Health Catalyst, Inc.

# Signal Note: RA Capital Initiates HCAT Position RA Capital's entry into Health Catalyst—a healthcare data and analytics platform—signals confidence in the structural shift toward value-based care adoption and interoperability, areas where HCAT provides EHR integration and quality/cost benchmarking. The $1.9M position is modest in absolute terms but noteworthy given RA's typically concentrated, thesis-driven biotech focus, suggesting potential conviction in HCAT's software-as-a-service economics or upcoming contract wins. Near-term catalysts to monitor include CMS interoperability rulemakings and enterprise healthcare system IT budget cycles.