Business
Health Catalyst Reports First Quarter 2022 Results
SALT LAKE CITY, May 10, 2022 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. ("Health Catalyst," Nasdaq: HCAT), a leading provider of data and analytics technology
About this update from Health Catalyst, Inc
[{"type":"text","content":"SALT LAKE CITY, May 10, 2022 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. (\"Health Catalyst,\" 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, 2022. “In the first quarter of 2022, I am pleased to share that we began the year by achieving strong performance across our business, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA,” said Dan Burton, CEO of Health Catalyst. “Stepping back, we have now reported as a public company for twelve quarters following our IPO in July 2019. As I reflect on this experience, I am extremely proud of the track record we have demonstrated related to our actual quarterly revenue and Adjusted EBITDA performance over this time period relative to the guidance we have provided. This consistency of performance was something we as a management team set as an objective, several years before going public, and we are pleased to have delivered this level of consistency during our first three years as a public company. Likewise, I want to acknowledge how proud I am of our company for achieving positive Q1 2022 Adjusted EBITDA. At the time of our IPO, almost three years ago, we made a commitment to our investors to reach Adjusted EBITDA breakeven entering the year 2022. Despite a global pandemic and realizing meaningful wage pressure within a tightening labor market, we delivered on this milestone, due to our team members’ hard work and unrelenting commitment to our mission.” Financial Highlights for the Three Months Ended March 31, 2022 Key Financial Metrics Three Months Ended March 31, Year over Year Change 2022 2021 GAAP Financial Data:(in thousands, except percentages, unaudited)Technology revenue$42,230 $33,839 25%Professional services revenue$25,857 $22,007 17%Total revenue$68,087 $55,846 22%Loss from operations$(24,347) $(24,317) —%Net loss$(22,458) $(28,370) 21%Other Non-GAAP Financial Data:(1) Adjusted Technology Gross Profit$29,598 $23,388 27%Adjusted Technology Gross Margin 70% 69% Adjusted Professional Services Gross Profit$7,574 $6,929 9%Adjusted Professional Services Gross Margin 29% 31% Total Adjusted Gross Profit$37,172 $30,317 23%Total Adjusted Gross Margin 55% 54% Adjusted EBITDA$671 $(837) 180% ________________________ (1) Th...