Business
HealthEquity Announces: Partner Growth, Year-End Sales Outlook, Presentation at JP Morgan Healthcare Conference
DRAPER, Utah, Jan. 13, 2020 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the nation’s largest independent health
About this update from Healthequity, Inc.
[{"type":"text","content":"DRAPER, Utah, Jan. 13, 2020 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the nation’s largest independent health savings account (“HSA\") custodian, today announced significant growth in its health plan / administrator network partners and employers served. HealthEquity also announced it will provide final sales results for its fiscal year 2020, on February 18, 2020, while providing estimates of HSA members, HSA assets and Total Accounts for its fiscal year ending on January 31, 2020. The Company also provided yield expectations on HSA cash assets for fiscal year 2021.\n The number of HealthEquity network partners reached 164, up from 141 last year.The number of employer clients served by HealthEquity increased to approximately 100,000 up from approximately 45,000 last year.Estimated HSA members are expected to grow to approximately 5.3 million by January 31, 2020, up from 4.0 million a year earlier.HSA assets are expected to grow to approximately $11.6 billion, up from $8.1 billion a year earlier.HSA cash assets on the HealthEquity platform are expected to grow to approximately $7.4 billion by January 31, 2020, up from $6.4 billion a year earlier.HSA cash assets with legacy WageWorks banking partners will be approximately $1.4 billion by fiscal year-end 2020.HSA invested assets are expected to be about $2.8 billion, excluding the potential impact from market volatility for the remainder of the month of January 2020.HealthEquity estimates it will close fiscal year 2020 with approximately 12.8 million Total Accounts.The Company estimates yields on HSA cash assets on the HealthEquity platform will be approximately 2.40% for fiscal year 2021 based upon current indications provided by its bank deposit partners. HealthEquity will discuss these results and estimates during its presentation at the 38th Annual JP Morgan Healthcare Conference on Wednesday, January 15, 2020, at the Westin St. Francis hotel in San Francisco. Jon Kessler, President and Chief Executive Officer, and Darcy Mott, Executive Vice President and Chief Financial Officer, will discuss HealthEquity in a presentation scheduled to begin at 9:30 AM Pacific Time and will be available for one-on-one meetings throughout the conference. A live audio webcast of the presentation along with a copy of the presentation slides will be ava...