Accolade rallies after surprise profit, raised FY revenue outlook

Accolade

11/01/2022 14:00

** Accolade Inc  ACCD.O  shares jump 13.5% to $21.73
premarket after healthcare IT provider's results, full-year
forecast please
    ** Fiscal Q3 revenue, ended in Nov, more than doubled yr/yr
to $83.5 mln  urn:newsml:reuters.com:*:nGNX5BC8mT
    ** Co posts adj EPS of 31 cents vs consensus view of 74
cents/sh loss, per Refinitiv data
    ** ACCD raises FY revenue forecast to $306-$309 mln
(previously $303-$307 mln) vs avg analyst estimate of $306.3 mln
    ** Multiple brokerages cut PTs pointing to industry-wide
multiple compression - BofA goes to $45 from $51, Stifel to $34
from $40, Piper Sandler to $35 from $45
    ** Still, Wall Street firmly bullish on ACCD with avg rating
of 'strong buy', per Refinitiv. Median PT is $35, down from $55
a month ago
    ** Shares down 27% to start 2022 and have lost about half
their value over the past 3 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))