A month has gone by since the last earnings report for HealthEquity (HQY). Shares have lost about 13.1% 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 its most recent earnings report in order to get a better handle on the important drivers. HealthEquity Q4 Earnings and Revenues Beat EstimatesHealthEquity, Inc reported adjusted earnings per share of 42 cents for fourth-quarter fiscal 2021, which beat the Zacks Consensus Estimate of 41 cents by 2.4%. Also, the bottom line grew 5% on a year-over-year basis.For fiscal 2021, adjusted earnings per share came in at $1.67, in line with the Zacks Consensus Estimate. However, the bottom line dipped 0.6% on a year-over-year basis.Revenues in DetailFor the fiscal fourth quarter, the company generated revenues of $188.2 million, outpacing the Zacks Consensus Estimate by 1.4%. However, the top line fell 6.4% from the prior-year quarter.For fiscal 2021, revenues summed $733.6 million, outpacing the Zacks Consensus Estimate by 0.4%. Also the figure grew 37.9% year over year.HSA DetailsAs of Jan 31, 2021, the total number of Health Savings Accounts (HSA) for which HealthEquity served as a non-bank custodian (HSA members), came in at 5.8 million, up 8% year over year.Additionally, total Active HSA assets were $14.3 billion, up 24% year over year.Total HSA Accounts as of Jan 31, 2021were 12.8 million including 7 million Consumer Direct Benefits (CDB).Segmental PerformanceService Revenues: Revenues of$111.3 million were down 8.9% from the year-ago figure.Custodial Revenues: Revenues slid 1.6% year over year to $48.6 million.Interchange Revenues: Revenues fell 4.7% year over year to $28.3 million.Margin DetailsHealthEquity generated gross profit of $100.9 million, down 11.2% from the year-ago quarter. Gross margin was 53.6% of net revenues, down 287 basis points (bps) year over year.Adjusted operating profit in the fiscal fourth quarter was $32.2 million, down 28.1% year over year. Adjusted operating margin was 17.1% in the period, contracting 517 bps year over year.Financial PositionThe company exited the fiscal fourth quarter with cash and cash equivalents of $328.8 million compared with $191.7 million at the end of the year-ago period.Cumulative cash flow from operating activities in the quarter totaled $181.6 million, up from $105 million in the year-ago period.Full-Fiscal ViewFor fiscal 2022, revenues are projected within $750-$760 million. The Zacks Consensus Estimate for the same is pegged at $753.6 million.Adjusted earnings per share are expected within $1.37-$1.42. The Zacks Consensus Estimate for the same stands at $1.69.How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month. The consensus estimate has shifted -35.11% due to these changes.VGM ScoresCurrently, HealthEquity has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, 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 D. 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.