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Industrials : Machinery |
Company profile

EESTech, Inc. is a development-stage company. The Company is focused on providing mine site waste management solutions through the application of processing capabilities. The Company seeks to deliver remediation and reclamation services to the mining industry. Its patent pending reclamation and remediation services use process technologies to recover resources from mine site waste and process slag to produce a smelt-ready concentrate to produce metals/alloy and specialty inert sand products for multiple downstream applications. Its processing systems include waste resource agglomeration module (WRAM), inductosmelt reduction furnace (IRF) and ThermaSand. Its platform agglomerates recovered materials sourced from course discard dumps, fines dams and processing waste to produce commercially usable products in the form of WRAM ROX. Its IRF is designed to continuously smelt non-conductive materials, ores, concentrates or melt metals and glass, ranging in size from powder to lumps.

Closing Price
$0.10
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.10
Day's Low
0.10
Volume
30,000

Health Catalyst Reports Second Quarter 2022 Results

4:03 pm ET August 4, 2022 (Globe Newswire) Print

EQNX::TICKER_START (NASDAQ:HCAT), EQNX::TICKER_END Health Catalyst, Inc. ("Health Catalyst," Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today reported financial results for the quarter ended June 30, 2022.

"I am pleased to share that Q2 2022 marked another quarter of strong financial performance, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA," said Dan Burton, CEO of Health Catalyst. "I am also happy to report that in the most recent team member engagement survey, independently administered by the Gallup organization, team member engagement scores at Health Catalyst measured in the 97th percentile. This latest engagement level continues a pattern that has been in place for many years, of industry-leading engagement, consistently ranked between the 95th and 99th percentile in overall team member engagement scores. We as a leadership team continue to maintain a primary, prioritized focus on team member engagement - the center of our strategic flywheel - because we recognize the central and foundational contributions that our team members make in building the software and providing the services expertise that enable our customers to achieve massive, measurable improvement."

"While we are pleased with these Q2 2022 results, we are disappointed that we are revising down our revenue and Adjusted EBITDA outlook for the full year. We are witnessing a challenging end market environment that has materially impacted our year-to-date bookings performance relative to our plan at the beginning of the year. Importantly, however, as we navigate this challenging macro-environment, we are committed to operating with financial discipline. As such, while our near-term growth is impacted by the macro-economic pressure on our end market, we are confident in our ability to drive meaningful, positive Adjusted EBITDA leverage in 2023 and beyond."

Financial Highlights for the Three Months Ended June 30, 2022

Key Financial Metrics

                                            Three Months Ended June 30,                                  Year over Year
                                                                                                         Change
                                                                                 2022         2021
                                            (in thousands, except percentages, unaudited)
Technology revenue                          $                                    45,397     $ 35,529     28                                   %
Professional services revenue               $                                    25,236     $ 24,098     5                                    %
Total revenue                               $                                    70,633     $ 59,627     18                                   %
Loss from operations                        $                                    (33,192 )  $ (32,319 )  3                                    %
Net loss                                    $                                    (33,428 )  $ (35,834 )  (7                                   )%
Other Non-GAAP Financial Data:
Adjusted Technology Gross Profit            $                                    31,968     $ 24,256     32                                   %
Adjusted Technology Gross Margin                                                 70      %    68      %
Adjusted Professional Services Gross Profit $                                    6,696      $ 8,174      (18                                  )%
Adjusted Professional Services Gross Margin                                      27      %    34      %
Total Adjusted Gross Profit                 $                                    38,664     $ 32,430     19                                   %
Total Adjusted Gross Margin                                                      55      %    54      %
Adjusted EBITDA                             $                                    1,999      $ 1,661      20                                   %
________________________
(1) These measures are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). See the accompanying "Non-GAAP Financial Measures" section below for more information about these financial measures, including the limitations of such measures, and for a reconciliation of each measure to the most directly comparable measure calculated in accordance with GAAP.

Financial Outlook

Health Catalyst provides forward-looking guidance on total revenue, a GAAP measure, and Adjusted EBITDA, a non-GAAP measure.

For the third quarter of 2022, we expect:

For the full year of 2022, we expect:

We have not reconciled guidance for Adjusted EBITDA to net loss, the most directly comparable GAAP measure, and have not provided forward-looking guidance for net loss, because there are items that may impact net loss, including stock-based compensation, that are not within our control or cannot be reasonably forecasted.

Quarterly Conference Call Details

The company will host a conference call to review the results today, Thursday, August 4, 2022, at 5:00 p.m. E.T. Participants can pre-register for the conference call at https://register.vevent.com/register/BI819cb5d2860c4bd5a9054759c47b3898.

A live audio webcast will be available online at https://ir.healthcatalyst.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Health Catalyst

Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its customers leverage the cloud-based data platform--powered by data from more than 100 million patient records and encompassing trillions of facts--as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial, and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.

Available Information

Health Catalyst intends to use its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth, and our financial outlook for Q3 and fiscal year 2022. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.

Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market or industry conditions, regulatory environment and receptivity to our technology and services; (iii) results of litigation or a security incident; (iv) the loss of one or more key customers or partners; (v) the impact of COVID-19 and inflation on our business and results of operations; and (vi) changes to our abilities to recruit and retain qualified team members. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022 expected to be filed with the SEC on or about August 4, 2022 and the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data, unaudited)

                                                                                As of              As of
                                                                                June 30,           December 31,
                                                                                    2022                2021
                                                                                (unaudited)
Assets
Current assets:
Cash and cash equivalents                                                       $   176,983        $    193,227
Short-term investments                                                              226,365             251,754
Accounts receivable, net                                                            47,752              48,801
Prepaid expenses and other assets                                                   14,270              14,609
Total current assets                                                                465,370             508,391
Property and equipment, net                                                         26,527              23,316
Intangible assets, net                                                              109,508             104,788
Operating lease right-of-use assets                                                 20,228              21,133
Goodwill                                                                            185,982             169,972
Other assets                                                                        3,724               4,496
Total assets                                                                    $   811,339        $    832,096
Liabilities and stockholders' equity
Current liabilities:
Accounts payable                                                                $   5,691          $    4,693
Accrued liabilities                                                                 18,612              23,725
Deferred revenue                                                                    60,883              56,632
Operating lease liabilities                                                         3,498               3,425
Contingent consideration liabilities                                                1,625               4,576
Total current liabilities                                                           90,309              93,051
Convertible senior notes                                                            225,772             180,942
Deferred revenue, net of current portion                                            553                 929
Operating lease liabilities, net of current portion                                 19,142              20,244
Contingent consideration liabilities, net of current portion                        6,390               14,719
Other liabilities                                                                   118                 113
Total liabilities                                                                   342,284             309,998
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value per share; 25,000,000 shares authorized as of
June 30, 2022 and December 31, 2021; no shares issued and outstanding as of         --                  --
June 30, 2022 and December 31, 2021
Common stock, $0.001 par value per share; 500,000,000 shares authorized as of
June 30, 2022 and December 31, 2021; 54,053,379 and 52,622,080 shares               54                  53
issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
Additional paid-in capital                                                          1,386,946           1,400,972
Accumulated deficit                                                                 (917,506  )         (878,860  )
Accumulated other comprehensive loss                                                (439      )         (67       )
Total stockholders' equity                                                          469,055             522,098
Total liabilities and stockholders' equity                                      $   811,339        $    832,096
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
                                                  Three Months Ended                Six Months Ended
                                                  June 30,                          June 30,
                                                      2022             2021             2022             2021
Revenue:
Technology                                        $   45,397       $   35,529       $   87,627       $   69,368
Professional services                                 25,236           24,098           51,093           46,105
Total revenue                                         70,633           59,627           138,720          115,473
Cost of revenue, excluding depreciation and
amortization:
Technology                                            13,996           11,847           27,323           22,672
Professional services                                 20,611           18,206           41,280           34,719
Total cost of revenue, excluding depreciation and
amortization                                          34,607           30,053           68,603           57,391
Operating expenses:
Sales and marketing                                   20,922           16,705           41,740           32,356
Research and development                              18,148           14,524           35,296           28,869
General and administrative                            17,536           22,525           26,359           37,540
Depreciation and amortization                         12,612           8,139            24,261           15,953
Total operating expenses                              69,218           61,893           127,656          114,718
Loss from operations                                  (33,192 )        (32,319 )        (57,539 )        (56,636 )
Interest and other expense, net                       (1,180  )        (3,707  )        (2,842  )        (7,659  )
Loss before income taxes                              (34,372 )        (36,026 )        (60,381 )        (64,295 )
Income tax provision (benefit)                        (944    )        (192    )        (4,495  )        (91     )
Net loss                                          $   (33,428 )    $   (35,834 )    $   (55,886 )    $   (64,204 )
Net loss per share, basic                         $   (0.62   )    $   (0.80   )    $   (1.05   )    $   (1.45   )
Net loss per share, diluted                       $   (0.62   )    $   (0.80   )    $   (1.15   )    $   (1.45   )
Weighted-average shares outstanding used in
calculating net loss per share, basic                 53,675           44,886           53,343           44,381
Weighted-average shares outstanding used in
calculating net loss per share, diluted               53,675           44,886           53,804           44,381
Adjusted net loss                                     (1,431  )        (1      )        (4,398  )        (2,754  )
Adjusted net loss per share, basic and diluted    $   (0.03   )    $   (0.00   )    $   (0.08   )    $   (0.06   )

_______________

(1) Includes stock-based compensation expense as follows:

                                                          Three Months Ended June 30,  Six Months Ended June 30,
                                                                2022      2021               2022      2021
Stock-Based Compensation Expense:                         (in thousands)               (in thousands)
Cost of revenue, excluding depreciation and amortization:
Technology                                                $     480     $ 574          $     1,069   $ 948
Professional services                                           1,924     2,282              4,091     3,717
Sales and marketing                                             6,875     5,932              13,888    10,750
Research and development                                        3,163     2,676              6,253     4,933
General and administrative                                      5,490     6,263              10,751    10,889
Total                                                     $     17,932  $ 17,727       $     36,052  $ 31,237

(2) Includes acquisition-related costs (benefit), net, as follows:

                                                          Three Months Ended June 30,  Six Months Ended June 30,
                                                               2022             2021        2022              2021
Acquisition-related costs (benefit), net:                 (in thousands)               (in thousands)
Cost of revenue, excluding depreciation and amortization:
Technology                                                $    87          $    --     $    193          $    --
Professional services                                          147              --          366               --
Sales and marketing                                            793              --          1,190             --
Research and development                                       1,107            --          1,665             --
General and administrative                                     2,513            8,114       (3,518 )          10,270
Income tax provision (benefit)                            $    (933  )     $    --     $    (4,533 )     $    --
Total                                                     $    3,714       $    8,114  $    (4,637 )     $    10,270

(3) Includes non-GAAP adjustments to net loss. Refer to the "Non-GAAP Financial Measures--Adjusted Net Loss Per Share" section below for further details.

Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
                                                                            Six Months Ended
                                                                            June 30,
                                                                                  2022          2021
Cash flows from operating activities
Net loss                                                                    $     (55,886  )  $ (64,204 )
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense                                                  36,052        31,237
Depreciation and amortization                                                     24,261        15,953
Non-cash operating lease expense                                                  1,660         1,926
Amortization of debt discount and issuance costs                                  749           5,817
Investment discount and premium amortization                                      403           569
Provision for expected credit losses                                              400           398
Deferred tax provision (benefit)                                                  (4,529   )    4
Change in fair value of contingent consideration liabilities                      (7,303   )    9,064
Other                                                                             (78      )    (25     )
Change in operating assets and liabilities:
Accounts receivable, net                                                          1,294         927
Prepaid expenses and other assets                                                 1,584         (1,548  )
Accounts payable, accrued liabilities, and other liabilities                      (4,886   )    (2,439  )
Deferred revenue                                                                  374           7,465
Contingent consideration liabilities                                              (741     )    (11,025 )
Operating lease liabilities                                                       (1,772   )    (2,107  )
Net cash used in operating activities                                             (8,418   )    (7,988  )
Cash flows from investing activities
Proceeds from the sale and maturity of short-term investments                     185,171       174,293
Purchase of short-term investments                                                (160,548 )    (53,686 )
Acquisition of business, net of cash acquired                                     (27,846  )    --
Capitalization of internal-use software                                           (7,026   )    (1,912  )
Purchase of intangible assets                                                     (1,298   )    (770    )
Purchases of property and equipment                                               (558     )    (8,138  )
Proceeds from the sale of property and equipment                                  10            12
Net cash (used in) provided by investing activities                               (12,095  )    109,799
Cash flows from financing activities
Proceeds from exercise of stock options                                           3,688         14,076
Proceeds from employee stock purchase plan                                        1,531         2,619
Payments of acquisition-related consideration                                     (930     )    (5,360  )
Net cash provided by financing activities                                         4,289         11,335
Effect of exchange rate changes on cash and cash equivalents                      (20      )    (5      )
Net (decrease) increase in cash and cash equivalents                              (16,244  )    113,141
Cash and cash equivalents at beginning of period                                  193,227       91,954
Cash and cash equivalents at end of period                                  $     176,983     $ 205,095

Non-GAAP Financial Measures

To supplement our financial information presented in accordance with GAAP, we believe certain non-GAAP measures, including Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted Net Loss, and Adjusted Net Loss per share, basic and diluted, are useful in evaluating our operating performance. For example, we exclude stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding our operational performance and allows investors the ability to make more meaningful comparisons between our operating results and those of other companies. We use this non-GAAP financial information to evaluate our ongoing operations, as a component in determining employee bonus compensation, and for internal planning and forecasting purposes.

We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

Adjusted Gross Profit and Adjusted Gross Margin

Adjusted Gross Profit is a non-GAAP financial measure that we define as revenue less cost of revenue, excluding depreciation and amortization, adding back stock-based compensation, and acquisition-related costs, net. We define Adjusted Gross Margin as our Adjusted Gross Profit divided by our revenue. We believe Adjusted Gross Profit and Adjusted Gross Margin are useful to investors as they eliminate the impact of certain non-cash expenses and allow a direct comparison of these measures between periods without the impact of non-cash expenses and certain other non-recurring operating expenses. The following is a reconciliation of revenue, the most directly comparable GAAP financial measure, to Adjusted Gross Profit, for the three months ended June 30, 2022 and 2021:

                                                         Three Months Ended June 30, 2022
                                                         (in thousands, except percentages)
                                                         Technology       Professional       Total
                                                                          Services
Revenue                                                  $   45,397       $    25,236        $   70,633
Cost of revenue, excluding depreciation and amortization     (13,996 )         (20,611 )         (34,607 )
Gross profit, excluding depreciation and amortization        31,401            4,625             36,026
Add:
Stock-based compensation                                     480               1,924             2,404
Acquisition-related costs, net                               87                147               234
Adjusted Gross Profit                                    $   31,968       $    6,696         $   38,664
Gross margin, excluding depreciation and amortization        69      %         18      %         51      %
Adjusted Gross Margin                                        70      %         27      %         55      %
                                                         Three Months Ended June 30, 2021
                                                         (in thousands, except percentages)
                                                         Technology       Professional       Total
                                                                          Services
Revenue                                                  $   35,529       $    24,098        $   59,627
Cost of revenue, excluding depreciation and amortization     (11,847 )         (18,206 )         (30,053 )
Gross profit, excluding depreciation and amortization        23,682            5,892             29,574
Add:
Stock-based compensation                                     574               2,282             2,856
Adjusted Gross Profit                                    $   24,256       $    8,174         $   32,430
Gross margin, excluding depreciation and amortization        67      %         24      %         50      %
Adjusted Gross Margin                                        68      %         34      %         54      %

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted for (i) interest and other expense, net, (ii) income tax (benefit) provision, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) acquisition-related costs, net, including the change in fair value of contingent consideration liabilities. We view acquisition-related expenses when applicable, such as transaction costs and changes in the fair value of contingent consideration liabilities that are directly related to business combinations as costs that are unpredictable, dependent upon factors outside of our control, and are not necessarily reflective of operational performance during a period. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by management and a comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. The following is a reconciliation of our net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA, for the three months ended June 30, 2022 and 2021:

                                Three Months Ended June 30,
                                    2022             2021
                                (in thousands)
Net loss                        $   (33,428 )    $   (35,834 )
Add:
Interest and other expense, net     1,180            3,707
Income tax (benefit) provision      (944    )        (192    )
Depreciation and amortization       12,612           8,139
Stock-based compensation            17,932           17,727
Acquisition-related costs, net      4,647            8,114
Adjusted EBITDA                 $   1,999        $   1,661

_______________

(1) Acquisition-related costs, net includes third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earn-out payments. For additional details refer to Note 2 in our condensed consolidated financial statements.

Adjusted Net Loss and Adjusted Net Loss Per Share

Adjusted Net Loss is a non-GAAP financial measure that we define as net loss adjusted for (i) stock-based compensation, (ii) amortization of acquired intangibles, (iii) acquisition-related costs (benefit), net, including the change in fair value of contingent consideration liabilities and the deferred tax valuation allowance release from the acquisitions of ARMUS and KPI Ninja, and (iv) non-cash interest expense related to our convertible senior notes. We believe Adjusted Net Loss provides investors with useful information on period-to-period performance as evaluated by management and comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

                                               Three Months Ended                      Six Months Ended
                                               June 30,                                June 30,
                                                   2022                2021                2022                2021
Numerator:                                     (in thousands, except share and per share amounts)
Net loss                                       $   (33,428    )    $   (35,834    )    $   (55,886    )    $   (64,204    )
Add:
Stock-based compensation                           17,932              17,727              36,052              31,237
Amortization of acquired intangibles               9,976               7,045               19,324              14,126
Acquisition-related costs (benefit), net           3,714               8,114               (4,637     )        10,270
Non-cash interest expense related to
convertible senior notes                           375                 2,947               749                 5,817
Adjusted Net Loss                              $   (1,431     )    $   (1         )    $   (4,398     )    $   (2,754     )
Denominator:
Weighted-average number of shares used in
calculating net loss per share, basic              53,675,377          44,886,489          53,342,887          44,381,196
Weighted-average number of shares used in
calculating net loss per share, diluted            53,675,377          44,886,489          53,804,441          44,381,196
Adjusted Net Loss per share, basic and diluted $   (0.03      )    $   (0.00      )    $   (0.08      )    $   (0.06      )

______________

(1) Acquisition-related costs (benefit), net includes third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, changes in fair value of contingent consideration liabilities for potential earn-out payments, and the deferred tax valuation allowance release from the acquisitions of ARMUS and KPI Ninja. For additional details refer to Note 2 in our condensed consolidated financial statements.

Health Catalyst Investor Relations Contact:

Adam Brown

Senior Vice President, Investor Relations and FP&A

+1 (855)-309-6800

ir@healthcatalyst.com

Health Catalyst Media Contact:

Tarah Neujahr Bryan

Chief Brand and Communications Officer

media@healthcatalyst.com

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