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Accolade Rallies After Q1 Revenue Surges

Shares of personalized health and benefits solutions provider Accolade, Inc. (ACCD) are up more than 17% Friday morning after reporting robust revenue growth in the first quarter.

Revenue for the first quarter increased 44% year-on-year to $85.5 million from $59.5 million.

Net loss, however, widened to $342.82 million or $4.92 per share from $48.71 million or $0.84 per share a year ago, as the company had goodwill impairment charges of 299.71 million in the latest quarter.

Looking forward, the company expects second-quarter revenue to be between $82 million and $83.5 million

For the full year, Accolade has raised the lower end of the revenue outlook, now expecting between $355 million and $365 million from the previous view of $350 million-$365 million.

ACCD, currently at $8.68, has traded in the range of $4.61-$55.47 in the past 52 weeks.

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