The following is a summary of the Health Catalyst, Inc. (HCAT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Health Catalyst reported Q1 2024 total revenue of $74.7 million, and adjusted EBITDA of $3.4 million.

• The company's adjusted gross margin was 68% for technology and 22% for professional services.

• The company ended Q1 2024 with $327.8 million in cash, cash equivalents, and short-term investments.

• The company reported a strong Q1 that was in line with expectations, and expects to generate $300 million in revenue in 2024.

Business Progress:

• The company's growth strategy includes expanding existing client relationships and beginning new client relationships with strong demand reported for its new Health Catalyst Ignite platform.

• The company expanded its relationship with Saudi German Health, resulting in a meaningful technology expansion in the international segment.

• Health Catalyst is considering potential acquisitions in the application layer or tech enablement while maintaining disciplined capital allocation.

• Despite challenges such as the bankruptcy proceedings of Steward Health Care, the company remains optimistic about its strategic partnerships.

• The company reported a positive trend of improved client retention, which impacts growth positively by supporting a growing client base, aided by its tech-enabled managed services offering.

• Health Catalyst expects to see around a 10-point improvement in technology gross margin over the next 2-3 years as they transition most of their existing clients onto their more efficient and scalable Ignite platform.

More details: Health Catalyst IR

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