Health Catalyst shares surge 10.18% premarket after Q3 revenue beats and guidance reaffirmed.

Health Catalyst Inc. surged 10.18% in premarket trading following William Blair’s reaffirmation of its Outperform rating, citing the company’s stable third-quarter 2025 results and improved guidance. The firm highlighted Health Catalyst’s margin expansion, with adjusted EBITDA projected to reach $60 million by year-end, and noted that the stock’s valuation of 5x 2026 EBITDA suggests potential for growth. Despite recent analyst price target reductions from other firms like Stifel and Wells Fargo, William Blair’s positive outlook underscored confidence in the company’s long-term profitability and operational restructuring, including workforce cuts and platform shifts, as catalysts for future upside. This contrasted with broader analyst caution over near-term challenges like client migration to lower-margin platforms, but the premarket rally reflected optimism around the firm’s stabilization and margin trajectory.