10-K · April 30, 2026
Health Catalyst reported sluggish performance in fiscal 2025 with a net loss of $177.97 million and total revenue of $311.14 million, marking a notable dip from prior periods. Despite a positive revenue surprise in Q4…
Earnings analysis · 10-Q
HCAT earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
Health Catalyst (HCAT) achieved a revenue of $70.8 million in Q1 2026, a decrease of 11% from $79.4 million in the prior year. While the company reported a positive EPS of $0.02, management highlighted significant…
Read full summary
Health Catalyst (HCAT) achieved a revenue of $70.8 million in Q1 2026, a decrease of 11% from $79.4 million in the prior year. While the company reported a positive EPS of $0.02, management highlighted significant challenges including a $95.5 million goodwill impairment alongside changing market conditions impacting profitability and client retention.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.02
- Gross margin
- 39%
What stood out
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Q1 Revenue at $70.8 Million
Total revenue decreased by 11% from $79.4 million in Q1 2025.
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Positive EPS of $0.02
This contrasts with an estimated EPS loss of -$0.01, marking a slight earnings surprise.
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Adjusted EBITDA Increased
Adjusted EBITDA grew to $9.1 million from $6.3 million year-over-year.
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Technology Revenue Represents 70% of Total
Technology revenue at $49.5 million, down from $51.5 million.
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Improvement in Professional Services Margin
Professional services gross margin improved to 15% from 8% year-over-year.
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High Recurring Revenue Model
Over 90% of total revenue is recurring in nature, enhancing predictability.
What to watch
-
$95.5 Million Goodwill Impairment
This significant impairment reflects declines in stock price and market capitalization.
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Client Downsell and Churn
$12.5 million in annual recurring revenue loss linked to migrations from legacy systems.
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External Economic Pressures
High inflation and government funding cuts are expected to strain future revenue streams.
Management's outlook
Management provided revenue guidance expecting a Q2 revenue between $68 million and $70 million.
Earlier filings 4
10-K · March 12, 2026
Health Catalyst’s 2025 10-K emphasizes its Ignite platform, analytics applications, and services flywheel and reports visible scale (162 Platform Clients and over 1,000 App Clients as of December 31, 2025) and more than…
10-Q · May 9, 2025
Health Catalyst reported Q1 revenue of $79,413,000, up $4,690,000 (+6.3%) versus Q1 2024. Technology revenue grew faster (+$4,516,000 to $51,482,000) while professional services was essentially flat ($27,931,000). Gross…
10-K · February 26, 2025
Health Catalyst positions itself as a healthcare-focused data & analytics company centered on its Ignite platform, analytics applications, and managed services (the “Solution”) and emphasizes a recurring subscription…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.