Health Catalyst Inc (NASDAQ: HCAT) is a healthcare data and analytics company that provides a data platform, applications, and professional services to healthcare organizations primarily in the United States. Revenue comes from technology subscriptions and professional services fees, with greater than 90% of total revenue recurring in nature as of FY2025. Technology subscriptions represented 67% of total revenue ($208.3M) and professional services represented 33% ($102.9M) in FY2025, for combined revenue of $311.1M. Clients are invoiced for technology annually or quarterly upfront, and for professional services monthly. The Dollar-based Retention Rate was 93% under an updated definition for FY2025 and 102% for FY2024. The company reported a net loss of $177.97M in FY2025, including $110.2M in goodwill and intangible asset impairment, and Adjusted EBITDA of $41.4M. Health Catalyst categorizes clients as Platform Clients or App Clients, serving academic medical centers, integrated delivery networks, community hospitals, large physician practices, ACOs, health information exchanges, health insurers, and other risk-bearing entities.

Revenue model

Subscription-based technology fees (67% of FY2025 revenue, $208.3M) invoiced annually or quarterly upfront, plus recurring professional services fees (33% of FY2025 revenue, $102.9M) invoiced monthly. Greater than 90% of total FY2025 revenue was recurring. Upsell of incremental technology modules and services to existing clients is a stated growth mechanism.

Products and services

Health Catalyst Ignite data platform, analytics applications sold as a full suite or as modular components (Platform-only or individual modules), and professional services including data and analytics expertise delivered alongside the technology.

Customers and end markets

Healthcare organizations primarily in the United States, including academic medical centers, integrated delivery networks, community hospitals, large physician practices, ACOs, health information exchanges, health insurers, and other risk-bearing entities. Clients are segmented into Platform Clients and App Clients.

Value-chain role

Health Catalyst sits between healthcare data infrastructure and clinical or operational decision-making, supplying the data foundation, analytics applications, and domain expertise that healthcare organizations use to measure and improve outcomes. Primary delivery costs are hosting fees and headcount.

Geographic exposure

Primarily United States, based on client descriptions in the FY2025 10-K filed 2026-03-12.

Source: SEC 10-K, filed 2026-03-12

Industry: Services-Computer Programming, Data Processing, Etc. Peers: American Well Corp Babylon Holdings Ltd Convey Health Solutions Holdings, Inc. TruBridge Inc Sharecare, Inc. HealthStream Inc OptimizeRx Corp Simulations Plus Inc