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This Billion-Dollar Company Lost 40% Of Its Value, This Is What Wall Street Is Saying

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·2 min read
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  • Yesterday after the market close, Health Catalyst Inc (NASDAQ: HCAT) reported Q2 earnings. Shares have dropped over 30% after the news.

  • SVB Leerink notes a mild Q2 beat on Tech outperformance and FY22 guidance lowered on macro headwinds.

  • The company reported Q2 sales of $70.3 million, 18.5% Y/Y, which slightly beat the estimates of $69.87 million.

  • FY22 guidance was cut by ~$17 million at the midpoint, with management pointing to the challenging macro environment and its impact on hospital clients and bookings.

  • Health Catalyst forecasts Q3 revenue of $65.3-$68.3 million vs. the consensus of $74.61 million and an adjusted EBITDA loss of $(6)-$(4) million.

  • FY22 revenues are expected to be $271.5-$275.5 million vs. the Wall Street consensus of $290.98 million.

  • Separately, HCAT announced a $40 million share repurchase program (representing 2M shares/4% of shares outstanding at the current share price), following in the recent footsteps of other high-growth health tech peers e.g., DOCS, OPRX, etc.

  • According to SVB Leerink, a negative stock price reaction is expected despite the low bar going into the print (HCAT -54% YTD vs. HCIT -23% on an average).

  • Stifel downgraded Health Catalyst to Hold from Buy with a price target of $16, down from $27.

  • JP Morgan downgrades the stock from Overweight to Neutral and lowers the price target from $20 to $16.

  • Price Action: HCAT shares are down 36.90% at $11.53 during the market session on the last check Friday.

Latest Ratings for HCAT

Date

Firm

Action

From

To

Mar 2022

Piper Sandler

Maintains

Overweight

Mar 2022

Raymond James

Maintains

Strong Buy

Mar 2022

Canaccord Genuity

Maintains

Buy

View More Analyst Ratings for HCAT

View the Latest Analyst Ratings

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