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/HCAT
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Health Catalyst Inc

Health Catalyst Inc

HCAT
$2.25USD↓-1.32%-0.03 today

MARKET CAP

166.3M

P/E (TTM)

11.3x

FWD P/E

62.1x

DAY RANGE

$2 – $2

52W RANGE

$1
$4

AI Summary

Stalk
StalkMedium

HCAT is in a Stage 2 advance with clear higher highs and higher lows and rising short-term EMAs, but price is extended above EMAs and overbought in the short term. Medium-term bias remains bullish after the recent breakout, yet execution should wait for a pullback into the rising 9/20 EMA zone or the lower portion of the breakout range before participation.

  • ↑Q1 revenue of $70.8M exceeded management guidance
  • ↑Adjusted EBITDA of $9.1M with 51.5% gross margin
  • ↓Q1 revenue fell 11% YoY; net loss driven by $111M impairment
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The case for & against

Bull & Bear analysis

Bearish

Health Catalyst, Inc. (NASDAQ: HCAT) is a prominent player in the healthcare technology sector, specializing in healthcare data analytics designed to improve clinical, operational, and financial outcomes for health systems. Through its Ignite platform, the company aims to enhance its offerings with advanced analytics and AI functionalities, positioning itself strategically to address the increasing demand for comprehensive healthcare solutions amidst evolving market dynamics.

Bull says

  • ↑Q1 revenue of $70.8M exceeded management guidance
  • ↑Adjusted EBITDA of $9.1M with 51.5% gross margin
  • ↑Project Nexus cost cuts target ~$30M in annual savings
  • ↑Ignite AI platform roll-out to drive long-term growth
  • ↑Strong institutional ownership signals investor confidence
  • ↑Robust cash position provides liquidity cushion

Bear says

  • ↓Q1 revenue fell 11% YoY; net loss driven by $111M impairment
  • ↓Estimated ARR churn of ~$30M from DOS-to-Ignite migration
  • ↓Negative earnings yield and weak profitability factors persist
  • ↓High stock volatility suggests elevated price swing risk
  • ↓Emerging AI competitors intensify disruption threats
  • ↓Healthcare budget pressures may constrain client spending

Investment themes with HCAT

Demographics Elective Health + Family Care↓ -0.20%

Health services for families and elective treatments

HQY · DOCS · PRVA

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-12-2026neutral

Transcript signals

Bull points

  • The feedback has been really, really positive as it relates to the initial rollout of our AI capabilities, particularly in the cost management side of the equation.
  • We exceeded our guidance on both revenue and adjusted EBITDA.
  • We are reporting strong Q1 bookings, which gives us confidence our commercial simplification work is gaining traction and our cost discipline continues to show up in the numbers.

Bear points

  • We are seeing some of that churn come out of the application side as well, but primarily focused more on data infrastructure.
  • The churn that we are working through today is largely the result of prior decisions that forced clients into an accelerated decision point on the migration before we had the right retention program and client-facing structure in place.
  • we anticipate retaining at least 22 million of the previously identified 52 million of at-risk ARR.
Read full transcript analysis ›