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May 31, 2023
Accolade Q1 2024 Earnings Report
Accolade exceeded guidance for fiscal first quarter and raised guidance for fiscal year 2024.
Key Takeaways
Accolade's Q1 2024 financial results demonstrated consistent strength, reinforcing the company's belief in an advocacy-led care delivery strategy. The company exceeded both top and bottom line guidance, driven by a growing customer base and sales momentum. Growth in virtual primary care is especially exciting. The 'One Accolade' initiative is creating a more streamlined organization, benefiting overall costs, decision making and strategic planning.
Accolade exceeded guidance for fiscal first quarter and raises guidance for fiscal year 2024.
Accolade's consistently strong financial results reinforce their belief that an advocacy-led care delivery strategy is the key to transforming the U.S. healthcare system.
Accolade is witnessing growth in virtual primary care, which is the key to people living their healthiest lives.
The One Accolade initiative is creating a more streamlined organization, benefiting overall costs, decision making and strategic planning.
Accolade
Accolade
Forward Guidance
Accolade provides forward-looking guidance on revenue and Adjusted EBITDA, a non-GAAP financial measure.
Positive Outlook
- For the fiscal second quarter ending August 31, 2023, revenue is expected to be between $93 million and $95 million.
- For the fiscal second quarter ending August 31, 2023, Adjusted EBITDA is expected to be between $(11) million and $(14) million.
- For the fiscal year ending February 29, 2024, revenue is expected to be between $410 million and $414 million.
- For the fiscal year ending February 29, 2024, Adjusted EBITDA is expected to be between $(6) million and $(12) million.