# Health Catalyst Inc. (HCAT)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $115M  
**Price:** $1.64 (+2.50%)

> Health Catalyst Inc. is a leading provider of data and analytics technology and services to healthcare organizations throughout the United States. The company operates in two primary segments: Technology, which encompasses cloud-based subscriptions, time-based licenses, maintenance, and support for its data platforms and analytics applications; and Professional Services, including analytics, implementation, strategic advisory, outsourcing, and improvement services to help clients configure and utilize its offerings. At the core of its solutions is the Health Catalyst Ignite platform, a cloud-based ecosystem that integrates data from disparate systems, powered by high-value data, standardized measures, AI-enabled analytics, and healthcare domain expertise to transform complex information into actionable insights. These tools support measurable improvements in clinical quality, revenue cycle management, cost optimization, population health, and operational efficiency for clients such as academic medical centers, community hospitals, physician practices, and accountable care organizations. Founded in 2008 and headquartered in South Jordan, Utah, Health Catalyst Inc. emphasizes security and compliance, with certifications for products like Twistle, Lumeon, and Upfront, positioning it as a key enabler of data-informed healthcare transformation.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $311M | — | -$161M | -$178M | — |
| 2024 | $307M | — | -$70M | -$70M | — |
| 2023 | $296M | — | -$127M | -$118M | — |
| 2022 | $276M | — | -$140M | -$137M | — |
| 2021 | $242M | — | -$144M | -$153M | — |
| 2020 | $189M | — | -$96M | -$115M | — |
| 2019 | $155M | — | -$55M | -$60M | — |
| 2018 | $113M | — | -$60M | -$62M | — |
| 2017 | $73M | — | -$46M | -$47M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $503M | $257M | $246M | $51M | $153M |
| 2024 | $859M | $494M | $365M | $250M | $382M |
| 2023 | $702M | $335M | $367M | $106M | $228M |
| 2022 | $752M | $327M | $425M | $116M | $227M |
| 2021 | $832M | $310M | $522M | $193M | $181M |
| 2020 | $578M | $302M | $276M | $92M | $169M |
| 2019 | $302M | $102M | $201M | $18M | $48M |
| 2018 | $111M | $76M | -$375M | $28M | $19M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $731,000 | $968,000 | -$237,000 |
| 2024 | $15M | $2M | $13M |
| 2023 | -$33M | $1M | -$34M |
| 2022 | -$35M | $2M | -$37M |
| 2021 | -$23M | $10M | -$34M |
| 2020 | -$26M | $8M | -$34M |
| 2019 | -$32M | $2M | -$34M |
| 2018 | -$40M | $2M | -$42M |
| 2017 | -$37M | $2M | -$39M |

Source: [CompaniesByCap](https://companiesbycap.com/company/HCAT)