Health Catalyst (HCAT) Research & Development (2018 - 2026)
Health Catalyst's (HCAT) quarterly Research & Development came in at $10.6 million in Q1 2026, down 28.18% YoY from $14.7 million in Q1 2025, and up 4.06% on a QoQ basis from $10.2 million in Q4 2025.
Health Catalyst (HCAT) Research & Development (2018 - 2026) Analysis & Trends
Health Catalyst (HCAT) has 9 years of Research & Development data on file, last reported at $10.6 million in Q1 2026.
- Quarterly Research & Development fell 28.18% year-over-year to $10.6 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $46.2 million (down 14.45% YoY) and the FY2025 annual result came in at $52.5 million, down 3.51% from the prior year.
- Research & Development improved to $10.6 million in Q1 2026, from $10.2 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of $31.4 million in Q4 2022 to a low of $10.2 million in Q4 2025.
- A 5-year average of $16.5 million and a median of $14.9 million in 2024 frame the typical range for Research & Development.
- Annual changes were most pronounced in 2022 — Research & Development surged 43.84% — and 2024, when it tumbled 50.21%.
- Tracing HCAT's Research & Development over 5 years: stood at $31.4 million in 2022, then fell by 28.21% to $22.6 million in 2023, then plunged by 50.21% to $11.2 million in 2024, then declined by 9.52% to $10.2 million in 2025, then grew by 4.06% to $10.6 million in 2026.
- The last three Research & Development figures came in at $10.6 million (Q1 2026), $10.2 million (Q4 2025), and $12.3 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 208.32 Mn |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | - |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 26.83 Mn |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 56.79 Mn |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 81.41 Mn |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 99.00 Mn |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 50.38 Mn |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 45.05 Mn |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 30.58 Mn |
| 10 | Health Catalyst | 138.20 Mn | 34.76 Mn | 34.86 Mn | 11.03 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 11.03 Mn |
| Mar 31, 2026 | 10.59 Mn |
| Dec 31, 2025 | 10.17 Mn |
| Sep 30, 2025 | 12.28 Mn |
| Jun 30, 2025 | 13.21 Mn |
| Mar 31, 2025 | 14.74 Mn |
| Dec 31, 2024 | 11.24 Mn |
| Sep 30, 2024 | 14.19 Mn |
| Jun 30, 2024 | 13.88 Mn |
| Mar 31, 2024 | 14.87 Mn |
| Dec 31, 2023 | 22.58 Mn |
| Sep 30, 2023 | 15.08 Mn |
| Jun 30, 2023 | 16.40 Mn |
| Mar 31, 2023 | 17.08 Mn |
| Dec 31, 2022 | 31.45 Mn |
| Sep 30, 2022 | 20.77 Mn |
| Jun 30, 2022 | 20.92 Mn |
| Mar 31, 2022 | 20.82 Mn |
| Dec 31, 2021 | 21.86 Mn |
| Sep 30, 2021 | 20.81 Mn |