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Accolade Shares Surge After Q3 Earnings -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — Accolade Inc Shares of (NASDAQ) rose 26.5% after the company reported higher-than-expected quarterly earnings.

This workplace benefits company posted earnings per share in the range of 31 cents for revenue of $83.45 millions. According to analysts polled, Investing.comOn revenue of $75.89million, a loss per share of 77c was expected.

Accolade CFO Steve Barnes commented that “the strong outperformance was largely due to earlier than expected achievement approximately $7million of performance-based revenue,” which includes $2.5 million that was not previously included in the third quarter guidance. Accolade’s ongoing success in measuring-based outcomes for customers is the direct reason Accolade has recognized this revenue.

The fourth quarter revenue is estimated to range between $90 and $93 millions. The company anticipates that revenue will grow by 25% for the entire fiscal year 2022.

Barnes stated, “Our initial revenue guidance of 25% increase in fiscal 2023 shows consistency and stability in our business. Our Adjusted EBITDA guidance demonstrates that we are focusing on improving our bottom-line performance with a goal of breakingeven in Adjusted EBITDA by fiscal 2025.”

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