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Health Catalyst Inc

Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services. It offers ignite data and analytics platform that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems; and applications, a software analytics applications build for ignite platform to analyze clients face across clinical improvement, revenue and cost improvement, ambulatory operations, measures and registries, and data and analytics. The company also provides expertise solutions comprising data and analytics, domain expertise and education, tech-enabled managed, and implementation services; and opportunity analysis and prioritization, data governance, data modeling and analysis, quality and process improvement strategy, cost accounting, data abstraction, and population health strategies. It serves academic medical centers, integrated delivery networks, community hospitals, large physician practices, accountable care organizations, health information exchanges, health insurers, life science organizations, healthcare technology vendors, and other risk-bearing entities. The company was formerly known as HQC Holdings, Inc. and changed its name to Health Catalyst, Inc. in March 2017. Health Catalyst, Inc. was founded in 2008 and is headquartered in South Jordan, Utah.

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Health Catalyst Completes Vitalware Divestiture and Debt Repayment

Health Catalyst reported second quarter 2026 results and announced the completion of its Vitalware divestiture and full repayment of credit facility debt. Total revenue was $70.5 million, a 13% decrease from $80.7 million in the prior year period, while adjusted EBITDA was $9.9 million compared to $9.3 million a year earlier. The company sold Vitalware to Med-Metrix for $147 million in total cash consideration, using the proceeds plus cash on hand to retire approximately $160 million in credit facility debt, eliminating an estimated $19 million in annual GAAP interest expense. Full year 2026 revenue guidance was updated to $246 million to $249 million, reflecting the removal of five months of Vitalware revenue, and adjusted EBITDA guidance was set at $18 million to $18.5 million. Management also noted $12.5 million of notified annual recurring revenue down-sell and churn related to the DOS-to-Ignite platform migration, with approximately $52 million in additional ARR identified as at risk.
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Health Catalyst, Commerce, and Paycom Shares Fall Amid Tech Selloff

Shares of Health Catalyst, Commerce, and Paycom declined in afternoon trading as tech stocks faced pressure from rising oil prices and an unwinding of retail leverage. Health Catalyst fell 2.2%, Commerce dropped 1.5%, and Paycom slid 2.8%. The selloff was driven by a reinstated U.S. naval blockade on Iran that pushed Brent crude above $85 a barrel, fueling expectations the Federal Reserve will hold rates in the 3.50%–3.75% range and raising the cost of capital for software firms. Paycom, which is down 3.5% year-to-date and trading 38.4% below its 52-week high, saw its move considered meaningful but not fundamentally business-altering by the market.
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Health Catalyst Faces Headwinds from Stalled Billings, Low Gross Margins, and Inefficient Customer Acquisition

Health Catalyst has been flagged as a stock to sell due to three fundamental weaknesses. The company's billings plateaued at $84.21 million in the latest quarter, signaling challenges in customer acquisition and retention. Its gross margin averaged just 50.4% over the past year, meaning it spent $49.56 on service costs for every $100 in revenue, a level substantially worse than most software businesses. Additionally, the customer acquisition cost payback period turned negative, indicating that incremental sales and marketing investments are outpacing revenue and highlighting intense competitive pressure. The stock has lost 3.6% over the past six months, underperforming the S&P 500's 8.2% gain, and currently trades at 0.7 times forward price-to-sales.
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AI in Patient Engagement Market to Hit $24.74 Billion by 2030

The global AI in patient engagement market is projected to reach $24.74 billion by 2030, growing at a compound annual growth rate of 21.7% from its 2025 valuation of $9.28 billion. Key drivers include the increasing adoption of electronic health records, advancements in AI and machine learning, and the integration of computer vision in patient monitoring. North America was the largest region in 2025, while Asia-Pacific is expected to be the fastest-growing region during the forecast period. Leading companies such as ZS Associates, Health Catalyst, Ada Health GmbH, and Zocdoc Inc. are leveraging technologies like chatbots and natural language processing to enhance patient care. The market encompasses applications from outpatient health management to population health management, serving healthcare providers and payers.
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Palantir Technologies Leads Data Analytics Q1 Earnings with 84.7% Revenue Surge

Palantir Technologies delivered the strongest performance among data analytics stocks in the first quarter, with revenue jumping 84.7% year on year to $1.63 billion, beating analyst estimates by 6.1%. The company also posted the largest analyst estimate beat, the highest guidance raise, and the fastest revenue growth in the group. CLEAR Secure reported revenue of $253 million, up 19.7% and exceeding expectations by 3.5%, while Domo was the weakest performer with flat revenue of $79.4 million that missed estimates by 0.6%. Health Catalyst saw revenue decline 10.9% to $70.76 million, and Strategy grew revenue 11.9% to $124.3 million. Despite the strong results, Palantir's stock fell 19.7% after reporting, reflecting investor expectations that were even higher than published analyst projections.
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Three Software Stocks Face Trouble Amid Industry Decline

StockStory identifies Commerce, Health Catalyst, and Teradata as software stocks that may face trouble. Commerce posted underwhelming annual recurring revenue growth of 2.5% and projected sales growth of 3.3%, with its free cash flow margin expected to shrink by 3.2 percentage points. Health Catalyst saw flat billings and a gross margin of 50.4%, one of the worst among software companies, alongside long payback periods on sales and marketing. Teradata recorded average billings growth of 3.7% and a 7.2 percentage point drop in operating margin, with its free cash flow margin projected to decline by 20.2 percentage points next year.
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Health Catalyst and Paycom Shares Fall as Investors Rotate from Growth Stocks

Health Catalyst and Paycom shares fell in afternoon trading as investors rotated out of high-multiple growth names. Health Catalyst dropped 3.6% and Paycom declined 3.5%, pressured by a hotter-than-expected May import price report that showed a 1.9% monthly rise versus a 1.1% forecast and an annual gain of 6.7%, the largest since August 2022. The data complicated the view that the Iran peace deal had resolved inflation concerns, and investors positioned cautiously ahead of new Federal Reserve Chairman Kevin Warsh's first meeting later in the week. Additional pressure came from the Bank of America fund manager survey, where 28% of respondents cited an AI bubble as the second-largest tail risk, and from SpaceX's announcement that it is acquiring AI coding platform Cursor for $60 billion, signaling consolidation of valuable AI software assets. Health Catalyst is down 23% year-to-date and trades at $1.76 per share, 57.1% below its 52-week high of $4.09 from July 2025.
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