Health Insurance Innovations, Inc. Highlights Strength of Business
Provides Update on Montana Regulatory Matter and Florida TPA Licensure Process
Reaffirms Financial Outlook for Full Year 2017
Reaffirms 2017 Full Year Guidance
The Company has reaffirmed its previously announced and revised full year 2017 guidance and expects to achieve the following results:
- Revenue growth of 22% to 25% year-over-year (
$225 millionto $230 million);
- Adjusted EBITDA growth of 41% to 51% year-over-year (
$39 millionto $42 million); and
- Adjusted EPS growth of 29% to 38% (
As a result of disciplined execution and commitment to product and technology innovation, HIIQ has delivered nine straight quarters of record revenue and adjusted earnings.
The HIIQ Board of Directors and management team are committed to acting in the best interests of the Company and its shareholders, and continually review the Company's strategic and capital allocation priorities and opportunities to enhance shareholder value.
Comment on Affordable Care Act ("ACA") Developments
Key Regulatory Updates
As disclosed on
- Update on Florida Third-Party Insurance Administrator ("TPA") License: As previously disclosed, the Company remains an active insurance agency in the
State of Floridaunder an Agency License issued by the Florida Department of Financial Services. The Company continues to engage in active discussions with the Florida Office of Insurance Regulation("OIR") regarding the Company obtaining a TPA license in the State of Florida. As a result of these discussions, the Company and the OIR have now reached a general understanding on a path forward that would allow the Company to submit a new application for a TPA license, and the Company and the OIR are working on the specific terms of that understanding.
- Update on pending regulatory matters in
Montana. As disclosed in the Company's SECfilings, the Company was among more than two dozen separate parties named by the MontanaCommissioner of Securities and Insurance ("CSI") in a Notice of Proposed Agency Action on May 12, 2016. While the Company continues to be fully cooperative with the CSI, at this time based on our discussions with the CSI, the Company has updated its estimate of exposure to a potential settlement with Montanawith respect to this action and believes that it is no longer material to the Company.
Support from Leaders for Value that HIIQ Brings to Consumers
The Company has received strong support from important voices in and around the insurance industry:
- "As the former
North CarolinaCommissioner of Insurance, I know firsthand the actors across the increasingly important - and complicated - insurance industry. In all my interactions with Health Insurance Innovationsand its management team, I found them passionate about their work, diligent, and, on information and belief, exceedingly cooperative and compliant with regulatory requirements among the states. Today I have a professional relationship with Health Insurance Innovationsand its management team, and can attest to their great pride in providing access to affordable health insurance plans and specialized products for consumers across the U.S."
Wayne Goodwin, Chair of the North Carolina Democratic Party; Former Commissioner of Insurance for North Carolina(2009-2016)
- "Health Insurance Innovations is an important contributor to our citizens as a developer and distributor of individualized health insurance plans and services. I know the insurance industry well from serving as CEO of the
National Association of Insurance Commissioners. The Company's growth across Floridaand the United Stateshas helped improve access to insurance products and services, positively impacting the lives of millions of consumers who have short-term insurance needs. Any market that Health Insurance Innovationsis in is one that is better served."
Ben Nelson, Former U.S.Senator (D-NE) and Governor of Nebraska; Former Nebraska Director of Insurance and CEO of the National Association of Insurance Commissioners(NAIC)
- "Health Insurance Innovations has a strong
commitment to providing consumers with unparalleled service with the utmost integrity. Now as an advisor to the Company, I can speak to Health Insurance Innovations' important role in partnering with insurance carriers to develop and distribute affordable short-term medical and health benefit plans, a vital and important service in today's evolving healthcare environment."
Barry Goldwater Jr., Former U.S.Representative (R-CA)
HIIQ is a market leader in developing innovative health insurance products that are affordable and meet the needs of millions of health insurance plan shoppers. HIIQ develops insurance products through partnerships with
best-in-class insurance companies and markets them via its broad distribution network of licensed insurance agents across the nation. HII's data-centric paperless business model is facilitated by its Consumer Division that provides real-time data used to identify opportunities and underserved needs in the health insurance market. HIIQ's Consumer Division includes AgileHealthInsurance.com, a website for researching, comparing and purchasing
This press release contains "forward-looking statements" within the meaning of the
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