HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”),
the nation’s largest health savings account (“HSA") custodian,
today announced estimates of HSAs, HSA assets and total accounts
for its fiscal year ending January 31, 2024, reflecting a strong
sales year with new HSAs and custodial asset growth.
- Estimated HSAs to be approximately
8.7 million by January 31, 2024, up from 8.0 million a year
earlier.
- Estimated HSA assets to be
approximately $24.5 billion, up from $22.1 billion at the end of
fiscal year 2023, with approximately $15 billion of HSA cash.
Invested balances included in the estimated assets are subject to
market fluctuation.
- Estimated total accounts to be
approximately 15.6 million compared to 14.9 million at the end of
fiscal year 2023.
These estimates do not include the BenefitWallet HSA portfolio
acquisition that is expected to close in fiscal 2025.
Commenting on the results, Jon Kessler, President and CEO said,
“Together with an integrated network of over 200 health and
retirement plan partners, brokers and benefit advisors, Team Purple
delivered strong new logo growth, opening approximately 900,000 new
HSAs this year and providing a base for continued growth in FY25
and beyond.”
The Company also announced that it expects to beat its full-year
goals for its Enhanced Rates offering, with over 30% of HSA cash
assets expected to be in Enhanced Rates and a 40% increase in
capacity with highly rated insurance partners in fiscal 2024. “The
growth of Enhanced Rates is a win for our members and for
HealthEquity,” said James Lucania, EVP and CFO. “We expect the
continued growth of Enhanced Rates, along with favorable repricing
of maturing HSA cash contracts, to create strong tailwinds over the
next several years.”
HealthEquity will discuss these results and estimates during a
presentation by Jon Kessler, President and CEO and James Lucania,
EVP and CFO, at the 42nd Annual J.P. Morgan Healthcare Conference
on Tuesday, January 9, 2024, at 4:30 pm Pacific Time in the
Elizabethan Room of the St. Francis Hotel.
An audio webcast of the presentation along with a copy of the
presentation slides will be available and archived on
HealthEquity’s investor relations website at
http://ir.healthequity.com.
HealthEquity also announced the registration links for its
investor day are now open for institutional investors and analysts.
The February 22, 2024, investor day will be held at its corporate
offices at 121 W. Scenic Pointe Drive, Draper, Utah from 8am to 1pm
MT. Participants are encouraged to attend by registering at
http://ir.healthequity.com. Management presentations, discussion
panels and materials will be webcast and archived for those not
able to attend the event in Draper, Utah.
About HealthEquity
HealthEquity and its subsidiaries administer HSAs and other
consumer-directed benefits for more than 15 million accounts in
partnership with employers, benefits advisors, and health and
retirement plan providers who share our vision of saving and
improving the lives of healthcare consumers. For more information,
visit www.healthequity.com.
Forward-looking statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding our industry, business strategy, plans,
goals and expectations concerning our markets and market position,
product expansion, future operations, expenses and other results of
operations, revenue, margins, profitability, acquisition synergies,
future efficiencies, tax rates, capital expenditures, liquidity and
capital resources and other financial and operating information.
When used in this discussion, the words “may,” “believes,”
“intends,” “seeks,” “aims,” “anticipates,” “plans,” “estimates,”
“expects,” “should,” “assumes,” “continues,” “could,” “will,”
“future” and the negative of these or similar terms and phrases are
intended to identify forward-looking statements in this press
release.
Forward-looking statements reflect our current expectations
regarding future events, results or outcomes. These expectations
may or may not be realized. Although we believe the expectations
reflected in the forward-looking statements are reasonable, we can
give you no assurance these expectations will prove to be correct.
Some of these expectations may be based upon assumptions, data or
judgments that prove to be incorrect. Actual events, results and
outcomes may differ materially from our expectations due to a
variety of known and unknown risks, uncertainties and other
factors. Although it is not possible to identify all of these risks
and factors, they include, among others, risks related to the
following:
- our acquisition of
the BenefitWallet HSA portfolio may not be consummated, and if
consummated, we may not realize the expected benefits;
- our ability to
adequately place and safeguard our custodial assets, or the failure
of any of our depository or insurance company partners;
- our ability to compete effectively in a
rapidly evolving healthcare and benefits administration
industry;
- our dependence on
the continued availability and benefits of tax-advantaged HSAs and
other CDBs;
- our ability to successfully identify,
acquire and integrate additional portfolio purchases or acquisition
targets;
- the significant competition we face and
may face in the future, including from those with greater resources
than us;
- our reliance on the availability and
performance of our technology and communications systems;
- potential future cybersecurity breaches
of our technology and communications systems and other data
interruptions, including resulting costs and liabilities,
reputational damage and loss of business;
- the current uncertain healthcare
environment, including changes in healthcare programs and
expenditures and related regulations;
- our ability to comply with current and
future privacy, healthcare, tax, ERISA, investment adviser and
other laws applicable to our business;
- our reliance on partners and
third-party vendors for distribution and important services;
- our ability to develop and implement
updated features for our technology platforms and communications
systems; and
- our reliance on our
management team and key team members.
For a detailed discussion of these and other risk factors,
please refer to the risks detailed in our filings with the
Securities and Exchange Commission, including, without limitation,
our Annual Report on Form 10-K for the fiscal year ended January
31, 2023, our Quarterly Report on Form 10-Q for the fiscal quarter
ended October 31, 2023, and subsequent periodic and current
reports. Past performance is not necessarily indicative of future
results. We undertake no intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
should not be relied upon as representing our views as of any date
subsequent to the date of this press release.
Investor Relations Contact:Richard
Putnam801-727-1000rputnam@healthequity.com
HealthEquity (NASDAQ:HQY)
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