Health Catalyst Stock Price, News & Analysis

Health Catalyst, Inc. (Nasdaq: HCAT) is a provider of data and analytics technology and services focused on healthcare organizations. According to the company’s public disclosures, more than 1,000 organizations worldwide rely on Health Catalyst’s offerings, and more than 1,100 organizations are referenced in its more recent descriptions. Its solutions are designed to support measurable clinical, financial, and operational improvement across hundreds of millions of patient records.

Health Catalyst describes itself as a leading provider of data and analytics technology and services to healthcare organizations. The company’s offerings include a cloud-based technology ecosystem called Health Catalyst Ignite™, AI-enabled data and analytics solutions, and expert services. These offerings are intended to help healthcare organizations transform complex information into actionable insights and drive meaningful outcomes.

Business model and segments

Based on information from its filings and prior descriptions, Health Catalyst operates through two primary segments: a Technology segment and a Professional Services segment. The Technology segment includes data platforms, analytics applications, and support services. This segment generates revenue from arrangements such as cloud-based subscriptions, time-based licenses, and maintenance and support fees. The Professional Services segment encompasses analytics, implementation, strategic advisory, outsourcing, and improvement services that help customers configure and utilize the company’s technology offerings.

The company’s quarterly financial disclosures highlight revenue contributions from both Technology and Professional Services. For example, in its condensed consolidated statements of operations for the three and nine months ended September 30, 2025, Health Catalyst reports separate revenue lines for Technology and Professional Services, underscoring the importance of these two segments to its business model.

Technology ecosystem and Ignite™ platform

Health Catalyst emphasizes its cloud-based technology ecosystem, Health Catalyst Ignite™, as a central part of its value proposition. In multiple news releases, the company states that Ignite is powered by high-value data, standardized measures and registries, and deep healthcare domain expertise. Ignite is described as helping organizations transform complex information into actionable insights and supporting measurable clinical, financial, and operational improvement.

The company also highlights the role of AI-enabled data and analytics solutions within this ecosystem. These solutions are intended to help healthcare organizations derive insights from large volumes of healthcare data and support data-informed decision-making. Health Catalyst’s public statements reference a multi-decade mission and a track record of delivering billions of dollars in measurable results for clients, positioning its technology as a foundation for data-informed healthcare improvement.

Healthcare data, security, and compliance

Health Catalyst works with large-scale healthcare data, referencing hundreds of millions of patient records in its descriptions. Given the sensitivity of this data, the company places emphasis on information protection and regulatory compliance. In a 2025 announcement, Health Catalyst reported that Twistle by Health Catalyst, Lumeon by Health Catalyst, and Upfront by Health Catalyst earned HITRUST r2 Certification for information security. The company notes that these certifications demonstrate adherence to demanding regulatory and industry-defined requirements and place Health Catalyst in a select group of organizations that have achieved this level of assurance.

Health Catalyst states that it will continue to prioritize security and compliance as critical foundations for enabling better outcomes across the healthcare system. The company frames these certifications as reinforcing its commitment to safeguarding customer data and supporting healthcare organizations with reliable technology and services.

Use cases and client partnerships

Health Catalyst’s news releases provide examples of how its technology is used in practice. In a 2025 announcement, the company highlighted its partnership with UnityPoint Health, an integrated non-profit health system. UnityPoint Health is migrating from Health Catalyst’s legacy data platform to the modern Ignite Data and Analytics platform. Health Catalyst reports that UnityPoint Health has realized meaningful and measurable improvements through the legacy platform, including more efficient work, improved patient outcomes, and significant value generation over several years.

By moving to Ignite, UnityPoint Health is expected to scale results and evolve its use of analytics. Health Catalyst describes Ignite as enabling data sharing where data resides, centralizing data governance, democratizing analytics and insights, and reducing storage and management costs. For UnityPoint Health, the company states that this transition is intended to support faster insights, better decision-making, and best-value technology.

Another example involves CyncHealth Nebraska, a statewide health information exchange. Health Catalyst announced an expanded partnership in which CyncHealth Nebraska will use the company’s Ninja Universe technology, described as an advanced parsing tool designed to streamline health data exchange. The goal is to provide more accurate, timely, and secure Continuity of Care Documents (CCDs) to support clinical decision-making and care coordination across health systems. Health Catalyst positions this partnership as a way to enhance patient outcomes by enabling precise, standardized, and secure transmission of CCDs.

Client outcomes and recognition programs

Health Catalyst regularly highlights client achievements and data-driven improvements. In its 2025 Catalyst Awards, presented at the Health Catalyst Analytics Summit, the company recognized healthcare organizations for data-driven transformation in areas such as care quality, financial performance, quality measures, organizational transformation, and population health impact. The awards program evaluates client-driven improvements based on quantitative and qualitative results, including measurable outcomes, cost savings, and impacts on patients, communities, and healthcare professionals.

Through these awards and case examples, Health Catalyst underscores its focus on measurable clinical, operational, and financial outcomes. The company’s judging process for the Catalyst Awards places high value on clear, sustained results supported by data and compelling stories of impact, reflecting its broader mission of enabling massive, measurable healthcare improvement.

Capital markets presence and governance

Health Catalyst’s common stock trades on Nasdaq under the ticker symbol HCAT. The company regularly files reports with the U.S. Securities and Exchange Commission (SEC), including Forms 10-K, 10-Q, and 8-K. Recent 8-K filings have covered quarterly financial results, executive appointments, board changes, and shareholder meeting outcomes.

In an 8-K filed in August 2025, Health Catalyst disclosed that its Chief Executive Officer informed the board of his plan to retire effective June 30, 2026, and that the company would conduct a search for a successor. The same filing reported the appointment of a new board member, who joined the audit committee and receives compensation under the company’s non-employee director compensation policy.

Another 8-K filed in September 2025 detailed the appointment of Ben Albert as President and Chief Operating Officer, effective September 16, 2025, and described his prior role as CEO and co-founder of Upfront Healthcare Services, Inc., which Health Catalyst acquired in January 2025. The filing outlined key terms of his offer letter, including equity awards and participation in the company’s executive severance plan.

In July 2025, Health Catalyst reported the results of its annual meeting of stockholders, including the election of Class III directors, ratification of its independent registered public accounting firm, and advisory votes on executive compensation and board declassification. These disclosures illustrate the company’s ongoing governance and shareholder engagement activities.

Financial reporting and segment performance

Health Catalyst provides detailed financial information in its quarterly and annual reports. In its third quarter 2025 earnings release, the company reported total revenue and provided a breakdown between Technology and Professional Services revenue. The release included GAAP and non-GAAP metrics such as gross profit, gross margin, adjusted gross profit, adjusted gross margin, and adjusted EBITDA, along with reconciliations and explanations of non-GAAP measures.

The company’s condensed consolidated financial statements show line items for cash and cash equivalents, short-term investments, accounts receivable, intangible assets, goodwill, deferred revenue, long-term debt, and stockholders’ equity. Health Catalyst also discloses stock-based compensation, acquisition-related costs, restructuring costs, and non-recurring lease-related charges, providing investors with insight into factors affecting its operating results.

Health Catalyst offers forward-looking guidance on total revenue and adjusted EBITDA, while noting that it does not provide guidance for net loss due to items that are difficult to forecast, such as stock-based compensation. The company’s forward-looking statements are accompanied by cautionary language referencing risk factors described in its SEC filings, including changes in laws and regulations, market conditions, client relationships, macroeconomic challenges, and the ability to recruit and retain qualified team members.

Strategic focus and mission

Across its public communications, Health Catalyst consistently refers to a mission of enabling massive, measurable, data-informed healthcare improvement. The company emphasizes strategic focus on high-impact solutions with proven return on investment and on evolving with client needs. Management commentary in earnings releases highlights efforts in cost management, targeted investments, and alignment around measurable outcomes for clients and shareholders.

Health Catalyst’s acquisitions, such as the purchase of Upfront Healthcare Services, Inc., and the integration of offerings like Twistle, Lumeon, and Upfront, reflect a strategy of expanding its technology and services portfolio in areas such as patient engagement, workflow, and analytics. The company also participates in investor conferences and hosts an annual analytics summit, signaling ongoing engagement with both the investment community and healthcare leaders.

HCAT stock: what investors track

Investors following HCAT stock often review the company’s SEC filings, quarterly earnings releases, and news about client partnerships, certifications, and leadership changes. Key areas of focus include the performance of the Technology and Professional Services segments, trends in adjusted EBITDA and margins, the impact of restructuring and acquisition-related costs, and the company’s ability to grow its client base and deepen existing relationships.

Health Catalyst’s position as a data and analytics provider to healthcare organizations, its emphasis on measurable outcomes, and its investments in platforms like Ignite, Ninja Universe, and AI-enabled solutions are central themes in understanding the company’s long-term strategy and role within the professional, scientific, and technical services sector.