Health Catalyst (HCAT) 2026年第3四半期決算説明会：顧客維持を優先、ガイダンスを再確認

ヘルス・カタリスト（NASDAQ: HCAT）が発表した2026年第3四半期決算は、売上高および調整後EBITDAがともに会社予想レンジの上限を上回った。経営陣は通期見通しを据え置く一方、顧客維持、コスト構造の適正化、ポートフォリオの簡素化、および事業執行を主要な優先事項として挙げた。

要点

• 2026年第3四半期の売上高は5,630万ドルとなり、会社予想レンジの5,500万〜5,600万ドルを上回った。
• 調整後EBITDAは77万9,000ドルに達し、経営陣の予想である損益分岐点〜50万ドルを上回った。
• 調整後粗利益率は前年同期の52.6%から44.3%へと低下した。プロフェッショナルサービス部門の粗利益率は、提供コストを上回るペースで売上高が減少したことや、医療費請求の増加に伴う福利厚生費の膨張により、1.7%に落ち込んだ。
• ヘルス・カタリストは2026年通期の業績予想について、売上高2億4,600万〜2億4,900万ドル、調整後EBITDA 1,800万〜1,850万ドルとする見通しを据え置いた。
• 同社は現在、2026年の受注額が従来の目標レンジである2,200万〜2,600万ドルの上限を超えると予想しているが、決算実績上は契約解約が引き続き受注の伸びを相殺している。
• 経営陣によると、システム移行に伴う契約解約は2027年末まで概ね続く見通しだという。顧客維持は、新CEOにとって最も喫緊の事業運営上の優先事項となっている。

主要財務データ

第3四半期の業績には、7月31日の事業売却完了前に計上されたVitalwareの丸1か月分の業績が含まれている。ヘルス・カタリストはその後、信用枠を完済し、無借金経営となった。

当四半期は想定を上回る医療費請求により、社内の福利厚生費用が約160万ドル増加した。その約半分は売上原価に、残り半分は営業費用に計上された。「プロジェクト・ネクサス（Project Nexus）」によるコスト削減は順調に進捗しているものの、人員への投資や福利厚生費の増加が、前年同期比での費用削減効果の一部を相殺した。

事業および業績の動向

経営陣は、受注から売上高への転換スピード向上に注力している。ある顧客は契約締結から約75日後に組み込み型製品を導入した。同社によると、この顧客は処方箋の86%が24時間以内に処理され、直近の週では問い合わせ件数が8%減少したと報告している。

新CEOのシメオン・コール氏は、顧客維持の向上、現在の売上水準に見合ったコスト構造の適正化、組織および製品の複雑さの軽減、そしてより一貫性のある事業執行の実現という4つの優先事項を提示した。

契約解約率が経営陣の想定を上回る水準にとどまっているため、顧客維持が目下の最優先事項となっている。ヘルス・カタリストは、契約更新サイクルのより早い段階から顧客にアプローチし、DOSを含む既存テクノロジーをサポートするとともに、より柔軟な導入オプションを提供する計画だ。

同社はまた、テクノロジー、データ、ヘルスケア機能の提案および統合方法を簡素化する方針だ。経営陣は、顧客の既存システムと容易に併用導入できるようにすることで、導入障壁を下げ、獲得可能な最大市場（TAM）を拡大できると述べている。

またヘルス・カタリストは、大規模な医療情報交換機関（HIE）の顧客との間で結んでいた不採算の相互運用性取引を、2026年末で終了する。経営陣はこの決定について、持続可能で収益性の高い売上の確保に注力する取り組みの一環であると説明した。

業績見通し（ガイダンス）

通期予想から逆算すると、第4四半期の調整後EBITDAは130万〜180万ドルの赤字となる見込みだ。経営陣は、第4四半期がVitalware売却後初の完全な四半期となり、継続的な解約の影響に加え、季節要因による医療費請求の増加が反映されると説明した。前四半期比での調整後EBITDAの減少は、主にVitalwareの完全除外によるものとみられている。

第4四半期の現金残高は、主にベンダーへの支払時期やホスティングインフラにかかる多額の前払い費用の影響で、小幅に減少する見通しだ。ただし、例年第4四半期および第1四半期に増加する顧客への請求により、これらの資金流出はある程度相殺される見込みだ。

リスクと注視点

システム移行に伴う契約解約は、引き続き売上高の主な逆風要因となっている。経営陣は2027年末までにこの影響をおおむね脱すると見込んでいるが、足元では解約が好調な新規受注の伸びを相殺していると指摘した。

プロフェッショナルサービス部門の収益性も主要な懸念事項だ。第3四半期の調整後粗利益率は、サービス売上高の縮小ペースが提供コストを上回ったため、わずか1.7%にとどまった。ヘルス・カタリストは、サービス提供費用を現在の契約基盤に見合った水準に適正化する作業に着手している。

その他の不透明要因としては、医療費請求コストの高止まり、Vitalware売却による第4四半期業績への影響、さらにはコスト削減と事業の簡素化を進めながら顧客維持率を高めるための事業執行力が挙げられる。

決算説明会（アーニングスコール）全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Unknown Speaker

Oh, my God.

Operator

Welcome to the Health Catalyst Third Quarter 2026 Earnings Conference Call.

[Operator Instructions]

I would now like to turn the call over to Stephanie St. Clair, Senior Vice President of Finance and Investor Relations.

Stephanie St Clair

Good afternoon and welcome to Health Catalyst Earnings Call for the Third Quarter of 2026. I'm Stephanie St. Clair, Senior Vice President of Finance and Investor Relations. With me today are Simeon Kohl, our President and Chief Executive Officer, and Jason Alger, our Chief Financial Officer. Complete disclosure of our results can be found in our press release issued today and 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. A replay of this call will be available afterward.

Today's call includes forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including about our financial outlook, expectations for the fourth quarter and full year 2026, client migrations and client retention, future growth and strategic priorities, our ability to strengthen our foundation, our ability to achieve profitable revenue growth and deliver returns to shareholders, long-term opportunities, retention, bookings, the impact of the Vitalware divestiture, and the general anticipated performance of our business. These forward-looking statements reflect management's views as of today and should not be relied upon as representing our views as of any subsequent date.

We disclaim any obligation to update any forward-looking statement or outlook. Actual results may materially differ. Please see the risk factors in our 2025 Form 10-K filed March 12, 2026 and our third quarter Form 10-Q filed today. We will also discuss non-GAAP measures. Reconciliations to the most comparable GAAP measures are in our press release. Non-GAAP financial information is presented for supplemental purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. We will provide forward-looking guidance for certain non-GAAP measures in this earnings call, not for the most directly comparable GAAP guidance measures or reconciliations because some items are not within our control or cannot be reasonably forecasted. Simeon joined us as President and CEO on September 14.

With that, I'll turn the call over to him.

Simeon Kohl

Thank you, Stephanie, and good afternoon, everyone. Earlier this afternoon, we reported third quarter revenue of $56.3 million and adjusted EBITDA of $779,000, both above the high end of our guidance ranges of $55 million to $56 million and $0 to $500,000, respectively. Given our performance year-to-date, and with Project Nexus cost reductions on track, we are reaffirming our full-year revenue and adjusted EBITDA outlook. As a reminder, Project Nexus is our strategic initiative designed to fundamentally transform our operating model and deliberately reposition our business. Before turning the call over to Jason for details on our financial performance and outlook, I'd like to share my initial perspectives on Health Catalyst, what attracted me to this opportunity, and the priorities that will guide our decisions and actions. As Stephanie mentioned, I joined in mid-September, and over these first several weeks, I've spent considerable time connecting with our leaders, team members, clients, and many of you. Those conversations have reinforced many of the reasons I was excited to join Health Catalyst.

Health Catalyst has deep healthcare expertise, longstanding client relationships, and proven measurable outcomes. Data and analytics technology, together with solutions in clinical quality, financial performance, interoperability, and consumer engagement, helps healthcare organizations connect complex data and turn it into actionable insights that address some of healthcare's most pressing challenges. But equally important, we have a team deeply committed to improving healthcare. Their expertise and dedication are fundamental strengths of this business and will be essential as we build on the results we've currently delivered to clients. We also have a stronger financial foundation following the Vitalware divestiture and the retirement of our credit facility. We are debt-free with approximately $79 million in cash, giving us increased flexibility as we move forward. So my view is straightforward. I believe Health Catalyst has meaningful assets and a compelling long-term opportunity, and our immediate priority is to strengthen the foundation of the business.

At the same time, there are areas where we can do better and client retention is the most immediate focus. Churn has been higher than we would like and strengthening our ability to retain and grow existing client relationships is a top priority. We are approaching it with urgency and a focus on sustained improvement. My experience at Performant gave me the opportunity to build and lead a healthcare business through considerable challenges and difficult decisions, which ultimately supported Performant's journey towards increased profitable growth. Along the way, we made deliberate choices about where to invest, how to differentiate, and how to create sustainable value for clients and shareholders. The circumstances here are different, but many of those same principles apply and they inform my four priorities. The first is retention. We must do more to preserve our client relationships and the revenue they represent.

That starts with gaining a better understanding of what clients need, addressing where we fall short, and continuing to deliver value as their needs evolve. Health systems have invested heavily in technology, and many, understandably, want to get more from those investments without adding complexity. Our role is to meet clients where they are by continuing to support the technology they use today, including DOS, offering greater flexibility in how they deploy our solutions, and aligning our modernization and optimization efforts with their priorities. Ultimately, we want clients to choose Health Catalyst for the value we deliver with technology and deployment options that work best for them. We're focused on building stronger relationships with our clients, staying close to their priorities, and working across the organization to deliver the value they expect from us. Retention is foundational to everything else we want to accomplish. It's difficult to build sustainable, profitable growth when we're continually replacing lost revenue. As we've said before, we expect to be generally through the migration-related churn headwinds by the end of 2027.

Second, greater cost alignment. We intend to grow Health Catalyst, and our focus is on building durable, profitable revenue that creates lasting value for our clients and attractive returns for our shareholders. This requires aligning our cost base with the revenue we can support today and investing with discipline in opportunities for future growth. We're sharpening our understanding of the economics across the business to identify where we generate attractive returns, where performance needs to improve, and where investment can create the most value. That insight will guide how we allocate resources, improve efficiency, and strengthen our financial foundation to support future growth. We will act with both urgency and care.

Third, less complexity. We've become more complex than we need to be, and we're focused on simplifying how we operate and how we present our capabilities to clients and prospects. Over the years, Health Catalyst has developed and acquired a broad portfolio of technology, data, and healthcare expertise. We have an opportunity to bring those strengths together more effectively, making it easier for clients to understand the value we offer, adopt our solutions, and expand their relationships with us. As healthcare organizations work to improve clinical outcomes, lower costs, and deliver a better consumer experience, I believe our combined capabilities position us well to help them achieve those goals.

Our immediate opportunity is to make better use of what we already have by simplifying how we present our solutions, improving integration across the portfolio, and helping clients realize more value from our capabilities. Making our solutions easier to deploy alongside clients' existing technology can also reduce barriers to adoption and broaden our market.

Fourth, more consistent execution. We have talented people throughout Health Catalyst, and we need to translate that talent into more consistent results. That requires clear priorities, shared accountability, stronger coordination across functions, and reliable information to guide our decisions. We're establishing a more disciplined operating cadence and bringing our product, engineering, and client-facing teams into closer alignment so we can execute as one Health Catalyst.

Stepping back, these priorities reinforce one another. Stronger retention can make our revenue more predictable and durable. Greater cost alignment can strengthen profitability and our ability to invest in products that meet clients' evolving needs. A simpler, more integrated approach can help clients get more value from our product partnership, and more consistent execution helps to drive a more reliable, high-quality delivery. Together, we believe these priorities lay the foundation for a more profitable, predictable business positioned for sustainable growth.

We're also realistic about where we stand today and the work required to improve our performance. We see opportunities to strengthen the economics of the business, improve commercial effectiveness, and unlock more value from the capabilities we already have. We're making disciplined decisions grounded in those opportunities with growth and investment tied to where we believe we can create clear client value and generate attractive returns.

I also want to be clear about what you should expect from me and our leadership team: transparency about our progress and our challenges, discipline in how we invest, and accountability for the commitments we make. Financial results will ultimately be the most important measure of our success, and we want to give you better visibility into what drives them. We're evaluating a focused set of measures to help you assess our progress, and we'll share more of that as work advances.

We also benefit from a board with deep experience of healthcare delivery, technology, and business transformation, further strengthened by the recent additions of Steve Nelson and Tami Reller. I appreciate the perspective and active engagement of our entire board as we move these priorities forward.

Let me close with this. I'm still early in my tenure, and we have important decisions ahead. We won't have every answer immediately, and meaningful improvement will require sustained execution, but I'm encouraged by our combination of healthcare expertise, technology and data assets, and trusted relationships with organizations tackling the most difficult challenges in healthcare. Our responsibility is to bring those strengths together with greater discipline and accountability, and to earn your confidence through results.

With that, I'll turn the call over to Jason.

Jason Alger

Thank you, Simeon. As Simeon noted, third quarter revenue and adjusted EBITDA both came in above the high end of our guided ranges. One item to keep in mind, third quarter results include 1 full month of Vitalware in July before the divestiture closed on July 31.

Let me walk through the details on the third quarter. Total revenue was $56.3 million, against our guided range of $55 million to $56 million. Technology revenue was $40.7 million, and professional services revenue was $15.6 million. We continue to make progress on bookings with a focus on converting those wins into revenue as quickly as possible. Clients achieve value sooner when implementations move fast, and we benefit from quicker revenue recognition. One client went live on our embedded product in about 75 days after signing, and they've reported that 86% of prescriptions are now completed within 24 hours, with call volume down 8% in the most recent week.

Adjusted gross margin was 44.3% compared to 52.6% in the prior year period. Adjusted technology gross margin was 60.6%, consistent with the trend we discussed last quarter. The adjusted professional services gross margin was 1.7% because services revenue declined faster than our delivery costs, and elevated internal benefits costs related to medical claims created an additional headwind. We anticipated the professional services margin pressure in the second half and have begun aligning delivery costs with our current contracts.

Adjusted operating expenses were $24.1 million, or 43% of revenue, compared to $28.1 million, or 37% of revenue in the prior year period. Project Nexus savings are tracking to plan, but investments in our team and higher than anticipated internal benefits costs offset part of the year-over-year reduction. The internal benefits costs related to medical claims were approximately $1.6 million greater than expectation across the business this quarter, with about half in cost of revenue and half in operating expenses.

Adjusted EBITDA was $779,000, above our guided range of breakeven to $500,000. Adjusted net loss per share was negative $0.03 on a weighted average share count of 75.4 million. We ended the quarter with approximately $79 million in cash, cash equivalents, and short-term investments, and no debt. We expect cash to decline modestly in the fourth quarter, mainly from the timing of vendor payments, including a large prepayment for hosting infrastructure, partly offset by client billings that typically benefit the fourth and first quarters.

Turning to guidance, we're reaffirming our full year 2026 revenue and adjusted EBITDA outlook. We expect total revenue of $246 million to $249 million and adjusted EBITDA of $18 million to $18.5 million. That implies an adjusted EBITDA loss in the fourth quarter of negative $1.8 million to negative $1.3 million, consistent with the full-year range we provided last quarter. The fourth quarter is our first full quarter without Vitalware, and it reflects the churn dynamics we discussed this year, as well as seasonally higher medical claims expense. The full removal of Vitalware in Q4 versus 1 month in Q3 drives the majority of the adjusted EBITDA decrease quarter over quarter.

For the full year, we continue to expect overall adjusted gross margin below 50%, with adjusted technology gross margin in the low 60s and adjusted professional services gross margin in the low-to-mid teens. As we said last quarter, we continue to see migration-related churn pressure that is generally in line with the framework we previously disclosed. We are listening closely to clients and focusing on the outcomes they need rather than the infrastructure decisions they face. We are engaging well ahead of renewal to identify and address potential risks.

We believe continued innovation in our technology, designed around how clients operate, is the most durable way to strengthen those relationships. We continue to see new bookings and expansion within our existing client base, and we now expect to exceed the high end of our $22 million to $26 million bookings target for the year. The churn pressure offsets that positive bookings result in our reported figures. Consistent with our focus on durable, profitable revenue, we're being deliberate about the revenue we pursue. For example, an interoperability relationship with a large health information exchange client that was not profitable terminates at the end of 2026. Decisions aren't taken lightly, but they're necessary in focusing on durable, profitable relationships. We're managing the business with urgency and cash discipline, with close scrutiny of every dollar we spend.

We know confidence is earned through execution, and we're focused on delivering. With that, operator, open the call for questions.

Operator

[Operator Instructions]

At this time, I'm showing no questions in queue. I will now turn the meeting back to Simeon Kohl for additional or closing remarks.

Simeon Kohl

Thank you, operator. No questions. Before we close here, I just want to thank our team members for their Herculean effort and certainly our clients and shareholders for their continued support. There's no doubt a lot of work ahead of us, but I believe we're taking the right steps to build a much stronger Health Catalyst for the future. So thanks all for joining us today, and we look forward to sharing our progress on the next Q4 call.

Operator

Thank you. This concludes today's Health Catalyst Third Quarter 2026 Earnings Conference Call. Please disconnect your line at this time and have a wonderful day.

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