Health Catalyst(HCAT) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $79.4 million, representing a 6% increase from $74.7 million in Q1 2024[4] - Adjusted EBITDA for Q1 2025 was $6.3 million, an 86% increase compared to $3.4 million in Q1 2024[4] - Gross profit for Q1 2025 was $28.7 million, with a gross margin of 36%, down from 39% in Q1 2024[4] - The net loss for Q1 2025 was $23.7 million, compared to a net loss of $20.6 million in Q1 2024, reflecting a 15% increase in losses[4] - For the three months ended March 31, 2025, the company reported a net loss of $23,742,000, compared to a net loss of $20,587,000 for the same period in 2024, representing an increase in loss of approximately 10.4%[22] - Total revenue for the three months ended March 31, 2025, was $79,413,000, up from $74,723,000 in the same period of 2024, indicating a year-over-year growth of about 6.5%[28] - Adjusted EBITDA for the three months ended March 31, 2025, was $6,279,000, compared to $3,377,000 in 2024, showing a significant increase of about 86.5%[33] - Adjusted Net Income for the three months ended March 31, 2025, was $328,000, compared to $2,707,000 in 2024, indicating a decrease of approximately 87.9%[34] - The company reported a net cash provided by operating activities of $280,000 for the three months ended March 31, 2025, a significant decrease from $10,266,000 in 2024[22] Client Growth - The company added 10 net new Platform Clients in Q1 2025, contributing to a target of 40 net new additions for the full year[3] Future Projections - For Q2 2025, the company expects total revenue of approximately $80.5 million and Adjusted EBITDA of approximately $8 million[6] - For the full year 2025, total revenue is projected to be approximately $335 million, with technology revenue expected to be around $220 million[6] Cash and Assets - Cash and cash equivalents as of March 31, 2025, were $342 million, up from $250 million as of December 31, 2024[13] - Total assets increased to $891.5 million as of March 31, 2025, compared to $858.9 million as of December 31, 2024[13] - The company reported a total stockholders' equity of $376.8 million as of March 31, 2025, compared to $365.2 million at the end of 2024[13] - The company’s cash and cash equivalents at the end of the period were $341,968,000, up from $201,370,000 at the end of the same period in 2024, representing a growth of approximately 69.8%[22] Cost and Expenses - Adjusted Gross Profit for the three months ended March 31, 2025, was $39,048,000, compared to $38,319,000 in 2024, reflecting an increase of approximately 1.9%[28] - The company’s Adjusted Gross Margin for the three months ended March 31, 2025, was 49%, compared to 51% in 2024, reflecting a decline of about 2 percentage points[28] - The company incurred acquisition-related costs of $3,029,000 for the three months ended March 31, 2025, compared to $813,000 in 2024, representing an increase of approximately 272.5%[34] - Stock-based compensation expense for the three months ended March 31, 2025, was $7,543,000, down from $10,838,000 in 2024, indicating a decrease of about 30.5%[33] Non-recurring Charges - Non-recurring lease-related charges include an impairment charge related to corporate office space designated for subleasing[36]