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HealthEquity Reports Record HSA Sales, Asset Growth
Updates Previous Fiscal 2023 Guidance, Announces Investor Conferences, Presentations DRAPER, Utah, Feb. 14, 2023 (GLOBE NEWSWIRE) -- HealthEquity, Inc.
About this update from Healthequity, Inc.
[{"type":"text","content":"Updates Previous Fiscal 2023 Guidance, Announces Investor Conferences, Presentations\nDRAPER, Utah, Feb. 14, 2023 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (\"HealthEquity\" or the \"Company\"), the nation's largest health savings account (\"HSA\") custodian, today announced HSA Assets and Total Accounts as of its fiscal year ended January 31, 2023. The Company also updated its previously announced FY23 guidance and announced upcoming investor conferences and presentations. The total number of HSAs as of January 31, 2023, was 8.0 million, an increase of 11%, from 7.2 million as of January 31, 2022. The Company closed its fiscal year 2023 with 14.9 million Total Accounts, an increase of 4%, from 14.4 million as of January 31, 2022. HSA Assets grew to $22.1 billion as of January 31, 2023, an increase of 13% from $19.6 billion a year earlier. “Team Purple finished fiscal 2023 with record sales of nearly 1 million new HSAs and with $22 billion of HSA assets,” said President and CEO Jon Kessler. “We are grateful to our many partners and clients working together with us to help an increasing number of American families connect health and wealth and enabling millions to achieve wellness today and financial well-being tomorrow.” Also commenting, Tyson Murdock, Executive Vice President and CFO of HealthEquity, said, “With the record-setting sales year we are reporting today, we expect to reach the top-end of previously provided ranges for revenue and earnings, including revenue of approximately $860 million for our fiscal year ended January 31, 2023. We provided initial guidance for fiscal 2024 on December 6, 2022, and expect to update that guidance in our Q4 earnings release scheduled for March 21, 2023.” Total Accounts (unaudited) (in thousands, except percentages)January 31, 2023 January 31, 2022 % ChangeHSAs7,984 7,207 11%New HSAs from sales - Quarter-to-date445 472 (6)%New HSAs from sales - Year-to-date971 918 6%New HSAs from acquisitions - Year-to-date90 740 (88)%HSAs with investments541 455 19%CDBs6,933 7,192 (4)%Total Accounts14,917 14,399 4%Average Total Accounts - Quarter-to-date14,677 14,326 2%Average Total Accounts - Year-to-date14,531 13,450 8% HSA Assets (unaudited) (in millions, except percentages)January 31, 2023 January 31, 2022 % ChangeHSA cash$14,199 $12,943 10%HSA investments 7,947 6,675 19%Total HSA Assets...