Welcome to our dedicated page for HealthEquity news (Ticker: HQY), a resource for investors and traders seeking the latest updates and insights on HealthEquity stock.
HealthEquity, Inc. (HQY) is the nation's oldest and largest dedicated health savings trustee, providing innovative solutions that empower individuals and families to save and spend on healthcare efficiently. The company offers an integrated platform for health care account administration and investment, bolstered by round-the-clock support, personalized savings strategies, and comprehensive consumer education.
Founded by Dr. Stephen Neeleman, HealthEquity partners with over 14,000 employers and 60 national health plans to streamline benefits spending. Its offerings include Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Consolidated Omnibus Budget Reconciliation Act (COBRA) administration, commuter benefits, and more.
As of October 31, 2023, HealthEquity manages 15.3 million accounts, including 8.3 million HSAs, with assets totaling $22.6 billion. This includes $14.0 billion in HSA cash and $8.6 billion in HSA investments. The company’s recent acquisition of the BenefitWallet HSA portfolio added approximately $2.8 billion in assets, emphasizing its leadership in the health savings space.
Financially, HealthEquity reported a robust third quarter in 2023, with $249.2 million in revenue, reflecting a 15% year-over-year growth. The company's net income for the quarter stood at $14.7 million, or $0.17 per diluted share. Adjusted EBITDA increased by 30% to $95.6 million, underscoring HealthEquity’s growth and operational efficiency.
Looking forward, HealthEquity projects fiscal year 2024 revenue to be between $985 million and $995 million. The company aims to maintain strong growth through its focus on enhancing consumer experiences and leveraging its extensive partnerships across the health benefits ecosystem.
HealthEquity Collaborates with Microsoft
HealthEquity (NASDAQ: HQY), the largest HSA custodian in the U.S., has announced a strategic collaboration with Microsoft to modernize healthcare benefit administration via Microsoft Azure. This move is part of HealthEquity's cloud-first strategy aimed at simplifying and enhancing technology capabilities for clients and members. The partnership will enable new tools, real-time data access, and improved data security.
By leveraging Azure, HealthEquity will accelerate application development, streamline integration with existing systems, and enhance user experiences, significantly benefiting healthcare management.
HealthEquity (HQY) reported solid financial results for the fiscal year ended January 31, 2023, achieving $861.7 million in revenue, a 14% increase from FY22. The company posted a net loss of $26.1 million, significantly improved from a loss of $44.3 million in the previous year. Non-GAAP net income rose to $114.5 million, up from $110.2 million, while Adjusted EBITDA increased 15% to $272.3 million. The company recorded 8.0 million HSAs, with total HSA assets reaching $22.1 billion. Looking ahead, HealthEquity estimates fiscal 2024 revenues between $960 million and $975 million.
HealthEquity, Inc. (NASDAQ: HQY) will release its fourth quarter and fiscal year 2023 financial results on March 21, 2023, after market close. Following the release, the management will hold a conference call at 4:30 p.m. ET to discuss the results. Investors can join the call by dialing 1-833-630-1956 (toll-free) or via the webcast link provided. Additionally, HealthEquity will participate in the KeyBanc Virtual Life Sciences & MedTech Investor Forum on March 22, 2023, at 1:30 p.m. ET. The company, recognized as the largest HSA custodian, manages nearly 15 million accounts with a mission to connect health and wealth.
HealthEquity (NASDAQ: HQY) reported significant growth in its year-end updates for fiscal 2023. As of January 31, 2023, the company managed 8.0 million HSAs, a 11% increase from the previous year, and 14.9 million Total Accounts, up 4%. HSA Assets grew to $22.1 billion, marking a 13% increase year-over-year. CEO Jon Kessler announced record sales with nearly 1 million new HSAs and expects to achieve the top end of revenue guidance of approximately $860 million. An earnings update is scheduled for March 21, 2023, along with participation in investor conferences.
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