Slide 1: Investor Presentation Second quarter Fiscal year 2025
Investor Presentation Second quarter | Fiscal year 2025
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: Making care easier every day
OUR MISSION Making care easier every day 3
Slide 4: Creating a better, more engaging healthcare experience
Creating a better, more engaging healthcare experience Who we are: Leading provider of comprehensive solutions that transform the healthcare experience by activating patients in their care. What we do: Empower healthcare organizations to maximize efficiency, drive growth and >4,100 >$4B $390M delive
Slide 5: Attractive industry tailwinds
Attractive industry tailwinds Staffing Increasing patient Accelerated Changing care Patient-centered challenges responsibility digitization models care • 1.3M healthcare staff • $610B out-of-pocket • Consumer demand for • Providers incentivized • Need to directly represent $37B in spend by 20302 inf
Slide 6: Our value proposition and how we make money
Our value proposition and how we make money Healthcare Services Orgs Patients Life Sciences and Payer Organizations • Simplified operations and enhanced • Improved patient experience • Direct digital communications Value proposition staff efficiency • High patient usage • Improved brand conversion a
Slide 7: Used by all types of healthcare provider and life sciences organizations
Used by all types of healthcare provider and life sciences organizations Providers Life Sciences and Payer Organizations Phreesia serves more than 4,100 AHSCs1,2 Pharma Manufacturers and Payers Specialty More than 100 pharmaceutical brands3 Health systems practices Hospitals Federally Qualified All
Slide 8: Innovative software to improve efficiency, cash flow and the patient experience
Innovative software to improve efficiency, cash flow and the patient experience Access to care Registration Revenue cycle Network Provider directory for patients seeking Mobile and in-office Education and engagement before, Point-of-service payments care intake modalities during and after the visit
Slide 9: Multiple growth opportunities
Multiple growth opportunities Growth through Grow footprint within Cross-sell new applications Land new clients investments, return to Partnerships and M&A existing clients to existing clients profitability1, and cash flow • Direct sales model • Additional providers • Proven ability to • New product
Slide 10: Our current addressable market
Our current addressable market Consumer-related transaction Subscription-based revenue Network solutions4 and payment processing fees ~50K addressable healthcare services clients1 DTC point-of-care in United States $95B addressable out-of-pocket 3 marketing spend 2 ~1.4M individual providers in Unit
Slide 11: Financial Overview
Financial Overview 11
Slide 12: Scalable and predictable sources of revenue
Scalable and predictable sources of revenue Subscription Revenue model Drivers Q2 FY25 % rev • New healthcare services clients and related services1 • Includes base package and add-on applications P • Majority of fees charged per provider per month (PPPM) • Expansion within existing clients 47% r •
Slide 13: Nearly doubled quarterly revenue since Q3 fiscal 2022
Nearly doubled quarterly revenue since Q3 fiscal 2022 Quarterly Revenue1 (Q3 FY2022 - Q2 FY20252) Subscription and Related Services Network Solutions Payment Processing Fees $101M $102M 1.8X $92M $95M $86M $84M $77M $73M $47M $49M $68M $43M $46M $63M $39M $38M $58M $56M $36M $33M $31M $29M $26M $16M
Slide 14: Average Healthcare Services Clients (AHSCs)
Average Healthcare Services Clients (AHSCs) AHSCs1 (Q3 FY2022 - Q2 FY20252) 4,169 4,065 3,962 3,688 3,445 3,309 3,140 $11.5k 2,982 2,776 $10.4 k 2,526 2,311 $9.0 2,097 k $9.3 $9.4 k k $8.1 $8.2 k k Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 FY 2022 FY 2023 FY 2024 FY 202
Slide 15: Total revenue per AHSC (Q3 FY2022 - Q2 FY2025)
Total revenue per AHSC2 (Q3 FY2022 - Q2 FY2025) Subscription and Related Services Network Solutions Payment Processing Fees $26.7K $25.1K $25.1K $25.3K $24.9K $24.8K $24.9K $24.4K $24.5K $24.4K $24.0K $24.5K $11.6K $11.4K $11.5K $11.4K $11.4K $11.5K $11.2K $11.1K $11.4K $11.5K $11.7K $11.5K $7.4K $6
Slide 16: Consistent payment volume and transaction-level economics
Consistent payment volume and transaction-level economics Patient Payment Volume (Q3 FY2022 - Q2 FY20251) $1,166 Take Rate Percentage2 $1,093 Patient Payment Volume (in millions)3 $1,016 Payment Facilitator Volume Percentage4 $989 $965 $977 $837 $815 $821 $811 79% 79% $682 $689 81% 81% 82% 82% 82% 8
Slide 17: Fiscal second quarter 2025 results
Fiscal second quarter 2025 results Total Revenue ($M) AHSCs1 Total Revenue Per AHSC2 Adj. EBITDA3 ($M) (2)% Network Solutions 21% Healthcare Services 19% 4,065 4,169 $24,914 $24,900 $24,494 $101.2 $102.1 3,445 $85.8 17% $73.8 $73.9 $4.1 $6.5 $62.9 $(11.5) 23% $22.9 $27.4 $28.2 Q2 Q1 Q2 Q2 Q1 Q2 Q2 Q
Slide 18: Fiscal year 2024 results
Fiscal year 2024 results Total Revenue ($M) AHSCs1 Total Revenue Per AHSC2 Adj. EBITDA3 ($M) 26% Network Solutions Healthcare Services 3,601 1% 27% $356.3 $102,812 2,856 $98,358 $98,944 $(35.4) $280.9 25% 2,074 $213.2 $260.0 $(59.0) $207.3 $160.7 31% $96.3 $73.6 $52.5 $(92.5) FY2022 FY2023 FY2024 FY
Slide 19: Growth and Operating Leverage ($M)
Growth and Operating Leverage ($M) Total Revenue Adjusted EBITDA1 Free Cash Flow2 $6.5 $102.1 $3.7 $85.8 $67.9 $(11.5) $(15.2) $(26.0) $(25.7) Q2’23 Q2’24 Q2’25 Q2’23 Q2’24 Q2’25 Q2’23 Q2’24 Q2’25 1 For a reconciliation to the nearest GAAP measure, please see slide 24. 2 We calculate free cash flow
Slide 20: Fiscal year 2025 and 2026 outlook
Fiscal year 2025 and 2026 outlook FY2025 Outlook FY2026 Outlook $416M to $426M1 Approximately 4 Total Revenue 4,500 +17%-20% y/y AHSCs 2 $26M to $31M Adj. EBITDA3 Total Revenue per AHSC Greater than FY255 Approximately 4,2004 AHSCs 1 Revenue outlook issued on May 30, 2024 and reaffirmed September 4,
Slide 21: Financial Appendix
Financial Appendix 21
Slide 22: Detailed Income Statement
Detailed Income Statement1 $ and shares in Millions Fiscal year ended January 31 Fiscal quarter ended July 31 FY 2022 FY 2023 FY 2024 Q2 2024 Q2 2025 Revenue: Subscription and related services $ 95.5 $ 129.0 $ 165.4 $ 39.3 $ 48.6 Payment processing fees 65.2 78.4 94.6 23.6 25.3 Total healthcare serv
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation1 $M Fiscal year ended Jan 31 2020 2021 2022 2023 2024 Net loss $ (20.3) $ (27.3) $ (118.2) $ (176.1) $ (136.9) Interest expense (income), net 2.4 1.6 1.1 (1.1) (2.2) (Benefit) provision for income taxes (1.8) — 0.2 0.5 1.5 Depreciation and amortization 13.9 15.9 21.3 2
Slide 24: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation1 $M Fiscal quarter ended July 31, April 30, 2020 2021 2022 2023 2024 2024 Net loss $ (6.4) $ (24.4) $ (46.7) $ (36.8) $ (18.0) $ (19.7) Interest expense (income), net 0.4 0.2 0.2 (0.8) — (0.2) Provision for income taxes 0.1 0.3 0.2 0.6 0.8 0.5 Depreciation and amortiza
Slide 25: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation1 $M Fiscal quarter ended July 31, 2020 2021 2022 2023 2024 Net cash (used in) provided by operating activities $ (2.4) $ (6.7) $ (19.8) $ (9.3) $ 11.1 Less: Capitalized internal-use software (1.6) (2.1) (5.0) (5.1) (3.0) Purchases of property and equipment (2.7) (1.0) (