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Accolade Shares Surge After Q3 Earnings

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By Sam Boughedda

Investing.com — Accolade Inc (NASDAQ:ACCD) shares jumped 26.5% on Tuesday after it reported better-than-expected quarterly earnings.

The workplace benefits technology company announced earnings per share of 31 cents on revenue of $83.45 million. Analysts polled by Investing.com anticipated a per-share loss of 77 cents on revenue of $75.89 million.

"The strong outperformance was largely driven by earlier than expected achievement of approximately $7 million of performance-based revenue, including $2.5 million that was previously included in our third quarter guidance" commented Accolade CFO Steve Barnes. "This revenue recognition is a direct result of Accolade's continued success in delivering measurement-based outcomes for our customers."

Revenue is expected to be between $90 million and $93 million for the fourth quarter. Meanwhile, for the full fiscal year 2022, the company expects a 25% growth in revenue.

"Our preliminary revenue guidance of 25% growth in fiscal year 2023 shows the consistency and stability of our business, and our Adjusted EBITDA guidance demonstrates our focus on improving our bottom line performance with a target of achieving breakeven Adjusted EBITDA in fiscal year 2025," added Barnes.

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