TAMPA, Fla., March 21, 2019 (GLOBE NEWSWIRE) -- In a release issued earlier today by Health Insurance Innovations, Inc. (NASDAQ:HIIQ), please note that the full year guidance has been corrected and a forward-looking statement has been added. The corrected release follows:
Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading cloud-based technology platform and distributor of affordable health insurance, life insurance and supplemental plans, today announced that President & CEO Gavin Southwell presented a Keynote address at Insurtech Insights – Europe’s largest Insurtech conference on how HIIQ uses data and technology to successfully deliver value to consumers.
“HIIQ helps individuals and their families in America by providing affordable solutions that meet their demands and needs, all whilst achieving market leading consumer satisfaction,” Southwell said.
Mr. Southwell highlighted the new mobile application for MyBenefitsKeeper, which allows members to have access at their fingertips to critical features like the ability to speak with a doctor over the phone or video conference, update payment information and search for a doctor in the member’s area.
He also discussed how the operational improvements in compliance and customer service, since he became CEO in 2016, have been recognized by a recent Multi-State regulatory review. The review has been closed without any issues identified and without payment of any fine or penalty.
“Rightly so, health insurance is very highly regulated at the state and federal level. We are very satisfied that the most detailed regulatory review possible, conducted over a multi-year period, and covering all aspects of our business, identified no issues. This has allowed us the opportunity to work with regulators to continue to strengthen our controls,” concluded Mr. Southwell.
2019 Full Year Guidance
The Company confirms that it expects annual revenue for 2019 to grow 22% to 25% year-over-year (with expected revenue in the range of $430 million to $440 million for 2019), adjusted EBITDA to grow 21% to 30% year-over-year (with expected adjusted EBITDA in the range of $72.0 million to $77.0 million for 2019) and adjusted net income per share to grow 23% to 29% (with expected adjusted net income per share in the range of $3.20 to $3.35 for 2019).
The Company has repurchased $45.3 million of HIIQ shares in the open market in 2019 and believes HIIQ’s shares continue to represent a compelling value at current levels given the size of the market opportunities we are pursuing and our track record of delivering strong growth in revenues and earnings.
About Health Insurance Innovations, Inc. (HIIQ)
Health Insurance Innovations, Inc. (HIIQ) is a market leading cloud-based technology platform and distributor of innovative health insurance products that are affordable and meet the needs of health insurance plan consumers. HIIQ helps develop insurance products through our relationships with best-in-class insurance companies and markets them via its broad distribution network of third-party licensed insurance agents across the nation, its call center network and its unique online capability. Additional information about HIIQ can be found at HiiQ.com. HIIQ’s Consumer Division includes AgileHealthInsurance.com, a website for researching, comparing and purchasing insurance products online, and HealthPocket.com, a free website that compares and ranks all health insurance plans and uses objective data to publish unbiased health insurance market analyses and other consumer advocacy research.
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on HIIQ’s current assumptions, expectations and beliefs are generally identifiable by use of words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for products offered through our platform, state regulatory oversight and examinations of us and our carriers and distributors, legal and regulatory compliance by our carriers and distributors, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, and HIIQ’s ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements will be discussed in HIIQ's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by HIIQ from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Information
HIIQ has not reconciled adjusted EBITDA guidance or adjusted EPS guidance to GAAP net income or GAAP net income per diluted share, respectively, because HIIQ does not provide guidance for the reconciling items between these measures and GAAP net income or GAAP net income per diluted share, respectively. As certain of the items that impact GAAP net income and/or GAAP net income per diluted share cannot be reasonably predicted at this time, HIIQ is unable to provide such guidance. Accordingly, a reconciliation to net income is not available without unreasonable effort.
Health Insurance Innovations, Inc.:
Chief Financial Officer