Business
Health Catalyst Reports Fourth Quarter and Year End 2022 Results
SOUTH JORDAN, Utah, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. ("Health Catalyst," Nasdaq: HCAT), a leading provider of data and analytics
About this update from Health Catalyst, Inc
[{"type":"text","content":"SOUTH JORDAN, Utah, Feb. 28, 2023 (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 and year ended December 31, 2022. “In the fourth quarter of 2022, I am pleased to share that we achieved strong performance across our business, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA. For the full year 2022, I am also excited to share that our Adjusted EBITDA outperformed the mid-point of the original full year guidance we provided entering 2022, demonstrating continued operating leverage in our business despite lower annual revenue growth for 2022 as compared to our initial guidance for 2022.” said Dan Burton, CEO of Health Catalyst. “Additionally, I am honored to announce that Matthew Kolb, Executive Vice President and Chief Operating Officer of Carle Health, will be joining the Health Catalyst Board of Directors, effective July 1, 2023. Matt is deeply committed to Health Catalyst’s and Carle Health’s shared mission of data-informed healthcare improvement, and he has been an extraordinary leader throughout his career in enabling massive improvements in the healthcare ecosystem. Additionally, Carle Health has made the decision to deepen its long-term investment in Health Catalyst with a meaningful purchase on the open market of Health Catalyst’s common stock. We welcome them as a deeply mission-aligned long-term-oriented owner in the company. Consistent with my own personal decisions to purchase Health Catalyst shares on the open market over the past several months, which we estimate places me among Health Catalyst’s twenty largest shareholders, I am grateful to add a like-minded, deeply mission-focused and long-term oriented fellow shareholder to our company’s ownership group.” Financial Highlights for the Three and Twelve Months Ended December 31, 2022 Key Financial Metrics Three Months Ended December 31, Year over Year Change Twelve Months Ended December 31, Year over Year Change 2022 2021 2022 2021 GAAP Financial Data:(in thousands, except percentages) (in thousands, except percentages) Technology revenue$44,664 $40,088 11% $176,288 $147,718 19%Professional services revenue$24,498 $24,628 (1)% $99,948 $94,208 6%Tot...