Slide 1: Investor Presentation – First Quarter Fiscal Year 2027
Investor Presentation FIRST QUARTER | FISCAL YEAR 2027
Slide 2: Disclaimer
Disclaimer This presentation 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 statem
Slide 3: Our Mission, Vision and Values
OUR MISSION OUR VISION OUR VALUES Making care Every person is Care a lot - Try it - easier every day an active participant Grit - Make Excellent in their care Things Happen. 3
Slide 4: Q1 FY2027 Results Highlights
Q1 FY2027 RESULTS HIGHLIGHTS Total Revenue +13% +3% Total Revenue Per AHSC1 +6% +2% Year-over-year Sequential Year-over-year Sequential In millions (Q1 FY2026 - Q1 FY2027) In thousands (Q1 FY2026 - Q1 FY2027) AHSCs2 $127 $131 $116 $117 $120 $26.3 $26.2 $26.6 $27.3 $27.8 4,658 4,708 4,411 4,467 4,520
Slide 5: Creating a Better, More Engaging Healthcare Experience
Creating a better, more engaging healthcare experience Who we are: Leading technology company addressing three foundational challenges in healthcare delivery: access to care, affordability of care and patient outcomes. What we do: Empower healthcare organizations to ~1,800 4,708 Significant improve
Slide 6: Addressing Key Challenges in Healthcare
ADDRESSING KEY CHALLENGES IN HEALTHCARE Integrated patient activation platform driving win-win-win for patients, providers and life sciences companies Access to Care Is Constrained by Affordability Challenges are Amplified by Friction and Waste in the System Higher Levels of Patient Responsibility ~
Slide 7: A Comprehensive Platform Built to Transform Healthcare Delivery
A COMPREHENSIVE PLATFORM BUILT TO TRANSFORM HEALTHCARE DELIVERY Our broad capabilities bring value to patients, providers and life sciences companies in unique ways Simplify Patient Streamline Simplify the Accelerate Drive Growth Improve Outcomes Access Registration Payments Journey Cash Flow MediFi
Slide 8: Our Value Proposition and How We Make Money
OUR VALUE PROPOSITION AND HOW WE MAKE MONEY Multiple, diversified revenue streams work together to maximize value per customer Payment solutions Subscriptions Network solutions Payment processing Financing solutions Diverse healthcare constituents (pharma, patient Serves Providers Providers Patients
Slide 9: Growth Levers for Long-Term Value
GROWTH LEVERS FOR LONG-TERM VALUE Customer and patient visit growth drives compounding growth across software, payment solutions, and network solutions Growth Footprint with Existing Clients • Drive upsell and cross-sell of product suite into customer base • Proven ability to continuously innovate p
Slide 10: Financial Overview
Financial Overview (Fiscal Quarter Ended April 30, 2026) 10
Slide 11: Fiscal 2027 Outlook
FISCAL 2027 OUTLOOK [OPEN] $510M to $520M1 Total revenue $125M to $135M2 Adjusted EBITDA3 Mid-single-digit percentage growth in AHSCs4 Low-single-digit percentage growth in total revenue per AHSC5 1. Total revenue outlook issued on March 30, 2026 and reaffirmed May 27, 2026. The revenue range provid
Slide 12: Total Revenue and Year-over-year Growth
Total Revenue and Year-over-year Growth 6%-8% $510-$520 In Millions ($M) $481 Durable Growth and $420 $356 Scale $281 $213 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027E1 1. Total revenue outlook issued on March 30, 2026 and reaffirmed May 27, 2026. 12
Slide 13: Adjusted EBITDA
Adjusted EBITDA1 $125-$135 Scale + disciplined $102 capital allocation In Millions ($M) translated into material margin $37 expansion and operating leverage ($35) ($59) ($92) FY2022 FY2023 FY2024 FY2025 FY2026 FY2027E2 1. Adjusted EBITDA is a non-GAAP measure. We calculate Adjusted EBITDA as net (lo
Slide 14: Total Revenue by Component
Total Revenue by Component1 Subscription & Related Payments Solutions Network Solutions $510 - $520 $481 Multiple, scalable $420 In Millions ($M) monetization levers $356 $219 $197 with expanding $281 $165 revenue per client $213 $129 $121 profile $96 $102 $95 $78 $65 $122 $140 $96 $53 $74 FY2022 FY
Slide 15: AHSCs and Total Revenue per AHSC
AHSCs and total revenue per AHSC1,2 Low-single- digit $106.5k percentage $102.8k $99.9k growth $98.4k $98.9k Total revenue per AHSC in thousands Mid-single- digit percentage growth Increasing revenue per client drives scalable economics FY2022 FY2023 FY2024 FY2025 FY2026 FY2027E 3,4 1. We define AHS
Slide 16: Operating Expense Trends and Expense Ratios
Operating expense trends and expense ratios 32% 32% 28% 25% 25% In Millions ($M) 22% Research & Development $52 $91 $112 $117 $121 $28 Disciplined FY2022 FY2023 FY2024 FY2025 FY2026 Q1 FY27 investment with an 54% In Millions ($M) 50% 41% improving return on Sales & Marketing 29% 21% 18% investment p
Slide 17: Operating Cash Flow and Free Cash Flow
Operating Cash Flow and Free Cash Flow Net cash provided by operating activities In Millions ($M) Operating Cash Flow Margin expansion now translating to cash flow inflection In Millions ($M) Free Cash Flow1 1. Free cash flow is a non-GAAP financial measure. We calculate free cash flow as net cash (
Slide 18: Financial Appendix
& Phreesia Financial Appendix 18
Slide 19: Detailed Income Statement
DETAILED INCOME STATEMENT1 $ and shares in Millions Fiscal year ended January 31, Fiscal quarter ended April 30, 2024 2025 2026 2025 2026 Revenue: Subscription and related services $ 165.4 $ 196.5 $ 219.5 $ 54.4 $ 52.7 Payment solutions2 94.6 101.7 121.5 29.9 41.9 Total healthcare services revenue $
Slide 20: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION1 $M Fiscal year ended January 31, 2019 2020 2021 2022 2023 2024 2025 2026 Net (loss) income $ (15.1) $ (20.3) $ (27.3) $ (118.2) $ (176.1) $ (136.9) $ (58.5) $ 2.3 Interest expense 3.5 3.0 1.7 1.2 1.4 1.9 2.3 7.0 Interest income — (0.6) (0.1) (0.1) (2.5) (4.1) (2.7) (2
Slide 21: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION1 $M Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net (loss) income $ (3.9) $ 0.7 $ 4.3 $ 1.3 $ 3.0 Interest expense 0.4 0.4 0.3 5.8 2.3 Interest income (0.2) (1.0) (0.7) (0.3) (0.3) Income tax expense (benefit) 0.7 (1.2) 0.9 (11.6) 1.8 Depreciation and amortization 6.9 7.4
Slide 22: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION1 $M Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net cash provided by operating activities $ 11.1 $ 5.8 $ 16.3 $ 14.9 $ 14.8 $ 15.5 $ 33.7 $ 23.9 Less: Capitalized internal-use software (3.0) (3.6) (4.3) (3.9) (3.4) (3.4) (2.6) (3.2) Purchases of prop
Slide 23: Total Addressable Market
TOTAL ADDRESSABLE MARKET Subscription-based revenue Payment solutions Network solutions ~50K addressable healthcare services clients1 $111B out-of-pocket3 spend DTC point-of-care and other in United States in United States marketing5 spend ~1.5M individual providers2 ~1.1M active physicians $74B out