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SCHEDULE 13D/A 0000929638-25-004499 0001600004 XXXXXXXX LIVE 1 Common Stock, $0.01 par value 03/12/2026 true 0001636422 42225T107 Health Catalyst, Inc. 10897 South River Front Parkway Suite #300 South Jordan UT 84095 Kurt T. Peterson 952-831-6500 First Light Asset Management 3300 Edinborough Way, Suite 201 Edina MN 55435 0001600004 First Light Asset Management, LLC AF DE 0 12884373 0 12884373 12884373 N 17.51 IA Y Mathew P. Arens AF PF X1 509500 12955873 509500 12955873 13465373 N 18.3 IN HC Common Stock, $0.01 par value Health Catalyst, Inc. 10897 South River Front Parkway Suite #300 South Jordan UT 84095 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. 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. See Items 7-13 of the cover pages and Item 2 above. 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. 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. 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. Not applicable. 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. First Light Asset Management, LLC /s/ Kurt T. Peterson Kurt T. Peterson, Chief Compliance Officer 03/13/2026 Mathew P. Arens /s/ Mathew P. Arens Mathew P. Arens 03/13/2026