Health Insurance Innovations, Inc (HIIQ) has reported a 650.92 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $4.51 million, or $0.57 a share in the year, compared with $0.60 million, or $0.08 a share for the last year. On the other hand, adjusted net income for the year stood at $16.53 million, or $1.12 a share compared with $3.88 million or $0.27 a share, a year ago.
Revenue during the year surged 76.23 percent to $184.52 million from $104.70 million in the previous year.
Total expenses increase substantially
Operating income for the year was $18.12 million, compared with an operating loss of $1.56 million in the previous year. However, the adjusted EBITDA for the year stood at $27.76 million compared with $6.58 million in the prior year period. At the same time, adjusted EBITDA margin improved 876 basis points in the year to 15.05 percent from 6.29 percent in the last year period.
For financial year 2017, Health Insurance Innovations expects revenue to be in the range of $210 million to $220 million. The company projects diluted earnings per share to be in the range of $1.35 to $1.45 on adjusted basis.
"We are pleased with record revenue and profit in 2016 and that we exceeded our annual revenue and adjusted earnings per share guidance. Sales accelerated in the 2017 open enrollment period, across all our distribution channels. Record policies in force at the end of 2016 ��" 290,100 policies, is a 49% year-over-year increase," said Gavin Southwell, HIIQ’s chief executive officer and president.
Liabilities outpace assets growth
Total assets increased 30.86 percent or $29.56 million to $125.35 million on Dec. 31, 2016. On the other hand, total liabilities were at $45.27 million as on Dec. 31, 2016, up 63.25 percent or $17.54 million from year-ago. Return on assets stood at 10.46 percent in the year, up 8.93 from 1.53 percent in the last year. At the same time, return on equity was at 5.64 percent in the year, up 4.75 from 0.88 percent in the last year.
Shareholders equity stood at $80.08 million as on Dec. 31, 2016, up 17.67 percent or $12.02 million from year-ago.
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