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Health Catalyst Reports First Quarter 2024 Results

Health Catalyst, Inc.
Health Catalyst, Inc.

SALT LAKE CITY, May 09, 2024 (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, 2024.

“For the first quarter of 2024, I am pleased by our strong financial results, including total revenue of $74.7 million and Adjusted EBITDA of $3.4 million, with these results beating the mid-point of our quarterly guidance on each metric. This financial performance demonstrates our ability to continue to scale our business as we drive toward our long-term profitability goals. We are reiterating our full year 2024 total revenue and Adjusted EBITDA guidance ranges and also reiterating both of our bookings metrics, inclusive of dollar-based retention rate and net new DOS Subscription client additions,” said Dan Burton, CEO of Health Catalyst.

Financial Highlights for the Three Months Ended March 31, 2024

Key Financial Metrics

 

Three Months Ended March 31,

 

Year over Year Change

 

 

2024

 

 

 

2023

 

 

GAAP Financial Measures:

(in thousands, except percentages, unaudited)

 

 

Total revenue

$

74,723

 

 

$

73,868

 

 

1

%

Gross profit

$

29,321

 

 

$

28,158

 

 

4

%

Gross margin

 

39

%

 

 

38

%

 

 

Net loss

$

(20,587

)

 

$

(33,190

)

 

38

%

Non-GAAP Financial Measures:(1)

 

 

 

 

 

Adjusted Gross Profit

$

38,319

 

 

$

38,372

 

 

%

Adjusted Gross Margin

 

51

%

 

 

52

%

 

 

Adjusted EBITDA

$

3,377

 

 

$

4,164

 

 

(19

)%

________________________

ADVERTISEMENT

(1) These measures are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). See the accompanying "Non-GAAP Financial Measures" section below for more information about these financial measures, including the limitations of such measures, and for a reconciliation of each measure to the most directly comparable measure calculated in accordance with GAAP.

Financial Outlook

Health Catalyst provides forward-looking guidance on total revenue, a GAAP measure, and Adjusted EBITDA, a non-GAAP measure.

For the second quarter of 2024, we expect:

  • Total revenue between $73.5 million and $76.5 million, and

  • Adjusted EBITDA between $5.0 million and $7.0 million

For the full year of 2024, we expect:

  • Total revenue between $304.0 million and $312.0 million, and

  • Adjusted EBITDA between $24.0 million and $26.0 million

We have not provided forward-looking guidance for net loss, the most directly comparable GAAP measure, to Adjusted EBITDA, and therefore have not reconciled guidance for Adjusted EBITDA to net loss, because there are items that may impact net loss, including stock-based compensation, that are not within our control or cannot be reasonably forecasted.

Quarterly Conference Call Details

We will host a conference call to review the results today, Thursday, May 9, 2024, at 5:00 p.m. E.T. The conference call can be accessed by dialing (800) 225-9448 for U.S. participants, or (203) 518-9708 for international participants, and referencing conference ID “HCAT Q124.” A live audio webcast will be available online at https://ir.healthcatalyst.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Health Catalyst

Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its clients leverage the cloud-based data platform — powered by data from more than 100 million patient records and encompassing trillions of facts — as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial, and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.

Available Information

Our investors and others should note that we announce material information to the public about our company, products and services, and other matters related to our company through a variety of means, including our website (https://www.healthcatalyst.com/), our investor relations website (https://ir.healthcatalyst.com/), press releases, SEC filings, public conference calls, and social media, including our and our CEO's social media accounts, in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and our financial outlook for the second quarter and full year 2024. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.

Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market or industry conditions, regulatory environment, and receptivity to our technology and services; (iii) results of litigation or a security incident; (iv) the loss of one or more key clients or partners; (v) the impact of the challenging macroeconomic environment (including high inflationary and/or high interest rate environments) on our business and results of operations; and (vi) changes to our abilities to recruit and retain qualified team members. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to the Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 expected to be filed with the SEC on or about May 9, 2024 and the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.


Condensed Consolidated Balance Sheets
(in thousands, except share and per share data, unaudited)

 

 

As of
March 31,

 

As of
December 31,

 

 

2024

 

 

 

2023

 

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

201,370

 

 

$

106,276

 

Short-term investments

 

126,415

 

 

 

211,452

 

Accounts receivable, net

 

53,874

 

 

 

60,290

 

Prepaid expenses and other assets

 

15,477

 

 

 

15,379

 

Total current assets

 

397,136

 

 

 

393,397

 

Property and equipment, net

 

24,697

 

 

 

25,712

 

Intangible assets, net

 

66,217

 

 

 

73,384

 

Operating lease right-of-use assets

 

12,003

 

 

 

13,927

 

Goodwill

 

190,652

 

 

 

190,652

 

Other assets

 

4,407

 

 

 

4,742

 

Total assets

$

695,112

 

 

$

701,814

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

5,697

 

 

$

6,641

 

Accrued liabilities

 

19,614

 

 

 

23,282

 

Deferred revenue

 

63,550

 

 

 

55,753

 

Operating lease liabilities

 

3,347

 

 

 

3,358

 

Total current liabilities

 

92,208

 

 

 

89,034

 

Convertible senior notes

 

228,413

 

 

 

228,034

 

Deferred revenue, net of current portion

 

81

 

 

 

77

 

Operating lease liabilities, net of current portion

 

17,112

 

 

 

17,676

 

Other liabilities

 

88

 

 

 

74

 

Total liabilities

 

337,902

 

 

 

334,895

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock, $0.001 par value per share; 25,000,000 shares authorized and no shares issued and outstanding as of March 31, 2024 and December 31, 2023

 

 

 

 

 

Common stock, $0.001 par value per share, and additional paid-in capital; 500,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 58,956,132 and 58,295,491 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

 

1,495,091

 

 

 

1,484,056

 

Accumulated deficit

 

(1,137,757

)

 

 

(1,117,170

)

Accumulated other comprehensive income (loss)

 

(124

)

 

 

33

 

Total stockholders’ equity

 

357,210

 

 

 

366,919

 

Total liabilities and stockholders’ equity

$

695,112

 

 

$

701,814

 

 


Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)

 

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(in thousands)

Revenue:

 

 

 

Technology

$

46,966

 

 

$

47,186

 

Professional services

 

27,757

 

 

 

26,682

 

Total revenue

 

74,723

 

 

 

73,868

 

Cost of revenue, excluding depreciation and amortization:

 

 

 

Technology(1)(2)(3)

 

15,315

 

 

 

14,727

 

Professional services(1)(2)(3)

 

23,202

 

 

 

23,577

 

Total cost of revenue, excluding depreciation and amortization

 

38,517

 

 

 

38,304

 

Operating expenses:

 

 

 

Sales and marketing(1)(2)(3)

 

19,058

 

 

 

18,569

 

Research and development(1)(2)(3)

 

14,871

 

 

 

17,082

 

General and administrative(1)(2)(3)(4)(5)

 

14,564

 

 

 

23,833

 

Depreciation and amortization

 

10,525

 

 

 

10,994

 

Total operating expenses

 

59,018

 

 

 

70,478

 

Loss from operations

 

(22,812

)

 

 

(34,914

)

Interest and other income, net

 

2,338

 

 

 

1,793

 

Loss before income taxes

 

(20,474

)

 

 

(33,121

)

Income tax provision

 

113

 

 

 

69

 

Net loss

$

(20,587

)

 

$

(33,190

)

Net loss per share, basic and diluted

$

(0.35

)

 

$

(0.60

)

Weighted-average shares outstanding used in calculating net loss per share, basic and diluted

 

58,592

 

 

 

55,485

 

_______________
(1) Includes stock-based compensation expense as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

Stock-Based Compensation Expense:

(in thousands)

Cost of revenue, excluding depreciation and amortization:

 

 

 

Technology

$

365

 

$

416

Professional services

 

1,332

 

 

1,774

Sales and marketing

 

3,990

 

 

5,442

Research and development

 

1,844

 

 

2,673

General and administrative

 

3,307

 

 

3,579

Total

$

10,838

 

$

13,884

(2) Includes acquisition-related costs (benefit), net, as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

Acquisition-related costs (benefit), net:

(in thousands)

Cost of revenue, excluding depreciation and amortization:

 

 

 

Technology

$

65

 

$

71

Professional services

 

91

 

 

101

Sales and marketing

 

64

 

 

101

Research and development

 

202

 

 

194

General and administrative

 

391

 

 

14

Total

$

813

 

$

481

(3) Includes restructuring costs as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

Restructuring costs:

(in thousands)

Cost of revenue, excluding depreciation and amortization:

 

 

 

Technology

$

79

 

$

12

Professional services

 

181

 

 

434

Sales and marketing

 

449

 

 

1,205

Research and development

 

443

 

 

286

General and administrative

 

661

 

 

118

Total

$

1,813

 

$

2,055

(4) Includes litigation costs as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

Litigation costs:

(in thousands)

General and administrative

$

 

$

11,664

Total

$

 

$

11,664

(5) Includes non-recurring lease-related charges as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

Non-recurring lease-related charges:

(in thousands)

General and administrative

$

2,200

 

$

Total

$

2,200

 

$

 


Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)

 

 

Three Months Ended
March 31,

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

Net loss

$

(20,587

)

 

$

(33,190

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Stock-based compensation expense

 

10,838

 

 

 

13,884

 

Depreciation and amortization

 

10,525

 

 

 

10,994

 

Impairment of long-lived assets

 

2,200

 

 

 

 

Non-cash operating lease expense

 

781

 

 

 

764

 

Amortization of debt discount and issuance costs

 

379

 

 

 

377

 

Investment discount and premium accretion

 

(1,965

)

 

 

(1,979

)

Provision for expected credit losses

 

2,405

 

 

 

1,514

 

Deferred tax provision

 

14

 

 

 

2

 

Other

 

4

 

 

 

19

 

Change in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

4,011

 

 

 

(15,405

)

Prepaid expenses and other assets

 

300

 

 

 

(420

)

Accounts payable, accrued liabilities, and other liabilities

 

(5,495

)

 

 

7,709

 

Deferred revenue

 

7,801

 

 

 

11,027

 

Operating lease liabilities

 

(945

)

 

 

(876

)

Net cash provided by (used in) operating activities

 

10,266

 

 

 

(5,580

)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of short-term investments

 

137,000

 

 

 

107,100

 

Proceeds from the sale and maturity of short-term investments

 

(50,197

)

 

 

(81,070

)

Capitalization of internal-use software

 

(2,530

)

 

 

(2,864

)

Purchases of property and equipment

 

(208

)

 

 

(425

)

Purchase of intangible assets

 

(84

)

 

 

(98

)

Proceeds from the sale of property and equipment

 

3

 

 

 

6

 

Net cash provided by investing activities

 

83,984

 

 

 

22,649

 

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from employee stock purchase plan

 

843

 

 

 

1,174

 

Proceeds from exercise of stock options

 

20

 

 

 

727

 

Repurchase of common stock

 

 

 

 

(1,808

)

Net cash provided by financing activities

 

863

 

 

 

93

 

Effect of exchange rate changes on cash and cash equivalents

 

(19

)

 

 

5

 

Net increase in cash and cash equivalents

 

95,094

 

 

 

17,167

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

106,276

 

 

 

116,312

 

Cash and cash equivalents at end of period

$

201,370

 

 

$

133,479

 

 

Non-GAAP Financial Measures

To supplement our financial information presented in accordance with GAAP, we believe certain non-GAAP measures, including Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per share, basic and diluted, are useful in evaluating our operating performance. For example, we exclude stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding our operational performance and allows investors the ability to make more meaningful comparisons between our operating results and those of other companies. We use this non-GAAP financial information to evaluate our ongoing operations, as a component in determining employee bonus compensation, and for internal planning and forecasting purposes.

We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

Adjusted Gross Profit and Adjusted Gross Margin

Gross profit is a GAAP financial measure that is calculated as revenue less cost of revenue, including depreciation and amortization of capitalized software development costs and acquired technology. We calculate gross margin as gross profit divided by our revenue. Adjusted Gross Profit is a non-GAAP financial measure that we define as gross profit, adjusted for (i) depreciation and amortization, (ii) stock-based compensation, (iii) acquisition-related costs, net, and (iv) restructuring costs, as applicable. We define Adjusted Gross Margin as our Adjusted Gross Profit divided by our revenue. We believe Adjusted Gross Profit and Adjusted Gross Margin are useful to investors as they eliminate the impact of certain non-cash expenses, as well as certain other non-recurring operating expenses, and allow a direct comparison of these measures between periods without the impact of non-cash expenses and certain other non-recurring operating expenses.

We present both of these measures for our technology and professional services business. We believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall profitability.

The following is a calculation of our gross profit and gross margin and a reconciliation of gross profit and gross margin to our Adjusted Gross Profit and Adjusted Gross Margin in total and for technology and professional services for the three months ended March 31, 2024 and 2023:

 

Three Months Ended March 31, 2024

 

(in thousands, except percentages)

 

Technology

 

Professional Services

 

Total

Revenue

$

46,966

 

 

$

27,757

 

 

$

74,723

 

Cost of revenue, excluding depreciation and amortization

 

(15,315

)

 

 

(23,202

)

 

 

(38,517

)

Amortization of intangible assets, cost of revenue

 

(4,371

)

 

 

 

 

 

(4,371

)

Depreciation of property and equipment, cost of revenue

 

(2,514

)

 

 

 

 

 

(2,514

)

Gross profit

 

24,766

 

 

 

4,555

 

 

 

29,321

 

Gross margin

 

53

%

 

 

16

%

 

 

39

%

Add:

 

 

 

 

 

Amortization of intangible assets, cost of revenue

 

4,371

 

 

 

 

 

 

4,371

 

Depreciation of property and equipment, cost of revenue

 

2,514

 

 

 

 

 

 

2,514

 

Stock-based compensation

 

365

 

 

 

1,332

 

 

 

1,697

 

Acquisition-related costs, net(1)

 

65

 

 

 

91

 

 

 

156

 

Restructuring costs(2)

 

79

 

 

 

181

 

 

 

260

 

Adjusted Gross Profit

$

32,160

 

 

$

6,159

 

 

$

38,319

 

Adjusted Gross Margin

 

68

%

 

 

22

%

 

 

51

%

___________________
(1) Acquisition-related costs, net include deferred retention expenses attributable to the ARMUS and KPI Ninja acquisitions.
(2) Restructuring costs include severance and other team member costs from workforce reductions.

 

Three Months Ended March 31, 2023

 

(in thousands, except percentages)

 

Technology

 

Professional Services

 

Total

Revenue

$

47,186

 

 

$

26,682

 

 

$

73,868

 

Cost of revenue, excluding depreciation and amortization

 

(14,727

)

 

 

(23,577

)

 

 

(38,304

)

Amortization of intangible assets, cost of revenue

 

(5,107

)

 

 

 

 

 

(5,107

)

Depreciation of property and equipment, cost of revenue

 

(2,299

)

 

 

 

 

 

(2,299

)

Gross profit

 

25,053

 

 

 

3,105

 

 

 

28,158

 

Gross margin

 

53

%

 

 

12

%

 

 

38

%

Add:

 

 

 

 

 

Amortization of intangible assets, cost of revenue

 

5,107

 

 

 

 

 

 

5,107

 

Depreciation of property and equipment, cost of revenue

 

2,299

 

 

 

 

 

 

2,299

 

Stock-based compensation

 

416

 

 

 

1,774

 

 

 

2,190

 

Acquisition-related costs, net(1)

 

71

 

 

 

101

 

 

 

172

 

Restructuring costs(2)

 

12

 

 

 

434

 

 

 

446

 

Adjusted Gross Profit

$

32,958

 

 

$

5,414

 

 

$

38,372

 

Adjusted Gross Margin

 

70

%

 

 

20

%

 

 

52

%

___________________
(1) Acquisition-related costs, net include deferred retention expenses attributable to the ARMUS and KPI Ninja acquisitions.
(2) Restructuring costs include severance and other team member costs from workforce reductions.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted for (i) interest and other (income) expense, net, (ii) income tax provision, (iii) depreciation and amortization, (iv) stock-based compensation, (v) acquisition-related costs, net, (vi) litigation costs, (vii) restructuring costs, and (viii) non-recurring lease-related charges. We view acquisition-related expenses when applicable, such as transaction costs and changes in the fair value of contingent consideration liabilities that are directly related to business combinations, as costs that are unpredictable, dependent upon factors outside of our control, and are not necessarily reflective of operational performance during a period. We believe that excluding restructuring costs, litigation costs and non-recurring lease-related charges allows for more meaningful comparisons between operating results from period to period as these are separate from the core activities that arise in the ordinary course of our business and are not part of our ongoing operations. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by management and a comparison with our past financial performance, and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. The following is a reconciliation of our net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA, for the three months ended March 31, 2024 and 2023:

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(in thousands)

Net loss

$

(20,587

)

 

$

(33,190

)

Add:

 

 

 

Interest and other (income) expense, net

 

(2,338

)

 

 

(1,793

)

Income tax provision

 

113

 

 

 

69

 

Depreciation and amortization

 

10,525

 

 

 

10,994

 

Stock-based compensation

 

10,838

 

 

 

13,884

 

Acquisition-related costs, net(1)

 

813

 

 

 

481

 

Litigation costs(2)

 

 

 

 

11,664

 

Restructuring costs(3)

 

1,813

 

 

 

2,055

 

Non-recurring lease-related charges(4)

 

2,200

 

 

 

 

Adjusted EBITDA

$

3,377

 

 

$

4,164

 

__________________
(1) Acquisition-related costs, net include third-party fees associated with due diligence, deferred retention expenses and post-acquisition restructuring costs incurred as part of business combinations.
(2) Litigation costs include costs related to litigation that are outside the ordinary course of our business. For additional details, refer to Note 15 in our condensed consolidated financial statements.
(3) Restructuring costs include severance and other team member costs from workforce reductions. For additional details, refer to Note 19 in our condensed consolidated financial statements.
(4) Non-recurring lease-related charges include the lease-related impairment charge related to our corporate office space designated for subleasing. For additional details, refer to Note 9 in our condensed consolidated financial statements.

Adjusted Net Income and Adjusted Net Income Per Share

Adjusted Net Income is a non-GAAP financial measure that we define as net loss adjusted for (i) stock-based compensation, (ii) amortization of acquired intangibles, (iii) restructuring costs, (iv) acquisition-related costs, net, including the change in fair value of contingent consideration liabilities, (v) litigation costs, (vi) non-recurring lease-related charges, and (vii) non-cash interest expense related to our convertible senior notes. We believe Adjusted Net Income provides investors with useful information on period-to-period performance as evaluated by management and comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

Numerator:

(in thousands, except share and per share amounts)

Net loss

$

(20,587

)

 

$

(33,190

)

Add:

 

 

 

Stock-based compensation

 

10,838

 

 

 

13,884

 

Amortization of acquired intangibles

 

7,251

 

 

 

7,780

 

Restructuring costs

 

1,813

 

 

 

2,055

 

Acquisition-related costs, net(1)

 

813

 

 

 

481

 

Litigation costs(2)

 

 

 

 

11,664

 

Non-recurring lease-related charges(3)

 

2,200

 

 

 

 

Non-cash interest expense related to convertible senior notes

 

379

 

 

 

377

 

Adjusted Net Income

$

2,707

 

 

$

3,051

 

Denominator:

 

 

 

Weighted-average shares outstanding used in calculating net loss per share, basic and diluted, and Adjusted Net Income per share, basic

 

58,591,514

 

 

 

55,484,835

 

Non-GAAP dilutive effect of stock-based awards

 

254,323

 

 

 

792,630

 

Non-GAAP weighted-average shares outstanding used in calculating Adjusted Net Income per share, diluted

 

58,845,837

 

 

 

56,277,465

 

 

 

 

 

Net loss per share, basic and diluted

$

(0.35

)

 

$

(0.60

)

Adjusted Net Income per share, basic

$

0.05

 

 

$

0.05

 

Adjusted Net Income per share, diluted

$

0.05

 

 

$

0.05

 

______________
(1) Restructuring costs include severance and other team member costs from workforce reductions. For additional details, refer to Note 19 in our condensed consolidated financial statements.
(2) Acquisition-related costs, net includes third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earn-out payments.
(3) Litigation costs include costs related to litigation that are outside the ordinary course of our business. For additional details, refer to Note 15 in our condensed consolidated financial statements.
(4) Non-recurring lease-related charges include the lease-related impairment charge related to our corporate office space designated for subleasing. For additional details, refer to Note 9 in our condensed consolidated financial statements.


Health Catalyst Investor Relations Contact:
Jack Knight
Vice President, Investor Relations
+1 (855)-309-6800
ir@healthcatalyst.com

Health Catalyst Media Contact:
Tarah Neujahr Bryan
Chief Marketing Officer
media@healthcatalyst.com

Health Catalyst Q1 2024 Financial Highlights & Key Themes
Health Catalyst Q1 2024 Financial Highlights & Key Themes


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