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Accolade, Inc. (Nasdaq: ACCD) is a pioneering Personalized Healthcare company devoted to providing exceptional healthcare experiences to millions of people and their families, enabling them to live their healthiest lives. Accolade's range of solutions targets employers, health plans, and consumers by integrating virtual primary care, mental health services, expert medical opinions, and top-tier care navigation. Their innovative platform leverages cloud-based intelligent technology, coupled with expert clinical teams, including registered nurses, physician medical directors, pharmacists, and primary care physicians, to deliver comprehensive advocacy and healthcare services.
The company has been recognized for its significant contributions to the healthcare industry, such as being named one of Forbes' 25 most promising companies and achieving a spot on Inc. 500's list of America's fastest-growing private companies. Accolade's mission is to guide individuals through the complexities of the healthcare system, thereby enhancing outcomes and reducing costs for employers and health plans.
Accolade has recently gained considerable attention for its impressive 227% revenue growth, attributed to a relentless focus on delivering exceptional outcomes. This achievement earned Accolade a place in the Deloitte Technology Fast 500™ list for 2023. CEO Rajeev Singh credits the company's innovative approach and dedicated team for this remarkable performance.
Accolade's Trusted Partner Ecosystem, launched in 2019, exemplifies its commitment to comprehensive healthcare solutions. This ecosystem includes partnerships with leading companies like Kindbody and Noom, expanding access to specialized services such as fertility and metabolic health.
Accolade's financial health remains robust, with recent quarterly results showcasing a significant reduction in net loss and positive adjusted EBITDA, indicating a promising trajectory toward sustainable growth and profitability.
With a consumer satisfaction rating consistently over 90%, Accolade is steadily advancing its vision of transforming healthcare through predictive engagement, proactive care, and by addressing barriers to access and continuity of care. The company's forward-thinking approach ensures it remains at the forefront of healthcare innovation, making a significant impact on the industry and the lives of the people it serves.
For more information, visit accolade.com.
Accolade (NASDAQ: ACCD) reported a 33% increase in fiscal Q4 2021 revenue to $59.2 million and a 29% rise in fiscal year 2021 revenue, reaching $170.4 million. The company anticipates fiscal year 2022 revenue between $260 million and $265 million, with adjusted EBITDA projected between $(38) million and $(42) million. The acquisition of 2nd.MD and the proposed acquisition of PlushCare will expand Accolade's addressable market to over $200 billion. The company also increased its Annual Contract Value by 31% to $211 million and doubled its customer base to 112.
Accolade reported a fiscal fourth quarter 2021 revenue of $59.2 million, up 33% from $44.4 million in the same quarter of 2020. For the fiscal year 2021, revenues reached $170.4 million, a 29% increase year-over-year. The company initiated guidance for fiscal 2022 revenue between $260 million and $265 million, with an expected Adjusted EBITDA loss of $(38) million to $(42) million. Recent acquisitions of 2nd.MD and planned acquisition of PlushCare aim to expand Accolade's addressable market to over $200 billion.
Accolade, Inc. (Nasdaq: ACCD) has announced its acquisition of PlushCare, a leader in virtual primary care and mental health services. This transaction will enable Accolade to enhance its healthcare offerings, directly providing virtual consultations to its members. With a combined addressable market exceeding $200 billion, this acquisition aims to improve health outcomes and reduce costs. The deal is expected to be accretive to Accolade’s growth, leveraging its existing engagement platforms and operational efficiencies. The total transaction value is up to $450 million, with the closing anticipated in June 2021.
Accolade, Inc. (NASDAQ: ACCD) is set to release its fiscal fourth quarter and full year 2021 financial results on May 5, 2021, after market close. A conference call will follow at 4:30 p.m. E.T. for detailed insights into the performance. Accolade offers tailored, technology-driven health solutions, aiming to navigate and optimize healthcare and workplace benefits for users, achieving over 90% consumer satisfaction ratings. Investors can access the call via phone or online, with a replay available for 90 days post-event.
Accolade, Inc. (Nasdaq: ACCD) has announced the pricing of $250 million in 0.50% convertible senior notes due 2026. The private placement is aimed at qualified institutional buyers under Rule 144A of the Securities Act. The initial conversion rate is set at 19.8088 shares per $1,000 principal amount, equating to a conversion price of $50.48 per share, reflecting a 32.5% premium over the last stock price. Proceeds are expected to be approximately $242.4 million and will be utilized for corporate purposes including capital expenditures and acquisitions. The offering closes on March 29, 2021.
Accolade, Inc. (ACCD) reported preliminary financial results for the fiscal year 2021, projecting Q4 revenue between $56.9 million and $57.9 million, and annual revenue between $168.0 million and $169.0 million. The net loss for Q4 is expected to be between $(7.1) million and $(5.6) million, with an annual net loss of $(53.0) million to $(51.5) million. Adjusted EBITDA for Q4 is projected between $0.6 million and $2.1 million, while the annual adjusted EBITDA is expected between $(29.0) million and $(27.5) million. Full results are due on May 5, 2021.
Accolade, Inc. (Nasdaq: ACCD) announced plans to offer $250 million in convertible senior notes due 2026 in a private placement. The offering aims to provide funds for corporate purposes, including working capital and strategic investments. An additional $37.5 million may be purchased by initial buyers. The notes will be unsecured, with interest accruing semiannually. Capped call transactions are intended to mitigate potential dilution from conversions. The offering is subject to market conditions and has not been registered under the Securities Act.
Accolade, Inc. (Nasdaq: ACCD) has finalized its acquisition of Innovation Specialists, LLC (d/b/a 2nd.MD) for up to $460 million. This strategic move combines expertise in benefit navigation, health advocacy, and expert medical opinions, enhancing healthcare navigation for over 9 million lives across 400 customers. The transaction includes $230 million in cash and stock, with an additional $100 million contingent upon revenue milestones. This merger is expected to expand Accolade’s addressable market by $22 billion.
Accolade, Inc. (NASDAQ: ACCD) will participate in two upcoming investor conferences: the BTIG Virtual MedTech Conference on February 17, 2021, at 4:00 p.m. E.T. and the SVB Leerink Global Healthcare Conference on February 24, 2021, at 9:20 a.m. E.T. Audio webcasts and presentation materials will be available at ir.accolade.com. Accolade offers personalized health and benefits solutions, aiding users in navigating the healthcare system, achieving high consumer satisfaction ratings and lowering healthcare costs.
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