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Health Catalyst(HCAT) - 2024 Q4 - Annual Results
HCATHealth Catalyst(HCAT)2025-02-26 21:10

Revenue Performance - Total revenue for the full year 2024 was 307million,witha4307 million, with a 4% increase compared to 295.9 million in 2023[2] - Total revenue for Q4 2024 reached 79.606million,a6.779.606 million, a 6.7% increase from 75.084 million in Q4 2023[20] - For the twelve months ended December 31, 2024, total revenue was 306,584,000,a3.4306,584,000, a 3.4% increase from 295,938,000 in 2023[34][37] Segment Performance - Technology segment revenue reached 195millionforthefullyear2024,representinga10195 million for the full year 2024, representing a 10% year-over-year growth[2] - Technology revenue increased to 51.598 million, up 9.5% from 47.100millionyear−over−year[20]ProfitabilityMetrics−AdjustedEBITDAforthefullyear2024was47.100 million year-over-year[20] Profitability Metrics - Adjusted EBITDA for the full year 2024 was 26 million, a 137% increase from 11millionin2023[2]−AdjustedEBITDAforQ42024was11 million in 2023[2] - Adjusted EBITDA for Q4 2024 was 7,911,000, compared to 1,352,000inQ42023,indicatingsignificantoperationalimprovement[39]−AdjustedGrossProfitfor2024wascalculatedbyexcludingnon−cashexpenses,providingaclearerviewofoperationalperformance[27]−AdjustedGrossProfitforQ42024was1,352,000 in Q4 2023, indicating significant operational improvement[39] - Adjusted Gross Profit for 2024 was calculated by excluding non-cash expenses, providing a clearer view of operational performance[27] - Adjusted Gross Profit for Q4 2024 was 37,121,000, representing an increase of 7.3% from Q4 2023's adjusted gross profit of 34,693,000[30][32]−AdjustedGrossMarginforQ42024improvedto4734,693,000[30][32] - Adjusted Gross Margin for Q4 2024 improved to 47%, up from 46% in Q4 2023[30][32] - Adjusted Gross Profit for the twelve months ended December 31, 2024, was 149,533,000, compared to 144,060,000in2023,reflectingagrowthof3.1144,060,000 in 2023, reflecting a growth of 3.1%[34][37] - Adjusted Gross Margin for the twelve months ended December 31, 2024, was 49%, consistent with the previous year's margin[34][37] Net Loss and Improvements - The company reported a net loss of 20.7 million for Q4 2024, a 32% improvement compared to a net loss of 30.3millioninQ42023[3]−NetlossforQ42024was30.3 million in Q4 2023[3] - Net loss for Q4 2024 was 20,673,000, an improvement from a net loss of 30,312,000inQ42023[20]−Thenetlossforthefullyear2024was30,312,000 in Q4 2023[20] - The net loss for the full year 2024 was 69.502 million, an improvement from a net loss of 118.147millionin2023[42]CashandAssets−CashandcashequivalentsasofDecember31,2024,were118.147 million in 2023[42] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were 249.6 million, compared to 106.3millionin2023[18]−Totalassetsincreasedto106.3 million in 2023[18] - Total assets increased to 858.9 million in 2024, up from 701.8millionin2023[18]−CashandcashequivalentsattheendofQ42024were701.8 million in 2023[18] - Cash and cash equivalents at the end of Q4 2024 were 249.645 million, significantly up from 106.276millionattheendofQ42023[26]ClientandRetentionMetrics−ThenumberofPlatformClientsincreasedto130in2024,upfrom109in2023[7]−TheDollar−basedRetentionRateforTech+TEMSwas102106.276 million at the end of Q4 2023[26] Client and Retention Metrics - The number of Platform Clients increased to 130 in 2024, up from 109 in 2023[7] - The Dollar-based Retention Rate for Tech + TEMS was 102% as of December 31, 2024[7] Cost Management - Operating expenses decreased to 52.191 million in Q4 2024, down from 63.293millioninQ42023,reflectinga17.463.293 million in Q4 2023, reflecting a 17.4% reduction[20] - Stock-based compensation expense for the year 2024 totaled 40.128 million, down from 55.756millionin2023[26]−Acquisition−relatedcostsforQ42024totaled55.756 million in 2023[26] - Acquisition-related costs for Q4 2024 totaled 4,333,000, up from 2,655,000inQ42023,reflectingongoingintegrationefforts[39]−RestructuringcostsinQ42024were2,655,000 in Q4 2023, reflecting ongoing integration efforts[39] - Restructuring costs in Q4 2024 were 0, down from 6,767,000inQ42023,indicatingastabilizationinworkforce−relatedexpenses[39]−Non−cashinterestexpenserelatedtodebtforthefullyear2024was6,767,000 in Q4 2023, indicating a stabilization in workforce-related expenses[39] - Non-cash interest expense related to debt for the full year 2024 was 3.256 million, up from 1.511millionin2023[42]FutureOutlook−Thecompanyraisedits2025AdjustedEBITDAtargettoapproximately1.511 million in 2023[42] Future Outlook - The company raised its 2025 Adjusted EBITDA target to approximately 41 million, an increase of $2 million from previous guidance[2] - The company plans to continue focusing on market expansion and new product development to drive future growth[20] - The company aims to improve operational performance by focusing on eliminating non-recurring charges and enhancing core business metrics[42]