Q2 2024 Health Catalyst Inc Earnings Call Transcript
Key Points
- Health Catalyst Inc (HCAT) reported total revenue of $75.9 million and adjusted EBITDA of $7.5 million for Q2 2024, both exceeding the midpoint of their guidance.
- The company saw strong bookings performance, particularly with net new platform subscription clients, leading to an increased forecast for 2024.
- Health Catalyst Inc (HCAT) received significant external recognitions, including being named one of the 50 best healthcare data analytics companies in the US by Newsweek.
- The company announced meaningful new client partnerships, including with Sing Health in Singapore and Adena Health in Ohio.
- Health Catalyst Inc (HCAT) closed acquisitions of Carevive and Lumion, enhancing their capabilities in oncology and patient journey coordination, respectively.
- The company anticipates more revenue impact from new client additions to occur in late 2024 to early 2025 due to longer implementation times for international and health information exchange clients.
- Adjusted professional services gross margin decreased by roughly 190 basis points relative to Q1 2024.
- Health Catalyst Inc (HCAT) updated their 2024 dollar-based retention forecast to 100% to 106%, reflecting some challenges in client retention.
- The company noted a meaningful bad debt reserve related to a client in bankruptcy proceedings, impacting their financial outlook.
- There is potential for down-sell during the migration to the Ignite platform, as clients may opt for lower-cost infrastructure.
Welcome to the Health Catalyst second-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the call over to Jack Knight, Vice President of Investor Relations.
Good afternoon, and welcome to Health Catalyst's earnings conference call for the second quarter of 2024, which ended on June 30, 2024. My name is Jack Knight. I'm the Vice President of Investor Relations for Health Catalyst. And with me on the call is Dan Burton, our Chief Executive Officer; Jason Alger, our Chief Financial Officer; and Dan LeSueur, our Chief Operating Officer.
A complete disclosure of our results can be found in our press release issued today as well as in our related Form 8-K furnished to the SEC, both of which are available on the Investor Relations section of our website at ir.healthcatalyst.com. As a reminder, today's call is being recorded and a replay will be available following the conclusion of the call.
During today's call, we will make forward
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