SCHEDULE: First Light Asset Management Boosts Health Catalyst Stake

First Light Asset Management and Mathew P. Arens disclose significant beneficial ownership in Health Catalyst, Inc., with Mr. Arens joining the board.

Summary

• First Light Asset Management, LLC and Mathew P. Arens (Reporting Persons) collectively beneficially own 13,922,623 shares of Health Catalyst, Inc. Common Stock.
• This aggregate beneficial ownership represents 19.68% of the Company's outstanding Common Stock.
• First Light Asset Management, LLC beneficially owns 13,341,623 shares, accounting for 18.86% of the class.
• Mathew P. Arens' beneficial ownership includes shares held by First Light, 509,500 shares owned individually, and 71,500 shares held in Joint Accounts.
• The shares were acquired for investment purposes through open market purchases between April 22, 2020, and October 30, 2025.
• The total aggregate purchase price for all shares acquired by the Reporting Persons was approximately $74,574,129.
• Mathew P. Arens was appointed as a Director of Health Catalyst, Inc. effective December 1, 2025, and has waived compensation for this role, except for reimbursement of out-of-pocket expenses.
• A Letter Agreement was executed between the Company, First Light, and Mr. Arens, establishing certain voting and confidentiality commitments while Mr. Arens serves as a director.

Sentiment

Score: 7

Explanation: The filing indicates a significant and active investment by First Light Asset Management and its principal, Mathew P. Arens, who has joined the board. This suggests a positive long-term view and intent to influence the company's strategic direction, despite some recent share price declines noted in transaction history.

Positives

• Significant investment by First Light Asset Management and Mathew P. Arens, indicating strong confidence in Health Catalyst, Inc.'s long-term prospects.
• Mathew P. Arens, CEO and Senior Portfolio Manager of First Light, joining the Board of Directors brings an experienced investor's perspective and potential for enhanced strategic guidance.
• Mr. Arens' decision to waive director compensation (excluding expenses) demonstrates a commitment to the Company without adding immediate financial burden.

Negatives

• The transaction history for Separately Managed Accounts shows a net selling activity in the 60-day period prior to the filing, with many sales occurring at declining prices, potentially indicating some client-driven divestment or profit-taking.
• The average purchase price for Mr. Arens' individual and joint account purchases in October 2025 (ranging from $2.65 to $3.43 per share) is notably lower than the overall average purchase price for Client Accounts (approximately $5.45 per share), suggesting a decline in the stock price over the broader investment period.

Risks

• 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 their holdings at any time.
• The Reporting Persons reserve the right to change their investment purpose and to formulate and implement plans or proposals concerning the Company's business, operations, capital structure, governance, management, and strategy, potentially in conjunction with other shareholders or third parties.

Future Outlook

The Reporting Persons intend to continuously evaluate their investment in Health Catalyst, Inc. and may acquire additional shares or dispose of existing holdings. Mathew P. Arens' appointment to the Board of Directors suggests an active role in discussions concerning the Company's business, operations, capital structure, governance, management, and strategy.

Industry Context

This filing indicates a significant institutional investor, First Light Asset Management, and its principal, Mathew P. Arens, are taking a more active role in Health Catalyst, a company operating in the healthcare technology sector. Such increased investor engagement, particularly with a board seat, often signals a belief in the company's long-term potential or a desire to influence strategic direction within a competitive and evolving industry.

Management Changes

Corporate Governance

Related Party Transactions

• Mathew P. Arens, as Managing Member, CEO, and Senior Portfolio Manager of First Light Asset Management, LLC, and now a Director of Health Catalyst, Inc., represents a related party relationship.
• The Letter Agreement between Health Catalyst, Inc., First Light Asset Management, LLC, and Mathew P. Arens formalizes aspects of this relationship, including voting and confidentiality commitments.

Stakeholder Impact

• Shareholders: Increased institutional ownership and board representation by a significant investor could lead to enhanced oversight and potential strategic shifts, which may impact share value.
• Management: Will need to engage with Mr. Arens as a director and potentially consider input from First Light Asset Management on strategic matters.
• Employees: Potential strategic shifts or operational changes influenced by the new director could indirectly affect employees.

Next Steps

• Reporting Persons will continue to evaluate their investments in Health Catalyst, Inc. on an ongoing basis.
• Reporting Persons may acquire additional shares or dispose of existing shares of the Company.
• Reporting Persons may engage in discussions with the Company's Board of Directors and/or management team concerning business, operations, capital structure, governance, management, and strategy.
• Mathew P. Arens will serve as a Director, abiding by the voting and confidentiality commitments outlined in the Letter Agreement.
• Mr. Arens intends to enter into the Company's standard indemnification agreement.

Key Dates

Recommendation

While the significant stake and board appointment by First Light Asset Management and Mathew P. Arens signal confidence and potential for strategic influence, the transaction history shows some recent selling by separately managed accounts and Mr. Arens' recent purchases were at lower prices, indicating recent stock price weakness. The long-term impact of Mr. Arens' board role and First Light's engagement is yet to be fully realized. Therefore, a 'hold' recommendation is appropriate to observe how these developments translate into tangible company performance and strategic direction.

Keywords

Health Catalyst, First Light Asset Management, Mathew P. Arens, Schedule 13D, Beneficial Ownership, Director Appointment, Corporate Governance, Investment Advisory, Healthcare Technology, Shareholder Activism