Health Catalyst, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable improvements in revenue and reduced net losses compared to the same periods in 2023. For the third quarter of 2024, total revenue reached $76.4 million, a 3% increase from $73.8 million in Q3 2023. For the nine-month period, revenue was $227.0 million, up from $220.9 million in the prior year. Technology revenue, which constitutes a significant portion of total revenue, increased to $48.7 million in Q3 2024 from $46.0 million in Q3 2023, driven by new Platform Subscription Clients and expanded support services.

The company reported a net loss of $14.7 million for Q3 2024, a significant improvement from a net loss of $22.0 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $48.8 million, down from $87.8 million in the same period last year. This reduction in losses is attributed to lower operating expenses, which decreased to $47.7 million in Q3 2024 from $56.6 million in Q3 2023, and to $158.4 million for the nine months ended September 30, 2024, compared to $195.4 million in the prior year.

Health Catalyst's strategic initiatives included several acquisitions, notably Lumeon Ltd. for $39.8 million and Carevive Systems, Inc. for $22.1 million, both aimed at enhancing its technology and service offerings. The company also acquired Electronic Registry Systems, Inc. for approximately $11.5 million. These acquisitions are expected to contribute to future growth, although their immediate revenue impact was not material.

The company has also implemented a restructuring plan that included significant headcount reductions, particularly in its professional services and technology segments. This restructuring is expected to yield ongoing cost savings and improved operating margins.

As of September 30, 2024, Health Catalyst reported cash and cash equivalents of $328.3 million, a substantial increase from $106.3 million at the end of 2023. Total assets rose to $813.1 million, while total liabilities increased to $458.0 million, primarily due to the new credit agreement entered into on July 16, 2024, which provided a five-year term loan facility of up to $225 million.

Overall, Health Catalyst's financial performance reflects a positive trajectory, with increased revenues, reduced losses, and strategic acquisitions aimed at bolstering its market position in the healthcare data and analytics sector.