HCAT on Nasdaq

Health Catalyst, Inc.

We are a leading provider of data and analytics technology and services to healthcare organizations.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerHCAT on Nasdaq2
  • IndustryServices-Computer Programming, Data Processing, Etc.2
  • HeadquartersSouth Jordan, United States2
  • Incorporated inDE3
  • Business address10897 South River Front Parkway, #300, South Jordan, Ut 840953
  • Filer categoryAccelerated filer3
  • Legal formCorporation2
  • LEI549300223PL6GWKVJG922
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 50402212

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We are a leading provider of data and analytics technology and services to healthcare organizations. Our Solution comprises our cloud-based data and analytics platform, software applications, and expertise. Our clients, which are primarily healthcare providers, use our Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements. We envision a future where all healthcare decisions are data-informed.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-51.7%Operating margin5
-57.2%Net margin5
1.5%Revenue growth, 20255
-72.4%Return on equity5
0.62×Debt to equity5
-$237.0KFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Recurring Technology brought in 40% of the revenue Health Catalyst, Inc. broke down this way in fiscal 2025.

  1. Recurring Technology$208.3M540%up 7% from 2024
  2. Technology$208.3M540%up 7% from 2024
  3. Professional Services$102.9M520%down 8% from 2024
Products and services by year
Products and services202320242025
Recurring Technology$187.2M$194.9M$208.3M
Technology$187.6M$194.9M$208.3M
Professional Services$108.4M$111.7M$102.9M

Business segments

Technology brought in 67% of the revenue Health Catalyst, Inc. broke down this way in fiscal 2025.

  1. Technology$208.3M567%up 7% from 2024
  2. Professional Services$102.9M533%down 8% from 2024
Business segments by year
Business segments202320242025
Technology$187.6M$194.9M$208.3M
Professional Services$108.4M$111.7M$102.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development16¢$49.8M
  • Other costs84¢$260.6M
  • Income tax0¢$716.0K

Out of $311.1M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending16¢$968.0K
  • Share buybacks84¢$5.0M

Out of $731.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$311.1M in 2025+101% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $154.9M$154.9M20192020: $188.8M$188.8M2020+22%2021: $241.9M$241.9M2021+28%2022: $276.2M$276.2M2022+14%2023: $295.9M$295.9M2023+7%2024: $306.6M$306.6M2024+4%2025: $311.1M$311.1M2025+1%
Operating income67895-$160.9M in 2025+193% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$54.9M-$54.9M20192020: -$96.1M-$96.1M2020+75%2021: -$143.7M-$143.7M2021+49%2022: -$140.0M-$140.0M2022−3%2023: -$126.9M-$126.9M2023−9%2024: -$69.8M-$69.8M2024−45%2025: -$160.9M-$160.9M2025+130%
Net income67895-$178.0M in 2025+196% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$60.1M-$60.1M20192020: -$115.0M-$115.0M2020+91%2021: -$153.2M-$153.2M2021+33%2022: -$137.4M-$137.4M2022−10%2023: -$118.1M-$118.1M2023−14%2024: -$69.5M-$69.5M2024−41%2025: -$178.0M-$178.0M2025+156%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue$311.1M$306.6M$295.9M
Total cost of revenue, excluding depreciation and amortization$159.5M$165.8M$164.1M
Sales and marketing$52.5M$54.4M$67.3M
Research and development$49.8M$58.0M$72.6M
General and administrative$49.6M$56.8M$76.6M
Depreciation and amortization$50.5M$41.4M$42.2M
Impairment of goodwill and intangible assets$110.2M$0$0
Total operating expenses$312.5M$210.6M$258.7M
Loss from operations-$160.9M-$69.8M-$126.9M
Interest and other (expense) income, net-$16.4M$637.0K$9.1M
Loss before income taxes-$177.3M-$69.2M-$117.8M
Income tax provision$716.0K$333.0K$356.0K
Net loss-$178.0M-$69.5M-$118.1M
Net loss per share, basic (in USD per share)-$2.55-$1.15-$2.09
Net loss per share, diluted (in USD per share)-$2.55-$1.15-$2.09
Weighted-average shares outstanding used in calculating net loss per share, basic (in shares)69.9M shares60.2M shares56.4M shares
Weighted-average shares outstanding used in calculating net loss per share, diluted (in shares)69.9M shares60.2M shares56.4M shares

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Leadership

Who has led Health Catalyst, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Daniel D. Burton2019–2026
  2. Benjamin Albert2026
  3. Simeon Kohl2026–now

President

  1. James Patrick Nelli Jr.2021–2022
  2. Benjamin Albert2025–now

Chief financial officer

  1. James Patrick Nelli Jr.2019–2020
  2. Bryan Truman Hunt2021–2024
  3. Jason Alger2024–now

Chief operating officer

  1. Dale Sanders2019
  2. Paul Horstmeier2019–2023
  3. Anne Marie Bickmore2023
  4. Daniel Lesueur2024–2025
  5. Benjamin Albert2025–now
20202025
Board members and other officers (26)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerJ. Patrick Nelli, Jr. named Mar 2, 2022 to May 12, 202248
  • DirectorJill Hoggard Green named Feb 6, 202549

Former names

  • HQC Holdings, Inc.Mar 27, 2015 to Feb 19, 20163

Timeline

  1. Sep 16, 2026New chief executive Simeon Kohl becomes CEO14
  2. Feb 27, 2026New chief executive Benjamin Albert becomes CEO13
  3. Jul 24, 2019New chief executive Daniel D. Burton becomes CEO15
  4. Sep 20, 2011Founded Health Catalyst, Inc. is founded2

Filings

627 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 48 major events, 334 insider forms, 47 large holders, 6 private raises, 169 other. The latest 20:

  1. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 5, 20263 PRIMARY DOCUMENT EDGAR
  3. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 16, 20263 PRIMARY DOCUMENT EDGAR
  5. Sep 14, 2026S-8 EDGAR
  6. Sep 14, 20268-K EDGAR
  7. Sep 11, 20264 PRIMARY DOCUMENT EDGAR
  8. Sep 10, 2026144 EDGAR
  9. Sep 8, 20268-K EDGAR
  10. Sep 8, 2026SCHEDULE 13D/A EDGAR
  11. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  12. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  13. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  14. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  15. Sep 1, 2026144 EDGAR
  16. Sep 1, 2026144 EDGAR
  17. Sep 1, 2026144 EDGAR
  18. Aug 14, 2026SCHEDULE 13G/A EDGAR
  19. Aug 6, 202610-Q EDGAR
  20. Aug 6, 20268-K EDGAR

The 627 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

122 open-market trades by officers, directors and large owners since October 2021: 8 buys and 114 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 14, 2026Kohl SimeonChief Executive OfficerBuy59,000$1.79$105.6KForm 4
Dec 5, 2025Landry BenjaminGeneral CounselSale27,425$2.64$72.4KForm 4
Dec 4, 2025Larson-Green JulieDirectorSale47,997$2.67$128.2KForm 4
Sep 5, 2025Landry BenjaminGeneral CounselSale6,175$3.35$20.7KForm 4
Jun 5, 2025Landry BenjaminGeneral CounselSale6,057$3.94$23.9KForm 4
May 5, 2025LeSueur DanielChief Operating OfficerSale5,209$4.10$21.4KForm 4
Apr 3, 2025LeSueur DanielChief Operating OfficerSale5,209$4.15$21.6KForm 4
Mar 6, 2025Landry BenjaminGeneral CounselSale13,827$4.55$62.9KForm 4
Mar 5, 2025LeSueur DanielChief Operating OfficerSale16,902$4.52$76.4KForm 4
Feb 18, 2025Llewelyn LindaChief People OfficerSale6,441$5.43$35.0KForm 4
Feb 5, 2025LeSueur DanielChief Operating OfficerSale5,209$5.76$30.0KForm 4
Jan 15, 2025Llewelyn LindaChief People OfficerSale6,442$5.80$37.4KForm 4
Jan 6, 2025LeSueur DanielChief Operating OfficerSale5,209$7.51$39.1KForm 4
Jan 6, 2025Landry BenjaminGeneral CounselSale2,500$7.52$18.8KForm 4
Dec 30, 2024Gallagher DuncanDirectorSale4,500$6.93$31.2KForm 4
Dec 23, 2024Gallagher DuncanDirectorSale4,500$6.98$31.4KForm 4
Dec 16, 2024Llewelyn LindaChief People OfficerSale6,442$7.88$50.8KForm 4
Dec 6, 2024Alger JasonChief Financial OfficerSale19,599$8.32$163.1KForm 4
Dec 6, 2024Landry BenjaminGeneral CounselSale19,268$8.32$160.3KForm 4
Dec 4, 2024LeSueur DanielChief Operating OfficerSale22,773$7.70$175.4KForm 4

All 122 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 22, 2025Raised $44.5 million in a private offering of equity Form D: 109 investors so far Form D
  2. Nov 8, 2024Raised $18 million in a private offering of equity Form D: 10 investors so far Form D
  3. Aug 1, 2024Raised $2.5 million in a private offering of equity Form D: 7 investors so far Form D
  4. May 24, 2024Raised $2.5 million in a private offering of equity Form D: 13 investors so far Form D
  5. Apr 29, 2022Raised $6 million in a private offering of equity Form D: 3 investors so far Form D
  6. Feb 24, 2022Raised $13.5 million in a private offering of equity Form D: 16 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
First Light Asset Management, LLC12,810,861$25.5M1.5%−67,839
CDC Financial, Inc.7,092,698$14.1M10.8%+785,644
Palogic Value Management, L.P.4,922,442$9.8M3.5%+2,025,842
Impax Asset Management Group plc4,000,000$8.0M0.1%+1,250,000
Nepsis Inc.2,976,187$5.9M2.0%+1,099,898
Vanguard Capital Management LLC2,971,598$5.9M0.0%+85,945
BlackRock, Inc.1,836,373$3.7M0.0%−3,301,649
Jane Street Group, LLC1,037,782$2.1M0.0%+1,011,214
Dimensional Fund Advisors LP911,819$1.8M0.0%−323,051
Geode Capital Management, LLC891,357$1.8M0.0%−610,076
HighMark Wealth Management LLC871,082$1.7M0.6%−32,000
Caption Management, LLC773,650$1.5M0.1%+1,764
Mink Brook Asset Management LLC738,277$1.5M0.6%New
Prescott Group Capital Management, L.L.C.710,803$1.4M0.1%No change
Charles Schwab Investment Management Inc615,504$1.2M0.0%+8,646
Millennium Management LLC516,083$1.0M0.0%New
Goldman Sachs Group Inc480,970$957.1K0.0%+93,798
Vanguard Fiduciary Trust Co463,005$921.4K0.0%+19,340
Citadel Advisors LLC453,214$901.9K0.0%New
Susquehanna International Group, Llp437,227$870.1K0.0%+356,073
Fmr LLC410,637$817.2K0.0%+43,164
Hsbc Holdings PLC408,634$809.1K0.0%+309,766
Squarepoint Ops LLC400,210$796.4K0.0%+369,772
Aqr Capital Management LLC376,586$749.4K0.0%−166,658
State Street Corp360,713$717.8K0.0%−964,136

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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