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WILMINGTON, Del.--(BUSINESS WIRE)--Dec 8, 2022--
Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company") announced financial results today for the third quarter ended October 31, 2022.
"Over the third quarter of fiscal year 2023, we at Phreesia remained focused helping our clients manage a challenging labor environment by implementing our solutions quickly in order to help patients become more activated in their health and achieve better health outcomes," said CEO and Co-Founder Chaim Indig.
Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q3 Fiscal Year 2023 Stakeholder Letter.
Third Quarter 2023 Highlights
Network solutions
During the three months ended October 31, 2022, we relabeled our Life sciences category of revenue presented on our Consolidated Statements of Operations to Network solutions revenue. Our Network solutions revenue includes fees from life sciences and payer clients for delivering direct communications to help activate, engage and educate patients about topics critical to their health using the Phreesia Platform. Prior to the three months ended October 31, 2022, our Network solutions revenue was entirely generated by our life sciences clients.
Fiscal Year 2023 Outlook
We are updating our revenue outlook for fiscal year 2023 to at least $278 million up from a range of $273 million to $275 million. Our new revenue outlook implies year-over-year growth of 30%.
We expect average healthcare services clients to increase by approximately 150 in the fourth quarter of fiscal year 2023 ending on January 31, 2023. We expect fourth quarter subscription and related services revenue on a per average healthcare services client basis to remain roughly in line with our second and third quarter results.
We are raising our Adjusted EBITDA outlook for fiscal year 2023 to approximately negative $95 million from a range of negative $109 million to negative $106 million, based on our first nine months' performance. This update reflects continued improvements in overall productivity and efficiency across our organization.
We expect our cash outflows in the fourth quarter of fiscal year 2023 to result in a January 31, 2023 cash and cash equivalents balance of approximately $170 million. We continue to expect our Adjusted EBITDA outlook in fiscal year 2023 to be the low annual mark for fiscal years 2023 to 2025.
We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see “Non-GAAP financial measures” below.
Fiscal Year 2025 Target
We are maintaining our $500 million revenue target to be achieved by annualizing our highest-revenue quarter in fiscal year 2025 1 and continue to expect to reach profitability 2 in fiscal year 2025.
We believe our platform and diverse revenue streams offer us multiple paths for achieving our targets.
1 For our target revenue, annualized is defined as multiplying the highest-revenue quarter in fiscal year 2025 by four.
2 For the purposes of this statement, we define "profitability" in terms of Adjusted EBITDA.
Available Information
We intend to use our Company website (including our Investor Relations website) as well as our Facebook, Twitter and LinkedIn accounts as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
Forward Looking Statements
This press release 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 statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, Adjusted EBITDA, cash flows and expected cash balance, average number of healthcare services clients and our ability to reach profitability in fiscal year 2025; our outlook for fiscal year 2023 and fiscal year 2025 targets; our expected increase in average number of healthcare services clients for the quarter ended January 31, 2023; and our fiscal year 2023 Adjusted EBITDA outlook. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to develop and release new products and services, and develop and release successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry; the impact of the COVID-19 pandemic on our business and economic conditions; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions; and other general, market, political, economic and business conditions (including as a result of the warfare and/or political and economic instability in Ukraine). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022 and in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2022 that will be filed with the SEC following this press release. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
This press release includes certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, with the exception of our Adjusted EBITDA outlook for the reasons described above.
Conference Call Information
We will hold a conference call on December 8, 2022, at 5:00 p.m. Eastern Time to review our fiscal 2023 third quarter financial results. To participate in our live conference call and webcast, please dial (888) 350-3437 (or (646) 960-0153 for international participants) using conference code number 4000153 or visit the “Events & Presentations” section of our Investor Relations website at ir.phreesia.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
ABOUT PHREESIA
Phreesia provides healthcare organizations a suite of robust applications to manage the patient intake process. Our innovative SaaS platform engages patients in their healthcare and provides a modern, convenient experience, while enabling our clients to enhance clinical care and drive efficiency.
Phreesia, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| October 31, 2022 |
| January 31, 2022 | ||||
| (Unaudited) |
|
| ||||
Assets |
|
|
| ||||
Current: |
|
|
| ||||
Cash and cash equivalents | $ | 209,589 |
|
| $ | 313,812 |
|
Settlement assets |
| 20,710 |
|
|
| 19,590 |
|
Accounts receivable, net of allowance for doubtful accounts of $962 and $863 as of October 31, 2022 and January 31, 2022, respectively |
| 44,356 |
|
|
| 40,262 |
|
Deferred contract acquisition costs |
| 1,218 |
|
|
| 1,642 |
|
Prepaid expenses and other current assets |
| 11,001 |
|
|
| 11,043 |
|
Total current assets |
| 286,874 |
|
|
| 386,349 |
|
Property and equipment, net of accumulated depreciation and amortization of $66,481 and $53,321 as of October 31, 2022 and January 31, 2022, respectively |
| 26,327 |
|
|
| 34,645 |
|
Capitalized internal-use software, net of accumulated amortization of $35,283 and $31,139 as of October 31, 2022 and January 31, 2022, respectively |
| 31,804 |
|
|
| 17,643 |
|
Operating lease right-of-use assets |
| 794 |
|
|
| 2,337 |
|
Deferred contract acquisition costs |
| 1,899 |
|
|
| 2,437 |
|
Intangible assets, net of accumulated amortization of $2,206 and $1,178 as of October 31, 2022 and January 31, 2022, respectively |
| 11,744 |
|
|
| 12,772 |
|
Deferred tax asset |
| — |
|
|
| 515 |
|
Goodwill |
| 33,836 |
|
|
| 33,621 |
|
Other assets |
| 4,016 |
|
|
| 4,157 |
|
Total Assets | $ | 397,294 |
|
| $ | 494,476 |
|
Liabilities and Stockholders’ Equity |
|
|
| ||||
Current: |
|
|
| ||||
Settlement obligations | $ | 20,710 |
|
| $ | 19,590 |
|
Current portion of finance lease liabilities and other debt |
| 5,483 |
|
|
| 5,821 |
|
Current portion of operating lease liabilities |
| 1,143 |
|
|
| 1,281 |
|
Accounts payable |
| 11,108 |
|
|
| 5,119 |
|
Accrued expenses |
| 20,344 |
|
|
| 20,128 |
|
Deferred revenue |
| 13,933 |
|
|
| 16,493 |
|
Total current liabilities |
| 72,721 |
|
|
| 68,432 |
|
Long-term finance lease liabilities and other debt |
| 3,766 |
|
|
| 7,423 |
|
Operating lease liabilities, non-current |
| 461 |
|
|
| 1,276 |
|
Long-term deferred revenue |
| 1 |
|
|
| 65 |
|
Total Liabilities |
| 76,949 |
|
|
| 77,196 |
|
Commitments and contingencies |
|
|
| ||||
Stockholders’ Equity: |
|
|
| ||||
Common stock, $0.01 par value - 500,000,000 shares authorized as of both October 31, 2022 and January 31, 2022; 53,396,354 and 52,095,964 shares issued as of October 31, 2022 and January 31, 2022, respectively |
| 534 |
|
|
| 521 |
|
Additional paid-in capital |
| 911,526 |
|
|
| 860,657 |
|
Accumulated deficit |
| (568,063 | ) |
|
| (429,938 | ) |
Treasury stock, at cost, 683,407 and 301,003 shares as of October 31, 2022 and January 31, 2022, respectively |
| (23,652 | ) |
|
| (13,960 | ) |
Total Stockholders’ Equity |
| 320,345 |
|
|
| 417,280 |
|
Total Liabilities and Stockholders’ Equity | $ | 397,294 |
|
| $ | 494,476 |
|
Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) | |||||||||||||||
| Three months ended |
| Nine months ended | ||||||||||||
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
Revenue: |
|
|
|
|
|
|
| ||||||||
Subscription and related services | $ | 32,992 |
|
| $ | 24,365 |
|
| $ | 93,162 |
|
| $ | 69,069 |
|
Payment processing fees |
| 19,626 |
|
|
| 16,111 |
|
|
| 58,588 |
|
|
| 49,061 |
|
Network solutions |
| 20,485 |
|
|
| 15,439 |
|
|
| 52,574 |
|
|
| 37,083 |
|
Total revenues |
| 73,103 |
|
|
| 55,915 |
|
|
| 204,324 |
|
|
| 155,213 |
|
Expenses: |
|
|
|
|
|
|
| ||||||||
Cost of revenue (excluding depreciation and amortization) |
| 14,562 |
|
|
| 11,644 |
|
|
| 43,821 |
|
|
| 30,210 |
|
Payment processing expense |
| 12,770 |
|
|
| 9,449 |
|
|
| 37,482 |
|
|
| 28,822 |
|
Sales and marketing |
| 36,631 |
|
|
| 32,036 |
|
|
| 115,003 |
|
|
| 69,215 |
|
Research and development |
| 22,669 |
|
|
| 15,273 |
|
|
| 65,846 |
|
|
| 34,770 |
|
General and administrative |
| 19,600 |
|
|
| 18,021 |
|
|
| 60,528 |
|
|
| 46,936 |
|
Depreciation |
| 4,865 |
|
|
| 3,719 |
|
|
| 13,363 |
|
|
| 10,717 |
|
Amortization |
| 1,817 |
|
|
| 1,513 |
|
|
| 5,020 |
|
|
| 4,744 |
|
Total expenses |
| 112,914 |
|
|
| 91,655 |
|
|
| 341,063 |
|
|
| 225,414 |
|
Operating loss |
| (39,811 | ) |
|
| (35,740 | ) |
|
| (136,739 | ) |
|
| (70,201 | ) |
Other expense, net |
| (211 | ) |
|
| (114 | ) |
|
| (204 | ) |
|
| (138 | ) |
Interest income (expense), net |
| 61 |
|
|
| (311 | ) |
|
| (528 | ) |
|
| (756 | ) |
Total other expense, net |
| (150 | ) |
|
| (425 | ) |
|
| (732 | ) |
|
| (894 | ) |
Loss before provision for income taxes |
| (39,961 | ) |
|
| (36,165 | ) |
|
| (137,471 | ) |
|
| (71,095 | ) |
Provision for income taxes |
| (206 | ) |
|
| (178 | ) |
|
| (654 | ) |
|
| (615 | ) |
Net loss | $ | (40,167 | ) |
| $ | (36,343 | ) |
| $ | (138,125 | ) |
| $ | (71,710 | ) |
Net loss per share attributable to common stockholders, basic and diluted (1) | $ | (0.76 | ) |
| $ | (0.71 | ) |
| $ | (2.64 | ) |
| $ | (1.44 | ) |
Weighted-average common shares outstanding, basic and diluted |
| 52,606,400 |
|
|
| 51,020,271 |
|
|
| 52,294,026 |
|
|
| 49,943,049 |
|
(1) Our potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. |
Phreesia, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) | ||||||||
|
| Nine months ended | ||||||
|
| 2022 |
| 2021 | ||||
Operating activities: |
|
|
|
| ||||
Net loss |
| $ | (138,125 | ) |
| $ | (71,710 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| ||||
Depreciation and amortization |
|
| 18,383 |
|
|
| 15,461 |
|
Stock-based compensation expense |
|
| 43,491 |
|
|
| 25,976 |
|
Amortization of deferred financing costs and debt discount |
|
| 227 |
|
|
| 216 |
|
Cost of Phreesia hardware purchased by customers |
|
| 939 |
|
|
| 449 |
|
Deferred contract acquisition costs amortization |
|
| 1,318 |
|
|
| 1,709 |
|
Non-cash operating lease expense |
|
| 1,543 |
|
|
| 730 |
|
Change in fair value of contingent consideration liabilities |
|
| — |
|
|
| 209 |
|
Deferred tax asset |
|
| 515 |
|
|
| 508 |
|
Changes in operating assets and liabilities: |
|
|
|
| ||||
Accounts receivable |
|
| (4,094 | ) |
|
| (6,408 | ) |
Prepaid expenses and other assets |
|
| (802 | ) |
|
| (5,686 | ) |
Deferred contract acquisition costs |
|
| (356 | ) |
|
| (2,929 | ) |
Accounts payable |
|
| 4,411 |
|
|
| 9,490 |
|
Accrued expenses and other liabilities |
|
| 1,931 |
|
|
| (5,563 | ) |
Lease liability |
|
| (981 | ) |
|
| (779 | ) |
Deferred revenue |
|
| (2,624 | ) |
|
| 1,596 |
|
Net cash used in operating activities |
|
| (74,224 | ) |
|
| (36,731 | ) |
Investing activities: |
|
|
|
| ||||
Capitalized internal-use software |
|
| (15,576 | ) |
|
| (7,962 | ) |
Purchases of property and equipment |
|
| (4,028 | ) |
|
| (16,596 | ) |
Net cash used in investing activities |
|
| (19,604 | ) |
|
| (24,558 | ) |
Financing activities: |
|
|
|
| ||||
Proceeds from issuance of common stock in equity offerings, net of underwriters' discounts and commissions |
|
| — |
|
|
| 245,813 |
|
Proceeds from issuance of common stock upon exercise of stock options |
|
| 1,225 |
|
|
| 4,062 |
|
Treasury stock to satisfy tax withholdings on stock compensation awards |
|
| (9,523 | ) |
|
| (3,546 | ) |
Proceeds from employee stock purchase plan |
|
| 2,832 |
|
|
| 1,147 |
|
Finance lease payments |
|
| (4,316 | ) |
|
| (3,175 | ) |
Principal payments on financing agreements |
|
| (216 | ) |
|
| (873 | ) |
Debt issuance costs and loan facility fee payments |
|
| (397 | ) |
|
| (125 | ) |
Payment of contingent consideration for acquisitions |
|
| — |
|
|
| (400 | ) |
Net cash (used in) provided by financing activities |
|
| (10,395 | ) |
|
| 242,903 |
|
Net (decrease) increase in cash and cash equivalents |
|
| (104,223 | ) |
|
| 181,614 |
|
Cash and cash equivalents – beginning of period |
|
| 313,812 |
|
|
| 218,781 |
|
Cash and cash equivalents – end of period |
| $ | 209,589 |
|
| $ | 400,395 |
|
Supplemental information of non-cash investing and financing information: |
|
|
|
| ||||
Right-of-use assets recorded in exchange for operating lease liabilities |
| $ | — |
|
| $ | 81 |
|
Property and equipment acquisitions through finance leases |
| $ | 526 |
|
| $ | 2,645 |
|
Purchase of property and equipment and capitalized software included in current liabilities |
| $ | 3,354 |
|
| $ | 1,082 |
|
Capitalized stock-based compensation |
| $ | 1,036 |
|
| $ | 279 |
|
Issuance of stock to settle liabilities for stock-based compensation |
| $ | 10,852 |
|
| $ | — |
|
Cash paid for: |
|
|
|
| ||||
Interest |
| $ | 647 |
|
| $ | 578 |
|
Non-GAAP financial measures
This press release and statements made during the above-referenced webcast may include certain non-GAAP financial measures as defined by SEC rules.
Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA as net income or loss before interest expense (income), net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense, change in fair value of contingent consideration liabilities and other (income) expense, net.
We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release and our Quarterly Report on Form 10-Q because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss).
Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:
Because of these and other limitations, you should consider Adjusted EBITDA along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods indicated:
Phreesia, Inc. Adjusted EBITDA ( Unaudited) | ||||||||||||||||
|
| Three months ended |
| Nine months ended | ||||||||||||
(in thousands) |
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
Net loss |
| $ | (40,167 | ) |
| $ | (36,343 | ) |
| $ | (138,125 | ) |
| $ | (71,710 | ) |
Interest (income) expense, net |
|
| (61 | ) |
|
| 311 |
|
|
| 528 |
|
|
| 756 |
|
Provision for income taxes |
|
| 206 |
|
|
| 178 |
|
|
| 654 |
|
|
| 615 |
|
Depreciation and amortization |
|
| 6,682 |
|
|
| 5,232 |
|
|
| 18,383 |
|
|
| 15,461 |
|
Stock-based compensation expense |
|
| 14,782 |
|
|
| 12,929 |
|
|
| 43,491 |
|
|
| 25,976 |
|
Change in fair value of contingent consideration liabilities |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 209 |
|
Other expense, net |
|
| 211 |
|
|
| 114 |
|
|
| 204 |
|
|
| 138 |
|
Adjusted EBITDA |
| $ | (18,347 | ) |
| $ | (17,579 | ) |
| $ | (74,865 | ) |
| $ | (28,555 | ) |
Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited) | ||||||||||||
|
| Three months ended |
| Nine months ended | ||||||||
(in thousands) |
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||
GAAP operating expenses |
|
|
|
|
|
|
|
| ||||
General and administrative |
| $ | 19,600 |
| $ | 18,021 |
| $ | 60,528 |
| $ | 46,936 |
Sales and marketing |
|
| 36,631 |
|
| 32,036 |
|
| 115,003 |
|
| 69,215 |
Research and development |
|
| 22,669 |
|
| 15,273 |
|
| 65,846 |
|
| 34,770 |
Cost of revenue (excluding depreciation and amortization) |
|
| 14,562 |
|
| 11,644 |
|
| 43,821 |
|
| 30,210 |
|
| $ | 93,462 |
| $ | 76,974 |
| $ | 285,198 |
| $ | 181,131 |
Stock compensation included in GAAP operating expenses |
|
|
|
|
|
|
|
| ||||
General and administrative |
| $ | 5,318 |
| $ | 4,943 |
| $ | 15,652 |
| $ | 11,237 |
Sales and marketing |
|
| 5,543 |
|
| 5,169 |
|
| 16,620 |
|
| 9,046 |
Research and development |
|
| 2,979 |
|
| 2,224 |
|
| 8,507 |
|
| 4,212 |
Cost of revenue (excluding depreciation and amortization) |
|
| 942 |
|
| 593 |
|
| 2,712 |
|
| 1,481 |
|
| $ | 14,782 |
| $ | 12,929 |
| $ | 43,491 |
| $ | 25,976 |
Adjusted operating expenses |
|
|
|
|
|
|
|
| ||||
General and administrative |
| $ | 14,282 |
| $ | 13,078 |
| $ | 44,876 |
| $ | 35,699 |
Sales and marketing |
|
| 31,088 |
|
| 26,867 |
|
| 98,383 |
|
| 60,169 |
Research and development |
|
| 19,690 |
|
| 13,049 |
|
| 57,339 |
|
| 30,558 |
Cost of revenue (excluding depreciation and amortization) |
|
| 13,620 |
|
| 11,051 |
|
| 41,109 |
|
| 28,729 |
|
| $ | 78,680 |
| $ | 64,045 |
| $ | 241,707 |
| $ | 155,155 |
Phreesia, Inc. Key Metrics (Unaudited) | ||||||||||||
|
| Three months ended |
| Nine months ended | ||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||
Key Metrics: |
|
|
|
|
|
|
|
| ||||
Healthcare services clients (average over period) |
|
| 2,982 |
|
| 2,097 |
|
| 2,761 |
|
| 1,996 |
Average revenue per healthcare services client |
| $ | 17,645 |
| $ | 19,299 |
| $ | 54,957 |
| $ | 59,196 |
We remain focused on building secure and reliable products that derive a strong return on investment for our clients and implementing them with speed and ease. This strategy continues to enable us to grow our network of healthcare services clients. As disclosed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, during the fourth quarter of fiscal year 2022, we renamed our key metric "provider clients (average over period)" to "healthcare services clients (average over period)." We also renamed our key metric "average revenue per provider client" to "average revenue per healthcare services client."
Additional Information (Unaudited) | |||||||||||||||
|
| Three months ended | Nine months ended | ||||||||||||
|
| 2022 |
| 2021 | 2022 |
| 2021 | ||||||||
Patient payment volume (in millions) |
| $ | 815 |
|
| $ | 682 |
| $ | 2,463 |
|
| $ | 2,079 |
|
Payment facilitator volume percentage |
|
| 81 | % |
|
| 79 | % |
| 80 | % |
|
| 78 | % |
View source version on businesswire.com:https://www.businesswire.com/news/home/20221208005789/en/
CONTACT: Investors:
Balaji Gandhi
Phreesia, Inc.
investors@phreesia.com
(929) 506-4950
Media:
Maureen McKinney
Phreesia, Inc.
mmckinney@phreesia.com
(773) 330-8908
KEYWORD: UNITED STATES NORTH AMERICA DELAWARE
INDUSTRY KEYWORD: TECHNOLOGY HOSPITALS SOFTWARE PRACTICE MANAGEMENT NETWORKS INTERNET MANAGED CARE HEALTH DATA MANAGEMENT
SOURCE: Phreesia, Inc.
Copyright Business Wire 2022.
PUB: 12/08/2022 04:03 PM/DISC: 12/08/2022 04:03 PM
http://www.businesswire.com/news/home/20221208005789/en