Health Catalyst Reports Q3 2026 Results Exceeding Revenue and EBITDA Guidance

Health Catalyst (HCAT) reported third-quarter 2026 financial results that surpassed management guidance, driven by strong progress in bookings and implementations. Total revenue reached $56.3 million, exceeding the high end of the projected range, while Adjusted EBITDA rose to $779,000, benefiting from cost reductions under 'Project Nexus.' The company's transition toward a technology-focused model is evident, with technology revenue now accounting for 72% of total quarterly revenue following the divestiture of its Vitalware business. Despite the beat, the company faces headwinds including higher-than-expected internal medical claims costs and client churn. Management noted that while Project Nexus savings are on track, they were partially offset by increased benefit costs. Looking ahead, Health Catalyst reaffirmed its full-year 2026 revenue and Adjusted EBITDA guidance, though it warned of a negative Q4 Adjusted EBITDA outlook due to seasonal expenses and the first full quarter operating without Vitalware.

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