Accolade rises after forecasting full-year revenue above estimates

Accolade

30/06/2023 12:49

** Shares of healthcare company Accolade  ACCD.O  up 10.28%
to $13.94 premarket
    ** Accolade on Thursday after market forecast full-year
revenue above Wall Street estimates, banking on robust quarterly
performances in expert medical and virtual primary care
divisions 
    ** Co expects revenue between $410 mln and $414 mln in FY
2024, above analysts' average expectation of $409.9 mln as per
Refinitiv IBES data
    ** "The company’s expert medical (EMO) and virtual primary
care (VPC) business performed better than expected with each
growing in the 30% range Y/Y and ahead of the company’s
anticipated growth ranges" - brokerage Credit Suisse 
    ** At least five brokerages have raised PT following
quarterly results
    ** Co's quarterly revenue was $93.23 mln, beating analysts'
average estimates of $90.30 mln
    ** Eleven of 17 brokerages rate the stock "buy" or higher,
and six "hold"; their median PT is $16.50 - Refinitiv
    ** As of last close, ACCD up 62.26% YTD    
   
 Brokerage      New PT  Old PT
 Stifel         $17     $15
 Guggenheim     $19     $18
 Needham        $17     $15
 Credit Suisse  $15     $13
 Wells Fargo    $14     $13
 
 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))