Business
HealthEquity Reports First Quarter Ended April 30, 2022 Financial Results
Highlights of the first quarter include: Revenue of $205.7 million, an increase of 12% compared to $184.2 million in Q1 FY22.Net loss of $13.6 million,
About this update from Healthequity, Inc.
[{"type":"text","content":"Highlights of the first quarter include: Revenue of $205.7 million, an increase of 12% compared to $184.2 million in Q1 FY22.Net loss of $13.6 million, compared to $2.6 million in Q1 FY22, with non-GAAP net income of $22.7 million, a decrease of 27% compared to $31.0 million in Q1 FY22.Net loss per diluted share of $0.16, compared to $0.03 in Q1 FY22, with non-GAAP net income per diluted share of $0.27, compared to $0.38 in Q1 FY22.Adjusted EBITDA of $58.3 million, a decrease of 1% compared to $59.0 million in Q1 FY22.7.4 million HSAs, an increase of 26% compared to Q1 FY22.Total HSA Assets of $20.3 billion, an increase of 35% compared to Q1 FY22.14.5 million Total Accounts, including both HSAs and complementary CDB accounts, an increase of 13% compared to Q1 FY22.The Company closed its acquisition of the HealthSavings HSA portfolio on March 2, 2022. DRAPER, Utah, June 06, 2022 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (\"HealthEquity\" or the \"Company\"), the nation's largest health savings account (\"HSA\") non-bank custodian, today announced financial results for its first quarter ended April 30, 2022. \"We started fiscal year 2023 with record new HSA sales for a first quarter and overall highs for Total HSA Assets, HSAs, Total Accounts, and quarterly revenue,\" said Jon Kessler, President and CEO of HealthEquity. \"With the benefit of an improved economy and higher interest rates, we are off to a fast start for the fiscal year and are well-positioned to outpace the market and deliver strong revenue and adjusted EBITDA in fiscal 2023.\" First quarter financial results Revenue for the first quarter ended April 30, 2022 was $205.7 million, an increase of 12% compared to $184.2 million for the first quarter ended April 30, 2021. Revenue this quarter included: service revenue of $104.3 million, custodial revenue of $59.4 million, and interchange revenue of $42.0 million. HealthEquity reported a net loss of $13.6 million, or $0.16 per diluted share, and non-GAAP net income of $22.7 million, or $0.27 per diluted share, for the first quarter ended April 30, 2022. The Company reported a net loss of $2.6 million, or $0.03 per diluted share, and non-GAAP net income of $31.0 million, or $0.38 per diluted share, for the first quarter ended April 30, 2021. Adjusted EBITDA was $58.3 million for the first quarter ended April 30,...