Adjusted operating expenses were $30.6 million, or 38% of revenue, improved from 40% in Q2 2024.
Adjusted professional services gross margin was 18%, down 190 basis points year-over-year but improved 250 basis points sequentially.
Adjusted technology gross margin was 66%, down 140 basis points year-over-year due to platform migration costs.
Adjusted total gross margin was 50%, slightly down 30 basis points year-over-year but up 30 basis points sequentially.
Cash and equivalents ended at $97 million, down from $392 million at year-end 2024, with term loan face value at $162 million after paying off $230 million convertible notes in April 2025.
Health Catalyst reported Q2 2025 revenue of $80.7 million, a 6% year-over-year increase, and adjusted EBITDA of $9.3 million, exceeding guidance and marking the highest adjusted EBITDA in company history.
Professional Services revenue declined 1% year-over-year to $27.8 million, impacted by contract restructuring and exits.
Technology segment revenue grew 11% year-over-year to $52.9 million, driven primarily by recurring revenue from new and acquired clients.
Dafinchi