SCHEDULE: First Light Asset Management Amends Health Catalyst Stake

First Light Asset Management and Mathew P. Arens filed an amended Schedule 13D, disclosing their updated beneficial ownership of Health Catalyst, Inc. common stock and recent open market sales.

Summary

• First Light Asset Management, LLC and Mathew P. Arens filed Amendment No. 1 to their Schedule 13D regarding Health Catalyst, Inc.
• The amendment updates information in Items 2(a), 5, and 7 of the original Schedule 13D filed on December 3, 2025.
• As of March 5, 2026, First Light Asset Management beneficially owns 12,884,373 shares, representing 17.51% of Health Catalyst's common stock.
• Mathew P. Arens beneficially owns an aggregate of 13,465,373 shares, representing 18.3% of the common stock, which includes shares held by First Light and his individual holdings.
• The percentage ownership is calculated based on 73,586,183 shares outstanding as of March 5, 2026, as reported in the Company's 2025 Form 10-K.
• Reporting Persons engaged in multiple open market sales of Health Catalyst common stock between January 12, 2026, and March 13, 2026, with prices ranging from $2.44 to $1.23 per share.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this filing with a slightly negative sentiment due to the consistent open market sales by the reporting persons at declining prices, which could signal a lack of confidence or rebalancing by their client accounts, despite maintaining a significant overall stake.

Positives

• First Light Asset Management and Mathew P. Arens maintain a significant beneficial ownership stake in Health Catalyst, Inc., with 17.51% and 18.3% respectively, indicating continued long-term interest.

Negatives

• Reporting Persons engaged in open market sales of Health Catalyst common stock during the 60-day period prior to the filing, with transaction prices showing a declining trend from $2.44 to $1.23 per share.
• The sales, although relatively small in volume compared to total holdings, occurred at progressively lower prices, which could signal a lack of confidence or rebalancing by certain client accounts.

Risks

• The ongoing open market sales by significant beneficial owners, particularly at declining prices, could exert downward pressure on Health Catalyst's stock price.
• Redemption decisions by separately managed accounts, as noted in the filing, indicate that some clients are choosing to reduce their exposure to Health Catalyst, which could lead to further sales.

Future Outlook

The filing does not provide specific forward-looking statements or guidance from Health Catalyst, Inc. or the Reporting Persons regarding the company's future performance or strategic direction, beyond the continued beneficial ownership.

Industry Context

StockSavvy.ai notes that significant institutional ownership, such as the 18.3% held by Mathew P. Arens and First Light Asset Management, can provide a degree of stability to a company's shareholder base. However, the recent pattern of open market sales, even if driven by client redemptions, could be interpreted by the market as a signal of reduced conviction or a re-evaluation of the investment thesis, especially if other healthcare technology investors are maintaining or increasing their positions.

Stakeholder Impact

• Shareholders: The sales by a significant holder, particularly at declining prices, could create downward pressure on the stock price and potentially signal reduced confidence, impacting shareholder value.
• Company Management: May need to address market concerns if the sales are perceived as a lack of confidence from a major investor.

Key Dates

Recommendation

While a significant beneficial owner is reducing their stake through open market sales at declining prices, which is a negative signal, the overall stake remains substantial. This suggests a rebalancing or client-driven redemptions rather than a complete divestment. Investors should hold and monitor future filings and company performance for clearer directional signals.

Keywords

Health Catalyst, First Light Asset Management, Mathew P. Arens, Schedule 13D/A, Beneficial Ownership, Common Stock, Investment Advisory, Open Market Sales, Shareholder Stake