First Light details 18.3% Health Catalyst (HCAT) stake in amended 13D

Rhea-AI Filing Summary

First Light Asset Management and Mathew P. Arens filed an amended Schedule 13D for Health Catalyst, Inc. updating their ownership details. First Light is deemed to beneficially own 12,884,373 shares of common stock, representing 17.51% of the class. Arens reports beneficial ownership of 13,465,373 shares, or 18.3%, including 509,500 shares he owns individually and 71,500 shares held in joint accounts. The percentages are based on 73,586,183 shares of common stock outstanding as of March 5, 2026, as stated in the company’s Form 10-K. The filing notes that a First Light-managed fund has the right to receive dividends or sale proceeds from more than five percent of the outstanding shares and references recent transactions listed in an exhibit.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Health Catalyst, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

42225T107

(CUSIP Number)

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

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

03/12/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 42225T107

1

Name of reporting person

First Light Asset Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,884,373.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,884,373.00

11

Aggregate amount beneficially owned by each reporting person

12,884,373.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.51 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No. 42225T107

1

Name of reporting person

Mathew P. Arens

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 509,500.00
8	Shared Voting Power 12,955,873.00
9	Sole Dispositive Power 509,500.00
10	Shared Dispositive Power 12,955,873.00

11

Aggregate amount beneficially owned by each reporting person

13,465,373.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.3 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

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, UTAH , 84095.
Item 1 Comment: This amendment is being filed to amend Items 2(a), 5 and 7 of the Schedule 13D filed by the Reporting Persons (as defined below) on December 3, 2025.
Item 2.	Identity and Background
(a)	This Schedule 13D amendment is being filed by First Light Asset Management, LLC ("First Light") and Mathew P. Arens (together, the "Reporting Persons"). First Light provides investment advisory services to private investment vehicles and certain persons holding separately managed accounts ("Separately Managed Accounts" and, together with the private investment vehicles, collectively, "Client Accounts") and, in such capacity, may be deemed to beneficially own 12,884,373 shares of Common Stock ("Common Stock") of Health Catalyst, Inc. (the "Company") held for the accounts of such Client Accounts. Mr. Arens is the Managing Member, CEO and Senior Portfolio Manager of First Light. Shares of Common Stock reported herein for Mr. Arens represent the above-referenced shares reported with respect to First Light. In addition, Mr. Arens individually owns 509,500 shares of Common Stock and shares control over joint accounts (the "Joint Accounts") holding 71,500 shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership for any purpose.
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 Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 12, 2026, that there were 73,586,183 shares of Common Stock outstanding as of March 5, 2026.
(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.
(d)	First Light Focus Fund, LP, for which First Light serves as investment manager, has the right to receive and/or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than five percent of the Common Shares outstanding.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Transactions effected during the sixty day period prior to the filing. Exhibit 99.2 Joint Filing Agreement by and between the Reporting Persons, incorporated by reference to Exhibit 99.2 to the Schedule 13D filed by the Reporting Persons with respect to the Company on December 3, 2025 Exhibit 99.3 Letter Agreement by and among the Company and the Reporting Persons, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on December 2, 2025.

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.

First Light Asset Management, LLC

Signature:	/s/ Kurt T. Peterson
Name/Title:	Kurt T. Peterson, Chief Compliance Officer
Date:	03/13/2026

Mathew P. Arens

Signature:	/s/ Mathew P. Arens
Name/Title:	Mathew P. Arens
Date:	03/13/2026

FAQ

What ownership stake in Health Catalyst (HCAT) does First Light report?

First Light Asset Management reports beneficial ownership of 12,884,373 Health Catalyst common shares. This represents 17.51% of the outstanding class, based on 73,586,183 shares outstanding as of March 5, 2026, as disclosed in the company’s Form 10-K.

How many Health Catalyst (HCAT) shares does Mathew P. Arens beneficially own?

Mathew P. Arens reports beneficial ownership of 13,465,373 Health Catalyst shares, equal to 18.3% of the class. This includes shares attributed through First Light, 509,500 shares he owns individually, and 71,500 shares held in joint accounts he helps control.

What share count did the reporting persons use to calculate their HCAT ownership percentages?

The ownership percentages are calculated using 73,586,183 Health Catalyst common shares outstanding. This figure comes from the company’s Form 10-K for the year ended December 31, 2025, which states that this number was outstanding as of March 5, 2026.

Who are the reporting persons in this amended Schedule 13D for Health Catalyst (HCAT)?

The amended Schedule 13D is filed by First Light Asset Management, LLC and Mathew P. Arens. First Light advises private funds and separately managed accounts, while Arens is its Managing Member, CEO and Senior Portfolio Manager, with additional individual and joint holdings in Health Catalyst.

Does any First Light-managed fund hold more than 5% of Health Catalyst (HCAT) shares?

Yes. The filing states that First Light Focus Fund, LP, for which First Light serves as investment manager, has the right to receive dividends or sale proceeds from more than five percent of Health Catalyst’s outstanding common shares.

What recent trading activity in Health Catalyst (HCAT) do the reporting persons reference?

The reporting persons state that, during the sixty days before the filing, they engaged in transactions in Health Catalyst common stock. These transactions are listed in Exhibit 99.1, which itemizes activity over that period but is only referenced, not detailed, in the main text.