Short answer
Health Catalyst, Inc. (HCAT) filed its Q1 2026 10-Q quarterly report on May 11, 2026 for the quarter ended Mar 31, 2026. Quarterly revenue was $71M (down 10.9% year over year) with net income of −$111M.
Q1 2026 key financials · XBRL
- Revenue
- $71M
- −10.9% YoY
- Net income
- −$111M
- −367.6% YoY
- Operating margin
- -150.5%
- EPS (diluted)
- −$1.53
- −337.1% YoY
Source: XBRL data from the Health Catalyst, Inc. (HCAT) Q1 2026 10-Q on SEC EDGAR. USD.
Health Catalyst, Inc. Q1 2026 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $70.8M, down 11% YoY from $79.4M, driven by technology revenue down 4% and professional services down 24%
- Total gross margin 39% vs 36% YoY; Adjusted Gross Margin 51% vs 49%
- Best segment professional services: gross margin 15% vs 8%; worst technology: revenue $49.5M vs $51.5M and gross margin 49% vs 51%
- Net loss $111.0M vs $23.7M, including $95.5M goodwill impairment; Adjusted EBITDA $9.1M vs $6.3M
- Cash, equivalents, and short-term investments $108.8M; operating cash flow $18.5M vs $0.3M, with $4.6M capitalized software spending and no share repurchases
- Near-term headwinds: DOS-to-Ignite migration, $12.5M ARR down-sell and churn, $52.0M at-risk ARR, Medicaid and research-funding reductions, tariffs and client financial strain
Risk Factors
- Newly added regulatory risk: OBBBA Medicaid funding reductions enacted July 2025, potentially shrinking enrollment and covered services
- Most material update: Project Nexus workforce reduction of approximately 9% in Q2 2026, risking attrition, morale declines, and execution disruption
- AI compliance exposure: California, Colorado, Texas, and Utah requirements could increase reporting obligations and operating expenses
- Near-term market risk: DOS-to-Ignite migration causing client churn, downselling, smaller bookings, and higher technology revenue costs
- Concentration risk: Three largest clients represented 13.6% of 2025 revenue, making renegotiations or losses financially significant
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
Other Health Catalyst, Inc. quarterly reports
Ask about this quarter
Compare quarters, check guidance or see what insiders and funds did around the report.