Health Catalyst sells data and analytics software and services to hospitals and health systems. Its core product is the Ignite Data and Analytics Platform, a cloud-based, healthcare-specific infrastructure that ingests data from EHRs, claims systems, and other sources into a unified environment. On top of Ignite, Health Catalyst sells a suite of analytics applications covering clinical improvement, revenue and cost management, ambulatory operations, quality reporting, and AI tools. Alongside its technology, Health Catalyst provides professional services including data engineering, domain expertise, and Tech-Enabled Managed Services (TEMS), where Health Catalyst effectively operates certain analytics functions on behalf of health systems. The company reports two segments: Technology (~67% of revenue), which is recurring subscription revenue from Ignite and analytics applications, and Professional Services (~33% of revenue), which carries substantially lower margins and is shrinking as Health Catalyst exits less profitable TEMS contracts. Health Catalyst classifies customers as Platform Clients (162 large clients with at least $100K in annual technology revenue) or App Clients (over 1,000 clients using individual applications). Converting App Clients into Platform Clients is a central growth motion, given materially higher conversion rates versus cold outreach. Near-term strategy prioritizes EBITDA margin expansion over top-line growth, through India-based staffing, AI adoption, and TEMS restructuring. Health Catalyst is also completing the migration of its legacy client base to Ignite, which it expects to finish by mid-2026.