Q4 2025 Health Catalyst Inc Earnings Call Transcript
Key Points
- Health Catalyst Inc (HCAT) generated $311.1 million in revenue for the full year of 2025, demonstrating a 1% year-over-year growth.
- The company achieved a 59% year-over-year growth in adjusted EBITDA, reaching $41.4 million for 2025.
- Health Catalyst Inc (HCAT) exceeded its target by securing 32 net new logos in 2025, indicating successful client acquisition efforts.
- The company has implemented restructuring actions that have improved adjusted gross margins to 51.1% for the full year of 2025.
- Health Catalyst Inc (HCAT) is focusing on strengthening its commercial alignment and simplifying its offerings to better meet market needs and drive growth.
- Total revenue for the fourth quarter of 2025 decreased to $74.7 million from $79.6 million in the prior year period, reflecting a decline in professional services revenue.
- The company is experiencing pressure from the migration to its Ignite platform, which is expected to impact revenue in 2026 and 2027.
- Health Catalyst Inc (HCAT) incurred impairment charges on goodwill and intangibles in 2025, contributing to a GAAP net loss of $178 million.
- The company is facing challenges with data platform infrastructure, leading to potential downselling and churn of $12.5 million in DaaS-related ARR.
- Health Catalyst Inc (HCAT) has not provided full-year guidance for 2026, indicating uncertainty in its financial outlook due to ongoing strategic assessments.
Welcome to the Health Catalyst fourth quarter and year-end 2025 earnings conference call. (Operator Instructions)
I would now like to turn the call over to Matt Hopper, Senior Vice President of Finance and Investor Relations.
Good afternoon, and welcome to Health Catalyst's earnings conference call for the fourth quarter and full-year 2025, which ended December 31, 2025. My name is Matt Hopper, Senior Vice President of Finance and Head of Investor Relations. With me on the call today are Ben Albert, our Chief Executive Officer; and Jason Alger, our Chief Financial Officer.
A complete disclosure of our results can be found in our press release issued today as well as in our related Form 8-K furnished to the SEC, both of which are available on the Investor Relations section of our website at ir.healthcatalyst.com. As a reminder, today's call is being recorded, and a replay will be available following the conclusion of the call.
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