Companies · HCAT
Health Catalyst
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Latest analysis
Updated Aug 6, 2026
Health Catalyst divests Vitalware, retires $160M debt, narrows FY26 guidance amid migration headwinds.
Health Catalyst closed the Vitalware divestiture on July 31, 2026, for $147 million in total consideration, using proceeds plus cash on hand to eliminate approximately $160 million in credit facility debt and $19 million in annual GAAP interest expense. The company is now debt-free with $82 million pro forma cash and has narrowed full-year 2026 guidance to $246–249 million in total revenue and $18–18.5 million in adjusted EBITDA, reflecting the removal of five months of higher-margin Vitalware contribution and continued pressure from platform migrations and client churn. Management is deliberately investing in core transformation priorities—new intelligence products, AI-driven automation, Ignite platform expansion, and team retention—while working through DOS-to-Ignite migration headwinds expected to persist through end of 2027.
Tone: cautiousRevenue
$311.1M
HCAT 10-K · FY 2025
Employees
1,200
Revenue FY2024
$306.6M
Founded
2008
Profile
HCAT 10-K Item 1 · Mar 12, 2026Health Catalyst is a healthcare-specific data and analytics company that sells a cloud-based platform, software applications, and professional services to healthcare providers and adjacent organizations. Its Ignite platform integrates disparate clinical, financial, and operational data into a unified analytics environment. The company operates on a subscription-based model serving academic medical centers, integrated delivery networks, health insurers, and life sciences organizations.
Read filing description ↓ Collapse description ↑
We are a leading provider of data and analytics technology and services to healthcare organizations. Our Solution comprises our cloud-based data and analytics platform, software applications, and expertise. Our clients, which are primarily healthcare providers, use our Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements. We envision a future where all healthcare decisions are data-informed. The core elements of our Solution include: Ignite Data & Analytics Platform, a healthcare-specific, cloud-based, open, flexible, scalable and self-service ecosystem for analytics, app development and interoperability that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems; Applications, which are generally built on top of our Ignite platform and are designed to analyze the most common problems our clients face across five focus areas: Clinical Improvement, Revenue & Cost Improvement, Ambulatory Operations, Measures & Registries, and Data & Analytics; and Expertise, provided by our world-class team of analytics experts and domain experts, including data analysts, data engineers, data scientists, healthcare administrators, physicians, and nurses. We have generated over 2,000 documented, client-verified improvements across clinical, financial, and operational domains. As of December 31, 2025, we served 162 Platform Clients and over 1,000 App Clients.
Primary products
- Ignite Data & Analytics Platform
- Healthcare.AI
- Patient Safety Monitor
- Embedded Refills
- Twistle
- Carevive
Business segments
End markets
Geographies
Named customers
No client represented more than 10% of our total revenue for the years ended December 31, 2025, 2024, and 2023.
Named competitors
“We believe that we compete favorably with our competitors on the basis of these factors. However, many of our competitors and potential competitors have significantly greater financial, technological, and other resources and name recognition than we do and more established distribution networks and relationships with healthcare providers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased $4.6 million, or 1%, in 2025 versus 2024, driven by technology revenue growth from new and acquired clients and contractual escalators, partially offset by a decline in professional services revenue.
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