Fri, May 31, 8:06 PM (143 days ago)
Phreesia, Inc. reported a 21% increase in total revenue to $101.2 million for the quarter ended April 30, 2024, driven by growth in subscription services, payment processing fees, and network solutions. Despite this growth, the company recorded a net loss of $19.7 million, an improvement from the $37.5 million net loss in the same quarter of the previous year. Adjusted EBITDA improved to $4.1 million from a negative $13.8 million. Key financial metrics showed mixed performance. Average healthcare services clients (AHSCs) increased to 4,065, but healthcare services revenue per AHSC decreased by 3% to $18,155, and total revenue per AHSC decreased by 2% to $24,900. Payment processing revenue was impacted by a $1.7 million reduction due to the accelerated wind-down of a clearinghouse client relationship, influenced by the Change Healthcare cybersecurity incident. Operating expenses included a 14% decrease in sales and marketing costs and a 9% increase in research and development expenses. Cash and cash equivalents decreased by $8.0 million to $79.5 million. The company expects continued net losses and negative cash flows in the near term but believes current cash reserves and credit facilities are sufficient to fund operations for the next 12 months.