Short answer
Health Catalyst, Inc. (HCAT) filed its Q3 2025 10-Q quarterly report on Nov 10, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $76M (down 0.0% year over year) with net income of −$22M.
Q3 2025 key financials · XBRL
- Revenue
- $76M
- −0.0% YoY · −5.4% QoQ
- Net income
- −$22M
- −51.0% YoY · +45.8% QoQ
- Operating margin
- -22.9%
- Gross margin
- 156.1%
- EPS (diluted)
- −$0.31
- −29.2% YoY · +47.5% QoQ
Source: XBRL data from the Health Catalyst, Inc. (HCAT) Q3 2025 10-Q on SEC EDGAR. USD.
Health Catalyst, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 revenue $76.3M vs $76.4M, down $0.03M YoY
- Gross margin 39% vs 36%; adjusted gross margin 53% vs 48%
- Technology revenue $52.1M vs $48.7M; technology margin 52% vs 51%
- Net loss $22.2M vs $14.7M; adjusted EBITDA $12.0M vs $7.3M
- Near-term headwinds: Medicaid cuts, elongated sales cycles, Ignite migration costs and lower net-new client spend range
Risk Factors
- Newly added restructuring risk triggered by August 5, 2025 plan, reducing global workforce approximately 9%
- Most materially updated execution risk: DOS-to-Ignite migration produced smaller bookings as clients retained funding-cut savings
- Regulatory risk: client contracts may terminate after changes in healthcare laws or regulations
- Competitive risk: EHR providers including Epic Systems and Oracle Health may displace Health Catalyst analytics
- Financial risk: client bankruptcies or failed renewals could worsen accounts-receivable collections and reduce revenue
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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