HealthEquity Q1 2021 Earnings Report
Key Takeaways
HealthEquity reported a strong first quarter with a 118% increase in revenue to $190.0 million. The company saw growth in HSAs, total HSA assets, and total accounts. While net income increased, the company withdrew its full-year fiscal 2021 guidance due to the COVID-19 pandemic.
Revenue increased by 118% to $190.0 million compared to the previous year.
Net income was $1.8 million, with non-GAAP net income reaching $30.8 million.
The number of HSAs grew by 33% to 5.4 million.
Total HSA assets increased by 38% to $11.5 billion.
HealthEquity
HealthEquity
HealthEquity Revenue by Segment
Forward Guidance
Due to uncertainty regarding the pace of reopening during the COVID-19 pandemic, the Company is withdrawing its full-year fiscal 2021 guidance. For the fiscal second quarter ending July 31, 2020, management expects revenues of $168 million to $173 million.
Positive Outlook
- N/A
Challenges Ahead
- Net loss outlook between $20 million and $15 million, resulting in net loss per diluted share of $0.27 to $0.21.
- Non-GAAP net income outlook is between $17 million and $22 million, resulting in non-GAAP net income per diluted share of $0.23 to $0.30.
- Adjusted EBITDA is expected to be $42 million to $48 million.
- The COVID-19 pandemic’s negative effect on operating performance.
- Uncertainty regarding the pace of reopening during the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income