Accolade ( NASDAQ: ACCD ) stock rose ~23% on Tuesday after FQ3 2023 revenue grew 9% Y/Y and the company provided outlook for fiscal '23 and '24.
FQ3 revenue increased to $90.95M, compared to $83.45M in FQ3 fiscal 2022.
GAAP EPS of -$0.56, compared to $0.31 in the year ago period.
"Accolade enters the new year having just concluded one of the strongest selling performances in our company’s history," said Accolade CEO Rajeev Singh.
Adjusted EBITDA -$10.2M, compared to -$11.9M in FQ3 fical 2022.
Outlook :
"On the strength of our bookings performance throughout last year, we are pleased to introduce preliminary fiscal year 2024 guidance that reaffirms both our revenue growth and Adjusted EBITDA targets. We are firmly on track and remain committed to delivering positive Adjusted EBITDA and cash flow in fiscal year 2025," said Accolade CFO Steve Barnes.
FQ4 : For the FQ4 ending Feb. 28, the company expects revenue between $97M and $101M ( consensus $100.28M). Adjusted EBITDA between -$1M and -$3M.
Fiscal 2023 : Accolade expects revenue between $361M and $365M ( consensus $362.86M). Adjusted EBITDA anticipated between -$36M and -$40M.
Fiscal year 2024 :The company expects revenue of about $410M ( consensus $409.43M). Meanwhile, adjusted EBITDA expected between -5% to -7% of revenue.
For further details see:
Accolade stock surges 20% as FQ3 revenue rises 9% Y/Y; provides fiscal 2023 outlook