• HealthEquity average gross margin for 2023 was 59.26%, a 6.62% increase from 2022.
• HealthEquity average gross margin for 2022 was 55.58%, a 1.94% increase from 2021.
• HealthEquity average gross margin for 2021 was 56.68%, a 3.93% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.