Accolade Reports 18% Revenue Growth

By Bobby Samwell • Thursday, June 27 16:34 • Permanent Link

Accolade, Inc. (NASDAQ: ACCD) has announced its financial results for the fiscal first quarter ending May 31, 2024. The company reported a 18% increase in revenue, reaching $110.5 million compared to $93.2 million in the same period last year. Additionally, Accolade saw a net loss of $27.6 million, representing a 28% improvement from the $38.4 million loss in the prior year.

In terms of non-GAAP financial data, the company reported an adjusted EBITDA of $(3.3) million, a significant 73% improvement from the $(12.6) million reported in the first quarter of the previous year. The adjusted gross profit also showed positive growth, reaching $52.8 million, up 30% from the $40.6 million reported in the same period last year. The adjusted gross margin also improved, reaching 47.8% compared to 43.5% in the previous year.

Looking ahead, Accolade provided forward-looking guidance for the fiscal second quarter ending August 31, 2024. The company expects revenue to be between $104 million and $106 million, with an adjusted EBITDA loss between $8 million and $10 million. For the fiscal year ending February 28, 2025, Accolade anticipates revenue to range between $460 million and $475 million, with adjusted EBITDA expected to be between $15 million and $20 million.

Steve Barnes, Accolade's Chief Financial Officer, emphasized the company's commitment to delivering profitable growth and positive adjusted EBITDA. He highlighted their focus on de-risking the full-year revenue forecast and directing investments towards margin expansion and revenue opportunities that support their profitability objectives.

Accolade also announced that it will host a conference call on June 27, 2024, at 4:30 p.m. ET to discuss its financial results.

This article provides a snapshot of Accolade's performance, showcasing the company's significant revenue growth, improved net loss, and positive trajectory in adjusted EBITDA and gross profit margins. The forward-looking guidance also indicates the company's confidence in its ability to sustain this growth and profitability in the coming quarters. Today the company's shares have moved 4.2% to a price of $6.39. If you want to know more, read the company's complete 8-K report here.

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