Health Catalyst

What does Health Catalyst sell?

The homepage groups its offering into Data and Analytics, Clinical Quality, Revenue and Cost, Regulatory and Cybersecurity, and Population Health and Value-Based Care, under the line "Improvements You Can Measure. Outcomes That Matter." It claims more than 16 years exclusively focused on healthcare.

The platform side has two names. Ignite is described in its Microsoft Marketplace listing as a healthcare data and analytics ecosystem built on Azure Databricks. The Data Operating System (DOS) is the older platform, and the company's product roadmap shows a migration to Ignite. Other products named in public sources are the Ninja Universe Suite (KPI Ninja) and an interoperability product formerly called Medicity.

The homepage promises a built-in clinical analytics library and "insights from the first day." Interoperability pages list FHIR, OMOP and HL7 support with prebuilt connectors. Specific AI features are not listed on the homepage. The company does not name Epic or Cerner connectors.

Who owns it, and how is the business doing?

Health Catalyst, Inc. was founded in 2008 as HQC Holdings and renamed in March 2017. It is based in South Jordan, Utah. Before its IPO it raised $100 million at a $1 billion valuation in February 2019 from investors including Sequoia and Norwest. It listed on Nasdaq on July 24 to 25, 2019 at $26 per share, raising about $182 million with Goldman Sachs and JP Morgan as underwriters.

Fiscal 2025 revenue was $311.1 million with adjusted EBITDA of $41.4 million. The first quarter of 2026 included a $95.5 million goodwill impairment and a net loss of $111.0 million. Second quarter revenue, reported August 6, was $70.5 million, down 13 percent. Guidance for fiscal 2026 is revenue of $246 million to $249 million and adjusted EBITDA of $18 million to $18.5 million. The company sold Vitalware for $147 million in cash ($145.5 million net) and used proceeds to retire about $160 million of credit debt, per its Q2 2026 release. Ben Albert is named as CEO in that release.

How well does it handle security and compliance?

According to the company's information security page, its applications suite earned HITRUST CSF certification (v9.x) on August 13, 2024, and the platforms (DOS, Ignite Data, HIE Interoperability and KPI Ninja) followed on August 23, 2024. A SOC 2 Type II audit covers June 1, 2024 to May 31, 2025 for Ignite and HIE.

What does the evidence say?

Health Catalyst publishes many case studies on its own site, and those are the vendor's account. The documented risk is financial: falling revenue, restructuring and the impairment.

What does it cost?

Unit prices appear neither on the company's site nor in its public filings, which report revenue only.

How does it compare?

Epic's Cogito and Caboodle are the EHR-native alternative for a health system that already runs Epic.

The verdict

Health Catalyst has a documented certification record, including HITRUST CSF in August 2024, and a real analytics product underneath, set against falling revenue, a goodwill impairment and a restructuring. It fits a health system with the staff to run an enterprise data platform and the patience for a vendor in transition. A buyer who wants AI as the product will find it here only as a layer on the analytics platform, and one who wants a steady balance sheet will see the Q1 2026 impairment and the Q2 decline first.