Health Catalyst, Inc. (HCAT) 10K Annual Reports & 10Q SEC Filings

— 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 and year ended December 31, 2023.

“For the full year 2023, I am pleased to share that we achieved strong performance across our business, including total revenue of $295.9 million, with this result beating the midpoint of our most recent guidance, and Adjusted EBITDA of $11.0 million, with this result in line with the midpoint of our most recent guidance. Additionally, I am pleased by our meaningful 2023 Adjusted EBITDA margin progress relative to 2022, and I am excited that we anticipate material year-over-year Adjusted EBITDA growth again in 2024, at a rate of approximately 125%+.” said Dan Burton, CEO of Health Catalyst.

“Additionally, in connection with our annual planning process, we are enacting multiple Leadership level changes. First, Bryan Hunt will be transitioning from CFO to a Strategic Advisor role, effective March 1, 2024. I would like to express my heartfelt gratitude to Bryan for his countless contributions to Health Catalyst’s growth and success over the last ten years, including his service as our CFO, helping us navigate through a global pandemic, record high inflation, and a period of tremendous financial pressure for our health system clients. Bryan has been an extraordinary leader and partner to me and to our Board of Directors, and we are grateful for his dedication, professionalism and commitment to the company and its mission. I am also pleased to share that Jason Alger will begin as Health Catalyst’s CFO, effective March 1, 2024. Jason has been with Health Catalyst for more than ten years, having contributed significantly during that time, including most recently as our Chief Accounting Officer. Prior to joining Health Catalyst, Jason held various roles at Ernst & Young. My fellow board members and I, along with our finance organization, have the utmost confidence in and respect for Jason. Also, effective March 1, 2024, Dan LeSueur will be promoted to Health Catalyst’s Chief Operating Officer role, with responsibilities spanning both our Technology and Professional Services business units. Dan brings a wealth of experience to this role, having had leadership responsibility across many functions during his twelve years at Health Catalyst, most recently as the Senior Vice President and General Manager of our Professional Services Business Unit. I am thrilled to have someone with Dan’s breadth and depth of expertise to lead this important strategic function as Health Catalyst continues on its maturation path, focusing on operational excellence to enable scalable growth and profitability.”

Financial Highlights for the Three and Twelve Months Ended December 31, 2023

Key Financial Measures


	Three Months Ended December 31,						Year over Year Change	Twelve Months Ended December 31,						Year over Year Change
	2023			2022				2023			2022
GAAP Financial Measures:	(in thousands, except percentages)							(in thousands, except percentages)
Technology revenue	$	47,100		$	44,664		5%	$	187,583		$	176,288		6%
Professional services revenue	$	27,984		$	24,498		14%	$	108,355		$	99,948		8%
Total revenue	$	75,084		$	69,162		9%	$	295,938		$	276,236		7%
Loss from operations	$	(32,785)		$	(36,745)		11%	$	(126,897)		$	(140,005)		9%
Net loss	$	(30,312)		$	(35,782)		15%	$	(118,147)		$	(137,403)		14%
Non-GAAP Financial Measures:(1)
Adjusted Technology Gross Profit	$	31,388		$	30,725		2%	$	127,744		$	122,284		4%
Adjusted Technology Gross Margin	67		%	69		%		68		%	69		%
Adjusted Professional Services Gross Profit	$	3,305		$	4,325		(24)%	$	16,316		$	23,565		(31)%
Adjusted Professional Services Gross Margin	12		%	18		%		15		%	24		%
Total Adjusted Gross Profit	$	34,693		$	35,050		(1)%	$	144,060		$	145,849		(1)%
Total Adjusted Gross Margin	46		%	51		%		49		%	53		%
Adjusted EBITDA	$	1,352		$	(603)		324%	$	11,021		$	(2,487)		543%

________________________

(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.

The following information was filed by Health Catalyst, Inc. (HCAT) on Thursday, February 22, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Health Catalyst, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.13: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 97: Ex-97

Ticker: HCAT
CIK: 1636422
Form Type: 10-K Annual Report
Accession Number: 0001636422-24-000016
Submitted to the SEC: Thu Feb 22 2024 5:28:18 PM EST
Accepted by the SEC: Thu Feb 22 2024
Period: Sunday, December 31, 2023
Industry: Computer Programming Data Processing

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Health Catalyst, Inc. (HCAT) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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