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Health Insurance Innovations, Inc. Reports Fourth Quarter and Fiscal 2014 Financial and Operating Results
Record 2014 Revenue of $89 million, Up 57% from 2013
Q4 2014 Adjusted Earnings per Share of $0.12
Full Year 2014 Adjusted Earnings per Share of $0.38
TAMPA, Fla., March 18, 2015 Health Insurance Innovations, Inc. (NASDAQ:HIIQ) (HII or Company) is a leading developer, distributor and virtual administrator of affordable, cloud-based individual health insurance plans and ancillary products. HealthPocket, Inc., a subsidiary of HII (HealthPocket), is the most comprehensive consumer comparison shopping website for health insurance plans. HII today reported consolidated financial and operating results for the fourth quarter and full fiscal year ended December 31, 2014. The Company will host a conference call and webcast at 5:00 p.m. EDT, Wednesday, March 18, 2015.
Fourth Quarter 2014 Consolidated Financial Highlights
|||Record revenue of $26.5 million, an increase of 67.7% over $15.8 million in the fourth quarter of 2013. This was HIIs twelfth straight quarter of sequential quarterly revenue growth.|
|||Total collections from customers, which our industry refers to as premium equivalents, was $45.7 million, representing 65.0% growth from $27.7 million in the fourth quarter of 2013. See the Reconciliation of Premium Equivalents to Revenues and Adjusted Gross Margin in this press release.|
|||Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $2.8 million for the fourth quarter of 2014, up 55% compared to $1.8 million for the same period in 2013. See Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA included within this press release.|
|||Net income per diluted share for the fourth quarter of 2014 was $0.01 compared to net income of $0.06 per diluted share in the fourth quarter of 2013.|
|||Adjusted EPS, also referred to as Net Income per Share was $0.12 for the fourth quarter of 2014, up 50% compared to $0.08 in the fourth quarter of 2013. See Reconciliation of Adjusted EBITDA to Adjusted Net Income per Share within this press release.|
|||Cash generated from operations during 2014 was $2.0 million. At December 31, 2014, the Company had $14.7 million in cash and short-term investments and no long-term debt.|
We were pleased that we exceeded our annual revenue guidance with a record revenue quarter and delivered strong profit growth as well. We also continued to make good progress on our strategic priorities and positioning the business for long term sustainable growth, said Michael Kosloske, HIIs Chief Executive Officer and President.
Full Year 2014 Consolidated Financial Highlights
|||Record annual revenues of $88.8 million, representing a 56.9% increase from fiscal year 2013, exceeding external guidance of 50% growth vs. prior year.|
|||Record premium equivalents of $156.0 million, representing a 56.0% increase from fiscal year 2013.|
The following information was filed by Health Insurance Innovations, Inc. (HIIQ) on Wednesday, March 18, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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