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reported better-than-expected results for the fourth quarter on Tuesday.
The Draper, Utah-based company posted quarterly net income and comprehensive income of $1.4 million, versus a net loss of $4.7 million in the year-ago fourth quarter. Its net income per share came in at $0.02 per share, compared to a year-ago loss of $1.71 per share. Pro forma non-GAAP earnings came in at $0.04 per share, versus a year-ago loss of $0.12 per share.
Its revenue climbed 45 percent year-over-year to $24.9 million. However, analysts were expecting earnings of $0.03 per share on revenue of $23.50 million.
Account fee revenue rose 47 percent to $13.0 million in the quarter, while custodial fee revenue rose 35 percent to $6.8 million. Card fee revenue gained 63 percent y/y to $4.9 million in the fourth quarter.
Adjusted EBITDA rose 101% to $5.5 million in the quarter.
As of January 31, 2015, total assets under management rose 45 percent year-over-year to $2.4 billion.
"Fiscal year 2015 was an excellent year for HealthEquity. We added over 475,000 new HSA members and increased our assets under management by over $735 million, which ultimately combined to drive revenue growth of 42%," remarked Jon Kessler, President and CEO of HealthEquity.
For the year ended January 31, 2016, HealthEquity projects pro forma non-GAAP earnings of $0.28 to $0.30 per share on revenue of $117 million to $121 million.
HealthEquity shares rose 0.08 percent to $25.99 in after-hours trading.
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