Health Catalyst(US:HCAT)2025-02-26 21:10Revenue Performance - Total revenue for the full year 2024 was $307 million, with a 4% increase compared to $295.9 million in 2023[2] - Total revenue for Q4 2024 reached $79.606 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, a 3.4% increase from $295,938,000 in 2023[34][37] Segment Performance - Technology segment revenue reached $195 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 $47.100 million year-over-year[20] Profitability Metrics - Adjusted EBITDA for the full year 2024 was $26 million, a 137% increase from $11 million in 2023[2] - Adjusted EBITDA for Q4 2024 was $7,911,000, compared to $1,352,000 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] - 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 $144,060,000 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 $30.3 million in Q4 2023[3] - Net loss for Q4 2024 was $20,673,000, an improvement from a net loss of $30,312,000 in Q4 2023[20] - The net loss for the full year 2024 was $69.502 million, an improvement from a net loss of $118.147 million in 2023[42] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were $249.6 million, compared to $106.3 million in 2023[18] - Total assets increased to $858.9 million in 2024, up from $701.8 million in 2023[18] - Cash and cash equivalents at the end of Q4 2024 were $249.645 million, significantly up from $106.276 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 $63.293 million in Q4 2023, reflecting a 17.4% reduction[20] - Stock-based compensation expense for the year 2024 totaled $40.128 million, down from $55.756 million in 2023[26] - Acquisition-related costs for Q4 2024 totaled $4,333,000, up from $2,655,000 in Q4 2023, reflecting ongoing integration efforts[39] - Restructuring costs in Q4 2024 were $0, down from $6,767,000 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 $1.511 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]