# EDGAR Filing Document

**Accession Number:** 0001636422
**File Stem:** 0000929638-25-004499
**Filing Date:** 2025-12
**Character Count:** 18040
**Document Hash:** 2f4ecd978467643bfdc0187c51de613f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-25-004499.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0000929638-25-004499

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Health Catalyst, Inc.
- **CENTRAL INDEX KEY:** 0001636422
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 453337483
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91321
- **FILM NUMBER:** 251546434

**BUSINESS ADDRESS:**
- **STREET 1:** 10897 SOUTH RIVER FRONT PARKWAY, #300
- **CITY:** SOUTH JORDAN
- **STATE:** UT
- **ZIP:** 84095
- **BUSINESS PHONE:** 801-708-6800

**MAIL ADDRESS:**
- **STREET 1:** 10897 SOUTH RIVER FRONT PARKWAY, #300
- **CITY:** SOUTH JORDAN
- **STATE:** UT
- **ZIP:** 84095

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HQC Holdings, Inc.
- **DATE OF NAME CHANGE:** 20150312
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Light Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001600004

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 EDINBOROUGH WAY
- **STREET 2:** SUITE 201
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55435
- **BUSINESS PHONE:** 952-831-6500

**MAIL ADDRESS:**
- **STREET 1:** 3300 EDINBOROUGH WAY
- **STREET 2:** SUITE 201
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55435

## Exhibit 99.1

#### Exhibit 99.1

#### Transactions effected during

#### the sixty day period prior to the filing
During the sixty day period prior to the filing of this Schedule 13D, the Reporting Persons engaged in the transactions in Common Stock of the Company listed below.

Transactions effected on behalf of the Separately Managed Accounts were effected as a result of investment or redemption decisions made by the persons holding such Separately Managed Accounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Relevant Party** | **Transaction** | **Date** | **No. Shares** | **Price Per Share** (1) |
| Separately Managed Accounts | Open Market Purchase | 10/03/2025 | 236 | $3.04 |
|  | Open Market Purchase | 10/06/2025 | 4962 | $2.93 |
|  | Open Market Sale | 10/06/2025 | 872 | $2.97 |
|  | Open Market Sale | 10/07/2025 | 2224 | $2.93 |
|  | Open Market Purchase | 10/08/2025 | 6918 | $2.90 (2) |
|  | Open Market Sale | 10/09/2025 | 11 | $2.81 |
|  | Open Market Sale | 10/13/2025 | 1094 | $2.70 |
|  | Open Market Purchase | 10/15/2025 | 68 | $2.97 |
|  | Open Market Sale | 10/16/2025 | 347 | $3.07 (3) |
|  | Open Market Purchase | 10/20/2025 | 374 | $3.16 |
|  | Open Market Sale | 10/20/2025 | 426 | $3.19 |
|  | Open Market Purchase | 10/27/2025 | 2767 | $3.22 |
|  | Open Market Sale | 10/28/2025 | 1975 | $3.48 |
|  | Open Market Sale | 10/29/2025 | 1099 | $3.46 |
|  | Open Market Purchase | 10/29/2025 | 809 | $3.44 |
|  | Open Market Sale | 11/03/2025 | 762 | $3.13 |
|  | Open Market Sale | 11/06/2025 | 5 | $2.93 |
|  | Open Market Sale | 11/07/2025 | 545 | $2.81 (4) |
|  | Open Market Sale | 11/12/2025 | 43990 | $2.51 (5) |
|  | Open Market Sale | 11/18/2025 | 393 | $2.23 |
|  | Open Market Sale | 11/19/2025 | 137 | $2.08 |
|  | Open Market Sale | 11/20/2025 | 632 | $2.11 (6) |
|  | Open Market Sale | 11/21/2025 | 32693 | $2.26 (7) |
|  | Open Market Sale | 11/24/2025 | 264 | $2.53 (8) |
|  | Open Market Sale | 11/26/2025 | 111 | $2.81 |
|  | Open Market Sale | 11/28/2025 | 285 | $2.98 |
| Mr. Arens | Open Market Purchase | 10/10/2025 | 93000 | $2.65 |
|  | Open Market Purchase | 10/13/2025 | 7000 | $2.73 |
|  | Open Market Purchase | 10/15/2025 | 12855 | $3.02 (9) |
|  | Open Market Purchase | 10/16/2025 | 16151 | $3.05 |
|  | Open Market Purchase | 10/17/2025 | 70994 | $3.05 (10) |
|  | Open Market Purchase | 10/28/2025 | 10000 | $3.43 (11) |
|  | Open Market Purchase | 10/29/2025 | 22000 | $3.31 (12) |
| Joint Accounts | Open Market Purchase | 10/13/2025 | 21000 | $2.70 (13) |
|  | Open Market Purchase | 10/21/2025 | 40000 | $3.16 (14) |
|  | Open Market Purchase | 10/30/2025 | 10500 | $3.31 (15) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the Company, full
 information regarding the number of shares sold at each price for which weighted average prices are provided for the transactions reported below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.90 to $2.93 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $3.05 to $3.08 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.81 to $2.82 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.48 to $2.56 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.04 to $2.23 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.26 to $2.35 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.47 to $2.57 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $3.01 to $3.02 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.99 to $3.05 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $3.42 to $3.44 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $3.31 to $3.31 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $2.69 to $2.71 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $3.14 to $3.20 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Represents the weighted average purchase price of purchase on the transaction date at prices ranging from $3.30 to $3.31 per share.

## Exhibit 99.2

#### Exhibit 99.2

#### JOINT FILING AGREEMENT
This Joint Filing Agreement, dated as of December 3, 2025, is by and among First Light Asset Management, LLC and Mathew P. Arens (collectively, the "Filers").

Each of the Filers may be required to file with the United States Securities and Exchange Commission a statement on Schedule 13G and/or 13D with respect to Common Stock, $0.01 par value per share, of Health Catalyst, Inc. beneficially owned by them from time to time.

Pursuant to and in accordance with Rule 13(d)(1)(k) promulgated under the Securities Exchange Act of 1934, as amended, the Filers hereby agree to file a single statement on Schedule 13G and/or 13D (and any amendments thereto) on behalf of each of such parties, and hereby further agree to file this Joint Filing Agreement as an exhibit to such statement, as required by such rule.

This Joint Filing Agreement may be terminated by any of the Filers upon one week's prior written notice (or such lesser period of notice as the Filers may mutually agree) to the other party.

Executed and delivered as of the date first above written.

---

| | |
|:---|:---|
| FIRST LIGHT ASSET MANAGEMENT, LLC | FIRST LIGHT ASSET MANAGEMENT, LLC |
| By: <br>| <u>/s/ Kurt T. Peterson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
|  | Kurt T. Peterson, Chief Compliance Officer |
| MATHEW P. ARENS | MATHEW P. ARENS |
| By: | <u>/s/ Mathew P. Arens&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>|
|  | Mathew P. Arens |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Health Catalyst, Inc.**

*(Name of Issuer)*

**Common Stock, $0.01 par value**

*(Title of Class of Securities)*

**42225T107**

*(CUSIP Number)*

**Kurt T. Peterson**<br>First Light Asset Management<br>3300 Edinborough Way, Suite 201<br>Edina MN 55435<br>952-831-6500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/01/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **42225T107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**First Light Asset Management, LLC** | Name of reporting person<br>**First Light Asset Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13341623.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13341623.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13341623.00** | Aggregate amount beneficially owned by each reporting person<br>**13341623.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.86%** | Percent of class represented by amount in Row (11)<br>**18.86%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **42225T107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Mathew P. Arens** | Name of reporting person<br>**Mathew P. Arens** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**509500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13413123.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**509500.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13413123.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13922623.00** | Aggregate amount beneficially owned by each reporting person<br>**13922623.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.68%** | Percent of class represented by amount in Row (11)<br>**19.68%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.01 par value

**(b) Name of Issuer:**
Health Catalyst, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
10897 South River Front Parkway, Suite #300, South Jordan, UT, 84095

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the securities of the Company reported herein for investment purposes.  The Reporting Persons intend to evaluate such investments in the Company and their options with respect to such investments on an ongoing basis.

The Reporting Persons may acquire additional shares of Common Stock and/or other securities of the Company from time to time or may dispose of any or all of such shares or other securities held or beneficially owned by them at any time.

Mr. Arens became a Director of the Company as of December 1, 2025.  Mr. Arens has decided to waive any compensation due to him in connection with serving as a Director, except for reimbursement of out-of-pocket expenses related to such service pursuant to the Company's non-employee director compensation policy.  Mr. Arens also intends to enter into the Company's standard form indemnification agreement.  In connection with his appointment, the Company, First Light and Mr. Arens entered into a letter agreement (the "Letter Agreement"), pursuant to which First Light and Mr. Arens have agreed to abide by certain voting and confidentiality commitments that will remain in effect until Mr. Arens ceases to serve as a director on the Board.   The description of the Letter Agreement above is qualified in its entirety by reference to the Exhibit 99.3 hereto, which is incorporated by reference herein.

From time to time, the Reporting Persons may engage in discussions with the Company's Board of Directors and/or members of the Company's management team concerning, without limitation, the business, operations, capital structure, governance, management and strategy of the Company, potential business combinations and strategic alternatives, and other matters concerning the Company.

The Reporting Persons reserve the right to change their purpose and to formulate and implement plans or proposals with respect to the Company at any time and from time to time.  Any such action may be made by the Reporting Persons alone or in conjunction with other shareholders, potential acquirers, financing sources and/or other third parties and could include one or more purposes, plans or proposals that relate to or would result in actions required to be reported herein in accordance with Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
See Items 7-13 of the cover pages and Item 2 above.

**(b)**
See Items 7-13 of the cover pages and Item 2 above.

The percentages reported herein with respect to the Reporting Persons' beneficial ownership are calculated based upon a statement in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on November 10, 2025, that there were 70,730,884 shares of Common Stock outstanding as of November 5, 2025.

**(c)**
During the sixty day period prior to the filing of this Schedule 13D, the Reporting Persons engaged in the transactions in Common Stock of the Company listed in Exhibit 99.1 hereto.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information regarding the Letter Agreement in Item 4 is incorporated by reference into this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** First Light Asset Management, LLC

**Signature:** /s/ Kurt T. Peterson

**Name/Title:** Kurt T. Peterson, Chief Compliance Officer

**Date:** 12/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Mathew P. Arens

**Signature:** /s/ Mathew P. Arens

**Name/Title:** Mathew P. Arens

**Date:** 12/03/2025