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Health Catalyst, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $76.4 million for the quarter, an increase from $73.8 million in the same period the previous year. Technology revenue accounted for 64% of total revenue, while professional services made up the remaining 36%.
Cost of technology revenue, excluding depreciation and amortization, increased to $17.6 million from $15.2 million in the prior year, primarily due to higher cloud computing and hosting costs.
Sales and marketing expenses decreased to $11.3 million from $15.1 million, attributed to reductions in stock-based compensation and personnel costs.
Research and development expenses were reduced to $14.2 million from $17.7 million, reflecting decreases in personnel and contractor costs.
General and administrative expenses fell to $12.2 million from $13.6 million, with reductions in contingent consideration liabilities and stock-based compensation.
Interest and other income (expense), net, decreased by $4.1 million due to increased interest expenses related to a new credit agreement.
The company reported a net loss of $14.7 million for the quarter, compared to a net loss of $22.0 million in the previous year.
Health Catalyst completed acquisitions of Lumeon Ltd. and Carevive Systems, Inc. during 2024, with total considerations of $39.8 million and $22.1 million, respectively.
The company continues to focus on transitioning clients to its next-generation data platform, Health Catalyst Ignite, and anticipates further migration costs impacting technology gross margins in the near term.
Health Catalyst's liquidity position includes $387.3 million in cash, cash equivalents, and short-term investments as of September 30, 2024, with a new credit agreement providing an additional $125 million in funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Health Catalyst Inc quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.