U.S. markets closed
  • S&P Futures

    3,822.50
    -3.00 (-0.08%)
     
  • Dow Futures

    30,918.00
    -15.00 (-0.05%)
     
  • Nasdaq Futures

    11,664.75
    -9.50 (-0.08%)
     
  • Russell 2000 Futures

    1,736.30
    -2.00 (-0.12%)
     
  • Crude Oil

    112.01
    +0.25 (+0.22%)
     
  • Gold

    1,821.00
    -0.20 (-0.01%)
     
  • Silver

    20.74
    -0.07 (-0.32%)
     
  • EUR/USD

    1.0529
    +0.0003 (+0.03%)
     
  • 10-Yr Bond

    3.2060
    +0.0120 (+0.38%)
     
  • Vix

    28.36
    +1.41 (+5.23%)
     
  • GBP/USD

    1.2200
    +0.0015 (+0.13%)
     
  • USD/JPY

    135.9340
    -0.1940 (-0.14%)
     
  • BTC-USD

    20,244.02
    -530.31 (-2.55%)
     
  • CMC Crypto 200

    438.38
    -11.68 (-2.60%)
     
  • FTSE 100

    7,323.41
    +65.09 (+0.90%)
     
  • Nikkei 225

    26,725.76
    -323.71 (-1.20%)
     

HealthEquity Gains After Q1 Results, Guides FY23 Revenue Above Consensus

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

 

  • HealthEquity Inc (NASDAQ: HQY) reported first-quarter revenue growth of 12% year-over-year to $205.7 million, beating the consensus of $203.98 million.

  • Service revenue was $104.3 million, custodial revenue was $59.4 million, and interchange revenue was $42 million.

  • The gross margin declined by 193 bps to 54.1%, and the company recorded an operating loss of $7.29 million, compared to a profit of $4.25 million a year ago.

  • Adjusted EPS was $0.27, above the consensus of $0.26.

  • Adjusted EBITDA of $58.3 million, a decrease of 1% Y/Y, and the margin was 28%, compared to 32% in 1Q22.

  • Net cash provided by operating activities of $7.08 million in Q1, versus $30.92 million in 1Q22.

  • HealthEquity reported sales of 159,000 new HSAs in Q1, compared to 115,000 in1Q22.

  • HSAs as of April 30, 2022, was 7.4 million, an increase of 26% Y/Y. Total Accounts were 14.5 million, including 7.1 million other consumer-directed benefits ("CDBs").

  • Total HSA Assets as of April 30, 2022, were $20.3 billion (+35% Y/Y). Total HSA Assets included $12.9 billion of HSA cash and $7.3 billion of HSA investments.

  • FY23 Outlook: HealthEquity expects revenues of $827 million to $837 million, vs. a consensus of $826.16 million.

  • It sees adjusted net income per diluted share of $1.23 to $1.32 and Adjusted EBITDA of $249 million to $259 million.

  • Price Action: HQY shares are trading higher by 3.06% at $64.35 during the post-market session on Monday.

 

View more earnings on HQY

 

 

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.