Accolade Posts Narrower Quarterly Loss, Tightens Annual Sales Guidance

Accolade Inc ACCD reported Q2 FY23 sales of $87.6 million, up 20% Y/Y, beating the consensus of $82.86 million and the management guidance of $82-$83.5 million.
"Importantly, this is also our first full year selling our broader integrated services, and we are receiving strong validation from both new and current customers that our integrated portfolio is the right approach," said Rajeev Singh, Accolade CEO.
The adjusted EBITDA loss came at $(13.7) million, better than $(19.4) million a year ago and the company expectation of $(18)-$(20) million.
The company reported an EPS loss of $(0.66), down from $(0.97) a year ago and better than the consensus of $(0.72).
Guidance: For Q3 FY23, Accolade expects revenues of $86-$88 million, below the consensus of $89.38 million.
It expects adjusted EBITDA loss of $(11) million - $(13) million.
For FY23, the company forecasts revenues of $358-$365 million, compared to the consensus of $359.77 million and prior guidance of $355-$365 million.
It reaffims adjusted EBITDA guidance of $(40) million - $(35) million.
Price Action: ACCD shares closed lower by 0.72% at $12.39 on Thursday.