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

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