Business
Health Catalyst Reports Second Quarter 2020 Results
SALT LAKE CITY, Aug. 11, 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, Aug. 11, 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 June 30, 2020.\n “First, let me express our ongoing gratitude to all the heroic national health systems and their front-line workers. We are both grateful and honored that our health system customers have continued to trust us so meaningfully to support them in this time of great need,” said Dan Burton, CEO of Health Catalyst. “From a financial perspective, I am very pleased with our performance in the second quarter across all areas of our business, including outperforming the mid-point of our guidance for both total revenue and Adjusted EBITDA. In addition to this financial and operational execution, I was particularly pleased to see that our team member overall satisfaction score, as measured by Gallup, ranked in the 99th percentile once again. This past period's score, the second highest in the company's history, was particularly encouraging as we adapted to a remote-only culture.” Mr. Burton continued: “We are hosting our seventh annual Healthcare Analytics Summit in September. While the format will be virtual this year, we continue to believe this conference represents a meaningful opportunity for Health Catalyst to continue to provide thought leadership within the healthcare data and analytics ecosystem, while carefully listening to our customers and prospects as we further cultivate and deepen those relationships. The theme of this year's conference will be healthcare analytics in the ‘new normal’, and we are fortunate to feature many of the leading voices in the country as our keynote speakers.” Financial Highlights for the Three Months Ended June 30, 2020 Key Financial Metrics Three Months Ended Year over June 30, Year 2020 2019 ChangeGAAP Financial Data:(in thousands, except percentages)Technology revenue$25,487 $20,085 27%Professional services revenue$17,772 $16,719 6%Total revenue$43,259 $36,804 18%Loss from operations$(15,640) $(9,363) (67)%Net loss$(27,183) $(10,694) (154)%Other Non-GAAP Financial Data:(1) Adjusted Technology Gross Profit$17,493 $13,072 34%Adjusted Technology Gross Margin69% 65% Adjusted Professional Services Gross Profit$3,730 $6,193 (40)%Adjusted Professional Ser...