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Apr 30, 2023
Phreesia Q1 2024 Earnings Report
Phreesia announced financial results for the fiscal first quarter ended April 30, 2023.
Key Takeaways
Phreesia's total revenue was $83.8 million, a 32% increase compared to the same period last year. The average number of healthcare services clients increased by 31%, while net loss decreased from $51.2 million to $37.5 million.
Total revenue increased by 32% to $83.8 million compared to the same period in the prior year.
The average number of healthcare services clients increased by 31% to 3,309.
Net loss decreased to $37.5 million compared to $51.2 million in the same period in the prior year.
Adjusted EBITDA was negative $13.8 million compared to negative $30.6 million in the same period in the prior year.
Phreesia
Phreesia
Phreesia Revenue by Segment
Revenue by Segment
Subscription Services Revenue
CapyFin.comPayment Processing Revenue
CapyFin.comNetwork Solutions Revenue
CapyFin.com Forward Guidance
For the full fiscal year 2024 ending January 31, 2024, Phreesia expects revenue to be between $353 million and $356 million, implying year-over-year growth of 26% to 27%. Adjusted EBITDA outlook for fiscal year 2024 is raised to a range of negative $60 million and negative $55 million from a previous range of negative $65 million to negative $60 million.
Positive Outlook
- Revenue expected to be between $353 million and $356 million for fiscal year 2024.
- Year-over-year revenue growth of 26% to 27% is expected.
- Adjusted EBITDA outlook for fiscal year 2024 raised to a range of negative $60 million and negative $55 million.
- Strong performance in the first quarter contributed to the raised Adjusted EBITDA outlook.
- Maintaining $500 million revenue target to be achieved by annualizing our highest-revenue quarter in fiscal year 2025.
Challenges Ahead
- Adjusted EBITDA outlook for fiscal year 2024 remains negative.
- Uncertainty and potential variability of Other (income) expense, net.
- Uncertainty and potential variability of (Benefit from) provision for income taxes.
- Reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort.
- Items could have a significant impact on the calculation of GAAP Net income (loss).
Revenue & Expenses
Visualization of income flow from segment revenue to net income