SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Arens Mathew Paul (Last) (First) (Middle) C/O FIRST LIGHT ASSET MANAGEMENT, LLC 3300 EDINBOROUGH WAY, SUITE 201 (Street) EDINA MN 55435 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/01/2025	3. Issuer Name and Ticker or Trading Symbol Health Catalyst, Inc. [ HCAT ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	509,500	D
Common Stock	71,500	I	See Footnote (1)(2)(1)(2)
Common Stock	10,446,339	I	See Footnote (2)(3)(2)(3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Arens Mathew Paul (Last) (First) (Middle) C/O FIRST LIGHT ASSET MANAGEMENT, LLC 3300 EDINBOROUGH WAY, SUITE 201 (Street) EDINA MN 55435 (City) (State) (Zip)

1. Name and Address of Reporting Person* First Light Asset Management, LLC (Last) (First) (Middle) 3300 EDINBOROUGH WAY SUITE 201 (Street) EDINA MN 55435 (City) (State) (Zip)

Explanation of Responses:

1. Represents shares held in joint accounts over which Mr. Arens shares control.

2. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of his or its pecuniary interest therein, and the filing of this Form 3 shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

3. Represents shares held for the benefit of private investment vehicles (the Funds) for which First Light Asset Management, LLC (First Light) serves as investment adviser. Mr. Arens is the Managing Member, CEO and Senior Portfolio Manager of First Light. In such capacities, the Reporting Persons may be deemed to beneficially own and to have a pecuniary interest in securities held for the benefit of the Funds. Shares reported herein do not include shares held for the benefit of certain persons holding separately managed accounts for which First Light serves as investment adviser but with respect to which the Reporting Persons have no pecuniary interest.

Remarks:

Mr. Arens became a director of the Issuer as of December 1, 2025. Exhibit 24 - Power of Attorney.

	/s/ Benjamin Landry, as Attorney-in-Fact	12/03/2025
	FIRST LIGHT ASSET MANAGEMENT, LLC By: /s/ Benjamin Landry, Attorney-in-fact for Matthew P. Arens, Chief Executive Officer	12/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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POWER OF ATTORNEY
      With respect to holdings of and transactions in securities issued by
Health Catalyst, Inc. (the "Company"), the undersigned hereby constitutes
and appoints the individuals named on Schedule A attached hereto and as may
be amended from time to time, or any of them signing singly, with full power
of substitution and resubstitution, to act as the undersigned's true and
lawful attorney-in-fact-to:
(1)	execute for and on behalf of the undersigned, Schedules 13D and 13G in
	accordance with Section 13 of the Securities Exchange Act of 1934, as
	amended (the "Exchange Act"), and the rules thereunder, and Forms 3,4,
	and 5 in accordance with Section 16 of the Exchange Act and the rules
	thereunder, and Notices of Proposed Sale of Securities Pursuant to Rule
	144 ("Form 144"), in accordance with the requirements of Rule 144 under
	the Securities Exchange Act of 1933, as amended (the "Securities Act");and
(2)	do and perform any and all acts for and on behalf of the undersigned which
	may be necessary or desirable to complete and execute any such Schedule 13D,
	Schedule 13G, Form 3, Form 4, Form 5, and Form 144, complete and execute
	any amendment or amendments thereto, and to timely file such Schedule 13D,
	Schedule 13G, Form 3, Form 4, Form 5, and Form 144, as applicable, and
	any amendment thereto, with the United States Securities and Exchange
	Commission and any stock exchange or similar authority.
       The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the
rights and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution and resubstitution or revocation, hereby ratifying and confirming
all that such attorney-in-fact, or such attorney-in-fact's substitute or
substitutes, shall lawfully do or cause to be done by virtue of this Power
of Attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-fact, in
serving in such capacity at the request of the undersigned, are not
assuming, nor is the Company assuming, any of the undersigned's
responsibilities to comply with Section 13 and Section 16 of the Exchange Act
or Rule 144 under the Securities Act.
       This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file any Schedule 13D, Schedule 13G,
Form 3,Form 4, Form 5, and Form 144 with respect to the undersigned's holdings
of and transactions in securities issued by the Company, unless earlier revoked
by the undersigned in a signed writing delivered to the foregoing
attorneys-in-fact.

       IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 28th day of November, 2025.
/s/Mathew Paul Arens
Name: Mathew Paul Arens

Schedule A

INDIVDUALS APPOINTED AS ATTORNEY-IN-FACT, WITH FULL POWER OF SUBSTITUTION
AND RESUBSTITUTION

1. Benjamin Landry, General Counsel of the Company
2. Jason Alger, Chief Financial Officer of the Company