Health Catalyst (NASDAQ:HCAT) Releases Earnings Results, Beats Expectations By $0.01 EPS

09 Aug 2026, 00:10 by Tristan Rich · The Markets Daily

Health Catalyst (NASDAQ:HCAT – Get Free Report) announced its quarterly earnings results on Thursday. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01, FiscalAI reports. Health Catalyst had a negative net margin of 90.61% and a negative return on equity of 1.57%. The business had revenue of $70.49 million for the quarter, compared to the consensus estimate of $69.09 million.

Here are the key takeaways from Health Catalyst’s conference call:

Q2 results exceeded expectations, with revenue of $70.5 million above the $68–$70 million outlook and adjusted EBITDA of $9.9 million at the high end of guidance.
Health Catalyst completed the Vitalware and Med-Metrix divestiture for $147 million in cash consideration and used the proceeds plus cash on hand to repay approximately $160 million of debt, eliminating roughly $19 million in annual GAAP interest expense and leaving the company debt-free.
The company reduced its 2026 outlook to $246–$249 million of revenue and $18–$18.5 million of adjusted EBITDA, while guiding to third-quarter revenue of $55–$56 million and adjusted EBITDA between breakeven and $500,000.
Client migrations from DOS to Ignite continue to create churn and near-term cost pressure, including duplicate hosting, data-loading expenses, and deployment resources; management expects migration-related churn headwinds to persist generally through the end of 2027.
Management described Project Nexus as an early-stage, multi-year transformation focused on intelligence products, AI-driven automation, Ignite and interoperability, while continuing to evaluate services and concentrate investment on its highest-conviction opportunities.

Health Catalyst Stock Down 25.1%

Shares of Health Catalyst stock traded down $0.58 on Friday, hitting $1.73. The company had a trading volume of 3,050,688 shares, compared to its average volume of 645,310. The stock has a 50-day moving average of $1.98 and a 200-day moving average of $1.71. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.69 and a quick ratio of 1.69. Health Catalyst has a twelve month low of $0.96 and a twelve month high of $3.80. The firm has a market capitalization of $127.83 million, a P/E ratio of -0.47 and a beta of 1.55.

Key Health Catalyst News

Here are the key news stories impacting Health Catalyst this week:

Positive Sentiment: Health Catalyst reported second-quarter adjusted earnings of $0.04 per share, exceeding consensus estimates of $0.03, while revenue of $70.49 million topped expectations of $69.09 million. Management also said revenue exceeded the high end of its guidance and adjusted EBITDA reached the midpoint of its forecast. Health Catalyst Reports Second Quarter 2026 Results
Positive Sentiment: The company completed the sale of its Vitalware business to Med-Metrix and retired all debt under its credit facility. The transaction should reduce leverage and allows Health Catalyst to concentrate on its healthcare intelligence technology business. Health Catalyst Completes Sale of Vitalware
Neutral Sentiment: Second-quarter performance was generally in line with the prior-year earnings level, with the company still reporting a deeply negative net margin. Analysts continue to expect a full-year loss.
Negative Sentiment: Health Catalyst issued third-quarter revenue guidance of $55 million to $56 million, well below the $62.8 million analyst consensus. The company also reduced full-year 2026 revenue guidance to $246 million-$249 million, compared with expectations of $263.1 million. Compared to Estimates, Health Catalyst Q2 Earnings
Negative Sentiment: The weaker outlook signals a substantial near-term slowdown and appears to have driven the negative market reaction despite the quarterly earnings and revenue beats. Health Catalyst Exceeds Q2 Expectations but Stock Drops

Analyst Ratings Changes

HCAT has been the subject of several recent analyst reports. Weiss Ratings raised shares of Health Catalyst from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. Citigroup reissued a “neutral” rating on shares of Health Catalyst in a research report on Thursday, July 23rd. Stephens decreased their price target on shares of Health Catalyst from $2.00 to $1.75 and set an “equal weight” rating for the company in a report on Tuesday, May 12th. Cantor Fitzgerald restated a “neutral” rating on shares of Health Catalyst in a research report on Monday, May 11th. Finally, Canaccord Genuity Group raised their price objective on Health Catalyst from $2.00 to $3.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Health Catalyst presently has an average rating of “Hold” and a consensus target price of $2.93.

Get Our Latest Stock Report on Health Catalyst

Institutional Investors Weigh In On Health Catalyst

Institutional investors have recently added to or reduced their stakes in the stock. First Light Asset Management LLC increased its holdings in Health Catalyst by 17.2% during the 2nd quarter. First Light Asset Management LLC now owns 12,230,181 shares of the company’s stock worth $46,108,000 after purchasing an additional 1,793,374 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Health Catalyst by 2.9% in the third quarter. Vanguard Group Inc. now owns 4,295,691 shares of the company’s stock valued at $12,243,000 after purchasing an additional 119,117 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Health Catalyst by 11.4% during the second quarter. Geode Capital Management LLC now owns 1,662,455 shares of the company’s stock worth $6,269,000 after buying an additional 169,580 shares during the period. Millennium Management LLC boosted its position in shares of Health Catalyst by 2,513.3% during the third quarter. Millennium Management LLC now owns 1,589,536 shares of the company’s stock worth $4,530,000 after buying an additional 1,528,710 shares during the period. Finally, State Street Corp grew its holdings in shares of Health Catalyst by 4.3% during the fourth quarter. State Street Corp now owns 1,327,922 shares of the company’s stock worth $3,174,000 after buying an additional 54,168 shares in the last quarter. 85.00% of the stock is owned by institutional investors.

Health Catalyst Company Profile

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Health Catalyst (NASDAQ: HCAT) is a healthcare data and analytics technology company founded in 2008 and headquartered in Salt Lake City, Utah. The company went public in 2019 and has since focused on delivering a unified data platform that helps healthcare organizations aggregate and analyze clinical, financial and operational information.