PHR · Phreesia, Inc.

Phreesia delivered strong Q4 and FY2026 results, achieving key profitability milestones ahead of internal targets with positive GAAP net income of $2.3 million for the year and Adjusted EBITDA surpassing $100 million. Revenue growth accelerated to 16% YoY in Q4 to $127.1 million, driven primarily by 45% expansion in payment solutions (boosted by AccessOne acquisition contributions of 39% and 6% from legacy), with subscription services up 8% and network solutions up 7%. AHSCs grew 7% YoY to 4,658, with revenue per AHSC up 8% to $27,279, reflecting platform monetization across access, affordability, and outcomes. CEO Chaim Indig highlighted critical milestones including $50 million+ free cash flow. However, the company lowered FY2027 revenue guidance to $510-520 million from $545-559 million, citing shorter visibility into pharmaceutical manufacturer spending commitments in network solutions, particularly H2, due to brand-specific and regulatory dynamics—though not viewed as structural demand shift. Adjusted EBITDA guidance held steady at $125-135 million, supported by operating leverage and new AI efficiencies reducing manual processes and outsourced resource reliance. Post-period, Phreesia refinanced its $90 million Bridge Loan (from AccessOne deal) with a new 5-year $275 million revolving facility, enhancing liquidity. Cash stood at $73.8 million at FY end, deemed sufficient for outlook. AccessOne integration advances, adding 80 AHSCs and $419 million managed receivables, with revenue at 2.3% of portfolio.