The earnings call reflects a mix of positive performance metrics and strategic initiatives aimed at improving profitability, alongside significant challenges due to macroeconomic factors and funding cuts impacting revenue growth and client contracts.

Company Guidance -

Q3 2025

During the Health Catalyst second quarter 2025 earnings call, the company reported a Q2 2025 revenue of $80.7 million and an adjusted EBITDA of $9.3 million, both exceeding guidance. Year-over-year growth in their Technology segment was 11%, while Professional Services revenue declined by 1%. Despite facing macroeconomic challenges, including significant Medicaid and research funding cuts, Health Catalyst revised its full-year 2025 revenue guidance to $310 million but maintained its adjusted EBITDA guidance at $41 million. The company highlighted a strategic focus on profitability, with plans to improve adjusted EBITDA margins beyond 20% in the future. Additionally, due to these headwinds and a shift in their M&A strategy, they removed their 2028 revenue and adjusted EBITDA targets. The company is also restructuring, impacting 9% of the workforce, aiming to improve profitability by over $40 million annually. The call emphasized a focus on expanding higher-margin applications revenue and leveraging their Ignite platform to mitigate revenue headwinds, expecting these transitions to complete by mid-2026.

Outperformance in Q2 2025 Revenue and EBITDA

Q2 2025 revenue was $80.7 million and adjusted EBITDA was $9.3 million, both outperforming guidance.

Technology Segment Growth

The Technology segment recorded an 11% revenue growth year-over-year in Q2 2025.

Strong Relationships with Top Clients

Health Catalyst maintained ongoing relationships with 98 out of its 100 largest platform clients by technology revenue from year-end 2024.

Profitability Improvement Initiatives

Restructuring efforts and renegotiation of contracts expected to improve profitability by over $40 million on an annualized basis.

Focus on High-Margin Application Revenue

Applications revenue, which produces a gross margin of over 80% and an adjusted EBITDA margin of 30%, grew more than 20% year-over-year.

Positive Adjusted EBITDA Guidance

Q3 adjusted EBITDA is guided at $10.5 million, representing 44% growth year-over-year, with a run rate of $60 million going into 2026.

Health Catalyst (HCAT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

HCAT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	0.07 / -	0.07	―	―	―
Aug 07, 2025	2025 (Q2)	0.03 / 0.04	0.12	-66.67% (-0.08)	―
May 07, 2025	2025 (Q1)	>-0.01 / 0.01	0.05	-80.00% (-0.04)	―
Feb 26, 2025	2024 (Q4)	0.07 / 0.04	0.02	100.00% (+0.02)	―
Nov 06, 2024	2024 (Q3)	0.10 / 0.07	0.03	133.33% (+0.04)	―
Aug 07, 2024	2024 (Q2)	0.08 / 0.12	0.05	140.00% (+0.07)	―
May 09, 2024	2024 (Q1)	0.03 / 0.05	0.05	0.00% (0.00)	―
Feb 22, 2024	2023 (Q4)	0.01 / 0.02	-0.05	140.00% (+0.07)	―
Nov 02, 2023	2023 (Q3)	>-0.01 / 0.03	-0.13	123.08% (+0.16)	―
Aug 08, 2023	2023 (Q2)	-0.01 / 0.05	-0.03	266.67% (+0.08)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HCAT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$3.69	$2.83	-23.31%
May 07, 2025	$3.97	$4.18	+5.29%
Feb 26, 2025	$4.94	$4.39	-11.13%
Nov 06, 2024	$8.25	$8.86	+7.39%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.