Health Catalyst, Inc. provides data and analytics software and services to healthcare organizations to improve clinical, financial, and operational outcomes, focusing on long-term client relationships and strategic growth.

# Health Catalyst, Inc.

## Business summary
- Industry: Healthcare technology and data analytics  
- Core focus: Provides data and analytics software and services to healthcare organizations to improve clinical, financial, and operational outcomes

## FY 2024 financial and business highlights
- Active platform clients: 21 clients counted by the end of FY 2024; net new clients exceeded 18 in FY 2024  
- Related-party revenue: Recognized $16.7 million from contracts with Carle Health in FY 2024  
- Adjusted EBITDA (non-GAAP): Approximately $26.1 million for FY 2024, an improvement from FY 2023's EBITDA of $11.0 million

## Core offerings
- Data platform subscriptions (DOS platform, Ignite, Ninja Universe)  
- Analytics applications and tools  
- Tech-enabled Managed Services (TEMS)  
- Professional services

## Client engagement
- Emphasis on building long-term relationships with healthcare provider organizations  
- Prioritizes client satisfaction and measurable performance improvements  
- Tracks growth in platform clients and client retention as key performance indicators

## Business model highlights
- Revenue primarily from platform subscriptions, analytics applications, professional services, and TEMS  
- Growth monitored through client acquisition, client retention, revenue trends, and improvements in client performance

## Corporate goals
- Align executive incentives with long-term stockholder value through equity-based awards  
- Focus on long-term strategic growth, client satisfaction, and operational efficiency

Source: FY 2024 SEC filings and company disclosures.

hcat-20231231



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
Form 10-K/A
_______________
Amendment No. 1
(Mark One)
☒   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____ 
Commission File Number: 001-38993
HEALTH CATALYST, INC.
(Exact name of registrant as specified in its charter)
_______________
Delaware | 45-3337483 
(State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification Number)

10897 South River Front Parkway #300
South Jordan, UT 84095
(801) 708-6800
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
_______________
Securities registered pursuant to Section 12(b) of the Act:    
Title of each class | Trading Symbol(s) | Name of exchange on which registered
Common Stock, par value $0.001 per share | HCAT | The Nasdaq Global Select Market 

Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ý
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ý
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☒ | Accelerated Filer | ☐ | Emerging growth company | ☐
Non-accelerated Filer | ☐ | Smaller reporting company | ☐ | | 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The aggregate market value of the common stock held by non-affiliates of the registrant as of June 30, 2023, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $688.2 million based on the closing price of a share of common stock on June 30, 2023 as reported by the Nasdaq Global Select Market, or Nasdaq, for such date.
As of February 15, 2024, the Registrant had 58,563,005 shares of common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates information by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, in connection with the registrant’s 2024 Annual Meeting of Stockholders.
_______________
EXPLANATORY NOTE
Health Catalyst, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to its Annual Report on Form 10‑K for the year ended December 31, 2023, which was originally filed with the Securities and Exchange Commission on February 22, 2024 (the “Form 10‑K”), for the purpose of correcting inadvertent omissions pertaining to certain references to internal control over financial reporting that were required to be provided in the Section 302 Certifications of the Company’s principal executive officer and principal financial officer (the “Section 302 Certifications”) as filed with the Form 10-K. The Exhibits 31.1 and 31.2 filed with the Form 10-K inadvertently omitted from the Section 302 Certifications (i) the introductory language in paragraph 4 that refers to the certifying officer’s responsibility for establishing and maintaining internal control over financial reporting for the Company; and (ii) paragraph 4(b) regarding the design of internal control over financial reporting. The Company hereby amends the Form 10-K by resubmitting the corrected versions of Exhibits 31.1 and 31.2 with this Amendment.
This Amendment neither reflects events occurring after the filing of the Form 10‑K nor modifies or updates those disclosures affected by subsequent events. Except for the items described above or contained in this Amendment, this Amendment speaks as of the original filing date of the Form 10‑K, and does not modify, amend or update any other item or disclosures in the Form 10‑K.
PART IV
Item 15. Exhibits and Financial Statement Schedules
(c) Exhibits
See the Exhibit Index immediately preceding the signature page of this Annual Report on Form 10-K.
EXHIBIT INDEX
ExhibitNumber | Description of Document | Incorporated by Reference from Form | Incorporated by Referencefrom Exhibit Number | Date Filed 
3.1 | Amended and Restated Certificate of Incorporation. | S-1/A | 3.2 | July 12, 2019 
3.2 | Amended and Restated Bylaws. | S-1/A | 3.4 | July 12, 2019 
3.3 | Amendment to the Amended and Restated Bylaws | 8-K | 3.1 | August 2, 2021 
4.1 | Form of common stock certificate. | S-1/A | 4.1 | July 12, 2019 
4.2 | Fifth Amended and Restated Registration Agreement, dated February 6, 2019, by and among the Registrant and certain of its stockholders. | S-1 | 4.2 | June 27, 2019 
4.3 | Fifth Amended and Restated Investor Rights Agreement, dated February 6, 2019, by and among the Registrant and certain of its stockholders. | S-1 | 4.3 | June 27, 2019 
4.4 | Fifth Amended and Restated Stockholders Agreement, dated February 6, 2019, by and among the Registrant and certain of its stockholders. | S-1 | 4.4 | June 27, 2019 
4.5 | Amendment No. 1 to Financing Documents, dated July 10, 2019, by and among the Registrant and certain of its stockholders. | S-1/A | 4.5 | July 12, 2019 
4.6 | Description of securities registered under Section 12 of the Exchange Act. | 10-K | 4.6 | February 28, 2020
10.1# | Non-Employee Director Compensation Policy. | 10-K | 10.13 | February 22, 2024
10.2# | 2019 Stock Option and Incentive Plan, and forms of agreements thereunder. | S-1/A | 10.12 | July 12, 2019 
10.3# | Amended and Restated 2011 Stock Incentive Plan, and forms of agreements thereunder. | S-1 | 10.13 | June 27, 2019 
10.4# | 2019 Employee Stock Purchase Plan. | S-1/A | 10.14 | July 12, 2019 
10.5# | Executive Severance Plan. | S-1/A | 10.16 | July 12, 2019 
10.6# | Offer Letter, dated August 7, 2020, between the Registrant and Kevin Freeman. | 10-K | 10.6 | February 28, 2023
10.7# | Offer Letter, dated September 26, 2011, between the Registrant and Daniel Burton. | S-1 | 10.6 | June 27, 2019 
10.8# | Offer Letter, dated March 27, 2014, between the Registrant and Bryan Hunt. | 10-K | 10.10 | February 25, 2021
10.9# | Offer Letter, dated May 22, 2013, between the Registrant and Linda Llewelyn. | S-1 | 10.10 | June 27, 2019 
10.10# | Offer Letter, dated April 4, 2013, between the Registrant and Jason Alger. | 10-K | 10.15 | February 25, 2021
10.11# | Offer Letter, dated March 27, 2023, between the Registrant and Anne Marie Bickmore. | 10-Q | 10.1 | May 10, 2023 
10.12# | Offer Letter, dated March 27, 2023, between the Registrant and Ben Landry. | 10-Q | 10.2 | May 10, 2023 
10.13# | Separation and Release Agreement, dated December 4, 2023, between the Registrant and Anne Marie Bickmore. | 10-K | 10.13 | February 22, 2024


10.14# | Senior Executive Cash Incentive Bonus Plan. | S-1 | 10.15 | June 27, 2019 
10.15# | Form of Indemnification Agreement, between the Registrant and each of its executive officers and directors. | S-1 | 10.18 | June 27, 2019 
21.1 | Subsidiaries of Registrant. | 10-K | 21.1 | February 22, 2024
23.1 | Consent of Independent Registered Public Accounting Firm. | 10-K | 23.1 | February 22, 2024
24.1 | Power of Attorney (included on signature page to this Annual Report on Form 10-K). | 10-K | 24.1 | February 22, 2024
31.1 | Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith | | 
31.2 | Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | Filed herewith | | 
32.1^ | Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | 10-K | 32.1 | February 22, 2024
97 | Policy for Recovery of Erroneously Awarded Compensation | 10-K | 97 | February 22, 2024
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | | 
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | | 
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | | 
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | | 
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | | 
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) | Filed herewith | | 

___________________
#    Indicates management contract or compensatory plan.
^    The certifications attached as Exhibit 32.1 accompanying this Annual Report on Form 10-K, are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Health Catalyst, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 | HEALTH CATALYST, INC.
Date: 4/23/2024 | By: | /s/ Daniel Burton 
 | | Daniel Burton 
 | | Chief Executive Officer(Principal Executive Officer) 
Date: 4/23/2024 | By: | /s/ Jason Alger 
 | | Jason Alger 
 | | Chief Financial Officer(Principal Financial and Accounting Officer)



Health Catalyst, Inc. is a leading technology and analytics company dedicated to providing innovative data-driven solutions for healthcare organizations to enhance operational, clinical, and financial outcomes.

# Health Catalyst, Inc.

## Company Description
Health Catalyst, Inc. is a technology and analytics company that provides data-driven solutions to healthcare organizations. The firm focuses on improving operational, clinical, and financial outcomes through a platform that applies advanced data analytics and machine learning.

## Core Services
1. Data platform  
   - Aggregates, analyzes, and visualizes clinical and operational data from multiple sources to support decision making.

2. Analytics applications  
   - Offers applications for quality improvement, cost management, and population health management.

3. Consulting services  
   - Helps healthcare organizations optimize analytics programs and implement best practices.

4. Customer support and training  
   - Provides ongoing support and training to ensure effective use of the platform and applications.

## Key Metrics
- Number of customers: Over 300 healthcare organizations, including providers, payers, and public health organizations.  
- Employees: Approximately 750.  
- Revenue (fiscal year ending December 31, 2023): Around $200 million.  
- Net income (same period): Net loss of approximately $35 million, reflecting continued investment in research, development, and customer acquisition.

## Market Position
Health Catalyst competes in a fast-moving market with strong demand for healthcare analytics. Its combination of a data platform, specialized applications, and consulting services positions the company among established providers in the healthcare analytics space.

## Conclusion
Health Catalyst delivers data and analytics capabilities that help healthcare organizations improve outcomes and manage costs. With a substantial customer base and ongoing product and revenue growth, the company is positioned to continue expanding its presence in the healthcare analytics market.

Health Catalyst, Inc.

10-K / April 30, 2025

10-K / April 23, 2024

10-K / April 30, 2025

Health Catalyst, Inc.

Business summary

FY 2024 financial and business highlights

Core offerings

Client engagement

Business model highlights

Corporate goals