Accolade Shares Slip After Q1 Results, Guides Q2 Revenue Below Consensus

  • Accolade Inc ACCD reported first-quarter revenue growth of 44% year-over-year to $85.5 million, beating the consensus of $81.97 million.
  • EPS was $(4.92), compared to $(0.84) in 1Q22.
  • Adjusted gross profit increased by 63% Y/Y to $39 million, and margin expanded by 545 bps to 45.6%.
  • Adjusted EBITDA loss widened to $(15.4) million from $(12.8) million a year ago.
  • Loss from operations for the quarter was $(346.04) thousand, compared to a loss of $(48.02) thousand a year ago.
  • ACCD's net cash used in operating activities for the quarter totaled $(30.46) million, compared to $(27.61) million in 1Q22. It has cash and cash equivalent of $335.3 million as of May 31. 2022.
  • "Despite the inherent uncertainties in the current macroeconomic environment, we remain firmly on track to deliver our revenue growth and positive cash flow objectives," stated Rajeev Singh, Accolade Chief Executive Officer.
  • 2Q23 Outlook: Accolade expects revenue of $82 million-$83.5 million vs. consensus of $84.05 million and Adjusted EBITDA of $(18) million-$(20) million.
  • FY23 Outlook: The company expects revenue of $355 million-$365 million; Adjusted EBITDA of $(35) million -$(40) million.
  • Price Action: ACCD shares are trading lower by 2.16% at $7.24 during the post-market session on Thursday.

Posted In: BriefsEarningsNewsGuidanceSmall Cap

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.