{"id":756758,"date":"2023-05-09T17:50:18","date_gmt":"2023-05-09T21:50:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/health-catalyst-reports-first-quarter-2023-results\/"},"modified":"2023-05-09T17:50:18","modified_gmt":"2023-05-09T21:50:18","slug":"health-catalyst-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/health-catalyst-reports-first-quarter-2023-results\/","title":{"rendered":"Health Catalyst Reports First Quarter 2023 Results"},"content":{"rendered":"
\n

SALT LAKE CITY, May 09, 2023 (GLOBE NEWSWIRE) — Health Catalyst, Inc. (“Health Catalyst,” Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today reported financial results for the quarter ended March\u00a031, 2023.<\/p>\n

\u201cIn the first quarter of 2023, I am pleased to share that we achieved strong performance across our business, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA. This financial performance demonstrates our ability to continue to scale our business as we drive toward our long-term profitability goals,\u201d said Dan Burton, CEO of Health Catalyst. \u201cAdditionally, I am excited to announce a meaningful expansion of our tech-enabled managed services partnership with our longest-standing client, Allina Health. This expansion, which includes more chart abstraction responsibility, increases Allina\u2019s recurring revenue to now be approximately $11 million per year. We continue to appreciate Allina\u2019s multi-faceted partnership and trust in Health Catalyst since the beginning of our relationship with them nearly 15 years ago, and we are encouraged to see other potential areas of expansion with them in the future.\u201d<\/p>\n

\n
\n
Financial Highlights for the <\/strong>
\n Three Months Ended March 31, 2023<\/strong>\n <\/p>\n

\n
\n Key Financial Metrics<\/em>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year over Year
Change<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n GAAP Financial Data:<\/strong>\n <\/td>\n\n (in thousands, except percentages, unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Technology revenue<\/td>\n$<\/td>\n47,186<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n42,230<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n%<\/td>\n<\/tr>\n
Professional services revenue<\/td>\n$<\/td>\n26,682<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n25,857<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n%<\/td>\n<\/tr>\n
Total revenue<\/td>\n$<\/td>\n73,868<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n68,087<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8<\/td>\n%<\/td>\n<\/tr>\n
Loss from operations<\/td>\n$<\/td>\n(34,914<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(24,347<\/td>\n)<\/td>\n\u00a0<\/td>\n(43<\/td>\n)%<\/td>\n<\/tr>\n
Net loss<\/td>\n$<\/td>\n(33,190<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(22,458<\/td>\n)<\/td>\n\u00a0<\/td>\n(48<\/td>\n)%<\/td>\n<\/tr>\n
\n Other Non-GAAP Financial Data:<\/strong>
\n
\n (1)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Technology Gross Profit<\/td>\n$<\/td>\n32,958<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n29,598<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n%<\/td>\n<\/tr>\n
Adjusted Technology Gross Margin<\/td>\n\u00a0<\/td>\n70<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Professional Services Gross Profit<\/td>\n$<\/td>\n5,414<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,574<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(29<\/td>\n)%<\/td>\n<\/tr>\n
Adjusted Professional Services Gross Margin<\/td>\n\u00a0<\/td>\n20<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Adjusted Gross Profit<\/td>\n$<\/td>\n38,372<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n37,172<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n%<\/td>\n<\/tr>\n
Total Adjusted Gross Margin<\/td>\n\u00a0<\/td>\n52<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n$<\/td>\n4,164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n671<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n521<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n
___________________<\/td>\n<\/tr>\n
(1)<\/td>\nThese measures are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). See the accompanying “Non-GAAP Financial Measures” section below for more information about these financial measures, including the limitations of such measures, and for a reconciliation of each measure to the most directly comparable measure calculated in accordance with GAAP.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Financial Outlook<\/strong>\n <\/p>\n

Health Catalyst provides forward-looking guidance on total revenue, a GAAP measure, and Adjusted EBITDA, a non-GAAP measure.<\/p>\n

For the second quarter of 2023, we expect:<\/p>\n