Health Catalyst ( NASDAQ: HCAT ) stock rose ~23% on Wednesday after Q3 results beat estimates and the company raised its FY22 outlook which was seen above consensus.
Total revenue grew +10.72% Y/Y to $68.35M.
Technology revenue increased +15% Y/Y to ~$44M, while Professional services revenue grew +4% Y/Y to $24.36M.
"In the third quarter of 2022, I am pleased to share that we achieved strong performance across our business, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA, and, based on an expanding pipeline and ahead-of-schedule cost reduction efforts, we are also pleased to raise our full year 2022 revenue and Adjusted EBITDA guidance," said Health Catalyst CEO Dan Burton.
Adjusted net loss narrowed to -$7.17M, compared to -$9.05M in Q3 2021. Adjusted EBITDA was -$4.55M, compared to -$5.79M in the same period a year ago.
Outlook :
Full year 2022 : The company now expects FY22 total revenue to be between $274M and $276M, compared to prior outlook range of $271.5M to $275.5M provided during Q2 results ( consensus is $274.47M).
Health Catalyst expects adjusted EBITDA between -$4M and -$2M.
Q4 : The company expects total revenue between $66.9M and $68.9M ( consensus is $68.11M).
For further details see:
Health Catalyst surges 23% on raised FY22 outlook, while Q3 revenue climbs