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May 31, 2021
Accolade Q1 2022 Earnings Report
Revenue increased by 66% year-over-year and the company raised its full year guidance.
Key Takeaways
Accolade reported a strong first quarter with revenue of $59.5 million, a 66% increase compared to the first quarter of fiscal year 2021. The company raised its full year guidance for fiscal year 2022 to $300 million - $305 million.
Fiscal first quarter 2022 revenue of $59.5 million, a 66% increase compared to fiscal first quarter 2021 revenue of $35.9 million
Company raises guidance for fiscal year 2022 to $300 million - $305 million, a 78% increase at the midpoint compared to fiscal year 2021 revenue of $170.4 million, reflecting first quarter outperformance and inclusion of PlushCare in full year forecast.
The acquisitions of 2nd.MD and PlushCare are complete.
Forecasting a pro forma revenue growth rate in excess of 30% for fiscal year 2022.
Accolade
Accolade
Forward Guidance
Accolade provides forward-looking guidance on Revenue and Adjusted EBITDA. For the fiscal second quarter ending August 31, 2021, we expect: Revenue between $69 million and $71 million. Adjusted EBITDA, a non-GAAP measure, between $(22) million and $(25) million. For the fiscal year ending February 28, 2022, we are raising our forecast to the following ranges: Revenue between $300 million and $305 million, compared to the previous guidance range between $260 million and $265 million. Adjusted EBITDA, a non-GAAP measure, between $(49) million and $(54) million, compared to the previous guidance range between $(38) million and $(42) million.
Positive Outlook
- Revenue between $69 million and $71 million for the fiscal second quarter ending August 31, 2021.
- Revenue between $300 million and $305 million for the fiscal year ending February 28, 2022.
- Forecasting a pro forma revenue growth rate in excess of 30% for fiscal year 2022.
- Continued momentum in Accolade’s navigation and advocacy business.
- Accretive impact of 2nd.MD and PlushCare’s revenue growth.
Challenges Ahead
- Adjusted EBITDA between $(22) million and $(25) million for the fiscal second quarter ending August 31, 2021.
- Adjusted EBITDA between $(49) million and $(54) million for the fiscal year ending February 28, 2022.
- Plan to invest in building out our enterprise primary care business.
- Integrating Accolade, 2nd.MD and PlushCare.
- Continuing to grow PlushCare’s consumer business.