It has been about a month since the last earnings report for HealthEquity (HQY). Shares have lost about 16.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is HealthEquity due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. HealthEquity (HQY) Earnings Beat Estimates in Q4, Service Revenues UpHealthEquity reported adjusted earnings of 27 cents per share in fourth-quarter fiscal 2019, which surpassed the Zacks Consensus Estimate of 22 cents. The bottom-line figure also skyrocketed 133.3% on a year-over-year basis.Revenues amounted to $75.8 million, which increased 25% year over year and also exceeded the Zacks Consensus Estimate of $74 million.FY19 at a GlanceIn fiscal 2019 (ended January 31, 2019), HealthEquity reported revenues of $287.2 million, up 25% year over year. The top line also outpaced the Zacks Consensus Estimate of $285.9 million.The company reported adjusted net income of $1.19 per share, up 75% year over year. The figure also trumped the Zacks Consensus Estimate of $1.1.While Service revenues accounted for 40% of net revenues, Custodial revenues accounted for 38% of the same. Meanwhile, Interchange revenues accounted for 22% of net revenues.HSA Member DetailsAs of January 31, 2019, the total number of Health Savings Accounts (HSA), for which HealthEquity served as a non-bank custodian (HSA Members), was 4 million, up 17% year over year.Additionally, total Active HSA Members were 3.2 million, up 13% year over year.Total Custodial Assets was $8.1 billion, up 19% year over year.Segmental PerformanceService Revenues: At this segment, revenues rose 10% year over year to $25.8 million. The uptick was driven by a 20% year-over-year increase in average HSA, partially offset by an 8% decline in service revenues per average HSA.Custodial Revenues: At this segment, revenues increased 45% year over year to $35.5 million. The improvement was supported by 20% growth in average custodial cash assets and a higher annualized interest rate yield on custodial cash assets of 2.3% during the quarter under review.Interchange Revenues: At this segment, revenues improved 15% year over year to $14.5 million. The interchange revenues gained from a 20% year-over-year increase in average HSAs.Gross Margin DetailsHealthEquity registered gross profit of $44.4 million, up 40.4% year over year in the fourth quarter. Gross margin level was 58.7% of net revenues, up 630 basis points (bps) year over year.Sales and marketing expenses summed $7.9 million, up 6.2% year over year. Technology and development expenses totaled $10 million, up 33.7% year over year. General and administrative expenses amounted to $8.5 million, up 25.5% year over year.Adjusted operating income in the fiscal fourth quarter came in at $18.1 million, up 81.1% year over year. Adjusted operating margin totaled 23.8% in the quarter, up 730 bps year over year.GuidanceFor fiscal 2020, HealthEquity projects revenues in the range of $333-$339 million.Adjusted net income is envisioned in the band of $80-$84 million. Adjusted net income per share is expected in the $1.23-$1.29 range.Adjusted EBITDA outlook is projected between $133 million and $138 million.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresAt this time, HealthEquity has a strong Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise HealthEquity has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HealthEquity, Inc. (HQY): Free Stock Analysis Report To read this article on Zacks.com click here.