HealthEquity Announces Year-End HSA Sales Outlook; Presentation at J.P. Morgan Healthcare Conference; Investor Day

DRAPER, Utah, Jan. 08, 2024 (GLOBE NEWSWIRE) -- 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 42^nd 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.