Funding profile · Healthcare quality reporting

Able Health

One Form D, one acquisition, and a gap between the number in the press and the number in the accounts. The buyer is public, so the accounts are on file.

$27.0MAnnounced purchase price, excluding earnout (8-K, Feb 2020)
$21.5MConsideration transferred at closing, as booked by the buyer
$3.88MSeries Seed Preferred sold to 34 investors (Form D)
$1.0MEarnout settled in Q1 2021, against a $5.0M cap

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Mar 2016 Y Combinator, Winter 2016 $120,000 reported Y Combinator PitchBook
2016 to 2019 Seed, in several series $4M total reported Fifty Years, Great Oaks, Lifeforce Capital, Mission and Market, Refactor Capital named of seven PitchBook, Tracxn
First sale Mar 20, 2019 Series Seed Preferred Stock $3,876,832 offered, $3,876,832 sold 34 accredited investors, none non-accredited Form D
Signed Feb 13, closed Feb 21, 2020 Acquisition by Health Catalyst, Inc. (Nasdaq: HCAT) $27.0M announced plus up to $5.0M earnout; $21.5M booked Health Catalyst, Inc. 8-K, 10-Q
Q1 2021 Earnout settlement $1,009,000 n/a 10-Q

What the filings show

Able Health Inc. · Form D · filed Feb 10, 2020

First sale
Mar 20, 2019
Offered and sold
$3,876,832 of Series Seed Preferred, $0 remaining
Investors
34 · average about $114,024
Exemption
Rule 506(b)
Related persons
Steven Daniels (executive officer, director); Rachel Katz (executive officer, director)
Filing
SEC EDGAR, CIK 0001644097 · Delaware, incorporated 2015

Health Catalyst, Inc. · 8-K and 10-Q · Feb 2020 to May 2020

Agreement
Feb 13, 2020, for all equity interests in Able Health, Inc.
Announced price
$27,000,000, plus an earnout capped at $5,000,000 in stock
Shares at closing
290,073 HCAT common shares
Earnout
Incremental billings through Dec 31, 2020; stock valued at $34.4741
Closed
Feb 21, 2020
Booked consideration
$21,482,000 net of cash: $15.2M cash, $3.3M stock, $3.0M contingent
Allocation
Goodwill $14,725,000; developed technology $7,500,000; customer relationships $600,000; deferred revenue assumed $762,000
Filing
SEC EDGAR, CIK 0001636422

Reading the filings

  1. The Form D was a cleanup filing.First sale was March 20, 2019; the notice was filed February 10, 2020, 327 days later, against a 15 day requirement. It landed three days before the acquisition agreement was signed, the shape of a diligence checklist item rather than a fundraising announcement.
  2. The round was angel sized.$3,876,832 from 34 accredited investors averages about $114,024 each, with no commissions or finders fees. The only related persons listed are the two founders, both as executive officer and director. No investor board seat appears.
  3. $27 million and $21.5 million count different things.The 8-K gives $27 million plus the earnout. The 10-Q books $21.5 million transferred, of which $18.5 million was cash and stock and $3.0 million was contingent consideration at fair value. The bridge is retention: 179,392 restricted shares and 60,000 restricted stock units went to the sellers as post-combination compensation, not purchase price. At the $34.4741 earnout reference price those awards are worth roughly $8.25 million, close to the $8.5 million gap.
  4. The buyer paid for the engine, not the contract book.Of $21,482,000, goodwill took $14,725,000 and customer relationships took $600,000, under 3 percent of the price. Developed technology took $7,500,000 over three years. For a company described as “Serving over 30,000 providers”, that is a striking split.
  5. The earnout mostly did not pay.Booked at $3.0 million, capped at $5.0 million, tied to incremental billings in calendar 2020. The 10-Q states that “This Able Health earn-out contingent consideration liability was settled during the three months ended March 31, 2021.” The only contingent consideration settled that quarter was $1,009,000, about a fifth of the cap.
  6. The revenue base was small, and disclosure stopped.Health Catalyst recognized $0.4 million from Able Health in the 39 days to March 31, 2020. Annualized that is roughly $3.7 million, but the stub sits inside MIPS submission season, so treat it as a ceiling. The fiscal 2020 10-K gave no full year figure, calling the amount not significant.

Commercial signals

Signal Detail Source type
Regulatory CMS Qualified Clinical Data Registry for 2017; Qualified Registry for MIPS at the time of sale. Independent
Scale “Serving over 30,000 providers” at acquisition. Not audited, not broken out since. Company-stated
Revenue $0.4M recognized Feb 21 to Mar 31, 2020. Deferred revenue assumed at closing $762,000. Public record
Product today Sold as MeasureAble. The Able Health Registry was approved by CMS for the 2024 performance year. Company-stated
Corporate Able Health, LLC still appears in Health Catalyst’s list of subsidiaries filed March 12, 2026. Public record

What to watch

  • Nothing further from CIK 0001644097. The February 2020 Form D is the only filing under it.
  • Whether Health Catalyst keeps MeasureAble as a named product. It does not break out product level revenue, so the subsidiary list and the CMS approvals are the only public signals.
  • Renewal of the Qualified Registry designation for each performance year.

The Able Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • 64x Bio: Shared investor: Lifeforce Capital. A Harvard spinout that engineers the cells which manufacture viral vectors, rather than the therapies those vectors carry
  • Enzyme: Shared investor: Refactor. Cloud quality management software built so small life science companies could survive an FDA inspection without hiring a consulting firm
  • Kip Health: Shared investor: Refactor. A San Francisco startup that paired in person therapy with a data tracking app, built by two women who met climbing a telescope in Puerto Rico
  • Call9: Shared investor: Refactor. A company that put emergency medicine inside nursing homes, with first responders at the bedside and emergency physicians on a screen

Sources

  1. Public recordForm D, Able Health Inc., CIK 0001644097SEC · Feb 10, 2020
  2. Public recordHealth Catalyst 8-K, Item 3.02, Able Health acquisition agreementSEC · Feb 18, 2020
  3. Public recordHealth Catalyst 10-Q, Q1 2020, Note 2 Business CombinationsSEC · May 13, 2020
  4. Public recordHealth Catalyst 10-K, fiscal 2020SEC · Feb 25, 2021
  5. Public recordHealth Catalyst 10-Q, Q1 2021, contingent consideration settlementSEC · May 7, 2021
  6. Public recordHealth Catalyst Exhibit 21.1, subsidiaries, fiscal 2025SEC · Mar 12, 2026
  7. IndependentHealth Catalyst acquires Able Health for $27 millionHealthcare IT News · Feb 20, 2020
  8. IndependentAble Health profiles: investors, headcount, deal historyPitchBook, Tracxn · Sep 23, 2026
  9. CompanyHealth Catalyst announces agreement to acquire Able HealthGlobeNewswire · Feb 18, 2020
  10. CompanyAble Health Registry receives CMS QPP Qualified Registry approval for 2024Health Catalyst · Feb 21, 2024

Compiled from SEC filings and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in Able Health or Health Catalyst. This page is not an offer to sell or a recommendation to buy any security.