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What factors drove the changes in Health Catalyst's revenue and profit?

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- **Revenue Beat**: Q3 2025, with Ignite migration flexibility and app layer growth.
- **AI and cost management solutions**: 2026 strategy and Microsoft partnership.
- **EBITDA growth**: 2026 focus on cost management and app layer growth.
- **Migration flexibility and new platform clients**.
- **2026 planning**.


**【CEO Summary Section】**
- Q3 2025 total revenue: $76.3 million (flat YoY), with Technology segment revenue up 7% YoY to $52.1 million.
- Adjusted EBITDA: $12 million (64% YoY growth), exceeding guidance of $10.5 million.
- 2025 bookings expectations: ~30 net new platform clients, with average booking size toward lower end of $300,000-$700,000 range.
- Dollar-based retention rate: low 90s for 2025, driven by Ignite migration headwinds.
- 2026 revenue growth expected to be a few percentage points lower than 2025, reflecting macroeconomic challenges and strategic focus on profitability.

**【CFO Financial Commentary】
- Q4 2025 guidance: Total revenue $73.5 million, adjusted EBITDA $13.4 million.
- Gross margin: Technology gross margin up 330 bps YoY, offsetting DOS migration costs.
- Operating expenses: Q4 2025 expected to decline $2-$3 million YoY, with India operations and AI integration driving efficiency.
- Client demand: App layer growth offsetting DOS migration headwinds, with 2026 focus on cost management solutions.

**【Q&A Highlights】
- Ignite migration flexibility: 2/3 of clients to migrate by end-2025, with DOS retention improvement.
- Tech revenue: Q4 2025 expected to decline 2-3%, with app layer growth.
- 2026: EBITDA growth 2025, with Q4 earnings call for 2026 strategy.
- Microsoft partnership and migration flexibility to improve retention.
- 2026 planning: EBITDA growth and Microsoft relationship.


Health Catalyst, Inc. (HCAT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HCAT

HCAT fundamentals

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