Health Insurance Innovations shares dropped to trade just 4 cents above its 52-week low on Thursday after reporting disappointing Q1 earnings and sales.
HIIQ was down 23% recently at $5.98, having earlier traded as low as $5.34. The 52-week range is between $5.30 and $14.24.
The developer and administrator of Web-based individual health insurance plans and ancillary products reported adjusted EPS fell to $0.01 per share from $0.06 a year ago and missed the $0.08 average estimate from analysts polled by Capital IQ. Sales rose 25.7% to $22.5 million but was below the $27 million consensus.
On a reported basis, Health Insurance Innovations reported a profit of $53,000 or $0.01 per diluted share compared to a loss of $74,000 or $0.01 a year ago.
“As expected, our short term medical sales were unfavorably impacted during the first quarter by the government’s annual enrollment and the one-time special tax enrollment period for ACA plans, which just ended on April 30th,” CEO Michael Kosloske said in a statement. “We are excited to have now entered our stronger selling season when the vast majority of health insurance shoppers are locked out of buying ACA plans.”
