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Following its financial earnings, HealthEquity Inc. (HQY) stock declines during pre-market

HealthEquity Inc. (NASDAQ: HQY) stock gained by 4.36% at the last close whereas the HQY stock price declined by 24.92% in the pre-market trading session. HealthEquity and its subsidiaries manage HSAs and other consumer-directed perks for over 13 million accounts in collaboration with employers, benefits advisors, and health and retirement plan companies who share the company’s mission of connecting health and wealth and value their culture of exceptional “Purple” service.

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HQY stock’ Financial Outcomes

HealthEquity announced its financial results for the third quarter of 2021. Some of the highlights are stated below:

  • The revenue for the third quarter of 2021 was $180.0 million which is a rise of less than 1% from $179.4 million in the Q3 of 2020. This quarter’s revenue includes $102.7 million in service revenue, $49.0 million in custodial income, and $28.2 million in interchange revenue.
  • In the third quarter of 2021, HealthEquity posted a net loss of $5.0 million, or $0.06 per diluted share however the non-GAAP net income for third-quarter 2021 was $28.9 million, or $0.35 per diluted share.
  • The adjusted EBITDA for Q3 of 2021 was $61.1 million, which was the same as the third quarter ended October 31, 2020. For the third quarters of 2021 and 2020, adjusted EBITDA was 34% of revenue.

Jon Kessler, President, and CEO of HealthEquity stated that,

With new HSA sales of 151,000 in the third quarter and 446,000 for the year to date, the HealthEquity team produced another outstanding quarter of HSA growth. They added 160,000 new HSAs from Fifth Third Bank in the third quarter and 580,000 from Further in November to begin their fourth quarter, contributing to this year’s robust organic growth. This quarter, HSA members added approximately $1 billion to their accounts, and their HSA investments have increased dramatically. They expect they’ll have a great conclusion to the selling season this year, continuing to outperform the market.

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