Business
HealthEquity Announces Year-End Sales Outlook, Presentation at JP Morgan Healthcare Conference
DRAPER, Utah, Jan. 11, 2021 (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. 11, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the nation’s largest independent health savings account (“HSA\") custodian, today announced it will provide final sales results for its fiscal year 2021, on February 8, 2021, while providing estimates of HSA members, HSA assets and Total Accounts for its fiscal year ending on January 31, 2021, and raised its outlook for HSA cash yield for fiscal year 2022. HealthEquity also announced its JP Morgan Health Conference virtual presentation time and access. Estimated HSA members are expected to be in a range between 5.7 million to 5.8 million by January 31, 2021, up from 5.3 million a year earlier.HSA assets are expected to be in a range of $13.6 billion to $13.8 billion, up from $11.5 billion at the end of the prior year.HSA cash is expected to be in a range of $9.6 billion to $9.7 billion by January 31, 2021, up from $8.7 billion a year earlier.HSA investments are expected to be in a range of $4.0 billion to $4.1 billion, excluding the potential impact from market volatility for the remainder of the month of January 2021, compared to $2.8 billion at the end of fiscal year 2020.HealthEquity estimates it will close fiscal year 2021 with Total Accounts in the range of 12.8 to 13.0 million, not including ~0.6 million commuter accounts in suspense due to the pandemic, compared to 12.8 million at the end of the prior year. The Company estimates that it will end its fiscal 2021 year with approximately 100,000 employer clients and 174 network partners consisting of integrated health and retirement plan partners, brokers and benefit advisors. The Company further announced that with a large part of HSA cash now placed and based upon current indications provided by its bank depository partners, it now expects the yield on HSA cash with yield to be between 1.75% to 1.80% for fiscal year 2022. Commenting on the results, Jon Kessler, President and CEO said, “The team made the most of its opportunities during fiscal year 2021 and we expect to grow HSAs, HSA assets and Total Accounts on par with or ahead of fiscal year 2020 as a result of their efforts. The uptake of our total solution for HSA and other consumer directed benefit administration, and the pipeline of prospects that deferred change during the pandemic leave us excited fo...