HealthEquity, Inc - HQY STOCK NEWS

HealthEquity (NASDAQ: HQY) has secured two prestigious Golden Globee® awards at the 2024 Globee® Awards for Technology. The company won recognition for its AI-based claims processing advancements, while EVP and CTO Eli Rosner received the Chief Technology Officer of the Year honor.

The company's innovative AI claims processing tool aims to expedite claims and reduce errors, allowing members to focus on their health rather than paperwork. HealthEquity has also launched HSAnswers, an AI-driven tool providing information about HSAs and consumer-directed benefits during open enrollment season. Future developments include customized benefits tools, payment integrations, and technology enhancements to support members' health and wealth management.

HealthEquity (Nasdaq: HQY) has launched HSAnswers, a free AI chat tool designed to provide instant, educational information about Health Savings Accounts (HSAs) and other consumer-directed benefits. The tool aims to address the challenge faced by employees who feel overwhelmed by the amount of benefits information available.

Key features of HSAnswers include:

• Instant responses to HSA-related inquiries
• A curated knowledge base powered by HealthEquity's expertise
• A user-friendly interface accessible to all

The tool is available on HealthEquity's website and is intended to help bridge the benefits knowledge gap, especially during open enrollment season. It focuses on providing information about various consumer-directed benefit products, including HSAs, FSAs, and HRAs.

HealthEquity, Inc. (Nasdaq: HQY), a leader in Health Savings Account (HSA) and consumer-directed benefits administration, has announced the launch of its HealthEquity Community Foundation. The foundation aims to build healthcare literacy and confidence across the United States by providing grants to nonprofit charitable organizations.

The foundation will focus on four key areas: Health & Medicine, Financial Education and Literacy, Mental Health & Crisis Support, and Basic Human Needs. In its first year, the foundation has committed to providing grants to organizations working in these areas, with a particular emphasis on serving under-resourced communities and addressing healthcare inequities.

Jon Kessler, president and CEO of HealthEquity, stated that this initiative expands on the company's two-decade-long commitment to making a difference in local communities. Dale Miller, President of the Foundation, emphasized that this is a formal extension of HealthEquity's longstanding commitment to empowering communities.

HealthEquity (Nasdaq: HQY) has released research findings on how Health Savings Account (HSA) contribution strategies influence employee participation. The study, analyzing nearly 2,000 HealthEquity clients and over 2 million HSA members, reveals that companies who both seed and match HSA contributions see 15% higher participation than those who don't contribute.

Key findings include:

• Any employer contribution increases HSA enrollment
• Matching strategies yield the highest employee contribution rates
• Seed contributions provide the most positive impact on benefits equity
• Employees with HSAs save an average of 16%, while employers save 2% per HSA enrollee

The research frames HSA contribution strategies through six key areas: enrollment, employer cost savings, employee benefit equity, contribution support, employee savings retention, and investing. As of June 2024, nearly $137 billion in assets were housed in over 37 million HSAs in the U.S.

HealthEquity (NASDAQ: HQY) reported strong financial results for Q2 FY25, with revenue increasing 23% to $299.9 million. Net income rose to $35.8 million, or $0.40 per diluted share, while non-GAAP net income reached $76.3 million, or $0.86 per diluted share. Adjusted EBITDA grew 46% to $128.3 million.

The company saw significant growth in key metrics, with HSAs increasing 15% to 9.4 million and Total HSA Assets rising 27% to $29.5 billion. HealthEquity also announced a $300 million stock repurchase program and raised its fiscal year 2025 guidance, projecting revenue between $1.165 billion and $1.185 billion.

HealthEquity (NASDAQ: HQY), the largest HSA custodian in the US, has partnered with Paytient to offer Health Payment Accounts (HPAs) to employees. HPAs provide a no-interest, no-fee option for managing healthcare costs, addressing the issue of 40% of workplace-insured Americans deferring care due to financial concerns.

Key features of HPAs include:

• Flexible payment terms for medical, dental, vision, Rx, and behavioral care
• No credit checks or impact on credit scores
• Complementary to existing benefits like HSAs, FSAs, and HRAs

The partnership aims to improve healthcare access, reduce employee stress, and support employer goals of retention, health equity, and cost savings. R.R. Donnelley, a HealthEquity client, reported increased employee satisfaction since implementing HPAs, particularly among hourly workers.

HealthEquity (NASDAQ: HQY) is launching the second annual HSA Week on August 26, 2024, to educate workers and companies about Health Savings Accounts (HSAs). The event aims to improve healthcare savings and financial stability through various resources. A recent HealthEquity study found that 40% of employees lack confidence in their health plan decisions, but those with excellent understanding are 4x more confident.

HSA Week 2024 features:

• An interactive quiz called HSA Trail
• A new benefit education library
• Free virtual events on HSA contribution strategies
• A special promotion with HSA Store

The initiative supports HealthEquity's mission to empower healthcare consumers and promote financial literacy.

HealthEquity (NASDAQ: HQY), the largest health savings account (HSA) custodian in the US, has announced key dates for investors. The company will release its second quarter fiscal 2025 financial results on September 3, 2024, after market close. A conference call for investors will follow at 4:30 p.m. Eastern Time, where management will review the results. Dial-in numbers are provided for US, Canada, and international callers.

Additionally, HealthEquity's management team will be presenting at two upcoming investor conferences: the 2024 Wells Fargo Healthcare Conference on September 4 in Boston, and the 2024 RW Baird Global Healthcare Conference on September 10 in New York. These events provide opportunities for investors to gain insights into the company's performance and strategy.

HealthEquity (NASDAQ: HQY) reported strong financial results for its first quarter ended April 30, 2024. Revenue reached $287.6 million, an 18% increase from Q1 FY24's $244.4 million.

Net income surged to $28.8 million from $4.1 million in Q1 FY24, while non-GAAP net income increased 64% to $70.3 million. Net income per diluted share rose to $0.33, and non-GAAP net income per diluted share increased to $0.80.

Adjusted EBITDA grew 36% to $117.4 million. The company saw a 13% increase in HSAs to 9.1 million and a 22% rise in total HSA assets to $27.3 billion. Total accounts hit 16.0 million, a 7% increase.

HealthEquity completed the acquisition of BenefitWallet HSA portfolio on May 9, 2024. Looking ahead, the company raised its FY25 guidance, expecting revenue between $1.16 billion and $1.18 billion, net income of $90 million to $105 million, and Adjusted EBITDA of $454 million to $474 million.