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Jul 31, 2023
Phreesia Q2 2024 Earnings Report
Phreesia's second quarter of fiscal year 2024 financial performance reflected continued value delivery for clients and business scaling.
Key Takeaways
Phreesia announced its Q2 fiscal year 2024 results, with total revenue increasing by 26% to $85.8 million compared to the same period in the prior year. The average number of healthcare services clients increased by 24% to 3,445. Net loss was $36.8 million, and adjusted EBITDA was negative $11.5 million.
Total revenue increased by 26% to $85.8 million compared to the same period in the prior year.
The average number of healthcare services clients increased by 24% to 3,445 compared to the same period in the prior year.
Healthcare services revenue per AHSC remained relatively flat at $18,268 compared to $18,248 in the same period in the prior year.
Net loss was $36.8 million compared to $46.7 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
Phreesia is maintaining its revenue outlook for the full fiscal year 2024 at between $353 million and $356 million, implying year-over-year growth of 26% to 27%. They are raising their Adjusted EBITDA outlook for fiscal year 2024 to a range of negative $54 million to negative $49 million from a previous range of negative $60 million to negative $55 million.
Positive Outlook
- Maintaining revenue outlook for fiscal year 2024 at between $353 million and $356 million, implying year-over-year growth of 26% to 27%.
- Raising Adjusted EBITDA outlook for fiscal year 2024 to a range of negative $54 million to negative $49 million from a previous range of negative $60 million to negative $55 million.
- Maintaining $500 million revenue target to be achieved by annualizing the highest-revenue quarter in fiscal year 2025.
- Continuing to expect to reach profitability during fiscal year 2025.
- Believing that cash and cash equivalents, along with cash generated in the normal course of business, can support the path to fiscal year 2025 targets.
Challenges Ahead
- Adjusted EBITDA outlook has not been reconciled to GAAP Net income (loss).
- Uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes.
- Inability to reasonably predict such items.
- Items could have a significant impact on the calculation of GAAP Net income (loss).
- Maintaining Adjusted EBITDA outlook for fiscal year 2024 to a range of negative $54 million to negative $49 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income