Phreesia Q2 earnings call highlights. September 2, 2026 Key points. * Phreesia delivered solid fiscal Q2 results: Revenue increased 10% year over year to $129.5 million, while adjusted EBITDA rose to $32.9 million with a 25% margin. Net income reached $1.9 million, marking the fifth consecutive profitable quarter. * Cash generation strengthened the balance sheet: Operating cash flow was $18.3 million and free cash flow was $13.8 million, enabling the company to reduce debt principal by more than $23 million. * Full-year guidance was reaffirmed: Phreesia maintained fiscal 2027 revenue guidance of $510 million to $520 million and adjusted EBITDA guidance of $125 million to $135 million, with AccessOne and ProviderConnect expected to support future growth. * MarketBeat previews the top five stocks to own by October 1st. Phreesia NYSE: PHR reported second-quarter fiscal 2027 revenue growth and continued profitability expansion, while maintaining its full-year revenue and adjusted EBITDA outlook. The company said it generated positive operating and free cash flow for the ninth consecutive quarter and used its cash generation and available cash to reduce debt principal by more than $23 million. The fiscal second quarter ended July 31, 2026. Revenue rose 10% year over year to $129.5 million, although it declined about 1% sequentially from the first quarter. Chief Financial Officer Balaji Gandhi said the sequential decline was driven primarily by the company's legacy payment-processing business, which typically experiences stronger first-quarter activity as health plan deductibles reset. "We delivered a solid fiscal second quarter with revenue growth and profitability expansion in line with our expectations," Chief Executive Officer Chaim Indig said. Profitability and cash flow. Adjusted EBITDA totaled $32.9 million, up $10.8 million from a year earlier, for an adjusted EBITDA margin of 25%. Net income was $1.9 million, compared with net income of $700,000 in the prior-year period. Gandhi said the quarter marked Phreesia's fifth consecutive quarter of positive net income. Operating cash flow increased $3.5 million year over year to $18.3 million, while free cash flow rose $4.2 million to $13.8 million. The company ended the quarter with $74.6 million in cash equivalents and restricted cash, compared with $76.4 million in the previous quarter. Gandhi noted that quarterly cash-flow trends may vary based on invoicing, payments, working capital and capital-expenditure timing. * Second-quarter revenue: $129.5 million, up 10% year over year. * Adjusted EBITDA: $32.9 million, with a 25% margin. * Net income: $1.9 million. * Operating cash flow: $18.3 million. * Free cash flow: $13.8 million. * Debt principal reduction: More than $23 million. Client growth and payment activity. Phreesia ended the quarter with 4,744 average healthcare services clients, an increase of 36 from the prior quarter and 277 from a year earlier. Gandhi said client additions were in line with expectations and consistent with the company's forecast for mid-single-digit percentage growth in average healthcare services clients for the full fiscal year. Discover more AI Infrastructure Stocks Analyst Ratings Analysis Live News Feed Total revenue per average healthcare services client was $27,289, up 4% year over year but down approximately 2% sequentially. The sequential decline reflected both payment-processing seasonality and the continued expansion of the client base, according to Gandhi. Total managed payments were $1.626 billion during the quarter, and Phreesia's payment solutions revenue rate was 2.4%. Asked about patient-volume and deductible trends, Gandhi said the company had previously observed some weakness beyond typical seasonality earlier in the year but had "nothing really notable to call out" in the second quarter regarding volume or deductible-reset trends. AccessOne and network solutions. Management highlighted AccessOne, which Phreesia described as an extension of its effort to address consumers' growing share of healthcare costs. Indig said healthcare providers have communicated a need for more predictable financing options for patients. Gandhi said the company feels better about the AccessOne acquisition than it did at closing, citing discussions around its value proposition and progress in product fit and go-to-market efforts. Indig said Phreesia has begun to see early market wins and positive feedback from existing clients. "We think this is going to be a growth lever over the next couple of years," Indig said. The company also said momentum is building for ProviderConnect, its newer network-solutions offering. Gandhi said business activity in network solutions improved heading into the second half of the fiscal year and that newer offerings such as ProviderConnect were resonating with the market. In the GLP-1 category, Indig said a four-month study showed a 4% incremental lift in new-to-brand prescriptions compared with a matched control group, along with more than 1,000 new patient starts. He added that the pilot helped convert new business activity. Outlook and product investment. Phreesia maintained its fiscal 2027 revenue guidance of $510 million to $520 million and adjusted EBITDA guidance of $125 million to $135 million. The revenue outlook assumes approximately $37 million of contribution from AccessOne and excludes potential revenue from any acquisitions completed before Jan. 31, 2027. The company also reaffirmed expectations for mid-single-digit percentage growth in average healthcare services clients and low-single-digit percentage growth in total revenue per client. Gandhi said the restructuring plan implemented in May is expected to produce meaningful annualized run-rate expense savings, which were already reflected in previously issued guidance. Management said it is balancing investments in growth with provider clients' financial pressures. Indig said providers are facing strain from changes in payer dynamics, and Phreesia is focused on delivering value through tools supporting front-end revenue-cycle workflows, payment capabilities and operational efficiency. On artificial intelligence, Indig said the company is incorporating AI across operations, product development, sales and client support. He cited VoiceAI and PlanMatch as examples of offerings that can change patient engagement and automate functions that previously required more manual work. Indig said AI has enabled the company to test and scale ideas more quickly and cost-effectively. About Phreesia (NYSE:PHR). Phreesia, Inc NYSE: PHR is a provider of patient intake management solutions designed to streamline front-office workflows for healthcare organizations. The company's cloud-based platform digitizes patient registration, appointment scheduling, insurance verification, consent documentation and payment collection through touchscreen kiosks, tablets and mobile devices. By replacing paper forms and manual processes, Phreesia enhances data accuracy, reduces administrative burden and improves the patient experience. Founded in 2000 by Chaim Indig and headquartered in Burlington, Massachusetts, Phreesia offers a modular software suite that integrates with electronic medical record (EMR) and practice management systems. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Continue following MarketBeat Before you consider Phreesia, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Phreesia wasn't on the list. While Phreesia currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.

Phreesia alternatives in Canada. Canadian buyers face a smaller field, because most US patient engagement vendors do not integrate with Canadian primary care EMRs. * Ocean (OceanMD): owned by WELL Health Technologies, and now branded "A WELLSTAR Company". Ocean calls itself "Canada's digital gateway for healthcare" and splits its product into a Patient Engagement Suite (booking, messaging, reminders, check-in kiosks, self-serve forms) and the Ocean Provider Network (eReferrals, eConsults, eSubmissions, eOrders). It reports 50,000+ users and 170,000+ eReferrals a month, and names four integrated EMRs: PS-Suite, Med Access, Accuro and Oscar Pro. Consider it first if your pain is referrals. * Mikata Health: Canadian, bilingual English/French, and now positioned as "the all-in-one AI clinic assistant". Its named products go well past reminders: AI clinical documentation, referrals and forms, coding and billing, patient triage, booking, intake, follow-up, secure messaging, campaigns and check-in. It says it is "integrated with the biggest EMRs in Canada" but does not name them on its site, and it does not publish prices, so ask for both. * Pomelo Health: Canadian (formerly Chronometriq, founded 2012), with online booking, reminders, secure messaging, mobile check-in, e-forms, telemedicine, broadcast messaging and a queue-management system for urgent care. Its distinctive track record is mass-booking at scale for pharmacy banners and provincial health authorities: vaccination and testing campaigns rather than day-to-day family practice. Note that pomelohealth.com is the Canadian company; Pomelo Care is an unrelated US business. Cortico's Canadian position is the EMR list: Oscar 19 and WELL OscarPro, Juno and Accuro are all rated COMPLETE or better, and Flow EMR and OpenOSP are COMPLETE+. Phreesia pricing: what is actually public. Searchers looking for "Phreesia pricing" usually find the same thing we did. Phreesia has a pricing page, but it carries no numbers. It says pricing "is customized to your organization based on factors like your size, workflows and the products you use," and points you at a demo to get a tailored quote. That was still true when Cortico Health Technologies Inc. checked on 28 July 2026. Reported costs vary widely by practice size and module mix, and Cortico Health Technologies Inc. is not going to quote a number Cortico Health Technologies Inc. cannot source. What Cortico Health Technologies Inc. can do is work backwards from Phreesia's own public filings. In fiscal 2026 Phreesia booked $219.5 million of subscription and related services revenue across an average of 4,514 healthcare services clients. That is about $48,600 per client per year, or roughly $4,050 a month, before the payment-processing and network-solutions revenue that makes up the other $261 million. Read that as an order of magnitude, not a quote. Phreesia's client base skews to large multi-provider organizations, so a per-client average is not a per-provider price, and your own number could sit well above or below it. The point is the contrast: you can see Cortico's per-provider price on its website before you talk to anyone. That opacity is a real evaluation cost. You cannot compare two vendors on price when only one of them will tell you the price before a discovery call. For contrast, Cortico's is on the page: $86, $119 or $199 per provider per month, $99 minimum, add-ons listed individually. Most years prices do not change; when they do, customers get a year's notice and have historically been grandfathered, and a rate lock is available on request. How to choose. * Start with your EMR. Ask each vendor to name your EMR and describe exactly what writes back to the chart. Vague answers here predict painful implementations. * Separate intake from automation. Digital forms are table stakes. Ask what happens to faxes, follow-ups and recalls, because that is where the staff hours actually go. * Get a price before the demo. If a vendor will not indicate a range, budget extra time for procurement. * Count the tools you would retire. A platform that replaces booking, reminders, forms, messaging, video and payments is a different calculation than a point solution. Want to see it against your own schedule and EMR? Book a demo.

Phreesia and March of Dimes partner to help strengthen physician-patient conversations and improve the health of moms and babies. * Published - July 23, 2026 This new collaboration reaches patients and their providers with information on widespread, preventable maternal health conditions. ALL-REMOTE COMPANY/WILMINGTON, Del. - JULY 23, 2026 - Phreesia, a leader in patient intake, outreach and activation that enables one in six patient visits across the U.S., and March of Dimes, the nation's leading nonprofit fighting for the health of all moms and babies, announced a partnership designed to enhance critical physician-patient conversations during prenatal and postpartum appointments, ultimately intended to improve the health of mothers and their babies across the United States. Through this collaboration, the organizations will reach new parents and caregivers of infants and their healthcare providers, with timely, evidence-based education just ahead of relevant appointments. The campaign brings March of Dimes' educational content to clinically relevant patients, along with complementary resources for providers who have upcoming appointments with pregnant patients and caregivers of infants. With the goal of improving maternal and infant health outcomes, Phreesia and March of Dimes aim to raise awareness on three important issues: preeclampsia, recognition and resources for postpartum depression, and practices to support safe sleep for infants. "Every mom deserves access to trusted, timely information that helps them have meaningful conversations with their provider and make informed decisions throughout their pregnancy, birth, and postpartum," said Kelly Ernst, Chief Impact Officer, March of Dimes. "However, it can be challenging to know what questions to ask and when during the pregnancy journey. We're proud to partner with Phreesia to share evidence-based resources ahead of key appointments to strengthen those conversations, helping improve the health of moms and babies." What sets this campaign apart is that it closes the loop between patients and providers by pairing patient education with provider-facing resources just before they meet at medical appointments, so both are ready to have important conversations. By reaching both providers and patients, the campaign is designed to amplify common messages across both audiences for better shared decision-making and improved outcomes. "We are delighted to bring March of Dimes' expertise on the health of new mothers and babies to the Phreesia network," said David Linetsky, President, Phreesia Network Solutions. "By placing relevant educational resources directly in the hands of patients and providers, this collaboration is an opportunity to create a positive, tangible impact on the maternal health crisis in the U.S." About phreesia. Phreesia is the trusted leader in patient activation, giving healthcare providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled more than 180 million patient visits in 2025 - 1 in 6 visits across the U.S. This scale allows Phreesia to make meaningful impact across the healthcare ecosystem. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives operational efficiency and improves healthcare outcomes. To learn more, visit phreesia.com. About March of Dimes. March of Dimes leads the fight for the health of all moms and babies. Phreesia support research, education, and advocacy, and provide programs and services so that every family can have the best possible start. Since 1938, Phreesia has built a successful legacy to support every pregnant person and every family. Visit marchofdimes.org or nacersano.org for more information. Find Phreesia on Facebook and follow Phreesia with #marchofdimes and @marchofdimes. Media contact The best-performing practices run on Phreesia. See what a smarter front office can do for your practice.