HealthEquity Inc · Q1 2022 earnings

Briefing

HealthEquity's first quarter results were reported, showing a slight decrease in revenue and a net loss compared to the previous year, but with growth in HSAs and total HSA assets.

HealthEquity reported a decrease in revenue and a net loss for the first quarter of fiscal year 2022. While revenue decreased by 3% to $184.2 million, the company saw a 9% increase in the number of HSAs to 5.8 million and a 31% increase in total HSA assets to $15.0 billion. The company also completed its acquisition of Luum and entered into agreements to acquire Further and transition the Fifth Third Bank HSA portfolio.

• Revenue decreased by 3% to $184.2 million compared to the same quarter last year.
• Net loss was $2.6 million, a shift from the $1.8 million net income in the first quarter of the previous fiscal year.
• The company sold 5,750,000 shares of common stock, yielding net proceeds of $456.6 million.
• Total HSAs increased by 9% to 5.8 million, and total HSA assets increased by 31% to $15.0 billion.

Headline financials

Revenue & EPS history

For the fiscal year ending January 31, 2022, HealthEquity expects revenues of $755 million to $765 million, a net loss between $19 million and $15 million, non-GAAP net income between $122 million and $126 million, and Adjusted EBITDA of $241 million to $247 million. This outlook does not include any potential impact from the acquisitions of Further or the Fifth Third Bank HSA portfolio.