Business
Health Catalyst Reports First Quarter 2020 Results
SALT LAKE CITY, May 12, 2020 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. (Nasdaq: HCAT), a leading provider of data and analytics technology and services to
About this update from Health Catalyst, Inc
[{"type":"text","content":"SALT LAKE CITY, May 12, 2020 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. (Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today reported financial results for the quarter ended March 31, 2020.\n “Let me first take this opportunity to share that our thoughts and prayers are with all those impacted by the COVID-19 pandemic, especially those who have lost loved ones,” said Dan Burton, CEO of Health Catalyst. “For Health Catalyst, the unprecedented challenges associated with the global spread of COVID-19 have highlighted that our mission, to be the catalyst for massive, measurable, data-informed healthcare improvement, is needed now more than ever. And to further deliver on that mission, our team members have worked tirelessly, building upon our powerful DOS platform and leveraging several of our analytics applications, to develop a series of COVID-19 specific technology and services solutions. To date, we are both grateful and honored that our heroic health system customers have trusted our technology and services expertise so meaningfully to support them in this time of great need.” Mr. Burton continued: “From a financial perspective, I am very pleased with our performance in the first quarter across all areas of our business, including outperforming the mid-point of our guidance for both total revenue and Adjusted EBITDA. While the fluidity and uncertain timeline of the COVID-19 pandemic creates some near-term uncertainty, we believe this crisis significantly highlights the need for healthcare organizations to invest in data and analytics, and thus will serve as a long-term tailwind for our business.” Financial Highlights for the Three Months Ended March 31, 2020 Key Financial Metrics Three Months Ended March 31, Year overYearChange 2020 2019 GAAP Financial Data:(in thousands, except percentages)Technology revenue$24,699 $20,148 23%Professional services revenue$20,417 $15,065 36%Total revenue$45,116 $35,213 28%Loss from operations$(18,105) $(11,094) (63)%Net loss$(17,490) $(13,720) (27)%Other Non-GAAP Financial Data:(1) Adjusted Technology Gross Profit$16,969 $13,429 26%Adjusted Technology Gross Margin69% 67% Adjusted Professional Services Gross Profit$5,071 $4,747 7%Adjusted Professional Services Gross Margin25% 32% Total Adjusted Gross Profit$22,040 $18,176 21%Total Adj...