SCHEDULE: Whetstone Capital Discloses 5.3% Stake in Health Catalyst

Whetstone Capital Advisors and David Atterbury have disclosed a 5.3% beneficial ownership stake in Health Catalyst, Inc. as of December 31, 2025.

Summary

• Whetstone Capital Advisors, LLC and David Atterbury (collectively, "Reporting Persons") have reported beneficial ownership of 3,750,377 shares of Health Catalyst, Inc. common stock.
• This represents 5.3% of the issuer's class of securities.
• The Reporting Persons hold shared voting and shared dispositive power over all 3,750,377 shares.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a previous disclosure.
• The securities were not acquired for the purpose of changing or influencing control of Health Catalyst, Inc.

Sentiment

Score: 6

Explanation: The disclosure of a 5.3% beneficial ownership by Whetstone Capital Advisors and David Atterbury in Health Catalyst, Inc. is a neutral to slightly positive signal. It indicates institutional interest and confidence in the company's prospects, without suggesting any immediate operational changes or activist intent.

Positives

• Institutional investment firm Whetstone Capital Advisors, LLC, along with David Atterbury, has taken a significant 5.3% stake in Health Catalyst, Inc., signaling confidence in the company.
• The passive nature of the investment, as certified by the reporting persons, suggests a long-term investment perspective without immediate intent to influence control.

Risks

• The filing itself does not detail specific risks related to Health Catalyst, Inc.'s operations or financial health. It only states the reporting persons' intent not to influence control.

Future Outlook

NA

Management Comments

• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

The disclosure of a significant institutional stake in Health Catalyst, a company operating in healthcare data analytics and technology, suggests continued investor interest in the digital transformation of healthcare. This sector is experiencing growth as healthcare providers seek to leverage data for improved outcomes and efficiency.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership by an institutional investor. A 5.3% stake is a notable position for an investment advisor.
• Without specific financial performance data from Health Catalyst, direct comparison to industry peers' operational results is not possible based solely on this filing. However, similar disclosures by other investment firms in healthcare technology companies often indicate a belief in the long-term growth potential of the underlying business model.

Stakeholder Impact

• Shareholders may view the institutional investment as a positive signal, potentially increasing confidence in the stock.
• Management may perceive the passive nature of the stake as an endorsement without immediate pressure for strategic or operational changes from this particular investor.

Next Steps

• No specific future actions or milestones for Health Catalyst, Inc. are mentioned in this filing. The reporting persons may adjust their holdings in the future, which would require further amendments to their Schedule 13G or a Schedule 13D if their intent changes to active influence.

Key Dates

Keywords

Health Catalyst Inc., Whetstone Capital Advisors, David Atterbury, Schedule 13G, beneficial ownership, common stock, institutional investment, healthcare technology, data analytics