Phreesia, Inc. (PHR) Earnings
Phreesia, Inc. is expected to report next earnings on September 3, 2026 (in NaN days), with a consensus EPS estimate of $0.10. 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 |
|---|---|---|---|---|---|
| May 28, 2026 | $0.02 | $0.05 | +150.0% | $131M | +0.7% |
| Mar 30, 2026 | $0.07 | $0.12 | +82.6% | $127M | +0.2% |
| Dec 8, 2025 | $-0.00 | $0.10 | +27877.8% | $120M | +0.3% |
| Sep 4, 2025 | $-0.07 | $0.01 | +114.3% | $117M | -2.4% |
| May 28, 2025 | $-0.13 | $-0.07 | +46.2% | $116M | -0.3% |
| Mar 12, 2025 | $-0.19 | $-0.11 | +42.1% | $110M | +0.7% |
| Dec 9, 2024 | $-0.27 | $-0.25 | +7.4% | $107M | +0.4% |
| Sep 4, 2024 | $-0.37 | $-0.31 | +16.2% | $102M | +0.4% |
| May 30, 2024 | $-0.51 | $-0.35 | +31.4% | $101M | -1.1% |
| Mar 14, 2024 | $-0.58 | $-0.56 | +3.4% | $95M | +1.6% |
| Dec 5, 2023 | $-0.72 | $-0.58 | +19.4% | $92M | -2.1% |
| Sep 6, 2023 | $-0.75 | $-0.68 | +9.3% | $86M | +0.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2027 · May 27, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Business Transformation & Foundational Progress * The company has completed multi-year foundational work to upgrade infrastructure, security, and operational discipline, which is now driving positive results. * Phreesia positions itself as a unique scaled, profitable player in the healthcare technology space with strong long-term growth opportunities. - Strategic Priorities * Maintain market leadership in patient intake via differentiated solutions that improve provider workflow and strengthen patient-provider engagement for Network Solutions clients. * Cross-sell the Access One patient financing solution to Phreesia's existing client base and integrate it into the core intake workflow to improve provider cash flow and boost client retention. * Leverage artificial intelligence at scale to drive operational improvements and financial gains across the business in both the near and long term. - Operational & Balance Sheet Milestones * Refinanced the existing bridge loan with a new 5-year $275 million senior secured revolving credit facility, ending the quarter with $76.4 million in total cash and $84 million in outstanding borrowings. * Expanded Access One's securitization facility with PNC Bank from $200 million to $300 million and extended the term to April 2029, enabling the company to offer financing to more noninvestment-grade provider clients. * Achieved three consecutive quarters of positive net income, with Q1 2027 net income of $3 million compared to a $3.9 million net loss in the prior year period. Adjusted EBITDA was $30.5 million (23% margin), up from $20.8 million year-over-year. * Implemented a restructuring plan post-quarter-end to reduce operating expenses by cutting reliance on manual processes, with expected annualized savings already incorporated into full-year guidance.
Guidance
- Management maintained all prior fiscal 2027 guidance provided in March 2026, with no upward or downward revisions to core forecasts. - Full-year 2027 revenue is expected to be in the range of $510 million to $520 million, including approximately $37 million in contribution from Access One and excluding any revenue from potential future acquisitions. - Adjusted EBITDA is projected to be between $125 million and $135 billion, with savings from the recent restructuring already incorporated into this range. - Average Healthcare Services Clients (AHSC) growth is expected to be in the mid-single-digit percentage range for the full year. - Total revenue per AHSC is expected to grow in the low single-digit percentage range for the full year. - Higher forecast variability exists for Network Solutions revenue, particularly in the second half of fiscal 2027, due to lower-than-anticipated client spend commitments driven by brand-specific dynamics and regulatory policy impacts, though management does not view this as a structural demand shift.
Segment performance
Total company revenue for Q1 fiscal 2027 was $130.9 million, a 13% year-over-year increase. - Payment Solutions: Led year-over-year growth at 40% (the prior year period had no contribution from Access One, which was acquired in Q4 fiscal 2026). Total managed payments for the segment were $1.786 billion, with a Payment Solutions revenue rate of 2.3%. - Network Solutions: Achieved 15% year-over-year revenue growth, but is facing higher forecast variability in the second half of fiscal 2027 due to lower client spend commitments than previously anticipated. - Subscription: Experienced a 6% sequential decline in revenue, consistent with the company's deliberate strategy of moderating subscription pricing to drive retention and downstream monetization in payments and network solutions.
Risks & headwinds
- Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from projections, with detailed risk factors available in the company's SEC filings. - Quarter-to-quarter operating cash flow and free cash flow can fluctuate based on the timing of invoicing, payments, working capital changes, and capital expenditures. - Network Solutions faces near-term demand uncertainty, with lower client spend commitments in the second half of fiscal 2027 increasing forecast variability for the segment.
Analyst Q&A
Q: What incremental opportunity does the expanded Access One securitization facility create, and do economics differ for noninvestment-grade providers? /
A: Expanding the facility and opening it to noninvestment-grade providers opens the full addressable market of Phreesia's existing client base for Access One, a market Phreesia has targeted for years due to its long-standing client trust. It is too early to quantify incremental growth or detail specific economic differences at this stage, but the expansion supports the core goal of driving cash flow improvement for provider clients.
Q: How has go-to-market strategy changed as growth shifts from subscription to payments and network solutions? /
A: Phreesia has always been a product-led growth organization, and this core model has not changed. The main shift is in monetization: the company deliberately moderates subscription pricing to retain clients and capture downstream value in Payment and Network Solutions, which aligns with the strategic shift the company has planned for over two years.
Q: What is the momentum of the newly launched Provider Connect product, and how much contribution is built into fiscal 2027 guidance? /
A: Provider Connect launched earlier this fiscal year from a zero base and has already generated strong early wins and momentum. Some contribution from Provider Connect is included in the current 2027 guidance, but the product primarily creates long-term revenue upside for fiscal 2028 and beyond, diversifying Phreesia's Network Solutions business beyond the existing Patient Connect line.
Q: Is the recent sequential decline in subscription revenue expected to continue, or has it reached a floor? /
A: Phreesia's long-standing strategy is "better, faster, cheaper" for subscription offerings, and this trend is expected to continue as the company prioritizes total enterprise value over subscription revenue growth. The company does not commit to a specific floor for subscription revenue per client, as the current trajectory aligns with management's long-term expectations.