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Apr 30, 2024
HealthEquity Q1 2025 Earnings Report
HealthEquity's first quarter of fiscal year 2025 resulted in increased revenue, net income, and HSA growth, with the BenefitWallet HSA portfolio acquisition completed.
Key Takeaways
HealthEquity reported a strong first quarter with revenue of $287.6 million, an 18% increase year-over-year. Net income rose to $28.8 million, and the company completed the BenefitWallet HSA portfolio acquisition. The company is raising full year guidance.
Revenue increased by 18% to $287.6 million compared to the first quarter of fiscal year 2024.
Net income increased significantly to $28.8 million, compared to $4.1 million in the same period last year.
The company's HSA count grew by 13% year-over-year, reaching 9.1 million HSAs.
HealthEquity completed the acquisition of the BenefitWallet HSA portfolio on May 9, 2024.
HealthEquity
HealthEquity
HealthEquity Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.comCustodial Revenue
CapyFin.comInterchange Revenue
CapyFin.com Forward Guidance
For the fiscal year ending January 31, 2025, HealthEquity anticipates revenue between $1.16 billion and $1.18 billion, net income between $90 million and $105 million, non-GAAP net income between $261 million and $276 million, and Adjusted EBITDA between $454 million and $474 million.
Positive Outlook
- Revenue is expected to be between $1.16 billion and $1.18 billion.
- Net income is projected to be between $90 million and $105 million, resulting in net income of $1.01 to $1.18 per diluted share.
- Non-GAAP net income is expected to range from $261 million to $276 million, or $2.93 to $3.10 per diluted share.
- Adjusted EBITDA is anticipated to be between $454 million and $474 million.
- The company's outlook reflects strong growth and profitability expectations for the fiscal year.
Challenges Ahead
- The forward-looking statements are subject to various risks and uncertainties.
- The company's ability to achieve the expected results depends on various factors, including market conditions and operational execution.
- Changes in healthcare programs and expenditures could impact the company's performance.
- Cybersecurity breaches and data interruptions could negatively affect the company's business.
- The company's reliance on third-party vendors and partners poses potential risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income