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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________
FORM 8-K
__________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2025
__________________________________________________________
HEALTH CATALYST, INC.
(Exact name of registrant as specified in its charter)
________________________________________________________________
Delaware 001-38993 45-3337483
(State or other jurisdiction of
incorporation)
 (Commission File Number) (IRS Employer
Identification No.)
10897 South River Front Parkway #300
South Jordan, UT 84095
(Address of principal executive offices, including zip code)

(801) 708-6800
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)
______________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
______________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of exchange on which registered
Common Stock, par value $0.001 per share HCAT The Nasdaq Global Select Market
________________________________________________________
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ((§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐







Item 2.02. Results of Operations and Financial Condition.

On November 10, 2025, Health Catalyst, Inc. (the “Company”) issued a press release relating to its financial results for the quarter ended September 30, 2025. A copy of the press release and the Q3 2025 earnings release summary are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are each incorporated herein by reference.

The foregoing information (including Exhibits 99.1 and 99.2 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No. Description
104 Cover page Interactive Data File (embedded within the Inline XBRL document)

* Furnished herewith.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HEALTH CATALYST, INC.
Date: November 10, 2025
 By: /s/ Jason Alger
Jason Alger
Chief Financial Officer


EX-99.1 2 a2025q3ex991-earningspress.htm EX-99.1 Document

Exhibit 99.1
healthcatalystlogo1a.jpg

Health Catalyst Reports Third Quarter 2025 Results


SALT LAKE CITY, UT, November 10, 2025 — Health Catalyst, Inc. (“Health Catalyst,” Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today reported financial results for the quarter ended September 30, 2025.

“For the third quarter of 2025, I am pleased by our financial results, including total revenue of $76.3 million and Adjusted EBITDA of $12.0 million, with these results beating our quarterly guidance on each measure,” said Dan Burton, CEO of Health Catalyst. “By focusing on high-impact solutions with proven ROI and maintaining a commitment to understanding and evolving with our clients, we have reaffirmed our full-year 2025 guidance. We believe our commitment to strategic focus, cost management, and targeted investments positions us to drive sustained value for our clients and shareholders.”

Financial Highlights for the Three Months Ended September 30, 2025

Key Financial Metrics
Three Months Ended September 30, Year over Year Change
2025 2024
GAAP Financial Measures:
 (in thousands, except percentages, unaudited)
Total revenue $ 76,323  $ 76,353  —%
Gross profit
 $ 29,979  $ 27,758  8%
Gross margin
 39  % 36  %
Net loss $ (22,229) $ (14,726) (51)%
Non-GAAP Financial Measures:(1)
Adjusted Gross Profit
 $ 40,133  $ 36,289  11%
Adjusted Gross Margin
 53  % 48  %
Adjusted EBITDA $ 12,000  $ 7,295  64%
________________________
(1) These measures are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). See the accompanying "Non-GAAP Financial Measures" section below for more information about these financial measures, including the limitations of such measures, and for a reconciliation of each measure to the most directly comparable measure calculated in accordance with GAAP.

Financial Outlook
Health Catalyst provides forward-looking guidance on total revenue, a GAAP measure, and Adjusted EBITDA, a non-GAAP measure.
For the fourth quarter of 2025, we expect:
•Total revenue of approximately $73.5 million, and
•Adjusted EBITDA of approximately $13.4 million
For the full year of 2025, we expect:
•Total revenue of approximately $310 million, and
•Adjusted EBITDA of approximately $41 million
We have not provided forward-looking guidance for net loss, the most directly comparable GAAP measure to Adjusted EBITDA, and therefore have not reconciled guidance for Adjusted EBITDA to net loss, because there are items that may impact net loss, including stock-based compensation, that are not within our control or cannot be reasonably forecasted.



Quarterly Conference Call Details

We will host a conference call to review the results today, Monday, November 10, 2025, at 5:00 p.m. E.T. The conference call can be accessed by dialing (800) 343-5172 for U.S. participants, or (203) 518-9856 for international participants, and referencing conference ID “HCATQ325.” A live audio webcast will be available online at https://ir.healthcatalyst.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Health Catalyst
Health Catalyst (Nasdaq: HCAT) is a leading provider of data and analytics technology and services that ignite smarter healthcare, lighting the path to measurable clinical, financial, and operational improvement. More than 1,100 organizations worldwide rely on Health Catalyst's offerings, including our cloud-based technology ecosystem Health Catalyst Ignite™, AI-enabled data and analytics solutions, and expert services to drive meaningful outcomes across hundreds of millions of patient records. Powered by high-value data, standardized measures and registries, and deep healthcare domain expertise, Ignite helps organizations transform complex information into actionable insights. Backed by a multi-decade mission and a proven track record of delivering billions of dollars in measurable results, Health Catalyst continues to serve as the catalyst for massive, measurable, data-informed healthcare improvement and innovation.
Available Information
Our investors and others should note that we announce material information to the public about our company, products and services, and other matters related to our company through a variety of means, including our website (https://www.healthcatalyst.com/), our investor relations website (https://ir.healthcatalyst.com/), press releases, SEC filings, public conference calls, and social media, including our and our CEO's social media accounts such as LinkedIn (https://www.linkedin.com/in/danburton/ and https://www.linkedin.com/company/healthcatalyst/), in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and our financial outlook for the fourth quarter and full year 2025. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market or industry conditions, regulatory environment, and receptivity to our technology and services; (iii) results of litigation or a security incident; (iv) the loss of one or more key clients or partners; (v) macroeconomic challenges (including high inflationary and/or high interest rate environments, tariffs, or market volatility and measures taken in response thereto) and natural disasters or new public health crises; and (vi) changes to our abilities to recruit and retain qualified team members.
For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, expected to be filed with the SEC on or about November 10, 2025, and the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.


Condensed Consolidated Balance Sheets
(in thousands, except share and per share data, unaudited)

As of
September 30,		 As of
December 31,
2025 2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 40,305  $ 249,645 
Short-term investments 51,235  142,355 
Accounts receivable, net 60,109  57,182 
Prepaid expenses and other assets 13,704  16,468 
Total current assets 165,353  465,650 
Property and equipment, net 32,609  29,394 
Intangible assets, net 89,554  86,052 
Operating lease right-of-use assets 7,256  12,058 
Goodwill 285,586  259,759 
Other assets 6,770  6,016 
Total assets $ 587,128  $ 858,929 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 4,943  $ 11,433 
Accrued liabilities 18,644  26,340 
Deferred revenue 58,824  53,281 
Operating lease liabilities 3,855  3,614 
Current portion of long-term debt 1,627  231,182 
Total current liabilities 87,893  325,850 
Long-term debt, net of current portion 151,512  151,178 
Deferred revenue, net of current portion 385  249 
Operating lease liabilities, net of current portion 15,125  16,291 
Contingent consideration liabilities, net of current portion 250  — 
Other liabilities 40  154 
Total liabilities 255,205  493,722 
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 25,000,000 shares authorized and no shares issued and outstanding as of September 30, 2025 and December 31, 2024
 —  — 
Common stock, $0.001 par value per share, and additional paid-in capital; 500,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 70,622,681 and 64,043,799 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
 1,604,039  1,552,714 
Accumulated deficit (1,273,621) (1,186,672)
Accumulated other comprehensive income (loss) 1,505  (835)
Total stockholders’ equity 331,923  365,207 
Total liabilities and stockholders’ equity $ 587,128  $ 858,929 



Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Revenue:
Technology $ 52,051  $ 48,653  $ 156,409  $ 143,254 
Professional services 24,272  27,700  80,048  83,724 
Total revenue 76,323  76,353  236,457  226,978 
Cost of revenue, excluding depreciation and amortization:
Technology(1)(2)(3)
 17,203  17,609  53,120  48,991 
Professional services(1)(2)(3)
 21,304  24,704  71,045  71,899 
Total cost of revenue, excluding depreciation and amortization 38,507  42,313  124,165  120,890 
Operating expenses:
Sales and marketing(1)(2)(3)
 14,361  11,342  42,305  43,145 
Research and development(1)(2)(3)
 12,281  14,193  39,859  42,948 
General and administrative(1)(2)(3)(4)
 16,069  12,209  38,515  41,136 
Depreciation and amortization 12,614  9,983  37,618  31,165 
Goodwill impairment —  —  28,769  — 
Total operating expenses 55,325  47,727  187,066  158,394 
Loss from operations (17,509) (13,687) (74,774) (52,306)
Interest and other (expense) income, net (4,679) (1,514) (11,838) 3,185 
Loss before income taxes (22,188) (15,201) (86,612) (49,121)
Income tax provision (benefit) 41  (475) 337  (292)
Net loss $ (22,229) $ (14,726) $ (86,949) $ (48,829)
Net loss per share, basic and diluted $ (0.32) $ (0.24) $ (1.25) $ (0.82)
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted
 70,377  60,441  69,525  59,449 
_______________
(1)Includes stock-based compensation expense as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Stock-Based Compensation Expense: (in thousands) (in thousands)
Cost of revenue, excluding depreciation and amortization:
Technology $ 205  $ 450  $ 719  $ 1,206 
Professional services 991  1,601  3,187  4,282 
Sales and marketing 2,085  2,555  6,789  8,997 
Research and development 972  1,871  3,421  5,391 
General and administrative 2,786  3,035  8,789  9,440 
Total $ 7,039  $ 9,512  $ 22,905  $ 29,316 



(2)    Includes acquisition-related costs, net, as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Acquisition-related costs, net: (in thousands) (in thousands)
Cost of revenue, excluding depreciation and amortization:
Technology $ 11  $ 77  $ 118  $ 246 
Professional services 24  121  200  330 
Sales and marketing (25) 151  416  738 
Research and development —  183  357  612 
General and administrative (1,826) 955  (3,598) 3,805 
Total $ (1,816) $ 1,487  $ (2,507) $ 5,731 

(3)    Includes restructuring costs as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Restructuring costs: (in thousands) (in thousands)
Cost of revenue, excluding depreciation and amortization:
Technology $ 436  $ —  $ 837  $ 79 
Professional services 650  —  1,792  181 
Sales and marketing 1,947  —  2,299  449 
Research and development 1,374  —  3,282  443 
General and administrative 365  —  501  936 
Total $ 4,772  $ —  $ 8,711  $ 2,088 

(4)    Includes non-recurring lease-related charges as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Non-recurring lease-related charges: (in thousands) (in thousands)
General and administrative $ 6,900  $ —  $ 6,900  $ 2,200 
Total $ 6,900  $ —  $ 6,900  $ 2,200 





Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Nine Months Ended
September 30,
2025 2024
Cash flows from operating activities
Net loss $ (86,949) $ (48,829)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense 22,905  29,316 
Depreciation and amortization 37,618  31,165 
Impairment of long-lived assets 6,900  2,200 
Non-cash operating lease expense 2,231  1,981 
Amortization of debt discount, issuance costs, and deferred financing costs
 2,906  2,078 
Investment discount and premium accretion
 (1,278) (3,899)
Provision for expected credit losses 1,410  3,433 
Deferred tax provision
 (114) (517)
Change in fair value of contingent consideration liability
 (7,063) (1,642)
Goodwill impairment
 28,769  — 
Other (410) 87 
Change in operating assets and liabilities:
Accounts receivable, net (2,709) 6,304 
Prepaid expenses and other assets 1,934  (617)
Accounts payable, accrued liabilities, and other liabilities
 (15,729) 4,810 
Deferred revenue 3,304  (5,259)
Operating lease liabilities (2,906) (2,525)
Net cash (used in) provided by operating activities
 (9,181) 18,086 
Cash flows from investing activities
Proceeds from the sale and maturity of short-term investments
 149,448  206,488 
Purchase of short-term investments (57,224) (50,197)
Acquisition of businesses, net of cash acquired (41,114) (54,889)
Capitalization of internal-use software (14,638) (9,858)
Purchases of property and equipment (695) (1,203)
Purchase of intangible assets (624) (504)
Proceeds from the sale of property and equipment 31  10 
Net cash provided by investing activities
 35,184  89,847 
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of issuance costs
 —  115,472 
Proceeds from employee stock purchase plan 1,537  2,061 
Repurchase of common stock (5,000) — 
Repayment of debt
 (231,885) (646)
Payment of deferred financing costs
 —  (3,000)
Proceeds from exercise of stock options —  169 
Net cash (used in) provided by financing activities
 (235,348) 114,056 
Effect of exchange rate changes on cash and cash equivalents 5  62 
Net (decrease) increase in cash and cash equivalents
 (209,340) 222,051 
Cash and cash equivalents at beginning of period 249,645  106,276 
Cash and cash equivalents at end of period $ 40,305  $ 328,327 


Non-GAAP Financial Measures
To supplement our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures, including Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted Operating Expenses, Adjusted Net Income, and Adjusted Net Income per share, basic and diluted, are useful in evaluating our operating performance. For example, we exclude stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding our operational performance and allows investors the ability to make more meaningful comparisons between our operating results and those of other companies. We use this non-GAAP financial information to evaluate our ongoing operations, as a component in determining employee bonus compensation, and for internal planning and forecasting purposes.
We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

Adjusted Gross Profit and Adjusted Gross Margin
Gross profit is a GAAP financial measure that is calculated as revenue less cost of revenue, including depreciation and amortization of capitalized software development costs and acquired technology. We calculate gross margin as gross profit divided by our revenue. Adjusted Gross Profit is a non-GAAP financial measure that we define as gross profit, adjusted for (i) depreciation and amortization, (ii) stock-based compensation, (iii) acquisition-related costs, net, and (iv) restructuring costs, as applicable. We define Adjusted Gross Margin as our Adjusted Gross Profit divided by our revenue. We believe Adjusted Gross Profit and Adjusted Gross Margin are useful to investors as they eliminate the impact of certain non-cash expenses and allow a direct comparison of these measures between periods without the impact of non-cash expenses and certain other non-recurring operating expenses.
We present both of these measures for our technology and professional services business. We believe these non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall profitability.




The following is a calculation of our gross profit and gross margin and a reconciliation of gross profit and gross margin, the most directly comparable financial measures calculated in accordance with GAAP, to our Adjusted Gross Profit and Adjusted Gross Margin in total and for technology and professional services for the three months ended September 30, 2025 and 2024.

Three Months Ended September 30, 2025
(in thousands, except percentages)
Technology Professional Services Total
Revenue $ 52,051  $ 24,272  $ 76,323 
Cost of revenue, excluding depreciation and amortization (17,203) (21,304) (38,507)
Amortization of intangible assets, cost of revenue (4,554) —  (4,554)
Depreciation of property and equipment, cost of revenue (3,283) —  (3,283)
Gross profit
 27,011  2,968  29,979 
Gross margin
 52  % 12  % 39  %
Add:
Amortization of intangible assets, cost of revenue
 4,554  —  4,554 
Depreciation of property and equipment, cost of revenue
 3,283  —  3,283 
Stock-based compensation 205  991  1,196 
Acquisition-related costs, net(1)
 11  24  35 
Restructuring costs(2)
 436  650  1,086 
Adjusted Gross Profit $ 35,500  $ 4,633  $ 40,133 
Adjusted Gross Margin 68  % 19  % 53  %
___________________
(1)Acquisition-related costs, net include deferred retention expenses attributable to the Upfront, Intraprise, and KPI Ninja acquisitions.
(2)Restructuring costs include severance and other team member costs from workforce reductions. For additional details, refer to Note 19 in our condensed consolidated financial statements.

Three Months Ended September 30, 2024
(in thousands, except percentages)
Technology Professional Services Total
Revenue $ 48,653  $ 27,700  $ 76,353 
Cost of revenue, excluding depreciation and amortization (17,609) (24,704) (42,313)
Amortization of intangible assets, cost of revenue (3,741) —  (3,741)
Depreciation of property and equipment, cost of revenue (2,541) —  (2,541)
Gross profit 24,762  2,996  27,758 
Gross margin 51  % 11  % 36  %
Add:
Amortization of intangible assets, cost of revenue 3,741  —  3,741 
Depreciation of property and equipment, cost of revenue 2,541  —  2,541 
Stock-based compensation 450  1,601  2,051 
Acquisition-related costs, net(1)
 77  121  198 
Adjusted Gross Profit $ 31,571  $ 4,718  $ 36,289 
Adjusted Gross Margin 65  % 17  % 48  %
___________________
(1)Acquisition-related costs, net include deferred retention expenses attributable to the Lumeon, Carevive, ARMUS, and KPI Ninja acquisitions.





Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted for (i) interest and other (income) expense, net, (ii) income tax provision, (iii) depreciation and amortization, (iv) stock-based compensation, (v) acquisition-related costs, net, (vi) restructuring costs, and (vii) non-recurring lease-related charges, as applicable. We view acquisition-related expenses when applicable, such as transaction costs and changes in the fair value of contingent consideration liabilities that are directly related to business combinations, as costs that are unpredictable, dependent upon factors outside of our control, and are not necessarily reflective of operational performance during a period. We believe that excluding restructuring costs, and non-recurring lease-related charges, as applicable, allows for more meaningful comparisons between operating results from period to period as these are separate from the core activities that arise in the ordinary course of our business and are not part of our ongoing operations. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by management and a comparison with our past financial performance, and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. The following is a reconciliation of our net loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30,
2025 2024
(in thousands)
Net loss $ (22,229) $ (14,726)
Add:
Interest and other (income) expense, net 4,679  1,514 
Income tax provision 41  (475)
Depreciation and amortization 12,614  9,983 
Stock-based compensation 7,039  9,512 
Acquisition-related costs, net(1)
 (1,816) 1,487 
Restructuring costs(2)
 4,772  — 
Non-recurring lease-related charges(3)
 6,900  — 
Adjusted EBITDA $ 12,000  $ 7,295 
__________________
(1)Acquisition-related costs, net include third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earn-out payments.
(2)Restructuring costs include severance and other team member costs from workforce reductions. For additional details, refer to Note 19 in our condensed consolidated financial statements.
(3)Non-recurring lease-related charges include the lease-related impairment charge related to our corporate office space designated for subleasing. For additional details, refer to Note 9 in our condensed consolidated financial statements.





Adjusted Operating Expenses

Adjusted Operating Expenses is a non-GAAP financial measure that we define as total operating expenses adjusted for (i) depreciation and amortization, (ii) stock-based compensation, (iii) acquisition-related costs, net, (iv) restructuring costs, and (v) non-recurring lease-related charges, as applicable. We view these adjustments to allow for more meaningful comparisons between operating results from period-to-period as these are separate from the core activities that arise in the ordinary course of our business. We believe Adjusted Operating Expenses provides investors with useful information on period-to-period performance as evaluated by management and a comparison with our past financial performance, and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. The following is a reconciliation of our total operating expenses, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted Operating Expenses for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30,
2025 2024
(in thousands)
Total operating expenses
 $ 55,325  $ 47,727 
Less:
Depreciation and amortization (12,614) (9,983)
Stock-based compensation (5,843) (7,461)
Acquisition-related costs, net(1)
 1,851  (1,289)
Restructuring costs(2)
 (3,686) — 
Non-recurring lease-related charges(3)
 (6,900) — 
Adjusted Operating Expenses
 $ 28,133  $ 28,994 
__________________
(1)Acquisition-related costs, net include third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earn-out payments.
(2)Restructuring costs include severance and other team member costs from workforce reductions. For additional details, refer to Note 19 in our condensed consolidated financial statements.
(3)Non-recurring lease-related charges include the lease-related impairment charge related to our corporate office space designated for subleasing. For additional details, refer to Note 9 in our condensed consolidated financial statements.



Adjusted Net Income and Adjusted Net Income Per Share

Adjusted Net Income is a non-GAAP financial measure that we define as net loss adjusted for (i) stock-based compensation, (ii) amortization of acquired intangibles, (iii) restructuring costs, (iv) acquisition-related costs, net, including the change in fair value of contingent consideration liabilities, (v) non-cash interest expense related to debt facilities, and (vi) non-recurring lease-related charges, as applicable. We believe Adjusted Net Income provides investors with useful information on period-to-period performance as evaluated by management and comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. The following is a reconciliation of our net loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted Net Income, for the three months ended September 30, 2025 and 2024:

Three Months Ended
September 30,
2025 2024
Numerator: (in thousands, except share and per share amounts)
Net loss $ (22,229) $ (14,726)
Add:
Stock-based compensation
 7,039  9,512 
Amortization of acquired intangibles 8,823  6,839 
Restructuring costs(1)
 4,772  — 
  Acquisition-related costs, net(2)
 (1,816) 1,487 
 Non-cash interest expense related to debt facilities 817  1,319 
Non-recurring lease-related charges(3)
 6,900  — 
Adjusted Net Income
 $ 4,306  $ 4,431 
Denominator:
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted, and Adjusted Net Income per share, basic
 70,376,760  60,440,694 
Non-GAAP dilutive effect of stock-based awards
 717,729  265,889 
Non-GAAP weighted-average shares outstanding used in calculating Adjusted Net Income per share, diluted
 71,094,489  60,706,583 
Net loss per share, basic and diluted $ (0.32) $ (0.24)
Adjusted Net Income per share, basic and diluted $ 0.06  $ 0.07 
______________
(1)Restructuring costs include severance and other team member costs from workforce reductions. For additional details, refer to Note 19 in our condensed consolidated financial statements.
(2)Acquisition-related costs, net includes third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earn-out payments.
(3)Non-recurring lease-related charges include the lease-related impairment charge related to our corporate office space designated for subleasing. For additional details, refer to Note 9 in our condensed consolidated financial statements.


Health Catalyst Investor Relations Contact:
Matt Hopper
Senior Vice President, Finance and Head of Investor Relations
+1 (855)-309-6800
ir@healthcatalyst.com

Health Catalyst Media Contact:
Kathryn Mykleseth
Director, Public Relations and Communications
media@healthcatalyst.com
EX-99.2 3 q32025earningscallonepag.htm EX-99.2 q32025earningscallonepag
© Health Catalyst. Confidential and Proprietary. Note: This summary contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and our financial outlook for Q4 and FY 2025. See press release dated November 10, 2025, furnished as Exhibit 99.1 on a Current Report on Form 8-K filed with the Securities and Exchange Commission on November 10, 2025 (the “Earnings Release”), for additional information about our forward-looking statements. (1) Growth percentages reference Year-over-Year performance. (2) See "Non-GAAP Financial Measures--Adjusted EBITDA" in the Earnings Release. (3) We have not provided forward-looking guidance for net loss, the most directly comparable GAAP measure, to Adjusted EBITDA, and therefore have not reconciled guidance for Adjusted EBITDA to net loss, because there are items that may impact net loss, including stock-based compensation, that are not within our control or cannot be reasonably forecasted. (4) See 10-K filed on February 26, 2025, for a description of the calculation of Dollar-Based Retention (Tech + TEMS). (5) See 10-K filed on February 26, 2025, for a description of the definition of Platform Clients for 2025 and future year. Health Catalyst Q3 2025 Results, Q4 & FY 2025 Guidance, and Key Themes(1) • Total Revenue of $76.3M (0%), exceeding Q3 2025 guidance of ~$75.0M; Tech Revenue of $52.1M (+7%) • Net Loss of $22.2M; no guidance was previously provided (includes $6.9M of lease-related impairment charges and $4.8M of restructuring costs) • Adj. EBITDA(2) of $12.0M (+64%), above Q3 2025 guidance of ~$10.5M Q3 2025 Results Q4 & FY 2025 Guidance and Forward-Looking Commentary • Q4 2025 Total Revenue: ~$73.5M (-8%) • Q4 2025 Adj. EBITDA(3): ~$13.4M (+69%) • Reiterating 2025 full year guidance and bookings commentary: - Total Revenue: ~$310M (+1%) - Adj. EBITDA(3): ~$41M (+57%) - Dollar-Based Retention(4): Low-90s - Net new Platform Clients(5): ~30 (+43%), with average ARR + non-recurring revenue range expected to be on the lower end of the $300k to $700k range Key Themes • Client Measurable Improvement Where Needed Most: We believe our solutions are delivering measurable improvements where health systems need them the most – cost control and operational efficiency. We have technology-first answers to health system problems even amid a dynamic macroenvironment. • Early Commentary on 2026: We anticipate revenue to be a few points lower in 2026 relative to 2025, driven by 2025 bookings factors such as a lower Dollar-Based Retention rate, a lower net new Platform Client count, Ignite migration headwinds, and exiting or restructuring a few less profitable TEMS relationships. We expect to see improvement in Adj. EBITDA, reflecting our ongoing efforts to strategically focus the organization, manage costs, make targeted investments, and optimize our migrations. • Migration Update: We are advancing our Ignite migration efforts, remaining on schedule for roughly two-thirds of DOS clients to complete migration by the end of 2025. While we anticipate making meaningful progress on the migration by the end of the first half of 2026, we have adjusted our timeline and approach to be more client-centric, recognizing that some organizations prefer to remain on DOS for the near to medium term. We are committed to providing more flexibility and meeting clients where they are and we expect this approach will improve client experience and Dollar-Based Retention.