Health Catalyst (HCAT)
Connects healthcare data, applications, and expert services for provider improvement work.
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Pairs the Ignite cloud platform with analytics applications and professional services for healthcare providers. Revenue is split between Technology and Professional Services, and execution is shaped by the Ignite migration, Project Nexus, and the pending Vitalware divestiture.
Built for healthcare providers from a South Jordan, Utah base, the solution combines Health Catalyst Ignite, analytics applications, and professional services. Ignite is a cloud-based ecosystem for analytics, app development, interoperability, and organizing data from disparate healthcare systems.
Applications span Clinical Improvement, Revenue & Cost Improvement, Ambulatory Operations, Measures & Registries, and Data & Analytics. Services add data engineering, implementation, governance, education, tech-enabled managed services, and domain expertise.
Sales are concentrated in Technology and Professional Services, with platform clients and app clients using different parts of the solution. Current execution depends on completing the Ignite migration, absorbing Project Nexus operating-model changes, relying on third-party infrastructure including Microsoft Azure, and managing the signed but not closed Vitalware divestiture.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 21, 2026 | Canaccord Genuity | Downgrade | ||
| Aug 20, 2026 | Canaccord Genuity | Target | Target: $3 | Target: $1.80 |
| Jul 21, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $2 | Target: $3 |
| Jun 26, 2026 | Wells Fargo | Reiterate | Rating: —Target: — | Target: $1.75 |
| May 12, 2026 | Stephens | Target | Target: $5 | Target: $1.75 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $103.4M · Total debt $170.0M · Total assets $358.6M · Shareholders' equity $100.8M
- Revenue
- $70.5M
- Operating income
- −$36.5M
- Net income
- −$40.5M
No dividends on record.
| Institutions | 70.25% | 52.87M shares | |
|---|---|---|---|
| 137 holders · as of Jun 30, 2026 | |||
| Insiders | 26.59% | 20.01M shares | |
| 19 holders · as of Sep 16, 2026 | |||
| Other | 3.16% | 2.38M shares | |
| remainder | |||
75.26M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
First Light Asset Management, LLCInstitution | 17.02% | 12.81M | as of Jun 30, 2026 |
Mathew Paul ArensInsiderdirector, 10 percent owner | 14.56% | 10.96M | filed Dec 3, 2025 |
CDC Financial, Inc.Institution | 9.42% | 7.09M | as of Jun 30, 2026 |
Stoney Lonesome HF LPInstitution | 8.08% | 6.08M | filed May 15, 2026 |
Palogic Value Management, L.P.Institution | 6.54% | 4.92M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Simeon Kohl | director, officer: Chief Executive Officer | +59,000 | $1.79 |
| Dec 4, 2025 | Julie Larson-Green | director | −47,997 | $2.67 |
| Dec 5, 2025 | Benjamin Landry | officer: General Counsel | −27,425 | $2.64 |
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Health Catalyst | $1.89 | +0.48% | $133.7M | — | — | 0.5 | −12.7% |
| Oracle | $149.15 | +0.00% | $427.95B | 23.3 | 17.5 | 6.0 | +29.6% |
| UnitedHealth Group | $373.10 | +0.05% | $342.88B | 24.3 | 17.5 | 0.8 | +0.4% |
| Microsoft | $497.65 | −0.08% | $3.72T | 27.9 | 25.4 | 11.2 | +17.8% |
| Snowflake | $336.27 | −0.07% | $117.63B | — | 132.3 | 21.6 | +35.1% |
| Salesforce | $233.06 | −0.08% | $193.63B | 21.6 | 15.9 | 4.4 | +10.8% |
| Median | 23.8 | 17.5 | 6.0 | +17.8% |