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May 31, 2022
Accolade Q1 2023 Earnings Report
Accolade's Q1 2023 financial results were announced, demonstrating a 44% increase in revenue compared to Q1 2022.
Key Takeaways
Accolade reported a strong first quarter with revenue of $85.5 million, a 44% increase year-over-year. The company is raising the midpoint of its revenue guidance for fiscal year 2023 and reaffirming its commitment to consistently improve its Adjusted EBITDA loss, with an expectation for positive cash flow and Adjusted EBITDA in fiscal year 2025.
Fiscal first quarter 2023 revenue reached $85.5 million, reflecting a 44% increase compared to $59.5 million in the fiscal first quarter of 2022.
A non-cash goodwill impairment charge of $299.7 million was recorded during the three months ended May 31, 2022.
Adjusted Gross Profit was $39.0 million, compared to $23.9 million in the same period last year.
Accolade is raising the midpoint of its revenue guidance for fiscal 2023 and reaffirming its commitment to consistently improve its Adjusted EBITDA loss.
Forward Guidance
Accolade provides forward-looking guidance on revenue and Adjusted EBITDA. For the fiscal second quarter ending August 31, 2022, the company expects revenue between $82 million and $83.5 million and Adjusted EBITDA between $(18) million and $(20) million. For the fiscal year ending February 28, 2023, the company expects revenue between $355 million and $365 million and Adjusted EBITDA between $(35) million and $(40) million, representing a range of (10)% to (11)% of revenue
Positive Outlook
- Revenue between $82 million and $83.5 million is expected for the fiscal second quarter ending August 31, 2022.
- Adjusted EBITDA between $(18) million and $(20) million is expected for the fiscal second quarter ending August 31, 2022.
- Revenue between $355 million and $365 million is expected for the fiscal year ending February 28, 2023.
- Adjusted EBITDA between $(35) million and $(40) million is expected for the fiscal year ending February 28, 2023.
- Commitment to consistently improve Adjusted EBITDA loss.
Challenges Ahead
- Adjusted EBITDA is expected to be negative for the fiscal second quarter ending August 31, 2022.
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