Analyst Says Accolade's Q1 Earning, Annual Guidance Reflect Solid Performance Amid Uncertain Macroeconomic Environment
Portfolio Pulse from Vandana Singh
Accolade Inc (NASDAQ:ACCD) reported Q1 FY24 sales of $93.2 million, up 9% Y/Y, beating the consensus of $90.30 million. The company posted an EPS loss of $(0.52), better than the consensus of $(0.62) and much lower than the $(4.92) posted a year ago. For FY24, Accolade expects revenue of $410-$414 million. William Blair (Outperform) notes that the company's strong FY23 bookings and three-year average contract length provide substantial visibility into 2025. ACCD shares are up 11.87% at $14.14 on the last check Friday.
June 30, 2023 | 1:50 pm
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POSITIVE IMPACT
Accolade's Q1 FY24 results beat expectations and the company raised its FY24 revenue forecast. This positive news, along with an upbeat note from William Blair, has led to a rise in the company's stock price.
Accolade's better-than-expected Q1 FY24 results and raised FY24 revenue forecast are positive news for the company. This, coupled with an upbeat note from William Blair, has likely contributed to the rise in the company's stock price. Given these factors, it is expected that the stock price will continue to perform well in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100