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Accolade
🇺🇸 NASDAQ:ACCD
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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.

Total Revenue
$59.5M
Previous year: $35.9M
+65.8%
EPS
-$0.66
Previous year: -$1.86
-64.5%
Adjusted Gross Profit
$23.9M
Adjusted Gross Margin
40.2%
Gross Profit
$23.6M
Cash and Equivalents
$326M
Previous year: $77.7M
+319.0%
Free Cash Flow
-$28.3M
Total Assets
$891M

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.

Company Overview

Full financial data and analysis

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