Health Insurance Innovations (HIIQ) Tops Q3 EPS by 4c; New CEO Named

Health Insurance Innovations (NASDAQ: HIIQ) reported Q3 EPS of $0.08, $0.04 better than the analyst estimate of $0.04. Revenue for the quarter came in at $25.8 million versus the consensus estimate of $27.67 million.

The company also announced that Patrick McNamee has been named Chief Executive Officer and a member of the Board of Directors of Health Insurance Innovations Inc., effective immediately.

Mike Kosloske in his capacity as Founder, Executive Chairman of the Board and Chief of Product Innovation Executive shall consult with the Chief Executive Officer of the Company (CEO) on matters related to the strategy and vision for the company, development and implementation of its existing product portfolio and new products, carrier relations and the growth and management of the AgileHealthInsurance business and the HealthPocket business. "We are pleased to execute our transition plan, "said Mr. Kosloske. " Pat is a strong, hands-on leader. Since he joined the company in June, Pat has demonstrated that he is a great fit for our organization, bringing more than 25 years of executive leadership and operations experience to HII. Meanwhile, these changes allow me to focus on those areas of the business where I can make the most contribution."

Mr. McNamee's career demonstrates a record of remarkable success leveraging information technology, process improvement, M&A integration and general management leadership to drive both significant revenue growth and operating cost efficiency. Mr. McNamee began his career at the General Electric Corporation, attaining increasing levels of achievement and responsibility over a 14-year period. His first role at GE was in product management at GE Medical in development of radiology information systems, after which he was promoted successively to Chief Information Officer GE Power Plants, Chief Information Officer and General Manager of e-Business for GE Transportation, Chief Information Officer and Chief Quality Officer for NBC, and lastly as President and CEO of GE Surgery, a division of GE Medical Systems.

Mr. McNamee then took on the role of President and CEO of Physician Systems at Misys Healthcare Systems. Most recently Mr. McNamee served as EVP & Chief Operating Officer of Express Scripts Holding Company, where he helped grow the company from $10 billion to more than $100 billion in revenues over a nine- year tenure. Mr. McNamee joined HII in June 2015 as President.

Mr. McNamee earned a master's degree and a bachelor's degree in Biomedical Engineering from Marquette University

Mr. McNamee serves on the Board of Directors of HD Supply Holdings, Inc. as well as Corizon Health. He also serves as an Executive Advisor for the private equity firm, Beecken Petty O'Keefe & Company.

"It is a tremendous privilege to lead a team that has proven to be so successful in meeting the insurance needs of consumers", said Mr. McNamee. "With Mike (Kosloske) at the helm of product development, HII will continue its record of health insurance innovation and partnership with the best health insurance companies."

For earnings history and earnings-related data on Health Insurance Innovations (HIIQ) click here.

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