Phreesia, Inc. · NYSE:PHR
Phreesia — Q2 2026 Earnings Presentation
26 slides from Phreesia's earnings presentation, Sep 4, 2025
Slide 1: Investor Presentation
Investor Presentation SECOND QUARTER | FISCAL YEAR 2026
Slide 2: Forward Looking Statements
Forward Looking Statements 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. Forwar
Slide 3: Our Mission: Making care easier every day
OUR MISSION Making care easier every day 3
Slide 4: Phreesia to Acquire AccessOne
PHREESIA TO ACQUIRE ACCESSONE, EXPANDING OUR SUITE OF PAYMENT SOLUTIONS TRUSTED LEADER IN LEADING PLATFORM FOR Patient Activation Receivables Financing Solutions + Solutions for Providers Takes minimal credit risk Facilitates >$4B in annual across approximately patient payments1,2 $450M portfolio Pu
Slide 5: Q2 FY2026 Results Highlights
Q2 FY2026 RESULTS HIGHLIGHTS Total Revenue +15% +1% Total Revenue Per AHSC1 +7% Flat Year-over-year Sequential Year-over-year Sequential In millions (Q2 FY 2025 - Q2 FY 2026) In thousands (Q2 FY 2025 - Q2 FY 2026) AHSCs2 $110 $116 $117 $102 $107 $26.3 $26.2 $24.5 $25.2 $25.3 4,411 4,467 4,237 4,341
Slide 6: 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. Our Scale Financial Highlights What we do: Empower healthcare organizations to maximize efficiency, drive grow
Slide 7: Attractive Industry Tailwinds
ATTRACTIVE INDUSTRY TAILWINDS Staffing Patient Financial Patient-Centered Responsibility Care • 1.3M healthcare staff represent • $749B out-of-pocket spend by 20324 • Personalized health content built $37B in annual spending1 on the principles of privacy and • HDHPs represent 51% of health plan cons
Slide 8: Our Value Proposition and How We Make Money
OUR VALUE PROPOSITION AND HOW WE MAKE MONEY Healthcare Services Orgs Patients Life Sciences and Other Organizations • Simplified operations and enhanced • Improved patient experience • Direct digital communications staff efficiency proposition • High patient usage • Improved brand conversion and Val
Slide 9: Our Multi-Sided Network Has Depth and Breadth
OUR MULTI-SIDED NETWORK HAS DEPTH AND BREADTH ACROSS PROVIDERS AND LIFE SCIENCES COMPANIES AND OTHER ORGANIZATIONS Life Sciences Companies and Providers Other Organizations Phreesia serves more than 4,400 AHSCs1,2 Pharma Manufacturers and Other Organizations Specialty Health systems Approximately 10
Slide 10: Our Innovative Solutions Improve Efficiency, Cash Flow and Health Outcomes
OUR INNOVATIVE SOLUTIONS IMPROVE EFFICIENCY, CASH FLOW AND HEALTH OUTCOMES Access to care Registration Revenue cycle Network Provider directory Mobile and in-office intake Point-of-service payments Education and engagement Patient scheduling Virtual registration Insurance verification Patient insigh
Slide 11: Multiple Components to Revenue
MULTIPLE COMPONENTS TO REVENUE Grow footprint within Cross-sell new applications Profitable1 growth with Partnerships and M&A Land new clients existing clients to existing clients attractive unit economics • Direct sales model • Additional providers within • Proven ability to • Continue to invest in
Slide 12: Total Addressable Market - Pro Forma AccessOne Acquisition
TOTAL ADDRESSABLE MARKET - PRO FORMA ACCESSONE ACQUISITION1 Subscription-based revenue Payment solutions Network solutions ~50K addressable healthcare services clients2 $111B out-of-pocket4 spend DTC point-of-care and other in United States in United States marketing6 spend ~1.5M individual provider
Slide 13: Scalable and Predictable Sources of Revenue
SCALABLE AND PREDICTABLE SOURCES OF REVENUE Revenue model Drivers Q2 FY26 % rev Subscription and related services1 • New healthcare services clients • Includes base package and add-on applications • Majority of fees charged per provider per month (PPPM) • Expansion within existing clients 46% • New
Slide 14: Financial Overview
Financial Overview (Fiscal Quarter Ended July 31, 2025) 14
Slide 15: Fiscal Year 2026 Outlook
FISCAL YEAR 2026 OUTLOOK1 FY2026 Outlook $472M to $482M2 Total revenue $87M to $92M3 Adjusted EBITDA4 Approximately 4,5005 AHSCs 6 Total revenue per AHSC7 greater than FY258 1. Phreesia preliminarily expects the AccessOne Acquisition to contribute approximately $35 million of annualized revenue and
Slide 16: Revenue Growth and Productivity Have Driven Significant Operating Leverage
REVENUE GROWTH AND PRODUCTIVITY HAVE DRIVEN SIGNIFICANT OPERATING LEVERAGE Total Revenue and Adjusted EBITDA1 in millions (FY2019 - FY2026) Total Revenue Adjusted EBITDA1 27% $472-$482 $87-$92 CAGR2 (FY2019-FY2025) $420 $37 $356 $4 $5 $4 $281 $213 $(35) $149 $(59) $125 $100 $(92) FY2019 FY2020 FY202
Slide 17: Multiple Ways to Drive Revenue From Our Growing Network
MULTIPLE WAYS TO DRIVE REVENUE FROM OUR GROWING NETWORK Total revenue components in millions (FY2019 - FY2025) Subscription & Related Payment Processing Fees Network Solutions 28% 18% 36% $197 CAGR1 CAGR1 $102 CAGR1 (FY2019-FY2025) (FY2019-FY2025) $95 (FY2019-FY2025) $122 $165 $78 $96 $129 $65 $74 $
Slide 18: Balance Between Network Growth and Expansion of Base
BALANCE BETWEEN NETWORK (AHSC) GROWTH AND EXPANSION OF BASE (TOTAL REVENUE PER AHSC) Average Healthcare Services (AHSCs1) and Total revenue per AHSC2 (FY2019 - FY2026) AHSC Total Revenue per AHSC In thousands ~ 4,500 $102.8 >FY25 4,203 $98.4 $98.9 $99.9 3,601 $86.9 $79.4 2,856 $67.0 2,074 1,711 1,49
Slide 19: Consistent Payment Volume and Transaction-Level Economics
CONSISTENT PAYMENT VOLUME AND TRANSACTION-LEVEL ECONOMICS Payment Processing Fees / Payments Volume in millions and Payment Facilitator Volume / Take Rate in Percentage (FY2019 - FY2025) Payment Volume Take Rate Percentage1 Payment Processing Fees Patient Payment Volume (in millions)2 Payment Facili
Slide 20: Investing in Growth While Achieving Operating Leverage
INVESTING IN GROWTH WHILE ACHIEVING OPERATING LEVERAGE Operating Expense Trends in millions and as a % of total revenue (FY2022 - FY2025 & Q2 FY26) Research & Development Sales & Marketing General & Administrative 32% 32% 54% 32% 50% 29% 28% 25% 25% 41% $117 22% $112 $151 $147 18% 29% $80 $80 16% $9
Slide 21: Operating Leverage Drove an Inflection in Cash Flow in FY2025
OPERATING LEVERAGE DROVE AN INFLECTION IN CASH FLOW IN FY2025 Operating Cash Flow and Free Cash Flow1 in millions (Q3 FY2024 - Q2 FY2026) Operating Cash Flow Free Cash Flow1 Net cash (used in) provided by operating activities $9 $10 $7 $16 $15 $15 $4 $2 $11 $6 $(6) $(1) $(3) $(11) $(6) $(12) Q3 FY24
Slide 22: Financial Appendix
& Phreesia Financial Appendix 22
Slide 23: Detailed Income Statement
DETAILED INCOME STATEMENT1 $ and shares in Millions Fiscal year ended January 31 Fiscal quarter ended July 31 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Revenue: Subscription and related services $ 129.0 $ 165.4 $ 196.5 $ 48.6 $ 53.7 Payment processing fees 78.4 94.6 101.7 25.3 28.4 Total healthcare se
Slide 24: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION1 $M Fiscal year ended January 31, 2019 2020 2021 2022 2023 2024 2025 Net loss $ (15.1) $ (20.3) $ (27.3) $ (118.2) $ (176.1) $ (136.9) $ (58.5) Interest expense (income), net 3.5 2.4 1.6 1.1 (1.1) (2.2) (0.3) Income tax (expense) benefit — (1.8) — 0.2 0.5 1.5 2.7 Depre
Slide 25: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION1 $M Fiscal quarter ended Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Net (loss) income $ (14.4) $ (6.4) $ (3.9) $ 0.7 Interest expense (income), net — — 0.2 (0.6) Income tax (expense) benefit 0.4 1.0 0.7 (1.2) Depreciation and amortization 7.1 6.8 6.9 7.4 Stock-based compensation
Slide 26: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION1 $M Fiscal quarter ended Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Net cash (used in) provided by operating $ (6.3) $ (3.1) $ (0.7) $ 11.1 $ 5.8 $ 16.3 $ 14.9 $ 14.8 activities Less: Capitalized internal-use software (4.1) (5.4) (4.6) (3.0) (3.6) (