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• Palantir for healthcare
• Databricks for healthcare data

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• Data Operating System (DOS™): A comprehensive cloud-based data platform that integrates disparate healthcare data sources into a unified system for analysis.
• Analytics Applications: Specialized software tools built on the DOS™ platform to address specific healthcare challenges such as population health management, quality improvement, and financial analytics.
• Professional Services: Consulting, implementation, education, and support services designed to help healthcare organizations effectively leverage Health Catalyst's technology and achieve measurable improvements.

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Health Catalyst (HCAT) primarily sells its data and analytics technology and services to other companies within the healthcare industry, rather than directly to individuals.

According to their public filings, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, no single customer accounted for 10% or more of Health Catalyst's total revenue for the years ended December 31, 2023, 2022, or 2021. This indicates a diversified customer base, meaning there are no "major customers" in the sense of a dominant purchaser significantly contributing to their revenue that would typically be disclosed by name.

Instead of a few major named customers, Health Catalyst serves a broad range of healthcare organizations. The categories of companies that constitute their primary customer base include:

• Health systems
• Hospitals
• Large physician practices and other healthcare providers

Health Catalyst partners with numerous healthcare organizations across the United States. While many of these are well-known entities (some of which are private, non-profit, or smaller public entities), specific customer names are not publicly disclosed as "major customers" due to the aforementioned revenue diversification, as no single client represents a disproportionately significant portion of HCAT's revenue.

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Dan Burton, Chief Executive Officer

Mr. Dan Burton has been the Chief Executive Officer and a Director of Health Catalyst since October 2012, having joined the company as an advisor in January 2011 and serving as President from September 2011 to October 2012. He became involved with Health Catalyst when it was a three-person startup. Mr. Burton is also the co-founder of HB Ventures, which was the first outside equity holder in Health Catalyst and is described as a private investment firm. Prior to his time at Health Catalyst and HB Ventures, he led the Corporate Strategy Group at Micron Technology. He also spent eight years with Hewlett-Packard in strategy and marketing management roles. Earlier in his career, Mr. Burton served as an associate consultant with the Boston Consulting Group, where he advised healthcare systems and technology companies.

Jason Alger, Chief Financial Officer

Mr. Jason Alger has served as the Chief Financial Officer of Health Catalyst since 2024. Before this role, he was the Chief Accounting Officer of the company starting in 2021. He previously held the position of Senior Vice President of Finance.

Ben Albert, President and Chief Operating Officer

Mr. Ben Albert was appointed President and Chief Operating Officer of Health Catalyst in September 2025. He previously served as the Chief Executive Officer and Co-Founder of Upfront Healthcare Services, Inc., a company acquired by Health Catalyst in January 2025. Mr. Albert brings over 25 years of experience in building and leading healthcare organizations.

Dave Ross, Chief Technology Officer

Mr. Dave Ross has been the Chief Technology Officer of Health Catalyst since 2022, and previously served as the Associate Chief Technology Officer for the company. Before joining Health Catalyst, Mr. Ross was the Chief Technology Officer and Co-Founder of Twistle.

Kyle Salyers, Senior Vice President - Corporate Development; Chief Strategy Officer

Mr. Kyle Salyers serves as the Senior Vice President of Corporate Development and Chief Strategy Officer. Prior to his current role, he was the Managing Director of CHV Capital. His past experience includes various leadership positions such as a Special Advisor to the President of Indiana University, Executive Director for Advancing Indiana, and Investment Director and Innovation Fellow at Rose-Hulman Ventures and the Rose-Hulman Institute of Technology.

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The key risks to Health Catalyst's (HCAT) business are primarily centered around intense market competition, challenges in achieving consistent profitability, and the complexities of regulatory compliance and data security.

1. Intense Market Competition: Health Catalyst operates in a highly competitive healthcare analytics and IT landscape. The market includes established players such as Epic Systems, Cerner Corporation, and IBM Watson Health, as well as numerous other entrants, leading to increased competition and potential pricing pressures. This crowded environment necessitates continuous innovation and differentiation for Health Catalyst to maintain or expand its market share.
2. Challenges in Achieving Consistent Profitability and Managing Cash Flow: Health Catalyst has reported consistent financial losses, indicating ongoing operational difficulties in achieving sustained profitability. The company has experienced significant cash burn, raising questions about its ability to achieve sustainable long-term growth and its business model's efficacy. High research and development expenses further impact financial performance.
3. Regulatory Changes and Data Security Risks: The evolving healthcare regulatory landscape, particularly concerning data privacy and security (such as HIPAA), poses a significant risk. Changes in these regulations can impact the demand for Health Catalyst's services and necessitate continuous compliance efforts. Furthermore, the company faces inherent operational risks, including potential system failures, cyberattacks, and data breaches, which could lead to reputational damage, legal liabilities, and erosion of client trust, especially given the sensitive nature of healthcare data.

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The following are clear emerging threats to Health Catalyst (HCAT):

• Hyperscale Cloud Providers: Major technology companies such as Microsoft (Azure Health Data Services, Nuance), Google (Google Cloud Healthcare API), and Amazon (AWS HealthLake) are making significant investments in comprehensive healthcare data platforms, AI/ML services, and industry-specific solutions. These providers offer robust cloud infrastructure, advanced data integration capabilities, and increasingly sophisticated analytics tools that can either replace or significantly reduce the need for specialized third-party data platforms and applications like Health Catalyst's DOS. Their vast resources, existing enterprise relationships, and ability to offer a broader, integrated technology stack present a direct and intensifying competitive pressure.

• Dominant EHR Vendors: Major Electronic Health Record (EHR) system providers, including Epic and Oracle Health (formerly Cerner), are aggressively expanding their own data warehousing, business intelligence, and analytics capabilities. As health systems seek to consolidate their IT vendors and simplify their data strategies, they may increasingly opt to leverage the integrated analytics offerings directly from their core EHR vendor. This trend poses a threat by potentially limiting the market for best-of-breed overlay solutions and encouraging health systems to rely more on their primary EHR vendor for comprehensive data and insights.

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Health Catalyst (HCAT) operates within the healthcare analytics and services market, offering a data and analytics platform (Ignite) and professional services to healthcare organizations primarily in the United States.

The addressable markets for Health Catalyst's main products and services are sizable, predominantly within the U.S. region:

• U.S. Healthcare Analytics Market: The U.S. healthcare analytics market was valued at approximately $25.89 billion in 2024 and is projected to grow to about $145.81 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.1% during the forecast period. Another estimate indicates the U.S. healthcare analytics market was $6.43 billion in 2022 and is expected to reach $13.49 billion by 2030, with a CAGR of 10.2% from 2023 to 2030.
• U.S. AI in Healthcare Market: The U.S. Artificial Intelligence (AI) in healthcare market size was estimated at $13.26 billion in 2024 and is projected to reach $221.09 billion by 2030, growing at a CAGR of 36.76% from 2025 to 2033. Other sources estimate the U.S. AI in healthcare market at $8.41 billion in 2024, expected to reach around $195.01 billion by 2034.
• U.S. Healthcare Consulting Services Market: The U.S. healthcare consulting services market was valued at $17.8 billion in 2024 and is projected to reach $18.4 billion in 2025. Another report indicates that the U.S. healthcare consulting services market was $10.1 billion in 2024 and is anticipated to grow at a CAGR of 7.6% between 2025 and 2034.
• U.S. Big Data Analytics in Healthcare Market: The U.S. big data analytics in healthcare market size was approximately $20.56 billion in 2024 and is projected to be worth around $121.24 billion by 2034, growing at a CAGR of 19.41% from 2025 to 2034.

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Health Catalyst (HCAT) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and product expansions.

Here are the key expected drivers:

1. Expanded Adoption and Functionality of the Ignite Platform: The company's next-generation cloud-native Ignite platform is a significant growth catalyst. Its modular structure and more accessible entry price point are designed to accelerate sales cycles and attract a broader range of clients, particularly in the mid-market segment. The platform also presents substantial upsell opportunities within Health Catalyst's existing customer base.
2. Introduction and Integration of AI-Powered Solutions: Health Catalyst is heavily investing in artificial intelligence to drive revenue growth. This includes the launch of Ignite Intelligence, an AI-powered platform aimed at optimizing cost efficiency and operational performance for healthcare providers. The company has also released AI-integrated data toolkits on Databricks Marketplace, leveraging advanced machine learning and large language models to help health systems improve outcomes in areas like predicting hospital readmissions and reducing emergency department visits.
3. Strategic Acquisitions Expanding Offerings and Market Reach: Recent acquisitions are contributing to Health Catalyst's growth. The acquisition of Intraprise Health aims to enhance the company's cybersecurity offerings. Additionally, the agreement to acquire Upfront Healthcare Services is expected to bolster patient engagement features, allowing Health Catalyst to enter new segments and expand its capabilities.
4. Expansion into New Healthcare Market Segments and Client Types: Health Catalyst is actively broadening its market penetration. The company plans to roll out ambulatory operations solutions, targeting the rapidly expanding outpatient care segment. Furthermore, it has launched Health Catalyst Ignite Spark™, a tailored data and analytics solution specifically for community health systems, regional hospitals, and multi-site practices, and has also secured its first payer client.
5. Focus on Higher-Margin Technology Revenue Growth: Management anticipates that technology revenue will reaccelerate and grow at a faster rate than professional services in the coming years. This strategic focus includes expanding into higher-margin tech solutions and concentrating on high-value client contracts, aiming for improved profitability and sustained growth in more lucrative market segments.

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Share Repurchases

• Health Catalyst's board of directors approved a share repurchase program authorizing up to $40 million of its common stock in August 2022.
• In March 2025, the company repurchased approximately $5 million worth of common stock, resulting in the retirement of about 1.1 million shares.

Share Issuance

• In August 2021, Health Catalyst completed a public offering of 4,245,283 shares of common stock at $53.00 per share, generating gross proceeds of approximately $225.0 million.
• The acquisition of Intraprise Health in November 2024 was partly funded by issuing over 2 million shares of Health Catalyst common stock.
• The acquisition of Upfront Healthcare Services, announced in January 2025, was funded through a combination of cash and stock.

Outbound Investments

• In November 2024, Health Catalyst signed an agreement to acquire Intraprise Health, a healthcare cybersecurity provider, with the transaction funded by a mix of cash and stock.
• Health Catalyst announced a definitive agreement in January 2025 to acquire Upfront Healthcare Services, a patient engagement platform, using a combination of cash and stock.

Capital Expenditures

• Over the last 12 months (as of October 2025), Health Catalyst reported capital expenditures of approximately -$1.56 million.
• The company's growth could necessitate significant capital expenditures, potentially reallocating financial resources and management focus from other initiatives.