Accolade Reports 18% Revenue Growth

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.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.