Health Insurance Innovations, Inc. (HIIQ) has reported a 544.64 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.83 million, or $0.58 a share in the quarter, compared with $0.90 million, or $0.12 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.72 million, or $0.36 a share compared with $2.52 million or $0.17 a share, a year ago.
Revenue during the quarter surged 31.49 percent to $55.87 million from $42.49 million in the previous year period.
Total expenses move up
Operating income for the quarter was $7.06 million, compared with $2.91 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $9.65 million compared with $4.25 million in the prior year period. At the same time, adjusted EBITDA margin improved 727 basis points in the quarter to 17.27 percent from 10 percent in the last year period.
For financial year 2017, Health Insurance Innovations projects revenue to be in the range of $212 million to $222 million. The company forecasts diluted earnings per share to be in the range of $1.40 to $1.50 on adjusted basis.
"Our record first quarter performance demonstrated continued strong demand for our products and solid execution as we continue to meet the affordable health care needs of our consumers. We will continue to focus on earnings growth and product innovation," said Gavin Southwell, HIIQ’s chief executive officer and president.
Operating cash flow turns positive
Health Insurance Innovations, Inc. has generated cash of $5.72 million from operating activities during the quarter as against cash outgo of $7.28 million in the last year period. The company has spent $0.68 million cash to meet investing activities during the quarter as against cash outgo of $0.75 million in the last year period.
The company has spent $1.42 million cash to carry out financing activities during the quarter as against cash inflow of $7.18 million in the last year period.
Cash and cash equivalents stood at $15.83 million as on Mar. 31, 2017, up 131.22 percent or $8.98 million from $6.84 million on Mar. 31, 2016.
Liabilities outpace assets growth
Total assets increased 36.81 percent or $40.69 million to $151.25 million on Mar. 31, 2017. On the other hand, total liabilities were at $61.02 million as on Mar. 31, 2017, up 53.57 percent or $21.29 million from year-ago.
Return on assets stood at 5.63 percent in the quarter, up 3.57 from 2.07 percent in the last year period. At the same time, return on equity was at 6.47 percent in the quarter, up 5.19 from 1.28 percent in the last year period.
Shareholders equity stood at $90.23 million as on Mar. 31, 2017, up 27.40 percent or $19.40 million from year-ago.
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