Health Insurance Innovations, Inc. (HII) Surges Higher Again Today
Health Insurance Innovations, Inc. (NasdaqCM: HII) surged higher again today up+ 7.09% closing at $14.50 after reaching a 52-week intraday high of $15. HIIQ has been on a nice move up ever since Trump was elected when it was trading around $6.
HIIQ is a market leader in developing innovative health insurance products that are affordable and meet the needs of health insurance plan shoppers. HII 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, its call center network and its unique online capability. Additional information about HII can be found at HiiQuote.com. HII’s Consumer Division includes AgileHealthInsurance.com, a website for researching, comparing and purchasing short-term health 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.
Health Insurance Innovations announced within the last 23 days that the Health Insurance Innovations, Inc. (HII) Board of Directors has appointed Gavin Southwell, President of the Company since July 2016, to the role of Chief Executive Officer and board member, effective immediately. In connection with this appointment, Patrick McNamee is transitioning out as Chief Executive Officer.
Gavin Southwell Is strategic visionary and proven leader, that brings with him nearly 15 years of executive leadership experience and a strong track record of delivering enhanced performance with a customer focused approach in his prior positions with insurance and insurance brokerage companies. Since joining HII in April 2016, Mr. Southwell has been instrumental in the Company’s success in driving growth and controlling costs.
“I am excited about the opportunity to work alongside the HII Board and management team as CEO as we continue to execute our strategic vision and build on our record of innovation and success,” said Mr. Southwell. “HII is an industry leader, and I have great respect for the entire HII team and look forward to building on the accomplishments of Patrick. Patrick joined the company with the short-term goal of helping to build a solid foundation for growth, and he accomplished this goal. He will be available to help in the transition through year end. HII will continue to focus on industry leading growth while optimizing profitability and cash flow generation. I believe that the Company is well-positioned for future growth and an exciting 2017.”
Based on a strong start of the open enrollment period, HII is raising both its revenue and adjusted earnings per share guidance. For the full year 2016, we now expect Revenue to grow between 65% and 70% year-over-year ($173 million to $178 million) and Adjusted EPS to grow between 230% and 250% ($0.88 to $0.95).
Previously they guided Revenue of $170 million to $175 million and Adjusted EPS of $0.85 to $0.92.
“The Open Enrollment Period that opened on 11/1/16 was favorable to our expectations, reflecting strong demand for our affordable health insurance products while continuing to execute on our plan,” said Gavin Southwell, HII’s newly appointed Chief Executive Officer. “Our strong distribution network, including our e-commerce division, AgileHealthInsurance.com, and our diverse product offerings continue to drive our sales growth.”