logo-loader
viewHealth Insurance Innovations Inc

Health Insurance Innovations zips past Wall Street's 3Q revenue and profit forecasts thanks to policy sales

As of the close of September, the Florida company’s insurance policies totaled 378,000, up 8.7% from the 347,900 policies reported in the year-ago quarter

Insurance claim forms
The company also benefited from a lower tax rate of 24% in the quarter

Health Insurance Innovations (NASDAQ:HIIQ), a provider of health insurance plans, pushed past Wall Street’s third-quarter revenue and profit estimates on Monday thanks to sales of insurance policies.

For the three months ended on September 30, the Tampa, Florida-based company posted net income of $4 million, which was down 33% from the $6 million recorded in the third quarter of last year. On an adjusted basis, its earnings per share, however, came in at $0.61 per share, which just beat analysts’ forecast of $0.59 per share.

Its revenue of $74 million also nudged past the consensus forecast of $73.4 million.

As of the close of September, the company’s insurance policies totaled 378,000, up 8.7% from the 347,900 policies reported in the year-ago quarter.

The company also benefited from a lower tax rate of 24%, compared to 38% in the year-ago period.

Due to a jump in the number of policies sold through third-party distributors, third-party commissions in the latest quarter were also up, climbing to $46.7 million, which was $10.1 million higher than they were in the third quarter of last year.

The company also raised its annual guidance of revenue for 2018 to a range of $294 million to $304 million. Its full-year earnings are set to be between $2.47 to $2.57 per share.

In other news, its total selling, general and administrative expenses climbed to $18.3 million in the third quarter compared to $15.5 million in the same period last year.

Health Insurance Innovations is a cloud-based technology platform and a distributor of health insurance. The company markets its insurance products via its network of third-party agents as well as its call center and web site.

Health Insurance Innovations closed up 5% to hit $45.00 on Monday.

Contact Ellen Kelleher at [email protected]

Quick facts: Health Insurance Innovations Inc

Price: - -

NASDAQ:HIIQ
Market: NASDAQ
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Thunderbird Entertainment sees strong third quarter results...

Thunderbird Entertainment (CVE: TBRD-OTC: THBRF) CEO Jennifer Twiner McCarron joined Steve Darling from Proactive Vancouver to share news the company has released their 3rd quarter financial numbers which saw a 40 per cent increase from Q-3 of last year. Twiner-McCarron talks about what led...

1 day, 9 hours ago

2 min read