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.
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).”