JMP Securities analyst David Scharf said his "reading between the lines" of comments made by HealthEquity (HQY) management on the company's Q1 earnings call leads him to believe the company needs to offer a full range of products in order to maintain long-term competitiveness and scale. He interpreted CEO Jon Kessler's statement that "whether it's through the proposed transaction or other means, we intend to increase our sort of shelf space...and that's what we're going to do one way or the other" as saying that its only strategic choice is to either acquire WageWorks (WAGE) or build out the same capabilities. Given this view of the comments, Scharf believes if WageWorks' board rejects the current offer it "will not be the last" bid made by HealthEquity, the analyst tells investors in a research note.