Ryan L. Vardeman, through Palogic-affiliated entities and accounts, acquired a 6.7% stake in Health Catalyst, Inc. common stock. The group crossed the reporting threshold on June 12, 2026, and filed a Schedule 13D on June 22, 2026. The filing highlights active engagement, including a letter backing new leadership and a recent divestiture.

Investor Intent

Palogic Value Management sent a letter on June 22, 2026 “expressing support for the recent appointment of Ben Albert as Chief Executive Officer and the divestiture of VitalWare.” The investors also plan to keep talking with Health Catalyst’s management, directors, and other shareholders about performance, strategy, capital allocation, board makeup, and governance.

They may pursue a range of actions, including buying or selling more shares, changing board or management, or strategic moves. Specifically, they note they “may consider… an extraordinary corporate transaction, such as a merger, reorganization or liquidation,” while reserving flexibility to change course.

Investor's Background

Ryan L. Vardeman is the sole member of Palogic Capital Management, LLC, which controls Palogic Value Management, LP, the general partner and investment manager for Palogic Value Fund, LP. Palogic manages a hedge fund and separately managed accounts that buy, hold, and sell public equities. The firm focuses on fundamental, long-term investing and engages with companies when it believes doing so can improve value.

Original SEC Filing: Health Catalyst, Inc. [ HCAT ] - SCHEDULE 13D - Jun. 22, 2026