Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company")
announced financial results today for the fiscal fourth quarter and
fiscal year ended January 31, 2024.
"Phreesia ended fiscal year 2024 with strong momentum going into
fiscal 2025. We facilitated more than 150 million patient visits in
fiscal 2024, or more than one in ten patient visits across the U.S.
We are confident that our solutions and our team position us for
continued growth and a return to profitability1," said CEO and
Co-Founder Chaim Indig.
Please visit the Phreesia investor relations website at
ir.phreesia.com to view the Company's Q4 Fiscal Year 2024
Stakeholder Letter.
Fiscal Fourth Quarter Ended January 31, 2024
Highlights
- Total revenue was $95.0 million in the quarter, up 24%
year-over-year.
- Average number of healthcare services clients ("AHSCs") was
3,962 in the quarter, up 26% year-over-year.
- Healthcare services revenue per AHSC was $17,456 in the
quarter, down 1% year-over-year. The decline was primarily driven
by healthcare services client growth outpacing growth in payment
processing volume and payment processing revenue. See "Key Metrics"
below for additional information.
- Total revenue per AHSC was $23,979 in the quarter, down 2%
year-over-year. The decline was primarily driven by adding AHSCs
from the acquisition of ConnectOnCall that have an immaterial
amount of revenue associated with them. See "Key Metrics" below for
additional information.
- Net loss was $30.6 million in the quarter compared to $38.0
million in the same period in the prior year.
- Adjusted EBITDA was negative $3.5 million in the quarter
compared to negative $17.6 million in the same period in the prior
year.
- Cash and cash equivalents as of January 31, 2024 was $87.5
million, down $15.8 million from October 31, 2023.
Fiscal Year Ended January 31, 2024 Highlights
- Revenue was $356.3 million in fiscal year 2024, up 27%
year-over-year.
- AHSCs were 3,601 in fiscal year 2024, up 26%
year-over-year.
- Healthcare services revenue per AHSC was $72,215 in fiscal year
2024, down 1% year-over-year. The decline was primarily driven by
AHSC growth outpacing growth in payment processing volume and
payment processing revenue. See "Key Metrics" below for additional
information.
- Total revenue per AHSC was $98,944 in fiscal year 2024, up 1%
year-over-year. The increase was primarily driven by Network
solutions revenue growth outpacing healthcare services client
growth. See "Key Metrics" below for additional information.
- Net loss was $136.9 million in fiscal year 2024, as compared to
$176.1 million in fiscal year 2023.
- Adjusted EBITDA was negative $35.4 million in fiscal year 2024,
as compared to negative $92.5 million in fiscal year 2023.
- Cash and cash equivalents as of January 31, 2024 was $87.5
million, down from $176.7 million as of January 31, 2023.
Fiscal Year 2025 Outlook2
We are maintaining our revenue outlook for fiscal year 2025 at a
range of $424 million to $434 million, implying year-over-year
growth of 19% to 22%. The revenue range provided for fiscal 2025
assumes no additional revenue from potential future acquisitions
completed between now and January 31, 2025.
We are updating our Adjusted EBITDA outlook for fiscal year 2025
to a range of $12 million to $20 million from a previous range of
$10 million to $20 million.
We believe our $87.5 million in cash and cash equivalents as of
January 31, 2024, along with cash generated in our normal
operations gives us sufficient flexibility to reach our fiscal 2025
revenue and Adjusted EBITDA outlook. Additionally, our available
borrowing capacity under our credit facility with Capital One
provides us with an additional source of capital to pursue future
growth opportunities not incorporated into our fiscal 2025 revenue
and Adjusted EBITDA outlook.
Non-GAAP Financial Measures
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.
Available Information
We intend to use our Company website (including our Investor
Relations website) as well as our Facebook, Twitter, LinkedIn and
Instagram 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 and our ability to reach
profitability1 in fiscal year 2025; our ability to finance our
plans to achieve our fiscal year 2025 outlook with our current cash
balance and cash generated in the normal course of business; our
outlook for fiscal year 2025 and fiscal year 2026 targets
(including with respect to Adjusted EBITDA); and our belief that
our credit facility with Capital One gives us additional financial
flexibility. 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 comply with the covenants in our credit agreement with
Capital One; our ability to develop and release new products and
services; changes in market conditions and receptivity to our
products and services; our ability to 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 and addressable market; 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 partnerships
and difficulties in integrating our acquisitions and investments;
and the recent high inflationary environment 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 Middle East or elsewhere). The forward-looking
statements contained in this press release are also subject to
other risks and uncertainties, including those listed or 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, 2024 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 Thursday March 14, 2024, at
5:00 p.m. Eastern Time to review our fiscal fourth quarter and
fiscal year 2024 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 is a trusted leader in patient activation, giving
providers, life sciences companies, payers and other organizations
tools to help patients take a more active role in their care.
Founded in 2005, Phreesia enabled approximately 150 million patient
visits in 2023—more than 1 in 10 visits across the U.S.—scale that
we believe allows us to make meaningful impact. Offering
patient-driven digital solutions for intake, outreach, education
and more, Phreesia enhances the patient experience, drives
efficiency and improves healthcare outcomes.
_________________________________ 1 We define "profitability",
discussed within, in terms of Adjusted EBITDA. 2 We continue to
believe we will achieve our Fiscal 2026 Annualized Revenue Target
of $500 million achieved by annualizing the highest revenue quarter
in Fiscal 2026 by four. However, we believe our Revenue Outlook
provides more meaningful guidance. As a result, we will no longer
present our Fiscal 2026 Annualized Revenue Target.
Phreesia, Inc.
Consolidated Balance
Sheets
(in thousands, except share and
per share data)
January 31, 2024
January 31, 2023
Assets
(Unaudited)
Current:
Cash and cash equivalents
$
87,520
$
176,683
Settlement assets
28,072
22,599
Accounts receivable, net of allowance for
doubtful accounts of $1,392 and $1,053 as of January 31, 2024 and
2023, respectively
64,863
51,394
Deferred contract acquisition costs
768
1,056
Prepaid expenses and other current
assets
14,461
10,709
Total current assets
195,684
262,441
Property and equipment, net of accumulated
depreciation and amortization of $76,859 and $59,847 as of January
31, 2024 and 2023, respectively
16,902
21,670
Capitalized internal-use software, net of
accumulated amortization of $45,769 and $37,236 as of January 31,
2024 and 2023, respectively
46,139
35,150
Operating lease right-of-use assets
266
569
Deferred contract acquisition costs
986
1,754
Intangible assets, net of accumulated
amortization of $4,925 and $2,549 as of January 31, 2024 and 2023,
respectively
31,625
11,401
Deferred tax asset
—
81
Goodwill
75,845
33,736
Other assets
2,879
3,255
Total Assets
$
370,326
$
370,057
Liabilities and Stockholders’
Equity
Current:
Settlement obligations
$
28,072
$
22,599
Current portion of finance lease
liabilities and other debt
6,056
5,172
Current portion of operating lease
liabilities
393
934
Accounts payable
8,480
10,836
Accrued expenses
37,130
21,810
Deferred revenue
24,113
17,688
Other current liabilities
5,875
—
Total current liabilities
110,119
79,039
Long-term finance lease liabilities and
other debt
5,400
2,725
Operating lease liabilities,
non-current
134
349
Long-term deferred revenue
97
125
Long-term deferred tax liabilities
270
—
Other long-term liabilities
2,857
—
Total Liabilities
118,877
82,238
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, undesignated, $0.01 par
value—20,000,000 shares authorized as of both January 31, 2024 and
2023; no shares issued or outstanding as of January 31, 2024 and
2023, respectively
—
—
Common stock, $0.01 par value—500,000,000
shares authorized as of both January 31, 2024 and 2023; 57,709,762
and 54,187,172 shares issued as of January 31, 2024 and 2023,
respectively
577
542
Additional paid-in capital
1,039,361
926,957
Accumulated deficit
(742,969
)
(606,084
)
Treasury stock, at cost, 1,355,169 and
971,236 shares as of January 31, 2024 and 2023, respectively
(45,520
)
(33,596
)
Total Stockholders’ Equity
251,449
287,819
Total Liabilities and Stockholders’
Equity
$
370,326
$
370,057
Phreesia, Inc.
Consolidated Statements of
Operations
(Unaudited)
(in thousands, except share and
per share data)
Three months ended
January 31,
Fiscal Year ended
January 31,
2024
2023
2024
2023
Revenue:
Subscription and related services
$
45,653
$
35,813
$
165,436
$
128,975
Payment processing fees
23,508
19,780
94,610
78,368
Network solutions
25,844
20,993
96,253
73,567
Total revenues
95,005
76,586
356,299
280,910
Expenses:
Cost of revenue (excluding depreciation
and amortization)
16,140
15,123
61,025
58,944
Payment processing expense
15,634
12,841
62,986
50,323
Sales and marketing
35,873
36,260
147,008
151,263
Research and development
29,862
25,398
112,346
91,244
General and administrative
18,821
19,856
79,926
80,384
Depreciation
4,353
4,625
17,584
17,988
Amortization
3,900
2,296
11,903
7,316
Total expenses
124,583
116,399
492,778
457,462
Operating loss
(29,578
)
(39,813
)
(136,479
)
(176,552
)
Other income (expense), net
83
29
44
(175
)
Loss on extinguishment of debt
(1,118
)
—
(1,118
)
—
Interest income, net
184
1,592
2,211
1,064
Total other (expense) income,
net
(851
)
1,621
1,137
889
Loss before provision for income
taxes
(30,429
)
(38,192
)
(135,342
)
(175,663
)
(Provision for) benefit from income
taxes
(217
)
171
(1,543
)
(483
)
Net loss
$
(30,646
)
$
(38,021
)
$
(136,885
)
$
(176,146
)
Net loss per share attributable to
common stockholders, basic and diluted(1)
$
(0.56
)
$
(0.72
)
$
(2.51
)
$
(3.36
)
Weighted-average common shares
outstanding, basic and diluted
54,555,555
52,873,139
54,561,449
52,440,067
(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)
Fiscal Year ended January
31,
2024
2023
2022
Operating activities:
Net loss
$
(136,885
)
$
(176,146
)
$
(118,161
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
29,487
25,304
21,302
Stock-based compensation expense
71,613
58,775
36,144
Amortization of deferred financing costs
and debt discount
321
310
288
Loss on extinguishment of debt
1,118
—
—
Cost of Phreesia hardware purchased by
customers
1,619
1,598
672
Deferred contract acquisition costs
amortization
1,056
1,696
2,211
Non-cash operating lease expense
702
1,768
1,004
Change in fair value of contingent
consideration liabilities
—
—
258
Deferred taxes
228
434
143
Changes in operating assets and
liabilities:
Accounts receivable
(11,205
)
(11,132
)
(10,216
)
Prepaid expenses and other assets
(2,209
)
250
(7,192
)
Deferred contract acquisition costs
—
(427
)
(3,349
)
Accounts payable
(1,993
)
4,774
2,881
Accrued expenses and other liabilities
14,195
2,720
(2,983
)
Lease liabilities
(1,156
)
(1,302
)
(1,060
)
Deferred revenue
731
1,255
3,348
Net cash used in operating
activities
(32,378
)
(90,123
)
(74,710
)
Investing activities:
Acquisitions, net of cash acquired
(14,573
)
—
(34,423
)
Capitalized internal-use software
(19,291
)
(21,471
)
(12,385
)
Purchases of property and equipment
(5,806
)
(4,732
)
(18,420
)
Net cash used in investing
activities
(39,670
)
(26,203
)
(65,228
)
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
955
1,603
4,889
Treasury stock to satisfy tax withholdings
on stock compensation awards
(12,176
)
(19,383
)
(8,995
)
Proceeds from employee stock purchase
plan
3,209
3,321
1,979
Constructive financing
(6,779
)
(5,731
)
(4,267
)
Finance lease payments
1,688
—
—
Principal payments on financing
agreements
(600
)
(216
)
(1,039
)
Debt issuance costs and loan facility fee
payments
(1,321
)
(397
)
(125
)
Financing payments of acquisition-related
liabilities
(1,333
)
—
(3,286
)
Debt extinguishment costs
(758
)
—
—
Net cash (used in) provided by
financing activities
(17,115
)
(20,803
)
234,969
Net (decrease) increase in cash and
cash equivalents
(89,163
)
(137,129
)
95,031
Cash and cash equivalents—beginning of
year
176,683
313,812
218,781
Cash and cash equivalents—end of
year
$
87,520
$
176,683
$
313,812
Supplemental information of non-cash
investing and financing information:
Right of use assets acquired in exchange
for operating lease liabilities
$
398
$
—
$
81
Property and equipment acquisitions
through finance leases
$
7,438
$
526
$
7,394
Purchase of property and equipment and
capitalized software included in accounts payable and accrued
liabilities
$
1,299
$
2,345
$
1,124
Receivables for cash in-transit on stock
option exercises
$
—
$
97
$
169
Capitalized stock based compensation
$
1,415
$
1,372
$
489
Issuance of stock to settle liabilities
for stock-based compensation
$
12,276
$
12,284
$
—
Deferred consideration liabilities payable
in business combinations
$
8,732
$
—
$
—
Issuance of stock as consideration in
business combination
$
35,321
$
—
$
—
Capitalized software acquired through
vendor financing
$
2,047
$
—
$
—
Cash paid for:
Interest
$
1,306
$
763
$
802
Income taxes
$
37
$
39
$
49
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 income, net,
provision for (benefit from) income taxes, depreciation and
amortization, and before stock-based compensation expense, loss on
extinguishment of debt 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 Annual
Report on Form 10-K to be filed after this press release 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 Provision for (benefit from) 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:
- Although depreciation and amortization expense are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future, and Adjusted EBITDA does not reflect cash
capital expenditure requirements for such replacements or for new
capital expenditure requirements;
- Adjusted EBITDA does not reflect: (1) changes in, or cash
requirements for, our working capital needs; (2) the potentially
dilutive impact of non-cash stock-based compensation; (3) tax
payments that may represent a reduction in cash available to us; or
(4) Interest (income) expense, net; and
- Other companies, including companies in our industry, may
calculate Adjusted EBITDA or similarly titled measures differently,
which reduces its usefulness as a comparative measure.
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
January 31,
Fiscal Year ended
January 31,
(in thousands)
2024
2023
2024
2023
Net loss
$
(30,646
)
$
(38,021
)
$
(136,885
)
$
(176,146
)
Interest income, net
(184
)
(1,592
)
(2,211
)
(1,064
)
Provision for (benefit from) income
taxes
217
(171
)
1,543
483
Depreciation and amortization
8,253
6,921
29,487
25,304
Stock-based compensation expense
17,864
15,284
71,613
58,775
Loss on extinguishment of debt
1,118
—
1,118
—
Other (income) expense, net
(83
)
(29
)
(44
)
175
Adjusted EBITDA
$
(3,461
)
$
(17,608
)
$
(35,379
)
$
(92,473
)
Phreesia, Inc.
Reconciliation of GAAP and
Adjusted Operating Expenses
(Unaudited)
Three months ended
January 31,
Fiscal Year ended
January 31,
(in thousands)
2024
2023
2024
2023
GAAP operating expenses
General and administrative
$
18,821
$
19,856
$
79,926
$
80,384
Sales and marketing
35,873
36,260
147,008
151,263
Research and development
29,862
25,398
112,346
91,244
Cost of revenue (excluding depreciation
and amortization)
16,140
15,123
61,025
58,944
$
100,696
$
96,637
$
400,305
$
381,835
Stock compensation included in GAAP
operating expenses
General and administrative
$
6,238
$
5,508
$
23,661
$
21,160
Sales and marketing
6,100
5,563
25,950
22,183
Research and development
4,444
3,270
17,446
11,777
Cost of revenue (excluding depreciation
and amortization)
1,082
943
4,556
3,655
$
17,864
$
15,284
$
71,613
$
58,775
Adjusted operating expenses
General and administrative
$
12,583
$
14,348
$
56,265
$
59,224
Sales and marketing
29,773
30,697
121,058
129,080
Research and development
25,418
22,128
94,900
79,467
Cost of revenue (excluding depreciation
and amortization)
15,058
14,180
56,469
55,289
$
82,832
$
81,353
$
328,692
$
323,060
Phreesia, Inc.
Key Metrics
(Unaudited)
Three months ended
January 31,
Fiscal Year ended
January 31,
2024
2023
2024
2023
Key Metrics:
Average number of healthcare services
clients ("AHSCs")
3,962
3,140
3,601
2,856
Healthcare services revenue per AHSC
$
17,456
$
17,705
$
72,215
$
72,599
Total revenue per AHSC
$
23,979
$
24,390
$
98,944
$
98,358
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. The
investments we make to grow, strengthen and sustain our network of
healthcare services clients lead to growth in all of our revenue
categories.
The definitions of our key metrics are presented below.
- AHSCs. We define AHSCs as the average number of clients that
generate subscription and related services or payment processing
revenue each month during the applicable period. In cases where we
act as a subcontractor providing white-label services to our
partner's clients, we treat the contractual relationship as a
single healthcare services client. We believe growth in AHSCs is a
key indicator of the performance of our business and depends, in
part, on our ability to successfully develop and market our
solutions to healthcare services organizations that are not yet
clients. While growth in AHSCs is an important indicator of
expected revenue growth, it also informs our management of the
areas of our business that will require further investment to
support expected future AHSC growth. For example, as AHSCs
increase, we may need to add to our customer support team and
invest to maintain effectiveness and performance of our solutions
for our healthcare services clients and their patients.
- Healthcare services revenue per AHSC. We define Healthcare
services revenue as the sum of subscription and related services
revenue and payment processing revenue. We define Healthcare
services revenue per AHSC as Healthcare services revenue in a given
period divided by AHSCs during that same period. We are focused on
continually delivering value to our healthcare services clients and
believe that our ability to increase Healthcare services revenue
per AHSC is an indicator of the long-term value of our
solutions.
- Total revenue per AHSC. We define Total revenue per AHSC as
Total revenue in a given period divided by AHSCs during that same
period. Our healthcare services clients directly generate
subscription and related services and payment processing revenue.
Additionally, our relationships with healthcare services clients
who subscribe to our solutions give us the opportunity to engage
with life sciences companies, health plans and other payer
organizations, patient advocacy, public interest and other
not-for-profit organizations who deliver direct communication to
patients through our solutions. As a result, we believe that our
ability to increase Total revenue per AHSC is an indicator of the
long-term value of our solutions.
Additional Information
(Unaudited)
Three months ended
January 31,
Fiscal Year ended
January 31,
2024
2023
2024
2023
Patient payment volume (in millions)
$
977
$
821
$
3,947
$
3,284
Payment facilitator volume percentage
82
%
81
%
82
%
80
%
- Patient payment volume. We believe that patient payment volume
is an indicator of both the underlying health of our healthcare
services clients’ businesses and the continuing shift of healthcare
costs to patients. We measure patient payment volume as the total
dollar volume of transactions between our healthcare services
clients and their patients utilizing our payment platform,
including via credit and debit cards that we process as a payment
facilitator as well as cash and check payments and credit and debit
transactions for which we act as a gateway to other payment
processors.
- Payment facilitator volume percentage. We define payment
facilitator volume percentage as the volume of credit and debit
card patient payment volume that we process as a payment
facilitator as a percentage of total patient payment volume.
Payment facilitator volume is a major driver of our payment
processing revenue. Our payment facilitator volume percentage could
decline slightly over time should we increase our penetration of
enterprise customers that are less likely to use Phreesia as a
payment facilitator.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314476249/en/
Investor Relations Contact: Balaji Gandhi Phreesia, Inc.
investors@phreesia.com (929) 506-4950
Media Contact: Nicole Gist Phreesia, Inc.
nicole.gist@phreesia.com (407) 760-6274
Grafico Azioni Phreesia (NYSE:PHR)
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Da Nov 2024 a Dic 2024
Grafico Azioni Phreesia (NYSE:PHR)
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