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HealthEquity, Inc. (NASDAQ:HQY) shares are up after the company posted better-than-expected first-quarter results and issued guidance above estimates.
What To Know: The company reported quarterly earnings of 50 cents per share, versus the analyst consensus estimate of 41 cents.
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Quarterly sales of $244.43 million beat the analyst consensus estimate of $239.43 million, an 18.84% increase over sales of $205.68 million the same quarter last year.
HealthEquity issued guidance above estimates, with fiscal year 24 expected to be in the range og $975 million to $985 million, versus consensus estimates of $971.01 million. Adjusted earnings per share were forcasted between $1.88 and $1.97, versus consensus estimates of $1.80.
"Team Purple delivered both growth and profitability in Q1, adding 134,000 new HSA members in the quarter and increasing our Adjusted EBITDA margin by 700 basis points year over year," said Jon Kessler, President and CEO of HealthEquity. He went on to speak about the encouraging guidance, saying, "We are raising our outlook for the full year based on this strong first quarter performance, which also enabled our early payment of $50 million of variable-rate debt even as we continue to invest in drivers of future growth, including a remarkable service experience for our partners, clients, and members."
Related Link: Why Ciena Stock Is Trading Down Today
HQY Price Action: Shares of HQY were up 10.2% at $64.83 at the time of publication, according to Benzinga Pro.
Image by StockSnap from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.