Healthequity Inc Stock Price, News & Analysis

HealthEquity, Inc. (NASDAQ: HQY) announced the successful closing of its public offering of 4,600,000 shares, generating $257.6 million in gross proceeds. A 30-day option for underwriters to purchase an additional 690,000 shares was granted. The net proceeds will primarily be utilized to pre-pay $200 million under its term loan facility, with the remainder allocated for general corporate purposes and potential acquisitions. Wells Fargo Securities and J.P. Morgan acted as lead managers for this offering.

HealthEquity (HQY) has priced an underwritten public offering of 4,600,000 shares of common stock at $56.00 per share, generating estimated gross proceeds of $257.6 million. The offering is set to close on July 13, 2020, contingent on customary conditions. HealthEquity plans to utilize approximately $200 million of the proceeds for pre-paying its term loan, with the remaining funds aimed at supporting organic and inorganic growth and other corporate purposes. An additional option for underwriters to purchase 690,000 shares is also included.

HealthEquity has announced a public offering of $250 million in common stock. The company plans to utilize approximately $200 million of the proceeds to pre-pay its term loan facility, while the remaining funds will support general corporate purposes, including potential acquisitions. The offering is led by Wells Fargo and J.P. Morgan, with shares offered under an effective shelf registration statement filed with the SEC. HealthEquity serves over 12 million accounts, managing Health Savings Accounts and consumer-directed benefits.

HealthEquity (NASDAQ: HQY) announced the appointment of Tyson Murdock as Executive Vice President and Deputy CFO, effective July 1, 2020, succeeding Darcy Mott as CFO on April 1, 2021. Mott, who served as CFO for 14 years, will assist in ensuring a smooth transition and will continue in an advisory role post-transition. Murdock, joining from eBay, brings 25 years of experience. Under Mott's leadership, HealthEquity's revenue grew from under $5 million to over $530 million, while increasing profitability consistently.

HealthEquity announced that its 2020 Annual Meeting of Stockholders will be held virtually on June 25, 2020, at 10:00 a.m. MDT due to COVID-19 restrictions. Stockholders of record as of May 4, 2020, are encouraged to submit their votes in advance using the proxy card previously distributed. To attend the virtual meeting, stockholders can log in at this link with their unique control number. HealthEquity administers HSAs and consumer-directed benefits for over 12 million accounts.

HealthEquity reported a strong Q1 FY21, with revenue of $190.0 million, up 118% from $87.1 million in Q1 FY20. The net income was $1.8 million, while non-GAAP net income rose to $30.8 million, reflecting a 12% increase. Adjusted EBITDA reached $63.0 million, a 62% increase year-over-year. Key metrics included 5.4 million HSAs opened, a 33% increase, and total HSA assets of $11.5 billion, up 38%. Due to COVID-19 uncertainty, full-year guidance was withdrawn, but Q2 revenue is projected between $168 million and $173 million.

HealthEquity (NASDAQ: HQY) has launched a free online health insurance education tool aimed at assisting Americans facing job loss in navigating their health insurance options. The tool presents multiple-choice questions to help users identify relevant options such as Affordable Care Act exchanges and COBRA. Developed by experts, it incorporates recent regulatory changes, including the CARES Act. The initiative addresses the increasing need for health coverage due to rising unemployment rates, serving as an essential resource for individuals seeking to make informed decisions about their health insurance.

HealthEquity, the largest independent HSA custodian, will announce its first quarter fiscal year 2021 financial results on June 2, 2020, after market close. A conference call is scheduled for the same day at 4:30 p.m. ET to discuss these results. The company also plans to participate in several investor conferences, including the R.W. Baird Virtual Conference on June 3 and the Goldman Sachs Global Healthcare Conference on June 9. Investors can access the conference call via dial-in and webcast.