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HealthEquity Reports Q2 Revenue Beat, Provides Guidance

Published 09/06/2022, 04:25 PM
Updated 09/06/2022, 04:32 PM
© Reuters. HealthEquity Reports Q2 Revenue Beat, Provides Guidance

By Davit Kirakosyan

Healthequity Inc (NASDAQ:HQY) reported its Q2 results, with EPS coming in at $0.33, in line with the consensus estimate. Revenue grew 9% year-over-year to $206.1 million, beating the consensus estimate of $203.82 million.

"Team Purple opened a record 196,000 new HSAs in Q2 and grew Total HSA Assets 33% year-over-year to an industry-leading $20.5 billion. Sales momentum, macro tailwinds, and a team focused on remarkable service position us for strong results in fiscal 2023 and beyond," said Jon Kessler, President and CEO of HealthEquity.

As of July 31, 2022, HSAs were 7.5 million, which represents a 26% year-over-year growth. Total Accounts were 14.5 million, including 7.0 million other consumer-directed benefits (CDBs).

The company provided its full-year outlook, expecting EPS in the range of $1.23-$1.32, compared to the consensus of $1.28, and revenue in the range of $834-844 million, compared to the consensus of $831.91 million.

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