Health Catalyst, Inc. reported total revenue of $311.1 million for the fiscal year ending December 31, 2025, a 1% increase compared to $306.6 million in 2024. The growth was primarily driven by new client acquisitions and acquired relationships, with technology revenue increasing by 7% to $208.3 million. However, professional services revenue decreased by 8% to $102.9 million, attributed to lower utilization rates and the exit from certain Tech-Enabled Managed Services (TEMS) arrangements.
The company experienced a net loss of $178.0 million in 2025, significantly higher than the $69.5 million loss in 2024. This increase was largely due to a $105.4 million goodwill impairment charge, primarily resulting from declines in the company's stock price and market capitalization. Adjusted EBITDA, a non-GAAP measure, improved to $41.4 million in 2025 from $26.1 million in 2024, reflecting cost reduction initiatives and the timing of certain non-headcount expenses.
Key operational developments included a shift in client base categorization, with the introduction of "Platform Clients" and "App Clients." As of December 31, 2025, Health Catalyst served 162 Platform Clients and over 1,000 App Clients. The company also focused on expanding its Solution among current clients, including TEMS, and updated its definition of Dollar-based Retention Rate, which was 93% for 2025. The company also continued to migrate DOS clients to Ignite, which has resulted in some churn and down-selling.
Looking ahead, Health Catalyst anticipates that a higher proportion of gross bookings will come from its existing client base. The company is responding to the challenging macroeconomic environment with a strategic operating plan that proactively tailors its solutions to align with and support the urgent needs for cost efficiency, clinical improvement, and consumer experience. The company also plans to better leverage its intellectual property, combining its data foundation with the expertise, content, and AI-enabled solutions that allow it to solve healthcare's most pressing problems.
About Health Catalyst, Inc.
Health Catalyst, Inc. provides cloud-based data and analytics solutions for healthcare organizations, including hospitals, health systems, and payers. Its platform integrates healthcare data to deliver actionable insights, supporting clinical, financial, and operational improvements. The company offers software applications, expertise, and managed services to drive data-informed decision-making, enhance patient safety, optimize costs, and improve healthcare quality through a scalable, healthcare-specific technology ecosystem.
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