{"id":788192,"date":"2023-10-04T17:00:46","date_gmt":"2023-10-04T21:00:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/accolade-announces-results-for-fiscal-second-quarter-2024\/"},"modified":"2023-10-04T17:00:46","modified_gmt":"2023-10-04T21:00:46","slug":"accolade-announces-results-for-fiscal-second-quarter-2024","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/accolade-announces-results-for-fiscal-second-quarter-2024\/","title":{"rendered":"Accolade Announces Results for Fiscal Second Quarter 2024"},"content":{"rendered":"
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SEATTLE, Oct. 04, 2023 (GLOBE NEWSWIRE) — Accolade, Inc. (NASDAQ: ACCD) today announced financial results for the fiscal second quarter ended August 31, 2023.<\/p>\n

\u201cWe are halfway through the 2024 fiscal year and the demand environment for our solutions remains strong. Accolade continues to lay the foundation to build a lasting, scalable business that will improve people\u2019s lives and fundamentally change the way healthcare is experienced in this country. Accolade’s unique combination of advocacy and care solutions is changing the way employers deliver healthcare to their employees and their families, and the success of this strategy is evident in our growing customer base which now totals more than 1,000 customers. By providing the benefits advocacy and navigation services that members need to fully leverage their healthcare options, as well as operating a large and growing care delivery organization, we are closing the critical gaps in the care experience that impact health outcomes, costs of care, and the overall healthcare experience,\u201d said Rajeev Singh, Accolade Chief Executive Officer.<\/p>\n

\n Financial Highlights for Fiscal Second Quarter ended August 31, 2023<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended August 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Change<\/strong>
\n
\n (2)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n (in\u00a0millions,\u00a0except\u00a0percentages)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n GAAP Financial Data:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenue<\/td>\n\u00a0<\/td>\n$<\/td>\n96.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n87.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n%<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n$<\/td>\n(32.8<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(46.5<\/td>\n)<\/td>\n\u00a0<\/td>\n29<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-GAAP Financial Data<\/strong>
\n
\n (1)<\/strong>
\n <\/sup>
\n :<\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n(8.8<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(13.7<\/td>\n)<\/td>\n\u00a0<\/td>\n36<\/td>\n%<\/td>\n<\/tr>\n
Adjusted Gross Profit<\/td>\n\u00a0<\/td>\n$<\/td>\n42.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n39.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9<\/td>\n%<\/td>\n<\/tr>\n
Adjusted Gross Margin<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44.2<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n44.7<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n (<\/strong>
\n <\/sup>
\n
\n 1<\/strong>
\n <\/sup>
\n
\n ) <\/strong>
\n <\/sup>A reconciliation of GAAP to non-GAAP results has been provided in this press release in the accompanying Financial Tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”<\/p>\n

\n
\n (<\/strong>
\n <\/sup>
\n
\n 2<\/strong>
\n <\/sup>
\n
\n ) <\/strong>
\n <\/sup>Percentages are calculated from accompanying Financial Tables and may differ from percentage change of numbers in Financial Highlights table due to rounding.<\/p>\n

Steve Barnes, Accolade Chief Financial Officer, commented, \u201cAccolade continues to execute against our long term financial goals, exceeding both our top and bottom line guidance in the second fiscal quarter. We expect our cost reduction measures from earlier this year will be fully realized in the second half of the year, providing visibility and confidence in our path to achieving profitability.\u201d<\/p>\n

\n Financial Outlook<\/strong>\n <\/p>\n

Accolade provides forward-looking guidance on revenue and Adjusted EBITDA, a non-GAAP financial measure.<\/p>\n

For the fiscal third quarter ending November 30, 2023, we expect:<\/p>\n