Phreesia, Inc. (NYSE: PHR) is a healthcare technology company that focuses on patient activation, offering digital solutions that enhance patient engagement and improve healthcare outcomes. Its platform supported approximately 170 million patient visits across the United States in fiscal year 2025.

For the fourth quarter of fiscal 2025, Phreesia reported total revenue of $109.7 million, reflecting a year-over-year increase of 15%. Adjusted EBITDA for the quarter was $16.4 million, compared to a negative $3.5 million in the same quarter the previous year, translating to an adjusted EBITDA margin of 15%. The company’s average number of healthcare services clients (AHSCs) reached 4,341, which is up 10% year-over-year.

Total revenue per AHSC was $25,266, marking an increase of 5% compared to the previous year. Moreover, revenue growth within specific segments included a 29% increase in network solutions and a 13% rise in subscription-related services. The company achieved a positive net loss of $6.4 million for the quarter, a significant improvement compared to a net loss of $30.6 million a year prior.

For fiscal 2025, total revenue reached $419.8 million, up 18% year-over-year. The adjusted EBITDA for the year was $36.8 million, reversing from a negative $35.4 million in fiscal 2024. Net cash provided by operating activities was $32.4 million, in contrast to net cash used of $32.4 million in the previous year. Free cash flow for the fiscal year was reported at $8.3 million, compared to a negative $57.5 million in fiscal 2024.

As of January 31, 2025, Phreesia held cash and cash equivalents amounting to $84.2 million, with guidance for fiscal 2026 projecting revenues in the range of $472 million to $482 million and adjusted EBITDA between $78 million and $88 million. The company expects to reach approximately 4,500 AHSCs and anticipates an increase in total revenue per AHSC for the fiscal year.

Phreesia’s sustained performance highlights a trajectory of growth, marked by operational leverage and efficient management. In the fourth quarter, the company reported positive operating cash flow of $16.3 million and positive free cash flow of $9.2 million.