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Accolade (ACCD) Posts Fiscal Third-Quarter 2022 Results; Revenue Beats Market Estimates

Tuesday, January 11, 2022 08:21 AM | Carl Pettit
Accolade (ACCD) Posts Fiscal Third-Quarter 2022 Results; Revenue Beats Market Estimates

On Jan. 10, Accolade, Inc. (ACCD) posted its fiscal third-quarter 2022 results. Revenue for the quarter came in higher than the market had expected. ACCD stock increased 10.82% pre-market today.

Third Quarter 2022 Results

For its third quarter, Accolade reported $83.5 million in revenue, which came out ahead of forecasts that were more in the $76 million range. Adjusted losses tallied out to $0.39 per share, which is better than prior expectations for losses of around $0.48 per share.

Chief Financial Officer Comments

Chief Financial Officer Steve Barnes said on a call with investors that the company had “generated $83.5 million in revenue in the third fiscal quarter, representing a 117% year-over-year growth on a GAAP basis over the prior-year period,” which reflected a significant beat against the top end of Accolade’s guidance range.

Fourth-Quarter Guidance

For the fiscal fourth quarter ending on February 28, 2022, Accolade expects revenue in the $90 million to $93 million range.

Fiscal Year Guidance Update

For the fiscal year ending on February 28, 2022, the company update its revenue and Adjusted EBITDA guidance. Accolade now expects revenue between $306 million and $309 million. Previous guidance was in the $303 million to $307 million range. Adjusted EBITDA between is now forecast for $48 million and $52 million, “representing a range of (16% to 17%) of revenue (previously $49 million and $54 million).”

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