Health Catalyst Inc 2025年度报告

(Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-38993 HEALTH CATALYST, INC. (Exact name of registrant as specified in its charter) 45-3337483(I.R.S. EmployerIdentification Number) Delaware(State or other jurisdiction ofincorporation or organization) 10897 South River Front Parkway #300South Jordan, UT 84095(801) 708-6800(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) Name of exchange on which registered The Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. YesNo☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated Filer☒Emerging growthcompanyNon-accelerated Filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of the common stock held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant’s mostrecently completed second fiscal quarter, was approximately $259.0 million based on the closing price of a share of common stock on June 30, 2025 asreported by the Nasdaq Global Select Market, or Nasdaq, for such date. As of March5, 2026, the Registrant had 73,586,183 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates information by reference from portions of the registrant's Form 10-K/A in lieu of the registrant’s definitive proxy statement for theAnnual Meeting of the Stockholders to be held in2026. Such Form 10-K/A is to be filed with the Securities and Exchange Commission no later than 120days after the end of the fiscal year covered by this Annual Report on Form 10-K. HEALTH CATALYST, INC.Annual Report on Form 10-KFor the Year Ended December31, 2025 Table of ContentsPagePART I.Item 1.Business6Item 1A.Risk Factors26Item 1B.Unresolved Staff Comments57Item 1C.Cybersecurity57Item 2.Properties58Item 3.Legal Proceedings59Item 4.Mine Safety Disclosures59PART II.Item 5.Market for Registrant’s Common Equity, Related Stockholders Matters, and Issuer Purchases of EquitySecurities60Item 6.[Reserved]61Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations61Item 7A.Quantitative and Qualitative Disclosures About Market Risk87Item 8.Consolidated Financial Statements and Supplementary Data90Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure139Item 9A.Controls and Procedures139Item 9B.Oth