Health Catalyst (HCAT) Research & Development (2018 - 2026)
Health Catalyst posted quarterly Research & Development of $9.8 million for Q1 2026, down 35.61% year-on-year from $15.2 million in Q1 2025, and down 1.33% on a QoQ basis from $9.9 million in Q4 2025.
Health Catalyst (HCAT) has 9 years of Research & Development data on file, last reported at $9.8 million in Q1 2026.
- For the quarter ending Q1 2026, Research & Development fell 35.61% year-over-year to $9.8 million; the trailing twelve-month figure through Mar 2026 stood at $44.4 million (down 23.86% YoY), and the FY2025 full-year result was $49.8 million, down 14.12% from the prior year.
- Research & Development for Q1 2026 stood at $9.8 million, down from $9.9 million in the prior quarter.
- Across five years, Research & Development topped out at $20.8 million in Q3 2022 and bottomed at $9.8 million in Q1 2026.
- The 5-year median for Research & Development is $15.2 million (2025), against an average of $15.6 million.
- The widest annual swing landed in 2022, when Research & Development advanced 26.76%; it then slumped 35.61% in 2026.
- A 5-year view of Research & Development shows it stood at $19.6 million in 2022, then advanced by 3.44% to $20.3 million in 2023, then retreated by 26.05% to $15.0 million in 2024, then plunged by 33.94% to $9.9 million in 2025, then dropped by 1.33% to $9.8 million in 2026.
- The last three Research & Development figures came in at $9.8 million (Q1 2026), $9.9 million (Q4 2025), and $12.3 million (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 30.85 Bn | 24.28 Bn | 622.47 Mn | 198.79 Mn |
| 2 | BrightSpring Health Services | 12.29 Bn | 11.41 Bn | 482.22 Mn | - |
| 3 | Healthequity | 7.80 Bn | 7.48 Bn | 256.31 Mn | 67.77 Mn |
| 4 | Hinge Health | 4.82 Bn | 4.51 Bn | 154.23 Mn | 30.34 Mn |
| 5 | Doximity | 4.21 Bn | 3.46 Bn | 125.97 Mn | 39.11 Mn |
| 6 | Waystar Holding | 4.18 Bn | 4.03 Bn | 268.04 Mn | 18.37 Mn |
| 7 | 10x Genomics | 3.78 Bn | 3.24 Bn | 106.18 Mn | 56.85 Mn |
| 8 | Privia Health | 2.65 Bn | 2.28 Bn | 595.71 Mn | - |
| 9 | Omnicell | 1.95 Bn | 1.78 Bn | 140.36 Mn | 21.52 Mn |
| 10 | Health Catalyst | 98.36 Mn | -10.46 Mn | 35.46 Mn | 9.78 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 9.78 Mn |
| Dec 31, 2025 | 9.91 Mn |
| Sep 30, 2025 | 12.28 Mn |
| Jun 30, 2025 | 12.39 Mn |
| Mar 31, 2025 | 15.19 Mn |
| Dec 31, 2024 | 15.00 Mn |
| Sep 30, 2024 | 14.19 Mn |
| Jun 30, 2024 | 13.88 Mn |
| Mar 31, 2024 | 14.87 Mn |
| Dec 31, 2023 | 20.29 Mn |
| Sep 30, 2023 | 17.67 Mn |
| Jun 30, 2023 | 17.59 Mn |
| Mar 31, 2023 | 17.08 Mn |
| Dec 31, 2022 | 19.61 Mn |
| Sep 30, 2022 | 20.77 Mn |
| Jun 30, 2022 | 18.15 Mn |
| Mar 31, 2022 | 17.15 Mn |
| Dec 31, 2021 | 17.48 Mn |
| Sep 30, 2021 | 16.39 Mn |
| Jun 30, 2021 | 14.52 Mn |
| Mar 31, 2021 | 14.35 Mn |
| Dec 31, 2020 | 14.98 Mn |
| Sep 30, 2020 | 13.39 Mn |
| Jun 30, 2020 | 12.06 Mn |
| Mar 31, 2020 | 13.09 Mn |
| Dec 31, 2019 | 13.04 Mn |
| Sep 30, 2019 | 13.48 Mn |
| Jun 30, 2019 | 9.71 Mn |
| Mar 31, 2019 | 10.02 Mn |
| Dec 31, 2018 | 10.56 Mn |
| Sep 30, 2018 | 10.84 Mn |
| Jun 30, 2018 | 8.49 Mn |