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Health Catalyst (HCAT) investor relations material
Health Catalyst Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue was $76.3 million, flat year-over-year, with technology growth offsetting a decline in professional services; Adjusted EBITDA reached $12 million, both exceeding guidance.
Net loss widened to $22.2 million in Q3 2025, primarily due to $6.9 million in lease-related impairment charges and $4.8 million in restructuring costs.
Adjusted gross margin improved to 53%, up 510 basis points year-over-year.
Full-year 2025 guidance reaffirmed: $310 million revenue (1% growth) and $41 million adjusted EBITDA (57% growth).
Leadership team strengthened with key appointments to support long-term strategy.
Financial highlights
Q3 2025 technology revenue: $52.1 million (+7% YoY); professional services: $24.3 million (-12% YoY).
Adjusted gross margin: 53% (+510 bps YoY, +310 bps sequentially); technology gross margin: 68% (+330 bps YoY).
Adjusted EBITDA: $12 million (+64% YoY); adjusted net income per share: $0.06.
Cash, equivalents, and short-term investments: $91.5 million at quarter-end; term loan: $161 million; $230 million convertible notes paid off in April 2025.
Net loss per share: $(0.32) in Q3 2025.
Outlook and guidance
Q4 2025 revenue expected at $73.5 million; adjusted EBITDA at $13.4 million.
Full-year 2025 guidance: $310 million revenue (+1% YoY), $41 million adjusted EBITDA (+57% YoY).
2026 revenue anticipated to be lower than 2025 due to retention headwinds, fewer net new clients, and migration impacts; adjusted EBITDA expected to improve with cost management.
Near-term revenue growth pressured by Medicaid and research funding reductions, and elongated sales cycles.
Adjusted gross margin expected to fluctuate near-term but improve long-term with higher technology mix.
How does Ignite migration flexibility impact DBR?
Break down 2026 revenue decline drivers.
What is the path to reaccelerate revenue growth?
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Next Health Catalyst earnings date
Q4 202524 Feb, 2026
Next Health Catalyst earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Health Catalyst Inc. is a healthcare data and analytics company that provides technology and services to improve clinical, financial, and operational outcomes for healthcare organizations. The company’s platform integrates data from multiple sources, enabling advanced analytics, data visualization, and insights to support decision-making. Health Catalyst also offers professional services, including consulting and implementation, to help clients achieve their goals. Health Catalyst is headquartered in South Jordan, Utah, and its shares are listed on the NASDAQ.
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