In This Story
Accolade Inc. (ACCD) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $105.1 million from $99.4 million in the same quarter the previous year. This growth was attributed to higher utilization of services, although it was partially offset by customer terminations.
Cost of revenue, excluding depreciation and amortization, increased to $58.6 million from $54.5 million in the same quarter of the previous year. The increase was primarily driven by higher personnel and related costs.
The company reported a net loss of $121.3 million for the quarter, compared to a net loss of $21.1 million in the previous year. This increase in net loss was significantly impacted by a $96.5 million goodwill impairment charge.
Accolade's operating expenses for the quarter were $168.8 million, up from $76.6 million in the previous year, largely due to the goodwill impairment charge.
The company recorded interest income, net of $1.5 million, down from $1.7 million in the previous year, primarily due to decreased interest income from cash, cash equivalents, and marketable securities.
Accolade's cash and cash equivalents were reported at $185.9 million as of November 30, 2024, with marketable securities totaling $39.6 million.
The filing also details a proposed merger with Transcarent Inc., announced on January 8, 2025, with Accolade to be acquired for $7.03 per share in cash.
The merger agreement includes customary covenants and conditions, including the requirement for Accolade stockholder approval.
Accolade's management has noted that the merger, if completed, could impact its business operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Accolade Inc. quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.