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Accolade, which presents digital healthcare in addition to care and advantages navigation providers, will minimize employees and downsize its workplace footprint, according to a filing with the Securities and Change Fee.
The corporate declined to touch upon the variety of workers affected by the layoffs. Within the submitting, CFO Stephen Barnes wrote Accolade was “accelerating the combination of latest acquisitions” and making strategic reductions within the firm’s workforce. It has additionally closed or in the reduction of on some satellite tv for pc services and relocated some non-customer-facing roles to new areas.
“With these steps, we count on to create working efficiencies and streamline decision-making to ship buyer assist and innovation extra shortly. Accolade plans to proceed to rent personnel to assist its service capability wants and progress expectations,” Barnes wrote within the submitting.
THE LARGER TREND
Accolade went public in a $220 million IPO in 2020. The next 12 months, the corporate made a number of acquisitions, together with digital major care firm PlushCare, telemedicine vendor 2nd.MD and medical AI firm HealthReveal.
In its fiscal third quarter that ended November 30, Accolade reported $90.9 million in income, a 9% improve in contrast with the identical interval in 2021. It posted a web lack of $39.9 million in contrast with earnings of $22.5 million through the prior-year interval.
Within the SEC submitting, the corporate doubled down on its steerage for its fourth quarter that ended on February 28, anticipating income between $97 million and $101 million.
Various digital well being corporations have introduced layoffs over the previous 12 months. Final week, inhabitants well being tech firm Colour stated it had laid off workers as its pivoted focus away from COVID-19 testing, whereas house diagnostics startup Lucira Well being not too long ago filed for bankruptcy. Digital psychological well being firm Cerebral additionally confirmed another round of layoffs affecting 15% of its workforce.
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