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HealthEquity, Inc. - HQY STOCK NEWS

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.

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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.

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Conduent (Nasdaq: CNDT) has completed the transfer of its BenefitWallet Health Savings Accounts (HSA) portfolio to HealthEquity (Nasdaq: HQY), marking the final phase of a transaction worth approximately $425 million. This move aligns with Conduent's strategy to streamline its operations and focus on core capabilities, as outlined in its 2023 investor briefing. Despite the portfolio transfer, Conduent will maintain its Human Capital Solutions offerings, including customer contact services and claims processing for HealthEquity. This rationalization is a key part of Conduent's planned adjustments for 2024.

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HealthEquity (Nasdaq: HQY) has completed the acquisition of Conduent’s BenefitWallet HSA portfolio, bringing over 616,000 HSA members and approximately $2.7 billion in HSA assets, including 34% in HSA investments. The acquisition boosts HealthEquity's member base to over nine million HSA members and 16 million total accounts. The newly acquired members will benefit from advanced investment tools and renowned customer support. CFO James Lucania highlighted that the new members are generally higher savers, with over 85% of their HSA cash in Enhanced Rates, representing a significant opportunity to increase value and meet the company's goal of doubling non-GAAP net income per share by fiscal 2027.

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HealthEquity, Inc. (NASDAQ: HQY) announced the release of its first quarter fiscal 2025 financial results on June 3, 2024, followed by a conference call for investors. The company will also present at several investor conferences in May and June 2024.

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HealthEquity, Inc. (NASDAQ: HQY) has been recognized for cultural excellence for the fourth consecutive year by Top Workplaces. The company's award-winning culture is attributed to the feedback from team members, who are praised for embracing values and mission. HealthEquity's benefits focus on work-life harmony, offering flexible remote work, mental health support, wellness programs, parental leave, and more. The company's commitment to holistic health is reflected in its culture, promoting ethics, service, community connection, and individual authenticity.

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HealthEquity, Inc. (HQY) reveals survey showing positive outlook on AI in benefits administration among professionals.
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HealthEquity, Inc. (HQY) reports impressive financial results for FY24, with revenue reaching $999.6 million, a 16% increase from FY23. Net income rose to $55.7 million, compared to a loss in FY23. The company also announced the acquisition of BenefitWallet HSA portfolio.
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HealthEquity, Inc. (NASDAQ: HQY) to release fourth quarter and fiscal year end 2024 financial results on March 19, 2024. Conference call scheduled for investors to review financial results.
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HealthEquity, Inc. (HQY) provides business outlook and investor day information, including HSA data and financial guidance for FY24 and FY25.
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HealthEquity, Inc. (NASDAQ: HQY) recognized as one of Glassdoor's Best Places to Work 2024
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FAQ

What services does HealthEquity, Inc. provide?

HealthEquity offers health savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), COBRA administration, commuter benefits, and more.

Who are HealthEquity's partners?

HealthEquity partners with over 14,000 employers and 60 national health plans to help streamline benefits spending and enhance consumer savings.

How many accounts does HealthEquity manage?

As of October 31, 2023, HealthEquity manages 15.3 million accounts, including 8.3 million HSAs.

What is the total value of HSA assets managed by HealthEquity?

HealthEquity manages $22.6 billion in HSA assets as of October 31, 2023.

What was HealthEquity's revenue for the third quarter of 2023?

HealthEquity reported a revenue of $249.2 million for the third quarter ended October 31, 2023.

What recent acquisition did HealthEquity complete?

HealthEquity recently acquired the BenefitWallet HSA portfolio from Conduent Business Services, LLC, adding approximately $2.8 billion in HSA assets.

What are HealthEquity's projected revenues for fiscal year 2024?

HealthEquity expects revenues between $985 million and $995 million for the fiscal year ending January 31, 2024.

When was HealthEquity founded?

HealthEquity was founded by Dr. Stephen Neeleman, a practicing trauma surgeon and author of the Complete HSA Guidebook.

Where is HealthEquity headquartered?

HealthEquity is based in Draper, Utah.

What is HealthEquity's service philosophy?

HealthEquity is dedicated to providing exceptional 'Purple' service, offering round-the-clock support, personalized savings strategies, and consumer education.

HealthEquity, Inc.

Nasdaq:HQY

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3.77%
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