PHRNYSEServices-Business Services, NECUS GAAP · USD

Phreesia, Inc.

Phreesia, Inc. provides a SaaS-based patient intake and payment platform for healthcare organizations in the United States. Its products help medical practices and other healthcare services clients register patients, collect payments, and deliver patient communications, while its life sciences offerings support patient engagement and health-related marketing campaigns.

Revenue481m USD
+14.5 %y/y
Operating profit (EBIT)-6.6m USD
+88.6 %y/y
EBIT margin-1.4%
+12.5 ppy/y
Net income2.3m USD
+103.9 %y/y
Free cash flow67.7m USD
+186.0 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2000200400600m USD2021: 149 m USD2021: EBIT -26 m USD20212022: 213 m USD2022: EBIT -117 m USD20222023: 281 m USD2023: EBIT -177 m USD20232024: 356 m USD2024: EBIT -136 m USD20242025: 420 m USD2025: EBIT -58 m USD20252026: 481 m USD2026: EBIT -6.6 m USD2026481-6.6
RevenueOperating profit (EBIT)

Business

Share of revenue
Healthcare services platform60 %

SaaS tools for patient intake, registration, scheduling-related workflows, and practice operations.

Payment processing25 %

Patient payment facilitation and related transaction fees tied to healthcare visits.

Life sciences communications15 %

Campaigns and direct communications used by life sciences customers to engage patients.

Products

Reported · share of revenue
45.7%29.1%25.3%FY2026100 %
  • Subscription and Services45.7 %
  • Network Solutions29.1 %
  • Payment Solutions25.3 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Phreesia sells primarily to healthcare services organizations such as medical practices and other outpatient providers across the U.S. It also serves life sciences companies, healthcare advertising agencies, government entities, and advocacy groups that use its platform for patient outreach and education. Customer relationships are typically sold through direct sales, with annual auto-renewing contracts common in healthcare services.

Healthcare services clients

Medical practices and other healthcare providers that buy intake, registration, and payment workflow tools to streamline patient visits.

Life sciences customers

Pharmaceutical and other life sciences organizations that buy patient communications and campaign services to activate and educate patients.

Healthcare advertising agencies

Agencies that purchase or manage patient-facing campaign services on behalf of healthcare and life sciences clients.

Government and advocacy organizations

Public-sector and advocacy buyers that use Phreesia for targeted health communications and outreach.

Strategy

Phreesia’s strategy centers on expanding adoption of its healthcare workflow platform, increasing use of add-on solutions, and deepening relationships with existing clients through onboarding, training, and support. It also uses direct sales and marketing to grow life sciences campaigns and to retain customers through annual renewals and land-and-expand selling.

Land-and-expand in healthcare servicesMedium term

Broader product adoption raises account value and supports retention.

Improve implementation speed and client experienceShort term

Faster go-live and smoother onboarding help win and retain accounts.

Grow life sciences communications revenueMedium term

Campaign-based offerings broaden the customer base beyond providers.

Geography

Phreesia focuses substantially all of its sales efforts within the United States, and substantially all of its historical revenue has come from the U.S. The company also has employees in non-U.S. jurisdictions such as Canada and India, which affects operating support and compliance exposure, but the commercial footprint remains overwhelmingly domestic.

Risks

Phreesia operates in a competitive healthcare technology market where it must integrate with EHR and practice management systems and keep pace with changing client needs and AI-enabled products. Its business also depends on third-party hardware suppliers and contract manufacturers, while revenue concentration in the U.S. ties performance to domestic healthcare regulation, customer budgets, and adoption cycles.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive pressure from integrated healthcare software vendors1Supplier concentration for PhreesiaPad and Arrivals Kiosks2Regulatory and compliance change in U.S. healthcare3Customer renewal and sales-cycle risk4Technology obsolescence and AI-driven competition5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive pressure from integrated healthcare software vendorsImpact: HighLikelihood: Medium

    Customers may prefer bundled EHR/PM solutions or lower-cost alternatives.

    Exposure: Healthcare services platform

  2. Supplier concentration for PhreesiaPad and Arrivals KiosksImpact: HighLikelihood: Medium

    A sole or limited supplier base can disrupt hardware availability and client deployments.

    Exposure: Hardware-enabled patient intake solutions

  3. Regulatory and compliance change in U.S. healthcareImpact: MediumLikelihood: Medium

    Product workflows and patient communications must adapt to changing rules.

    Exposure: Healthcare data and patient engagement

  4. Customer renewal and sales-cycle riskImpact: MediumLikelihood: Medium

    Annual auto-renewing contracts and competitive sales processes can delay growth.

    Exposure: Healthcare services and life sciences contracts

  5. Technology obsolescence and AI-driven competitionImpact: MediumLikelihood: Medium

    Rapid product innovation could weaken differentiation if Phreesia does not keep pace.

    Exposure: Software platform and patient engagement tools

Accounting

Judgemental items
Revenue recognition

Different offerings have different performance obligations and timing of recognition under ASC 606.

Impact: Affects reported revenue mix and quarterly comparability

Capitalized internal-use software

Development costs are capitalized and amortized, affecting expense timing and asset balances.

Impact: Can shift operating costs between periods

Business combination valuation

Acquired assets and liabilities must be measured at fair value, including intangibles and goodwill.

Impact: Can create future impairment risk and affect amortization

Allowance for doubtful accounts

Customer collections and credit quality influence receivable reserves.

Impact: Impacts net revenue and working capital

Stock-based compensation

Equity awards require valuation assumptions that affect operating expenses.

Impact: Can materially affect reported profitability

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026