of data and analytics technology and services, serving over 1,100 organizations globally [2] - The company focuses on transforming complex healthcare data into actionable insights, contributing to measurable improvements in clinical, financial, and operational outcomes [2]

Core Viewpoint - Health Catalyst (HCAT) is experiencing significant selling pressure, with a 20.4% decline over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by analyst expectations of better earnings than previously predicted [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with a reading below 30 typically indicating that a stock is oversold [2]. - HCAT's current RSI reading is 28.93, suggesting that the heavy selling may be exhausting itself, indicating a potential bounce back towards equilibrium in supply and demand [5]. Group 2: Fundamental Indicators - There is a strong consensus among sell-side analysts that HCAT's earnings estimates for the current year have increased by 128.1% over the last 30 days, which typically correlates with price appreciation in the near term [7]. - HCAT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [8].

Core Viewpoint - Health Catalyst (HCAT) has experienced a significant downtrend, with a 21.4% decline over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to analysts' positive earnings outlook [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with a reading below 30 indicating that a stock may be oversold [2]. - HCAT's current RSI reading is 28.93, indicating that the heavy selling pressure may be exhausting, which could lead to a price rebound [5]. - RSI helps investors identify potential entry points for stocks that have fallen below their fair value due to excessive selling [3]. Group 2: Fundamental Indicators - Analysts covering HCAT have raised earnings estimates for the current year, resulting in a 128.1% increase in the consensus EPS estimate over the last 30 days, which typically correlates with price appreciation [7]. - HCAT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating strong potential for a near-term turnaround [8].

Core Viewpoint - Health Catalyst (HCAT) has shown a downtrend recently, losing 7.5% over the past two weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottom in the stock price, suggesting that selling pressure may be exhausting [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that the stock opened lower, made a new low, but closed near or above the opening price, reflecting some buying interest [4][5]. - This pattern is significant when it occurs at the bottom of a downtrend, signaling that bears may be losing control [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for HCAT, which is a bullish indicator suggesting potential price appreciation [7]. - The consensus EPS estimate for the current year has increased by 125% over the last 30 days, indicating strong agreement among analysts about improved earnings potential [8]. - HCAT currently holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Financial Results - Health Catalyst, Inc. published preliminary unaudited estimated financial results for 2025 on January 12, 2026[4] - The financial results are subject to change upon completion of the company's accounting and annual audit procedures[4] - Additional information and disclosures will be required for a complete understanding of the company's financial condition as of December 31, 2025[4]