Yahoo Finance A Look Back at Data Analytics Stocks' Q1 Earnings: Health Catalyst (NASDAQ:HCAT) Vs The Rest Of The Pack
Let's dig into the relative performance of Health Catalyst (NASDAQ:HCAT) and its peers as we unravel the now-completed Q1 data analytics earnings season.
Organizations generate a lot of data that is stored in silos, often in incompatible formats, making it slow and costly to extract actionable insights, which in turn drives demand for modern cloud-based data analysis platforms that can efficiently analyze the siloed data.
The 4 data analytics stocks we track reported a weaker Q1; on average, revenues beat analyst consensus estimates by 1%. while next quarter's revenue guidance was 0.7% below consensus. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and data analytics stocks have had a rough stretch, with share prices down 8.2% on average since the previous earnings results.
Weakest Q1: Health Catalyst (NASDAQ:HCAT)
Founded by healthcare professionals Tom Burton and Steve Barlow in 2008, Health Catalyst (NASDAQ:HCAT) provides data and analytics technology to healthcare organizations, enabling them to improve care and lower costs.
Health Catalyst reported revenues of $74.72 million, up 1.2% year on year, falling short of analysts' expectations by 0.1%. It was a weaker quarter for the company, with underwhelming revenue guidance for the next quarter and full-year revenue guidance missing analysts' expectations.
“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.
Health Catalyst delivered the weakest performance against analyst estimates and weakest full-year guidance update of the whole group. The stock is down 0.4% since the results and currently trades at $6.64.
Read our full report on Health Catalyst here, it's free.
Best Q1: Amplitude (NASDAQ:AMPL)
Born out of a failed voice recognition startup by founder Spenser Skates, Amplitude (NASDAQ:AMPL) is data analytics software helping companies improve and optimize their digital products.
Amplitude reported revenues of $72.62 million, up 9.2% year on year, in line with analysts' expectations. It was a mixed quarter for the company, with a decent beat of analysts' billings estimates but its net revenue retention rate in jeopardy.
Amplitude pulled off the highest full-year guidance raise among its peers. The company added 247 customers to reach a total of 2,970. The stock is up 0.1% since the results and currently trades at $9.29.
Is now the time to buy Amplitude? Access our full analysis of the earnings results here, it's free.
Palantir (NYSE:PLTR)
Started by Peter Thiel after seeing US defence agencies struggle in the aftermath of the 2001 terrorist attacks, Palantir (NYSE:PLTR) offers software as a service platform that helps government agencies and large enterprises use data to make better decisions.
Palantir reported revenues of $634.3 million, up 20.8% year on year, exceeding analysts' expectations by 2.7%. It was a slower quarter for the company, with a miss of analysts' billings estimates.
Palantir pulled off the biggest analyst estimates beat and fastest revenue growth in the group. The stock is down 17.4% since the results and currently trades at $20.83.
Read our full analysis of Palantir's results here.
Domo (NASDAQ:DOMO)
Founded by Josh James after selling his former business Omniture to Adobe, Domo (NASDAQ:DOMO) provides business intelligence software that allows managers to access and visualize critical business metrics in real-time, using their smartphones.
Domo reported revenues of $80.1 million, flat year on year, in line with analysts' expectations. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and a miss of analysts' billings estimates.
Domo had the slowest revenue growth among its peers. The stock is down 9.7% since the results and currently trades at $6.45.
Read our full, actionable report on Domo here, it's free.
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