Less than a month after its initial public offering resulted in total proceeds of more than $200 million, Salt Lake City-based data analytics company Health Catalyst reported high double-digit growth for the second quarter of 2019.
Three notes:
1. For the three months ending June 30 — weeks before opening its IPO — Health Catalyst reported total revenue of more than $36 million, a year-over-year increase of 60 percent.
2. These earnings were split between technology and professional services revenue. Technology revenue totaled more than $20 million, an 87 percent increase year over year, while professional services revenue measured just over $16.7 million, a 36 percent increase.
3. According to the report, Health Catalyst expects third-quarter revenue to tally between $36.8 million and $38.8 million. Revenue for all of 2019 is predicted to reach approximately $150 million.
"Strong organic revenue growth demonstrates the continued value our customers are realizing from our solution," CEO Dan Burton said in a statement alongside the report. "Our recent IPO will provide us with growth capital to continue to execute on our mission to be the catalyst for massive, measurable, data-informed healthcare improvement."
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