Health Catalyst, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $80.7 million, a 6% increase from $75.9 million in the same period last year. For the first half of 2025, revenue reached $160.1 million, compared to $150.6 million in the first half of 2024. The growth in revenue was attributed to new client acquisitions and expansion of existing client relationships, particularly in technology services, which accounted for 66% of total revenue in the second quarter.
Despite the revenue growth, Health Catalyst experienced a significant net loss of $41.0 million for the second quarter, up from a loss of $13.5 million in the prior year. The increase in losses was primarily driven by a $28.8 million goodwill impairment charge, reflecting declines in stock price and market capitalization, as well as a downward revision of future revenue forecasts. The company’s Adjusted EBITDA improved to $9.3 million for the second quarter, compared to $7.5 million in the same quarter of 2024.
Operationally, Health Catalyst has been active in expanding its service offerings and client base. The company completed the acquisition of Upfront Healthcare Services in January 2025 for $80 million, enhancing its patient engagement capabilities. Additionally, the company has been migrating clients to its new platform, Health Catalyst Ignite, which is expected to improve operational efficiency in the long term, although it has incurred higher costs during the transition.
As of June 30, 2025, Health Catalyst reported a total of 70.3 million shares outstanding, an increase from 64.0 million shares at the end of 2024. The company also noted a decrease in cash and cash equivalents to $50.7 million from $249.6 million at the end of 2024, largely due to the repayment of convertible senior notes and operational cash flow challenges. Looking ahead, Health Catalyst anticipates continued revenue growth but acknowledges potential headwinds from macroeconomic factors, including inflation and funding cuts in the healthcare sector, which may impact client spending and decision-making processes.
About Health Catalyst, Inc.
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