HealthEquity Inc. increased its outlook for the fiscal year ending Jan. 31, 2020, and announced its earnings results for the first quarter ended April 30.

Net income for the fiscal year is now projected to be between $82 million and $86 million, or between $1.26 and $1.32 per share, an increase from the previous outlook of $58 million to $62 million, or 89 cents to 95 cents per share. The company now anticipates non-GAAP net income of $83 million to $87 million, or $1.28 to $1.34 per share, compared with the earlier guidance of $80 million to $84 million, or $1.23 to $1.29 per share.

The company now expects revenue of $339 million and $345 million for the fiscal year ending Jan. 31, 2020, compared with the previously expected $333 million to $339 million. Adjusted EBITDA of $135 million to $140 million is expected for the fiscal year, up from the previous outlook of $133 million to $138 million.

For the first quarter ended April 30, the company's net income came in at $41.8 million, or 65 cents per share, compared with $22.6 million, or 36 cents per share, in the past-year quarter.

On a non-GAAP basis, net income amounted to $26 million, or 41 cents per share, an increase from $19 million, or 31 cents per share, in the prior-year period.

Total revenue stood at $87.1 million for the quarter, up from $69.9 million in the prior-year period.