ALL-REMOTE COMPANY/WILMINGTON, Del.: Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company") announced financial results today for the fiscal fourth quarter and fiscal year ended January 31, 2025.

"We are pleased with our solid finish to fiscal 2025 and I am excited about the new products we have introduced over the past several quarters that improve medication adherence and the overall patient and provider experience," said CEO and Co-Founder Chaim Indig.

Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q4 Fiscal 2025 Stakeholder Letter.

Fiscal Fourth Quarter Ended January 31, 2025 Highlights

• Total revenue was $109.7 million in the quarter, up 15% year-over-year.
• Average number of healthcare services clients ("AHSCs") was 4,341 in the quarter, up 10% year-over-year.
• Total revenue per AHSC was $25,266 in the quarter, up 5% year-over-year. See "Key Metrics" below for additional information.
• Healthcare services revenue per AHSC was $17,616 in the quarter, up 1% year-over-year. See "Key Metrics" below for additional information.
• Net loss was $6.4 million in the quarter, as compared to $30.6 million in the same period in the prior year.
• Adjusted EBITDA1 was $16.4 million in the quarter, as compared to negative $3.5 million in the same period in the prior year.
• Net cash provided by operating activities was $16.3 million in the quarter, as compared to net cash used in operating activities of $3.1 million in the same period in the prior year.
• Free cash flow2 was $9.2 million in the quarter, as compared to negative $10.9 million in the same period in the prior year.
• Cash and cash equivalents as of January 31, 2025 was $84.2 million, up $2.5 million from October 31, 2024.

Fiscal Year Ended January 31, 2025 Highlights

• Revenue was $419.8 million in fiscal 2025, up 18% year-over-year.
• AHSCs were 4,203 in fiscal 2025, up 17% year-over-year.
• Total revenue per AHSC was $99,884 in fiscal 2025, up 1% year-over-year. See "Key Metrics" below for additional information.
• Healthcare services revenue per AHSC was $70,961 in fiscal 2025, down 2% year-over-year. See "Key Metrics" below for additional information.
• Net loss was $58.5 million in fiscal 2025, as compared to $136.9 million in fiscal year 2024.
• Adjusted EBITDA1 was $36.8 million in fiscal 2025, as compared to negative $35.4 million in fiscal 2024.
• Net cash provided by operating activities was $32.4 million in fiscal 2025, as compared to net cash used in operating activities of $32.4 million in fiscal 2024.
• Free cash flow2 was $8.3 million in fiscal 2025, as compared to negative $57.5 million in fiscal 2024.
• Cash and cash equivalents as of January 31, 2025 was $84.2 million, down from $87.5 million as of January 31, 2024.

Fiscal 2026 Outlook

We are maintaining our revenue outlook for fiscal 2026. We expect revenue to be in the range of $472 million to $482 million. The revenue range provided for fiscal 2026 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2026.

We are maintaining our Adjusted EBITDA outlook for fiscal 2026. We expect Adjusted EBITDA to be in the range of $78 million to $88 million. The Adjusted EBITDA range provided for fiscal 2026 assumes continued improvements in operating leverage across the Company through a focus on efficiency.

We are maintaining our expectation for AHSCs to reach approximately 4,500 in fiscal 2026. Additionally, we expect total revenue per AHSC in fiscal 2026 to increase from fiscal 2025.

We believe our $84.2 million in cash and cash equivalents as of January 31, 2025, along with cash generated in our normal operations, gives us sufficient flexibility to reach our fiscal 2026 outlook. Additionally, our available borrowing capacity under our credit facility with Capital One provides us with an additional source of capital to pursue future growth opportunities not incorporated into our fiscal 2026 outlook. As of January 31, 2025 we had no borrowings outstanding under our credit facility.

Non-GAAP3 Financial Measures

We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see “Non-GAAP financial measures” below.

Available Information

We intend to use our Company website (including our Investor Relations website) as well as our Facebook, X, LinkedIn and Instagram accounts as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, margins, Adjusted EBITDA and cash flows; our ability to finance our plans to achieve our fiscal 2026 outlook with our current cash balance and cash generated in the normal course of business; and our outlook for fiscal 2026, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and Total revenue per AHSC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to comply with the covenants in our credit agreement with Capital One; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; and difficulties in integrating our acquisitions and investments; and other general, market, political, economic and business conditions (including from the results of the 2024 U.S. presidential and congressional elections and the warfare and/or political and economic instability in Ukraine, the Middle East or elsewhere). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those listed or described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 that will be filed with the SEC following this press release. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

This press release includes certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, with the exception of our Adjusted EBITDA outlook for the reasons described above.

Conference Call Information

We will hold a conference call on Wednesday March 12, 2025, at 5:00 p.m. Eastern Time to review our 2025 fiscal fourth quarter and fiscal 2025 financial results. To participate in our live conference call and webcast, please dial (800) 715-9871 (or (646) 307-1963 for international participants) using conference code number 7404611 or visit the “Events & Presentations” section of our Investor Relations website at ir.phreesia.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Phreesia

Phreesia is a trusted leader in patient activation, giving healthcare providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled approximately 170 million patient visits in 2024—1 in 7 visits across the U.S.—scale that we believe allows us to make meaningful impact. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives efficiency and improves healthcare outcomes.

Phreesia, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share data)
	Three months ended January 31,								Fiscal Year ended January 31,
		2025				2024				2025				2024
Revenue:
Subscription and related services	$	51,793			$	45,653			$	196,510			$	165,436
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