SCHEDULE 13G/A: First Light Asset Management Boosts Health Catalyst Stake

First Light Asset Management and its managing member, Mathew P. Arens, reported a combined beneficial ownership of 19.75% in Health Catalyst, Inc. common stock as of September 30, 2025.

Summary

• First Light Asset Management, LLC and Mathew P. Arens jointly filed an Amendment No. 3 to Schedule 13G regarding their beneficial ownership in Health Catalyst, Inc.
• As of September 30, 2025, First Light Asset Management, LLC beneficially owned 13,388,217 shares of Health Catalyst, Inc. common stock, representing 18.93% of the class.
• Mathew P. Arens, as the managing member and majority owner of First Light Asset Management, LLC, and through direct holdings, beneficially owned a total of 13,969,217 shares, representing 19.75% of the class.
• Mr. Arens holds 509,500 shares with sole voting and dispositive power and shares control over 71,500 shares in a joint account.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 8

Explanation: The filing indicates a very substantial and continued beneficial ownership by a reputable investment firm and its principal, suggesting strong confidence in Health Catalyst, Inc. This large, stable institutional stake is generally viewed positively by the market.

Positives

• A significant institutional investor, First Light Asset Management, maintains a substantial stake (18.93%) in Health Catalyst, Inc., indicating continued confidence in the company.
• Mathew P. Arens, a key principal of the investment firm, personally holds a large combined stake (19.75%), aligning his interests with other shareholders.
• The filing is an amendment, suggesting an ongoing investment relationship and a maintained or potentially increased position by a major institutional holder.

Risks

• While not explicitly stated as a risk in the filing, a large concentration of ownership by a single entity or related parties could potentially influence corporate decisions or create liquidity issues if the holder decides to significantly reduce their stake.
• The filing itself does not detail company-specific operational or financial risks.

Future Outlook

NA

Industry Context

This filing indicates a significant and continued investment by First Light Asset Management, an investment adviser, in Health Catalyst, Inc., a company likely operating in the healthcare technology or data analytics sector. Large institutional ownership stakes like this are common in the industry, often signaling a long-term investment thesis in the company's growth prospects or market position. It suggests that a specialized investment firm sees value in Health Catalyst's business model within the competitive healthcare IT landscape.

Comparison to Industry Standards

• An institutional ownership stake of nearly 20% by a single investment firm and its principal is substantial and can be considered a strong vote of confidence, often exceeding typical passive institutional holdings.
• Compared to other healthcare technology companies, a concentrated ownership by an active investment adviser like First Light Asset Management suggests a belief in Health Catalyst's specific strategy or valuation, rather than just broad market exposure.
• While specific comparable companies or projects are not mentioned in the filing, such a significant stake implies that First Light Asset Management views Health Catalyst as a compelling investment relative to its peers in the health data and analytics space.

Stakeholder Impact

• Shareholders: The significant and stable ownership by First Light Asset Management and Mathew P. Arens may be viewed positively, signaling institutional confidence and potentially reducing volatility. It also aligns the interests of a major investor with other shareholders.
• Management: A large institutional investor can provide both support and oversight, potentially influencing strategic decisions or corporate governance.
• Employees, Customers, Suppliers, Creditors: No direct impact is immediately apparent from this ownership disclosure, but a stable and confident investor base can indirectly contribute to the company's long-term stability and strategic direction, which benefits all stakeholders.

Next Steps

• First Light Asset Management, LLC and Mathew P. Arens will be required to file further amendments to this Schedule 13G if there are material changes to their beneficial ownership (e.g., increasing or decreasing their stake by more than 1% of the class) or if they change their investment intent.

Key Dates

Recommendation

The filing reveals a significant and stable institutional ownership stake, which is generally a positive signal of investor confidence. However, a Schedule 13G primarily reports ownership and does not provide financial performance data or strategic updates that would warrant a 'buy' or 'sell' recommendation. The large stake suggests a long-term conviction by First Light Asset Management, making 'hold' a prudent recommendation for existing investors, while new investors would need to conduct further due diligence beyond this ownership disclosure.

Keywords

Health Catalyst, First Light Asset Management, Mathew P. Arens, Schedule 13G, beneficial ownership, institutional investor, common stock, equity stake, investment adviser, healthcare technology