Health Catalyst, Inc.
healthcatalyst.comWhat Do They Do?
Sells a cloud-based healthcare data platform, analytics applications, and expert services to healthcare organizations, primarily providers.
10-K for FY2025, filed Mar 12, 2026
How Do They Make Money?
Clients pay subscription fees for cloud technology over contract terms, while professional-services fees are charged monthly as services are provided; perpetual-license access is charged when the technology is made available.
10-K for FY2025, filed Mar 12, 2026The majority of our subscription arrangements are cloud-based and do not provide clients the right to take possession of the technology or…View ↗
Subscriptions that allow the client to take software on-premise without significant penalty are treated as time-based licenses. These…View ↗
Professional services revenue primarily includes data and analytics services, domain expertise services, TEMS, and implementation services.…View ↗
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10-K for FY2025, filed Mar 12, 2026
FY2025 revenue by product or service ↗
$311.1M
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10-K for FY2025, filed Mar 12, 2026
$311.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Recurring technology
Recurring
10-K for FY2025, filed Mar 12, 2026 |
67%
FY2022: 64%
|
Recurring technology, FY2025
$208.3M Sources
|
Recurring |
|
One-time technology (i.e., perpetual license)
Sold outright
|
0.0%
FY2022: 0.2%
|
One-time technology (i.e., perpetual license), FY2025
$0 Sources
|
Sold outright |
|
Professional Services
Recurring
10-K for FY2025, filed Mar 12, 2026 |
33%
FY2022: 36%
|
Professional Services, FY2025
$102.9M Sources
|
Recurring |
Who Are Their Customers?
Healthcare providers, insurers, and other healthcare organizations buy through Health Catalyst's dedicated sales team, which works with their leadership.
Do Revenues Turn Into Profits?
No. It lost $178M in FY2025.
10-K for FY2025, filed Mar 12, 2026
−$160.9MView ↗
10-K for FY2025, filed Mar 12, 2026
−$178MView ↗
10-K for FY2025, filed Mar 12, 2026
−$237KView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$40.5MView ↗
- ▼ −1% (Loss)
- vs −$41M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Sep 4, 2026
Simeon Kohl replaced Ben Albert as CEO
Ben Albert moved to Chief Business Officer.
Sources
8-K, filed Sep 8, 2026
On September 4, 2026, the Board of Directors (the Board) of Health Catalyst, Inc. (the Company) appointed Simeon Kohl to succeed Ben Albert…View ↗
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Aug 6, 2026
Sold VitalWare and repaid the credit facility
Sale proceeds and cash on hand were used to repay the facility in full.
Sources
8-K, filed Aug 6, 2026
On July 31, 2026 (the "Closing Date"), Health Catalyst, Inc. (“Health Catalyst”), using the net cash proceeds received from the Disposition…View ↗
Growing. Revenue grew 29% in 4 years, from $241.9M in FY2021 to $311.1M in FY2025, about 6% a year.
Who Do They Compete With?
Competes with IBM, Databricks, Snowflake, Microsoft, Tableau CRM, Qlik, Oracle Health, Epic Systems, Optum Analytics, Premier, Arcadia.io, Strata Decision Technology, Craneware, Innovaccer, and Intersystems
10-K for FY2025, filed Mar 12, 2026We have experienced, and expect to continue to experience, intense competition from a number of companies. Our primary competitors are…View ↗
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