SEATTLE, June 27, 2024 (GLOBE NEWSWIRE) -- Accolade, Inc. (NASDAQ:ACCD) today announced financial results for the fiscal first quarter ended May 31, 2024. "Accolade's physician-led advocacy approach to solving the Physician Gap is increasing accessibility to healthcare and improving outcomes for the millions of lives we service. We will continue to push our leadership in Healthcare AI and a proven engagement model that is driving sustainable and profitable growth. Our focus remains on delivering a superior member experience and executing against our long term objectives to make an impact of all of our members' lives," said Rajeev Singh, Accolade Chairman of the Board of Directors and Chief Executive Officer. Financial Highlights for Fiscal First Quarter ended May 31, 2024   Three months ended May 31,   % Change(2)     2024       2023       (in millions, except percentages)     GAAP Financial Data:           Revenue $ 110.5     $ 93.2     18 % Net loss $ (27.6 )   $ (38.4 )   28 %             Non-GAAP Financial Data(1):           Adjusted EBITDA $ (3.3 )   $ (12.6 )   73 % Adjusted Gross Profit $ 52.8     $ 40.6     30 % Adjusted Gross Margin   47.8 %     43.5 %                         (1) A reconciliation of GAAP to non-GAAP results has been provided in this press release in the accompanying Financial Tables. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures." (2) Percentages are calculated from accompanying Financial Tables and may differ from percentage change of numbers in Financial Highlights table due to rounding. Steve Barnes, Accolade Chief Financial Officer, commented, "Accolade continues to execute against our primary objective of delivering profitable growth and positive Adjusted EBITDA this year. We are de-risking our full year revenue forecast and focusing our investments on margin expansion and revenue opportunities that support our profitability objectives." Financial Outlook Accolade provides forward-looking guidance on revenue and Adjusted EBITDA, a non-GAAP financial measure. For the fiscal second quarter ending August 31, 2024, we expect: Revenue between $104 million and $106 million Adjusted EBITDA loss between $8 million and $10 million For the fiscal year ending February 28, 2025, we expect: Revenue between $460 million and $475 million Adjusted EBITDA between $15 million and $20 million Accolade has not reconciled guidance for Adjusted EBITDA to net loss, the most directly comparable GAAP measure, and has not provided forward-looking guidance for net loss, because there are items that may impact net loss, including stock-based compensation, that are not within the company's control or cannot be reasonably predicted. Quarterly Conference Call Details The company will host a conference call today, June 27, 2024 at 4:30 p.m. E.T. to discuss its financial results. To Listen via Telephone: Pre-registration is required by the conference call operator. Please pre-register by clicking here (https://register.vevent.com/register/BI651ad6356ede4b179553cca22ec02b2f). Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN. To Listen via Internet: The conference call can be accessed via a live audio webcast that will be available online at http://ir.accolade.com. Replay: A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at http://ir.accolade.com. Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and our financial outlook. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "maintain," "might," "likely," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions and the negatives of those terms. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risks described under the heading "Risk Factors" in Accolade's most recently filed Annual Report on Form 10-K and subsequent filings, which should be read in conjunction with any forward-looking statements. All forward-looking statements in this press release are based on information available to Accolade as of the date hereof, and it does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. About Accolade, Inc. Accolade (NASDAQ:ACCD) is a Personalized Healthcare company that provides millions of people and their families with exceptional healthcare experiences so they can live their healthiest lives. Accolade's employer, health plan, and consumer solutions combine virtual primary care and mental health, expert medical opinion, and best-in-class care navigation. These offerings are built on a platform that is engineered to care through predictive engagement of population health needs, proactive care that improves outcomes and cost savings, and by addressing barriers to access and continuity of care. Accolade consistently receives consumer satisfaction ratings of over 90%. For more information, visit accolade.com. Follow us on LinkedIn, Twitter, Instagram and Facebook. Investor Contact: Todd Friedman, Investor Relations, Media Contact: Public Relations, Source: Accolade Financial Tables Accolade, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (unaudited)(In thousands, except share and per share data)   May 31, 2024   February 29, 2024 Assets       Current assets:       Cash and cash equivalents $ 188,709     $ 185,718   Marketable securities   41,931       51,315   Accounts receivable, net   20,278       21,800   Unbilled revenue   7,433       5,902   Current portion of deferred contract acquisition costs   4,252       4,369   Prepaid and other current assets   12,656       15,808   Total current assets   275,259       284,912   Property and equipment, net   19,652       19,140   Operating lease right-of-use assets   27,114       28,340   Goodwill   278,191       278,191   Intangible assets, net   156,524       165,407   Deferred contract acquisition costs   8,534       9,608   Other assets   2,095       2,553   Total assets $ 767,369     $ 788,151   Liabilities and stockholders' equity       Current liabilities:       Accounts payable $ 8,139     $ 13,749   Accrued expenses and other current liabilities   11,065       10,736   Accrued compensation   22,037       23,392   Due to customers   11,264       18,552   Current portion of deferred revenue   38,745       34,770   Current portion of operating lease liabilities   7,192       6,651   Total current liabilities   98,442       107,850   Loans payable, net of unamortized issuance costs   208,790       208,482   Operating lease liabilities   24,613       26,077   Other noncurrent liabilities   157       156   Deferred revenue   102       121   Total liabilities   332,104       342,686   Commitments and Contingencies       Stockholders' equity