Health Catalyst (HCAT) Insider Sale: 6,175 Shares Disposed Under 10b5-1 Plan

Rhea-AI Filing Summary

Benjamin Landry, General Counsel of Health Catalyst, Inc. (HCAT), reported a sale of 6,175 shares of the issuer's common stock on 09/05/2025 at a reported price of $3.353 per share. After the transaction, the reporting person beneficially owned 141,812 shares, held directly. The filing states the sale was executed pursuant to a written trading plan adopted on March 1, 2025 under Rule 10b5-1, providing pre-established instructions for the disposition. The Form 4 was signed on 09/09/2025.

Positive

• Sale executed under a documented Rule 10b5-1 plan, which helps mitigate concerns about opportunistic insider trading.
• Reporting person retains significant ownership after the sale: 141,812 shares beneficially owned, indicating ongoing alignment with shareholders.

Negative

• Insider disposition reported: 6,175 shares were sold, which is an outflow of insider-owned stock.
• Transaction price is relatively low at $3.353 per share (as disclosed), which could reflect current market valuation at time of sale.

Insights

Corporate Governance Expert

TL;DR: A routine insider sale under a 10b5-1 plan limits potential signaling but reduces insider shareholdings modestly.

The sale of 6,175 shares by the General Counsel was executed under a documented Rule 10b5-1 trading plan adopted March 1, 2025, which typically indicates pre-planned, non-discretionary transactions and helps mitigate insider trading concerns. The reporting person retains meaningful residual ownership at 141,812 shares, suggesting continued alignment with shareholders. This Form 4 does not disclose multiple sales or any departures, and it contains no indication of policy breaches or unusual timing.

Securities Analyst

TL;DR: Insider sold a small number of shares; transaction is disclosed and executed under a 10b5-1 plan, implying limited informational impact.

From an investor-signaling perspective, the reported sale is specific and modest in size relative to disclosed post-transaction holdings. The transaction price is recorded at $3.353 per share and the reporting person still holds 141,812 shares directly. Without additional sales, purchases, or changes to compensation, this single Form 4 filing is unlikely to materially affect valuation models or trigger immediate market implications.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Landry Benjamin

(Last) (First) (Middle)

10897 S. RIVER FRONT PARKWAY, #300

(Street)

SOUTH JORDAN UT 84095

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Health Catalyst, Inc. [ HCAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/05/2025		S(1)		6,175	D	$3.353	141,812	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale reported on this Form 4 was made pursuant to a written trading plan adopted by the Reporting Person on March 1st, 2025 in accordance with Rule 10b5-1.

Remarks:

	/s/ Benjamin Landry	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did HCAT insider Benjamin Landry report on Form 4?

The Form 4 reports that Benjamin Landry sold 6,175 shares on 09/05/2025 at $3.353 per share and now beneficially owns 141,812 shares.

Was the HCAT insider sale part of a 10b5-1 trading plan?

Yes. The filing states the sale was made pursuant to a written trading plan adopted on March 1, 2025 in accordance with Rule 10b5-1.

What is Benjamin Landry's role at Health Catalyst (HCAT)?

The Form 4 lists Benjamin Landry as General Counsel of Health Catalyst, Inc.

When was the Form 4 signed and filed?

The signature block shows the Form 4 was signed by Benjamin Landry on 09/09/2025.

How many shares does the insider own after the reported transaction?

After the sale, the reporting person beneficially owns 141,812 shares, held directly.