HomeEquities ScoreHere is why Accolade Inc. (ACCD) stock flipped in the after-hours on...

Here is why Accolade Inc. (ACCD) stock flipped in the after-hours on Monday?

Accolade Inc. (ACCD) shares surged 11.29% in after-hours on Monday, January 10, 2022, and closed the daily trading at $21.30. However, in the regular trading session of Monday, ACCD’s stock lost 8.51%. ACCD shares have fallen 58.91% over the last 12 months, and they have moved down 29.58% in the past week. Over the past three months, the stock has lost 47.93%, while over the past six months, it has declined 64.08%.

Let’s see what are the latest news about the company?


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ACCD latest news

On January 10, 2022, Accolade, Inc. (ACCD) announced financial results for the fiscal third quarter ended November 30, 2021.

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Q3 2022 financial highlights

  • ACCD reported total revenue of $83.5 million for the 2022 fiscal third quarter compared to $38.4 million in Q3 2021.
  • The total cost of revenue was $45.15 million in Q3 2022 compared to $22.74 million in Q3 2021.
  • Total operating expenses were $11.75 million in Q3 2022 compared to $32.2 million in Q3 2021.
  • It reported a net income of $22.5 million in Q3 2022 compared to a net loss of $16.6 million in Q3 2021.

Q4 2022 financial outlook

For the current quarter ending February 28, 2022, the company is expecting,

  • Revenue in the range of $90 million to $93 million.
  • Adjusted EBITDA between $4 million and $8 million.

FY 2022 updated financial guidance

For the fiscal year ending February 28, 2022, Accolade updated its financial figures and is now expecting,

  • Revenue in the range of $306 million and $309 million compared to previous guidance of $303 million and $307 million.
  • Adjusted EBITDA between $48 million and $52 million, compared to previous figures of $49 million and $54 million.

FY 2023 financial outlook

For the fiscal year ending February 28, 2023, the company provided a preliminary financial outlook and is expecting,

  • Revenue growth of 25% over the fiscal year 2022.
  • Adjusted EBITDA in a range of 11% to 12% of revenue.

ACCD new appointments

On November 17, 2021, Accolade, Inc. (ACCD), expanded its executive leadership team.

The company appointed Carolina Lobo as a chief marketing officer and Eve Stacey as Accolade’s first chief customer officer to oversee marketing and customer success respectively, two high-demand functions for the company.

The new appointments will help further Accolade’s mission to empower people through expertise, empathy, and technology to make the best decisions for their health and well-being.

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Conclusion

Accolade stock flipped in the after-hours on Monday after it announced its financial results which are much improved and also topped the revenue estimates. we can expect it to further climb in the coming trading sessions on Tuesday.

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