Slide 1: Investor Presentation Fourth quarter | Fiscal year 2025
Investor Presentation Fourth 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. Our Scale Financial Highlights What we do: Empower healthcare organizations to maximize efficiency, drive grow
Slide 5: Attractive industry tailwinds
Attractive industry tailwinds Patient Financial Patient-Centered Staffing Responsibility Care • 1.3M healthcare staff represent $37B in • $749B out-of-pocket spend by 20324 • Personalized health content built on the annual spending1 principles of privacy and consent • HDHPs represent 51% of health p
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 Other Organizations • Simplified operations and enhanced • Improved patient experience • Direct digital communications Value proposition staff efficiency • High patient usage • Improved brand conversion a
Slide 7: Our multi-sided network has depth and breadth across providers and life sciences
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 4,300 AHSCs1,2 Pharma Manufacturers and Other Organizations Specialty Health systems Approximately 10
Slide 8: 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 9: Multiple components to revenue
Multiple components to revenue Land new clients Grow footprint within Cross-sell new applications Profitable1 growth with Partnerships and M&A existing clients to existing clients attractive unit economics • Direct sales model • Additional providers • Proven ability to • Continue to invest in new •
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: Scalable and predictable sources of revenue
Scalable and predictable sources of revenue Revenue model Drivers FY25 % rev Subscription • New healthcare services clients and related services1 • Includes base package and add-on applications • Majority of fees charged per provider per month (PPPM) • Expansion within existing clients 47% • New pro
Slide 12: Financial Overview (Fiscal Year Ended January 31, 2025)
Financial Overview (Fiscal Year Ended January 31, 2025) 12
Slide 13: Fiscal year 2026 outlook
Fiscal year 2026 outlook FY2026 Outlook $472M to $482M1 Total revenue $78M to $88M2 Adjusted EBITDA3 4 Approximately 4,500 AHSCs Total revenue per AHSC Greater than FY255 1. Total revenue outlook issued on December 9, 2024 and reaffirmed March 12, 2025. 2. Adjusted EBITDA outlook issued on December
Slide 14: 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% CAGR2 $472-$482 $78-$88 (FY2019-FY2025) $420 $37 $356 $4 $5 $4 $281 $213 $(35) $149 $(59) $125 $100 $(92) FY2019 FY2020 FY202
Slide 15: 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% $197 18% $102 36% CAGR 1 CAGR 1 CAGR1 $122 $95 (FY2019-FY2025) (FY2019-FY2025) (FY2019-FY2025) $165 $78 $96 $129 $65 $74
Slide 16: 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 in thousands (FY2019 - FY2026) AHSC Total Revenue per AHSC ~ 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 17: 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 18: 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) Research & Development Sales & Marketing General & Administrative 32% 32% 54% 32% 50% 29% 28% 27% 25% 41% $117 22% $112 $151 $147 18% 29% $80 $80 17% $91 26% $77
Slide 19: 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 (FY2024 - FY2025) Operating Cash Flow Free Cash Flow1 Net cash (used in) provided by operating activities $9 $16 $11 $4 $2 $6 $(6) $(1) $(3) $(11) $(6) $(12) $(9) $(15) $(14) $(20) Q1 FY
Slide 20: Financial Appendix
Financial Appendix 20
Slide 21: Detailed Income Statement
Detailed Income Statement1 $ and shares in Millions Fiscal year ended January 31 Fiscal quarter ended January 31 FY 2023 FY 2024 FY 2025 Q4 2024 Q4 2025 Revenue: Subscription and related services $ 129.0 $ 165.4 $ 196.5 $ 45.7 $ 51.8 Payment processing fees 78.4 94.6 101.7 23.5 24.7 Total healthcare
Slide 22: 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) (Benefit) provision for income taxes — (1.8) — 0.2 0.5 1.5 2
Slide 23: Adjusted EBITDA Reconciliation (quarterly)
Adjusted EBITDA Reconciliation1 $M Fiscal quarter ended Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Net loss $ (37.5) $ (36.8) $ (31.9) $ (30.6) $ (19.7) $ (18.0) $ (14.4) $ (6.4) Interest income, net (0.7) (0.8) (0.5) (0.2) (0.2) — — — Provision for income taxes 0.3 0.6 0.4 0.2
Slide 24: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation1 $M Fiscal quarter ended Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Net cash (used in) provided by operating activities $ (13.7) $ (9.3) $ (6.3) $ (3.1) $ (0.7) $ 11.1 $ 5.8 $ 16.3 Less: Capitalized internal-use software (4.7) (5.1) (4.1) (5.4) (4.6