Phreesia, Inc. (PHR) Earnings
Phreesia, Inc. is expected to report next earnings on December 14, 2026 (in NaN days), with a consensus EPS estimate of $0.12. PHR has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +7056.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Sep 2, 2026 | $0.09 | $0.03 | -64.7% | $129M | +0.1% |
| May 28, 2026 | $0.02 | $0.05 | +150.0% | $131M | +0.6% |
| Mar 30, 2026 | $0.07 | $0.12 | +82.6% | $127M | +0.3% |
| Dec 8, 2025 | $-0.00 | $0.10 | +27877.8% | $120M | +0.1% |
| Sep 4, 2025 | $-0.07 | $0.01 | +114.3% | $117M | -2.4% |
| May 28, 2025 | $-0.13 | $-0.07 | +46.2% | $116M | -0.4% |
| Mar 12, 2025 | $-0.19 | $-0.11 | +42.1% | $110M | +0.5% |
| Dec 9, 2024 | $-0.27 | $-0.25 | +7.4% | $107M | +0.2% |
| Sep 4, 2024 | $-0.37 | $-0.31 | +16.2% | $102M | +0.2% |
| May 30, 2024 | $-0.51 | $-0.35 | +31.4% | $101M | -1.3% |
| Mar 14, 2024 | $-0.58 | $-0.56 | +3.4% | $95M | +1.6% |
| Dec 5, 2023 | $-0.72 | $-0.58 | +19.4% | $92M | -2.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2027 · September 2, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Financial Discipline**: Generated positive operating cash flow ($18.3 million) and free cash flow ($13.8 million) for the ninth consecutive quarter. Used excess cash to reduce debt principal by over $23 million while maintaining a healthy cash balance of $74.6 million. - **AccessOne Growth**: The acquisition is performing well, with early wins in the non-investment grade segment facilitated by expanded securitization facilities. Management views AccessOne as a key growth lever for the next few years. - **Network Solutions Momentum**: New product 'ProviderConnect' is gaining traction and resonating with clients. A pilot study in the GLP-1 category showed a 4% incremental lift in new-to-brand prescriptions and over 1,000 new patient starts, leading to converted business activity. - **AI Integration**: AI is being deeply integrated into operations and product development, including Voice AI for patient engagement and automated plan matching. Management believes AI has changed the playing field, allowing for faster, more cost-effective innovation and scaling. - **Client Strategy**: Freesia is focusing on providing value to providers facing economic strain from payer changes. This includes moderating subscription pricing to encourage downstream network revenue, prioritizing long-term partnership and total revenue per client over short-term subscription metrics.
Guidance
- **Revenue Outlook**: Maintaining fiscal 2027 revenue guidance at $510 million to $520 million. This assumes ~$37 million contribution from AccessOne and excludes potential future acquisitions. - **EBITDA Outlook**: Maintaining fiscal 2027 adjusted EBITDA guidance at $125 million to $135 million. - **Operational Metrics**: Maintaining expectations for AHSC growth in the mid-single-digit percentage range and total revenue per AHSC growth in the low-single-digit percentage range for fiscal 2027. - **Expense Savings**: The restructuring plan implemented in May is expected to yield meaningful annualized run-rate expense savings, already reflected in the current outlook.
Segment performance
Total revenue for the second quarter was $129.5 million, representing a 10% year-over-year increase but a sequential decline of approximately 1%. The primary driver of sequential decline was legacy payment processing revenue, impacted by seasonal deductible resets. Total managed payments reached $1.626 billion with a revenue rate of 2.4%. Average Healthcare Services Clients (AHSC) totaled 4,744, an increase of 36 sequentially and 277 year-over-year. Total revenue per AHSC was $27,289, up 4% year-over-year but down approximately 2% sequentially due to seasonality and client base expansion. Adjusted EBITDA was $32.9 million (25% margin), up $10.8 million year-over-year. Net income was $1.9 million, marking the fifth consecutive quarter of positive net income.
Risks & headwinds
- **Seasonality**: Payment processing revenue is highly seasonal, peaking in the first fiscal quarter due to health plan deductible resets, which causes sequential declines in subsequent quarters. - **Competitive Dynamics**: The market features competitive check-in management solutions from EHRs. While dynamics are consistent with historical norms, competition influences market selection based on economic profiles. - **Macro/Volume Trends**: Potential weakness in patient volumes beyond standard seasonality was noted earlier in the year, though no notable deviations were observed in Q2. - **Regulatory/Payer Changes**: Providers are under significant strain due to changes in the payer community, impacting their financial health and necessitating strategic pricing adjustments by Freesia.
Analyst Q&A
Q: Sean Dodge asked for updates on AccessOne's performance in the non-investment grade segment following securitization facility changes.
A: CFO Balaji Gandhi reported strong progress and early market wins, noting that while go-to-market efforts take time, feedback from existing clients is very positive. CEO Chaim Indig added that AccessOne is viewed as a major growth lever for the coming years.
Q: Cameron (Jefferies) inquired about visibility improvements in Network Solutions, specifically regarding previously opaque areas.
A: Gandhi stated that while total revenue remains stable, there has been significant progress in business activity for the second half of the year. He highlighted that new products like ProviderConnect are resonating well with clients, encouraging the team regarding recent momentum.
Q: Stan Berenstain (Wells Fargo) asked if the successful GLP-1 campaign pilot led to new contracts or expanded opportunities.
A: Gandhi confirmed that the pilot results did help convert new business activity. He linked this success back to the broader positive trends in Network Solutions mentioned in previous questions, validating the effectiveness of targeted campaigns.
Q: Jessica Tasson (Piper Sandler) questioned Freesia's exposure to EHRs offering competitive check-in management and how new sales are occurring amidst changing dynamics.
A: Gandhi clarified that competitive dynamics have been normal throughout the company's history rather than newly changing. He emphasized that Freesia differentiates through product fit and go-to-market strategies, leaning into markets based on economic profiles rather than reacting to specific competitor moves.
Q: Daniel Grosslight (Citi) sought clarity on subscription pricing moderation and its impact on sequential revenue, asking if subscription line items should be modeled as flat.
A: Indig explained that pricing moderation is a strategic choice to support providers facing payer-related economic strain, aligning with their goal to be great partners. Gandhi added that while subscription mix may fluctuate, the focus remains on total revenue per client, suggesting that network solutions could offset any subscription softness in the second half.